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national association of realtors: Should Government Impose Qualified Residential Mortgage (QRM) Standard on Home Loans? - 05/03/11 11:15 AM
Some people argue that leading cause of foreclosure in America was poor underwriting by the lenders and that we need a stricter government standard on lending.
U.S. law - the Dodd-Frank financial reform act of 2010 - says that borrowers must make a 20-percent or more down payment in order to be deemed a "qualified residential mortgage" (QRM). According to this, if a mortgage isn't labeled a QRM, the lender must retain five percent of the loan risk.
If this QRM rule is implemented by the FED, we can expect widespread and adverse impact on our U.S. housing industry. That would not be welcomed during … (2 comments)
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national association of realtors: Consumer Confidence and Business Spending Expected to Improve - 04/28/11 11:50 AM
Even though consumer confidence is down during these challenging economy times, we expect that to change and improve.
Consumers in the USA are resourceful and expect better days.
See and hear the National Association of REALTORS® Chief Economist Lawrence Yun housing report at the Orange County Association of REALTORS® on April 11, 2011 - click here.
Part X: Consumer Confidence
Private business spending will eventually improve and is expected to lead the way to US economy recovery.
Businesses have an income tax advantage to open their pockets for buying and capital expenses this year 2011.
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Harrison K. Long - solutions for real estate and … (0 comments)
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national association of realtors: Realtors® Applaud New Bill Introduced to Speed Lender Response to Short Sales - 04/20/11 11:32 AM
Realtors® Like the New Bill Introduced to Speed Lender Response to Short Sales - Washington, April 13, 2011
A new bill to improve the process for approving short sales may soon bring relief to distressed home owners who are unable to keep their homes and hope to avoid foreclosure. This bill, introduced in the U.S. House yesterday and strongly supported by the National Association of Realtors®, would impose a deadline of 45 days on lenders to respond to short sale requests.
The legislation, the "Prompt Decision for Qualification for Short Sale Act of 2011," was offered in Congress by U.S. Reps. Tom Rooney … (4 comments)
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national association of realtors: Lawrence Yun, Chief Economist at NAR, Presented today at Orange County Association of REALTORs® - 04/12/11 02:48 PM
Lawrence Yun, Chief Economist and VP at National Association of REALTORs®, presented today at the Orange County Association of REALTORs®, Laguna Hills, CA.
While covering lots of topics, Yun didn't act as "cheerleader" for our future economy or housing markets recovery, and he stayed away from "doom and gloom" predictions.
He referenced some positives about our U.S. economy and what he called needed "job creation economics" and that we have improved home affordability.
We need more private industry jobs. Unemployment will remain high at 9% or more unless private businesses spend money and create jobs.
Obstacles to housing market recovery- Home loan underwriting standards have changed … (2 comments)
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national association of realtors: Recasting Your Loan - Secret Way to Lower Mortgage Payments - 01/05/11 03:51 PM
This article "Secret Way to Lower Mortgage Payments" was posted today by the National Association of Realtors at its Daily News site.
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"Secret Way to Lower Mortgage Payments"
Home owners can trim their monthly mortgage payments by "recasting" or "re-amortizing" their loan, without having to refinance and face hefty closing cost fees, experts say.When recasting, the borrower pays off a lump sum of the loan's principal and then resets monthly payments at the loan's original interest rate and terms. Here's one scenario: $230,449 is left on a 30-year fixed rate loan for a $300,000 mortgage taken out at 7.93 percent … (3 comments)
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national association of realtors: Short Sale Tips for California Home Owner Sellers - 12/17/10 03:13 AM
Here in Orange County, California, as many as one in seven people who have home mortgages are challenged with loans upside down (where property market value is less than what is owed on the home loan/mortgage).
If you're thinking of selling your home and with total amount you owe on your mortgage greater than the selling price of your home, you are under water and facing a SHORT SALE.
A SHORT SALE can protect you from foreclosure and possible need to file bankruptcy.
See my prior article @ Sell Your Home Short Before Voluntarily Choosing a Strategic Default.
1. CONSIDER … (2 comments)
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national association of realtors: 38.5 Million Reasons for Government to Retain Mortgage Interest Tax Deduction - 12/13/10 03:21 AM
The National Association of REALTORS® has opposed any change or elimination of the current U.S. Mortgage Interest Tax Deduction.
The MORTGAGE INTEREST TAX DEDUCTION should be protected and retained.
Stability of our U.S. economy depends upon private real estate values and the industry. Buyers determine real estate values at least in part based upon the economic benefits of buying and owning, including deductibility of mortgage interest.
Mortgage Interest Tax Deduction Facts:
Most homeowners use the mortgage interest tax deduction. 51 million (68%) of the approximately 75 million owner-occupied houses in the United States in 2009 had a … (5 comments)
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national association of realtors: REALTOR.org Wants U.S. Government Lender Reforms and Restructuring - 09/28/10 03:57 PM
I like what Vicki Cox Golder, President of National Association of Realtors®, said about need for sustainable homeownership and restructuring secondary mortgage market.
While attending Conference on Housing Finance Reform sponsored by U.S. government about nation's housing finance system, she said:
"Realtors® support strengthening the soundness and financial safety of the mortgage market so there are safe, flexible and affordable options to meet borrowers' needs." ... "While fixing the mortgage finance system is critical, it's just half the challenge. We also need to continue to support policies that advance and sustain homeownership, which helps people build wealth over the long term."
She said that the National … (0 comments)
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national association of realtors: Getting Prepared to Buy Your Home ~ What You Need to Know and Do - 08/10/09 06:15 PM
Here is at least part of what you need to know and do to get prepared for buying your home.
Do this at first and before you begin house hunting. Contact a lender or experienced mortgage broker and get a letter of loan prequalfication.
Fill out lender's requested paperwork for preapproval that will determine how much home you can afford to purchase. This preparation will increase your bargaining position with the sellers. Getting preapproved sets you apart and signals to the agents and the seller that you are dedicated and serious and that you can afford the home you want.
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national association of realtors: Now is Indeed an Excellent Time to Buy a Home - 07/24/09 04:06 PM
Now is an excellent time to buy a home.
See Marc Roth article at BusinessWeek.com ~ "Now's the Time to Buy Your Dream House" ~ click here for article.
Why is now an excellent time?
If you have a down payment and can qualify for the loan, now is a great time for you. Mortgage rates remain incredibly low. Home prices are very low. Selection of homes is high for buyers. This makes sense and is encouraging news for homebuyers, especially first timers (or those who have not owned a home for the past three years) who can take advantage of the $8,000 income tax credit.
The … (0 comments)
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national association of realtors: Wall Street Likes News About US Homes Sales Rising - 07/24/09 10:09 AM
The National Association of Realtors reported on July 23, 2009, that sales of existing homes rose 3.6 percent in June, 2009, the third consecutive month of increasing sales.
"We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions," said Lawrence Yun, the chief economist at NAR in a statement.
See article ~ Existing home sales to keep rising on tax breaks, affordability: NAR (click on).
This news seems to be evidence that activity in the housing market is stabilizing and that price declines are slowing.
Increase in home sales over the last three months … (0 comments)
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national association of realtors: Take Advantage of the $8,000 U.S. Income Tax Credit ~ Buying Your First Home - 07/14/09 05:56 PM
Buying your first home? Take Advantage of the $8,000 U.S. Income Tax Credit that's offered. Speak with your REALTOR® about opportunities presented by this law allowing for U.S. income tax credit now available to first-time homebuyers.
The amount of tax credit will be the lesser of either 10% of the home's cost or $8,000.
This tax credit will sunset on November 30, 2009. So you must get your home purchase started and concluded with escrow & closing by that date.
This tax credit is available to qualified first-time homebuyers for the purchase of a principal residence between January 1, 2009 and no later than November 30, 2009.
Qualified first-time … (0 comments)
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national association of realtors: US Consumer Financial Protection Agency ~ Popular Idea as Proposed ~ Expected to Become Part of Our Growing Federal Bureaucracy - 07/07/09 04:25 PM
President Obama wants Congress to approve this new US Consumer Financial Protection Agency ~
with power to set standards protecting consumers and authority over consumer-protection regulations. This administration wants ~
this agency to develop guidelines for "plan vanilla" mortgages with predictable payments. And it wants ~
ban on "yield spread premiums," rebates paid by lenders when mortgage brokers place borrowers in high-interest-rate loans. And it wants ~
new uniform loan disclosure form that would satisfy both Real Estate Settlement Procedures act - RESPA - and Truth in Lending Act (TILA) requirements. NAR ~ National Association of Realtors has announced that it won't oppose the US administration from forming this proposed … (7 comments)
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national association of realtors: US Home Sales ~ May 2009 ~ Good Real Estate News - 06/30/09 02:51 AM
The US Federal Reserve (the FED) during the week ending June 26, 2009, made no change in the FED funds rate, and mortgage rates were generally unchanged.
According to the National Association of Realtors, existing US home sales in May 2009 rose 2.4% vs. April 2009. That was the first time since September 2005 that existing home sales increased for two months in a row.
Market Saturation ~ The US inventory of unsold homes declined to a 9.6 month supply in May 2009 from a 10.1 month supply in April.
The National Assoc. of Realtors survey showed that 29% of May home sales were to first-time homebuyers, which … (6 comments)
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national association of realtors: NAR and Realtors® Testified Before Congress Asking for Reforms Against Predatory Lending and Loan Mod Practices - 05/11/09 11:24 AM
It's good that the National Association of Realtors® and members are coming out against predatory lending and loan mod scam practices.
See NAR press release ~ Realtors Urge Congress to Stop Foreclosure Rescue Scams ~ May 6, 2009 ~ at Realtor.org.
NAR made recommendations to Congress to help prevent foreclosure rescue scams and protect consumers. One of those is for passage of H.R. 1231, the US Foreclosure Rescue Fraud Act of 2009. This proposed law would create minimum standards for disclosure and terms of service for individuals or firms offering their services as foreclosure consultants to distressed homeowners.
It's true that new law and/or government … (2 comments)
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national association of realtors: Your Realtor® Is Primary For Your Success ~ Get The Best Deal on an REO - 04/02/09 10:46 AM
Everybody seems to be looking for a "GREAT DEAL" on an REO or bank owned home.
Folks are using public access sites, Zillow, Trulia, Realtor.com, ColdwellBanker.com, etc., and sometimes think they are experts ... with significant information to get a great deal on an REO.
But wait! There is so much more to buying a home or property, especially an REO or bank owned, than what you find on public access or pay for service web sites.
Always use a qualified REALTOR® in your REO purchase and sale transaction, and your Realtor's® role will be primary for your buying success.
Why use your own Realtor® ?
1. You need to have your own real estate … (2 comments)
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national association of realtors: Thumbs Up to Realtor.org ~ Marketing To Prospective Homebuyers ~ in Print Publications ~ March 28, 2009 - 03/29/09 02:40 PM
Our THUMBS UP ... to the National Association of Realtors, which published its series of ads this week to encourage people to think about buying a home as a smart financial deciison.
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"You might be wondering if buying a home right now is a smart financial decision. The fact is, homeowenership is key to building longterm wealth, no matter when someone buys. Studies show that, over time, most homeowners will steadily build equity; for example, during the past three decades, home values have increased an average of mor than 6% per year.
"Of course, owning a home is much … (2 comments)
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national association of realtors: SUPPORT THE NATIONAL ASSOCIATION OF REALTORS FOUR POINT ECONOMIC STIMULUS PLAN AND URGING FOR US CONGRESS ACTION - 11/14/08 01:04 PM
We support the National Association of Realtors and its Four Point Economic Stimulus Plan and urging US Congress to Act (November 14, 2008).
The Four Point Plan
The most recent economic stimulus bill, the US Emergency Economic Stabilization Act, was a good first step towards stabilizing our nation's economy.
Unfortunately, a number of the Act's provisions have not proven to be as useful at stabilizing the nation's housing markets as was first thought.
Congress may consider second economic stimulus bill this month. If they do, there are a number of changes that could help to provide more stability to the … (3 comments)
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Harrison K. Long, business, REALTOR®, GRI, Broker
Irvine,
CA
More about me…
Explore Group, Coldwell Banker Previews, Irvine, South OC
Address: 6833 Quail Hill Parkway, Irvine, CA, 92603
Office Phone: (949) 854-7747
Cell Phone: (949) 701-2515
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