How Long Before You Can Buy After a Foreclosure? - 08/27/10 06:30 PM
Foreclosures really affect your credit and ability to borrow. In fact, it could be 7-8 years before you can get a mortgage to buy a home again.And, credit scores are only one component of a decision by an underwriter. They will also look back to see if you just walked away from the home while you could have kept paying the mortgage or if the foreclosure was the result of a job loss, health issue, etc. The reason makes a difference. If a strategic decision was made to default, it will work against you. Underwriters will also look at your current … (0 comments)

I've just inherited a loved one's estate. How can a financial adviser help me? - 08/26/10 04:28 PM
When one inherits money from a loved one, often the emotions are mixed. When the need to deal with the inheritance arises, many people are still dealing with extreme grief. This makes it even more difficult to determine how to deal with the transfer of funds and/or property, especially when there are usually different parties—with often very different perspectives and financial goals—involved in this decision. This can be a very emotionally draining time for all. Moving away from the emotional issues, let’s talk about the financial considerations in terms of the inherited investments. When a parent, or other family member, dies, … (0 comments)

I've just inherited a loved one's estate. How can a financial adviser help me? - 08/26/10 04:27 PM
When one inherits money from a loved one, often the emotions are mixed. When the need to deal with the inheritance arises, many people are still dealing with extreme grief. This makes it even more difficult to determine how to deal with the transfer of funds and/or property, especially when there are usually different parties—with often very different perspectives and financial goals—involved in this decision. This can be a very emotionally draining time for all. Moving away from the emotional issues, let’s talk about the financial considerations in terms of the inherited investments. When a parent, or other family member, dies, … (0 comments)

What resistance have you had from sellers/agents and what are your arguments to overcome that resistance? - 08/24/10 04:49 PM
I don't think there are many people who are not experiencing the side effects of a downturn in the economy. This is particularly applicable to the real estate industry. The resistance I encounter is economically based. Homeowners are having a difficult time grasping the volatility of the market. What their home was worth just a few months ago is now irrelevant. Evaluating how much to spend on the marketing of their biggest investment is often overwhelming. Let’s face it, it’s not cheap to properly prepare a home for sale, and it’s even more of a problem when there’s deferred maintenance to … (0 comments)

Bank Mortgage Lending Policies Appear To be Easing - 08/24/10 04:47 PM
The tightening in mortgage-lending policies that characterized the last 3 years appears to be slowing.
According to the Federal Reserve's quarterly survey of senior bank loan officers, roughly 1 in 10 lenders added mortgage qualification hurdles between April and June. It's a huge departure from just 2 years ago when the mortgage industry was facing its first wave of challenges. 
During that period, eight in 10 lenders added hurdles.
For mortgage applicants , this quarter's Fed survey results signals that mortgage lending may have reached its limits of restriction.
Since 2007, mortgage guidelines have become increasingly restrictive. There's extra scrutiny on … (0 comments)

What's Ahead For Mortgage Rates This Week : August 23, 2010 - 08/23/10 01:48 PM
Mortgage markets stalled last week in back-and-forth trading as Wall Street grappled with weak housing data, falling builder confidence, and worsening jobs numbers nationwide.
Because markets were volatile, rate shopping was challenging.
Conforming mortgage rates did managed to make a new all-time low last Thursday but quickly gave up those gains. Most of Friday afternoon was spent in the red and, as a result, for the second straight week, mortgage rates failed to fall overall.
But, although last week's action puts a damper on this summer's mortgage rate rally, the Refi Boom is still going strong.
According to Freddie Mac, as … (0 comments)

Mortgage Rates Make New Lows For The 9th Week In A Row - 08/21/10 12:28 AM

Another week, another new low for conforming mortgage rates.  In fact, this week marks the 9th time in a row it's happened.
Mortgage rates are (again) at their lowest levels in history.
The data comes from the Freddie Mac, a government group and major loan securitizer for the U.S. mortgage market. Freddie Mac's weekly survey is among the most widely-cited reports on mortgage rates and is the data used in home affordability models, among other statistics.
The 30-year fixed rate is averaging 4.42% nationally with an accompanying cost of 0.7 points. 1 point is equal to 1 percent of the … (3 comments)

Creating Your Family Command Center - 08/19/10 03:44 PM
If your calendar coordination is crumbling and you can't remember which child has ballet practice and which one has baseball, it's time to take command. And what better way to do that than by constructing a family command center? It's a simple project that will help you plan upcoming events, make sure everyone makes their appointments and keep everyone on track in your busy household. First, find a place in the home with some open wall space that gets trafficked by everyone in the family so that they can easily check in. Next, hang a good-sized monthly calendar so that everyone … (0 comments)

How Much Should You Expect To Pay In Mortgage Closing Costs? - 08/19/10 03:39 PM

How much does a mortgage cost? The answer depends on where you live. But no matter which your locale, chances are strong that you'll pay more for a mortgage in 2010 as compared to 2009.
According to Bankrate.com and its annual Closing Cost Survey, a typical $200,000, purchase mortgage now carries an average $3,741 in closing costs -- up nearly 37 percent from last year.
As defined by Bankrate.com, "closing costs" is defined as the sum of two numbers.  The first group is labeled "origination charges", a category that includes such items as underwriting fees, application fees and processing fees.  … (1 comments)

Single-Family Housing Starts Fade In July - 08/18/10 07:09 PM
Sometimes, you need to look deeper than the headlines to get the news that matters. This basic truth's latest example comes from the July Housing Starts data, as published by the U.S. Census Bureau.
According to the newspapers, Housing Starts improved last month:
US Housing Starts Make Modest Rebound (FT) Housing Starts Rise Slightly (MoneyWatch) Housing Starts Tick Higher In July (MarketWatch) However, these stories are speaking in terms of all housing starts -- not just the single-family ones. This is a major point of difference for home buyers because the most people don't buy the multi-unit homes and apartment buildings … (0 comments)

Home Builder Confidence Falls Again; Home Buyers Gain Leverage? - 08/17/10 05:28 PM
Home builder confidence in the newly-built, single-family housing market is down for the third straight month this month.
After reaching a 3-year high just 90 days ago, the National Association of Homebuilders' Housing Market Index is now at a multi-year low. It's since dropped by almost half.
As an economic indicator, the HMI's goal is to "take the pulse of the single-family housing market". It surveys home builders across the country and asks them to report on 3 facets of their business:
How are market conditions today? How do market conditions look 6 months from now? How is the prospective traffic … (1 comments)

A Lender's Perspective: How does the Homeowners Insurance Agent fit in during a Home Purchase? - 08/16/10 03:00 PM
In the case of a home purchase, the mortgage lender cannot do his job unless homeowners insurance is provided. And a good insurance agent is very important to make sure the client has the correct and adequate insurance coverage. How is the right coverage amount determined and how does the mortgage lender and insurance agent work together to insure this gets done? As part of the process of buying a home the subject property needs to be appraised by a certified appraiser who works in conjunction with the mortgage lender. The appraiser determines the market value of the property and provides … (0 comments)

What's Ahead For Mortgage Rates This Week : August 16, 2010 - 08/16/10 02:41 PM
Mortgage markets worsened last week, putting a pause on the mortgage rate rally that dates to mid-April. Mortgage rates rose last week and home affordability suffered.
The Refi Boom remains in full effect, but rates are not as dazzling as they were a week ago.
It's somewhat strange that mortgage rates rose last week given the heavy dose of negative-bending news.
The Federal Reserve noted that the economy "has slowed" New unemployment claims rose to a 6-month high Retail sales -- excluding auto sales -- rose less than expected Mortgage rates often to fall on such news, but last week, they … (0 comments)

Higher (And Lower) FHA Mortgage Insurance Premiums Start October 4, 2010 - 08/13/10 06:10 PM
For the second time this year, the FHA is modifying mortgage insurance.
Beginning with FHA case numbers issued on or after October 4, 2010, the FHA is changing its upfront and annual mortgage insurance premium structure.
Under the new terms, assuming a 30-year fixed rate FHA mortgage with at least 5 percent equity:
Upfront MIP drops to 1.000% of the amount borrowed from 2.250% Annual MIP increases to 0.850% of the amount borrowed from 0.500% For homeowners , this switch in MIP decreases the upfront cost of an FHA-insured mortgage, but increases the loan's long-term costs.
Using a $100,000 mortgage as … (0 comments)

Fantastic! At long last San Mateo County communities will have single stream recycling available! - 08/12/10 06:29 PM
Great news! Recology will be the new service provider for garbage, recycling and compost pick up for San Mateo County residents. Under the current service, pick up of recyclables happens bi-monthly which means multiple bins fill up & sit at the side of our house. Residents also have to sort paper from metals/plastics and pick up of compostable food waste is not a provided service. As a former San Francisco resident up until 2004, I’ve been sorely missing this type of compost/recycling program which SF has had in place for several years. Full details here on Recology’s program including use of … (1 comments)

How Big Is The Foreclosure Market? It Depends On Where You Live, Of Course. - 08/12/10 06:21 PM
Foreclosure filings rose 4 percent nationwide last month versus June, according to foreclosure-tracking firm RealtyTrac.com. For the 17th straight month, total filings topped 300,000.
A foreclosure filing is defined as default notice, scheduled auction, or bank repossession.
As with most months, just a handful of states dominated foreclosure activity nationwide.
California : 14.9 percent of all activity Florida : 11.6 percent of all activity Arizona : 6.4 percent of all activity Michigan : 6.2 percent of all activity Georgia : 6.1 percent of all activity Texas : 4.9 percent of all activity Together, these 6 states represent just 30 percent of … (1 comments)

A Simple Explanation Of The Federal Reserve Statement (August 10, 2010 Edition) - 08/10/10 05:58 PM
Today, in its first meeting in 6 weeks, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged. 
The Fed Fund Rate remains at a historical low, within a prescribed target range of 0.000-0.250 percent.
In its press release, the FOMC said that, since June, the pace of economic recovery "has slowed". Household spending is increasing but remains restrained because of high levels of unemployment, falling home values, and restrictive credit.
Today's statement shows less economic optimism as compared to the prior year's worth of FOMC statements dating back to June 2009. The Fed is looking for … (0 comments)

The Fed Is Meeting Today. Should You Float Or Lock Your Mortgage Rate? - 08/10/10 05:44 PM
The Federal Open Market Committee holds a one-day meeting today, its fifth scheduled meeting of the year, and sixth overall since January.
The FOMC is the government's monetary policy-setting arm and the group's primary tool for that purpose is an interest rate called the Fed Funds Rate. 
The Fed Funds Rate is the prescribed rate at which banks borrow money from each other and, since December 16, 2008, the Federal Reserve has voted to keep the benchmark rate within a target range of 0.000-0.250 percent.
It's the lowest Fed Funds Rate in history.
Because the Fed Funds Rate is near zero, … (0 comments)

What's Ahead For Mortgage Rates This Week : August 9, 2010 - 08/09/10 02:45 PM
Mortgage markets improved again last week on softer-than-expected economic data, punctuated by Friday morning's weak jobs report. Conforming mortgage rates dropped on the news, making new, all-time lows.
Mortgage rates have been on an extended rally dating back to mid-April.
This week, there's a lot of data and news due for release, the most influential to markets of which is the Federal Open Market Committee's scheduled policy meeting.
8 times annually, the FOMC meets to discuss the nation's monetary policy with respect to the current and projected U.S. economic conditions. Sometimes the FOMC takes action on the economy. Other times, it … (2 comments)

When Furniture Abounds: A Staging Success Story - 08/09/10 02:18 PM
My favorite success story encompasses the “there’s good news and bad news” scenario. It started when I received a staging job for a 2 bedroom, 2 bathroom owner occupied home that was packed to the gills with furniture. It even had a large office armoire in the breakfast nook! A plan of attack had to be created to make this home less cluttered and more easy on the eye. We decided to move about 80% of the owners furniture into storage which would allow me to bring in smaller pieces to set the look. The owner, understandably, was overwhelmed with the … (0 comments)

Home Values Within 12.5 Percent Of April 2007 Peak, Nationwide - 08/06/10 02:41 PM

According the Federal Home Finance Agency's Home Price Index, home values are now off just 12.5 percent from their April 2007 peak nationwide.  This, after a half-percent monthly increase in prices in May, on average.
Given the state of the market since April 2007, the Home Price Index results are a positive for both the housing market and the economy, but we have to remember that May's half-point increase is an average, and not specific to a particular area.
In contrast to "national markets", the real estate markets in which you and I live are decidedly local.  It's a major … (0 comments)

Nervous About Mortgage Rates Rising? Lock Thursday -- Ahead Of Friday's Jobs Report - 08/05/10 02:50 PM
Mortgage rates have been falling since April but that momentum could reverse tomorrow.
The Bureau of Labor Statistics releases the July jobs report at 8:30 A.M. ET Friday. With a stronger-than-expected reading, mortgage rates should rise, harming home affordability. Jobs are a keystone in economic growth and growth is tied to rates.
Earlier this year, job growth went positive and reached as far north as 431,000 jobs created in May. That figure slipped negative last month, however, as the temporary, decennial census workers left the workforce.
Jobs matter to the U.S. economy. Among other concerns, unemployed Americans spend less on everyday … (0 comments)

As The Pending Home Sales Index Falls, Home Buyers See Dollar Signs - 08/04/10 05:04 PM
The Pending Home Sales Index failed to rebound from a cliff-dive in May, falling by another 3 percent more in June.  The index remains at record-low levels.
A "pending home sale" is a home under contract to sell, but not yet closed. The data is culled from local real estate associations and large brokers and accounts for 20 percent of all purchase transactions in a given month nationwide.
The Pending Home Sales Index is a future indicator for the housing market; there is a high correlation between the PHSI and the monthly Existing Home Sales report.  This is because of the … (0 comments)

What You Should Know About Making an Offer on a Short Sale - 08/03/10 04:54 PM
First, what is a short sale? A short sale is a home that is sold for below what the current owner owes on the property. And, at the time of closing, the seller does not have the means to make up the shortage. Now, here are some things that you should know. ŸIt used to be that a short sale would take up to six months or longer to receive an approval. Now, due to programs like Home Affordable Foreclosure Alternatives (HAFA), the average time is 90 days. Still, every lending institution is different, so it is important that you have … (2 comments)

What Does It Mean To Escrow Taxes And Insurance? - 08/03/10 04:51 PM
The fiscal responsibility of a homeowner extends beyond the mortgage's basic principal and interest repayments. Homeowners are also responsible for the real estate taxes on the home and its insurance premiums, too.
Failure to pay taxes can lead to foreclosure, and failure to insure is breach of your mortgage contract.
As a homeowner, you have a choice about how you manage your real estate tax and insurance bills.  You can choose to pay them from your own bank account when the bills come due, or you can choose to pay 1/12 of the annual bill to your mortgage servicer each month, … (2 comments)

What's Ahead For Mortgage Rates This Week : August 2, 2010 - 08/02/10 01:53 PM
Mortgage markets improved last week, pushing mortgage rates lower for the 6th time in seven weeks. 
Since April, rates have been on a downward path, spurring refinances in most markets and sparking the start of a Refi Boom.
Last week, 3 key stories played a role in falling rates:
Demand was strong for U.S. government debt Emerging concerns of a Japan-style deflation in the U.S. Personal Spending since late-2007 was shown to be less than previously thought Of the three, it's the measured drop in Personal Spending for which rate shoppers and home buyers should watch. Drops in spending slow down … (0 comments)

West Portal, SF Market Trends as of July 23, 2010 - 08/02/10 01:51 PM
If you have a West Portal home that you are thinking about selling now may be the perfect time. There is solid buyer demand, the properties that are well priced & show well are receiving multiple offers and inventory is really low (a balanced market is considered 6 months of inventory; 6 months is a buyers market). Trying to buy your dream home in West Portal? Be prepared, it’s going to take time, patience and perhaps writing an offer on more than one property to get in. Click here to see the market trend graphs … (0 comments)