Buyers: Get ready to Pay More PMI, Supply Better Credit Scores - 09/30/07 06:43 PM
According to a source in the local mortgage industry PMI, or Private Mortgage Insurance paid by real estate buyers who put less than 20% down on a home, is set for a big increase. Borrowers with minimum 620 credit scores putting down less than 5% on a $185,000 home loan can expect to pay around $250 a month for PMI, up from around $170-$180 according to the the originator at local mortgage banker Ashworth Funding.
The originator also claimed lenders are belt tightening and requiring a minimum 620 credit score, up from the requirement of 600 established by many lenders a few months ago in the … (3 comments)

Des Moines New Construction Numbers Follow National Trends - 09/29/07 07:23 PM
"To everything there is a season, a time for every purpose," some ancient sage once postulated. Few builders in the Des Moines would argue with the veracity of that maxim this year as an article in the Des Moines Register today claims "20% fewer homes are likely to be built in 2007 than 2006."
Donnelle Eller, quoting US Census data in her article on the top fold of the Des Moines Register Business section, writes that the value of new construction permits issued through August this year is down 17 percent from last year. Des Moines has fared better than the nation … (0 comments)

Des Moines Economy 24th in Growth in U.S in Latest Report from BEA - 09/29/07 06:53 PM
According to a Bureau of Economic Development report released Wednesday Septmeber 26th, the Des Moines metro area ranked 24th in the nation for economic growth, growing 7.4% from 2004 to 2005, the latest year complete figures were available.
The best news however is that the biggest gains were in industries that "are not likely to be outsourced" such as in insurance and finance, 96% growth, construction with 66% growth and wholesale trade at 21.2% growth.
Increased wealth for the metro is a rising tide that can't help but float all boats. The report just confirms what many who live in the area … (0 comments)