burlingame: 3 Ways To Purchase Foreclosed Properties - 12/20/12 05:03 AM
The process of buying a foreclosed home is slightly different from the process of buying a non-foreclosure home.  If you want to invest in San Carlos foreclosures, therefore, it is important to understand the different ways by which to purchase a foreclosed home.
There are three main ways to buy a foreclosed home.
Buying before the auction Some delinquent homeowners may want to sell their homes before facing an actual foreclosure.In this instance, the homeowner, in agreement with the lender, agrees to sell the home for less than the amount owed on the mortgage.This is called a short sale. Short sales … (0 comments)

burlingame: Homebuilder Confidence Rises For 9th Straight Month - 12/19/12 05:49 AM
The National Association of Home Builders (NAHB) released its Housing Market Index (HMI), showing another monthly gain -- its ninth in a row.
The HMI -- a gauge of homebuilder confidence -- rose 1 point to 47 in December 2012, lifting the index to its highest levels since April 2006.
Readings under 50 indicate unfavorable housing conditions for builders. Readings over 50 signal "good" conditions. Coincidentally, the last time that the HMI read above 50 was April 2006, too.
The Housing Market Index is based on a survey which the NAHB sends to its members. The survey asks the nation's builders … (0 comments)

burlingame: Short Sales Outnumber Foreclosure Sales For Third Straight Quarter - 12/18/12 09:50 AM
Foreclosure-tracker RealtyTrac reports falling foreclosure sales nationwide as banks get better at selling homes via short sale.
In its Q3 2012 report, RealtyTrac says that 193,059 homes in some stage of foreclosure were sold, accounting for 19% of all residential home sales. In addition, pre-foreclosure sales -- also known as "short sales" -- climbed 22% on a year-over-year basis.
For the first time since 2007, the number of short sales outnumbered the number of homes sold in foreclosure over three consecutive quarters.
The average price of a short sale home fell by 5 percent as compared to a year ago which may … (0 comments)

burlingame: Impact of the Fiscal Cliff - 12/17/12 09:53 AM
The fiscal cliff, the popular term for the upcoming tax increases and spending cuts if legislators fail to intervene, is weighing on the minds of most Americans. Caught up in the midst of the fiscal cliff debate are pieces of real estate legislation that housing experts say could significantly impact the housing recovery. The Mortgage Forgiveness Debt Relief Act and Debt Cancellation The Mortgage Forgiveness Debt Relief Act is set to expire on Dec. 31, 2012. The law, enacted in 2007, temporarily amended the federal tax code to enable taxpayers to omit income debt reduction or cancellation on their primary residence. … (2 comments)

burlingame: What's Ahead For Mortgage Rates This Week : December 17, 2012 - 12/17/12 09:46 AM
Mortgage bonds worsened last week, moving mortgage rates higher. Economic news was mostly positive and the Federal Open Market Committee (FOMC) changed some of Wall Street expectations for future monetary policy.
Freddie Mac reported the average 30-year fixed rate mortgage rate at 3.32 percent nationwide for borrowers willing to pay an accompanying 0.7 discount points plus closing costs. The average 15-year fixed rate mortgage rate was listed at 2.66 percent nationwide with an accompanying 0.6 discount points plus closing costs.
Both mortgage rates had climbed by week's end, however. Mortgage rates made their best levels Monday afternoon. Between Tuesday and Friday, … (0 comments)

burlingame: Improving Market Index : Up To 201 Cities For December 2012 - 12/14/12 05:54 AM
Last week's National Association of Home Builders/First American Improving Markets Index (IMI) brought positive news about U.S. housing markets and the broader U.S. economy, in general.
According to the IMI, there are now 201 U.S. markets which can be considered "improving".
To meet this standard, a local area economy must exhibit at least six consecutive months of improvement in terms of local employment, single-family housing permits and area home prices; and, at least six months must have passed since each of these readings were at their respective low points, called troughs.
The Improving Market Index added 76 metropolitan areas in December … (0 comments)

burlingame: Mortgage Rates Rising On 26 Straight Months Of Jobs Growth - 12/13/12 05:07 AM
According to the Bureau of Labor Statistics (BLS) and its November 2012 Non-Farm Payrolls report, the U.S. economy added 146,000 net new jobslast month.
November's job growth exceeded Wall Street expectations of 90,000 jobs added for the month, and was a small increase from October's 138,000 jobs added.
Three job sectors in which employment rose in November include :
Retail : 58,000 jobs added Business and Professional Services : 43,000 jobs added Healthcare : 20,000 jobs added It appears that the effects of Hurricane Sandy were muted, although they may be temporarily overshadowed by seasonal factors.
After losing more than 7 … (0 comments)

burlingame: Simple Explanation Of The Federal Reserve Statement (12.12.12) - 12/12/12 11:40 AM
The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Wednesday.
For the tenth consecutive meeting, the FOMC vote was nearly unanimous. Richmond Federal Reserve President Jeffrey Lacker was the lone dissenter in the 9-1 vote.
The Fed Funds Rate has been near zero percent since December 2008.
In its press release, the Federal Reserve noted that, since its last meeting in late-October, the U.S. economy has expanded "at a moderate pace" despite "weather-related disruptions". It also acknowledged that "strains in global financial markets" remain a threat to U.S. economic … (0 comments)

burlingame: The Federal Reserve Begins A 2-Day Meeting Today - 12/11/12 04:54 AM
The Federal Open Market Committee (FOMC) begins a 2-day meeting today, its last of 8 scheduled meetings this year.
The Federal Open Market Committee is a 12-person subcommittee within the Federal Reserve. It's the group which votes upon U.S. monetary policy. 
The monetary policy action for which the FOMC is most well-known is its setting of the Fed Funds Funds. The Fed Funds Rate is the interest rate at which banks borrow money from each other overnight.
Since late-2008, the Fed Funds Rate has been near zero percent.
Prime Rate, a business and consumer interest rate used in lines of credit and credit … (0 comments)

burlingame: What's Ahead For Mortgage Rates This Week : December 10, 2012 - 12/10/12 05:36 AM
Mortgage bonds worsened last week as Fiscal Cliff talks moved closer to resolution and as the U.S. economy showed continued signs of growth.
Conforming mortgage rates in California rose slightly, edging off the all-time lows late in November.
According to Freddie Mac's weekly mortgage rate survey, the average 30-year fixed rate conforming mortgage rate was 3.34% last week for home buyers and refinancing households willing to pay 0.7 discount points at closing plus a full set of closing costs.
Freddie Mac also showed the 15-year fixed rate mortgage averaging 2.67% with an accompanying 0.7 discount points plus closing costs.
1 discount … (3 comments)

burlingame: A Look At This Week's Mortgage Rates : December 3, 2012 - 12/08/12 03:16 AM
At month-end, Freddie Mac's survey of 125 banks nationwide put the benchmark product's rate at 3.32% for borrowers willing to pay 0.8 discount points. This is just 0.01 percentage point above the record-low rate establishing prior to Thanksgiving.
The 15-year fixed mortgage is similarly low, posting 2.64 percent nationwide, on average. This, too, is only slightly higher the all-time low set the week prior.
Falling mortgage rates have helped to offset rising home prices in many U.S. cities. 
Steady job creation and rising consumer confidence has swelled the pool of home buyers nationwide, causing home inventories to shrink and home prices … (0 comments)

burlingame: Energy-Saving Tips For The Holiday Season - 12/07/12 05:53 AM
With the holiday season comes more than colder weather -- there are the parties, the baking, the fixing of family dinners, and, in some cases, the stringing of holiday lights. It's also a time of year when home energy use can spike, leading to a very large January electricity bill.
This year, do what you can to conserve energy through the holidays and the New Year. Try following these simple tips.
Go LED If you string lights outside of your home, try LED (Light-Emitting Diode) lighting. LED lights use 86% less electricity than comparable incandescent lights and have numerous safety advantages. For … (0 comments)

burlingame: Nov. 2012 Non-Farm Payrolls Report May Show Hurricane Sandy Effects - 12/06/12 05:33 AM
ADP released its November 2012 Employment ReportWednesday in which the payroll-processing firm reported 118,000 new jobs created last month.
The company said the service sector created 114,000 new positions, the construction sector created 23,000 new positions, and goods-producing businesses created 4,000 new jobs, among others. There was a 16,000 decline in manufacturing employment.
ADP's monthly Employment Report can influence mortgage rates. This is because it's typically released during the same week as the Non-Farm Payrolls report from the U.S. Bureau of Labor Statistics, and can sometimes provide a preview.
The Non-Farm Payrolls report -- more commonly called "the jobs report," is … (0 comments)

burlingame: Short Sale : Writing A Letter Of Hardship - 12/05/12 06:39 AM
A short sale is when a property is sold for less than its remaining mortgage principal balance, and executed as a way for both the existing homeowner and mortgage lender to reduce their respective losses.
Typically, although not always, short sales are reserved for situations of extreme financial hardship; just prior a bank beginning foreclosure proceedings.
Short sales are not automatic, however. Homeowners must often prove the merits a short sale to their lender, which often involves documenting that selling the home for less than its worth is the best and most viable option for all parties involved. 
The short sale … (0 comments)

burlingame: How To Maintain Adequate Homeowners Insurance Coverage - 12/04/12 05:56 AM
In the aftermath of Hurricane Sandy, stories have emerged of homeowners whose hazard insurance coverage was too low to cover the damage to their respective properties. 
Unfortunately, this scenario is common among U.S. homeowners, and is not just limited to damage from natural disasters. Homeowners in San Carlos and nationwide are often woefully under-insured against catastrophe in its many forms.
Whether you're buying a home, or own one already, revisit your hazard insurance policy choices and be sure that your bases are covered.
Here are four common components of a homeowners insurance policy :
Dwelling/Building Coverage  Look for the amount listed under this … (0 comments)

burlingame: Pending Home Sales Index Leaps To Multi-Year High - 11/30/12 06:39 AM
According the National Association of REALTORS® (NAR), the Pending Home Sales Index rose 5.2 percent in October, crossing the benchmark 100 reading, and moving to 104.8.
It's a 5-point improvement from September's revised figure and the highest reading April 2010 -- the last month of that year's federal home buyer tax credit.
October also marks the 18th consecutive month during which the index showed year-to-year gains.
As a housing market metric, the Pending Home Sales Index (PHSI) differs from most commonly-cited housing statistics because, instead of reporting on what's already occurred, it details what's likely to happen next.
The PHSI is a forward-looking … (0 comments)

burlingame: New Home Sales Remain Elevated Into Q4 2012 - 11/29/12 06:56 AM
According to the Commerce Department, New Home Sales slipped 1,000 unitslast month, falling to 368,000 units on a seasonally-adjusted, annualized basis. 
The final reading fell short of Wall Street expectations, and the government revised downward its initial findings from August and September by 2,000 units and 20,000 units, respectively.
A "new" home is a home that is considered new construction.
Furthermore, the number of new homes for sale nationwide ticked higher to 147,000 -- the highest reading in 9 months.
However, in taking a broader look at October's New Home Sales report, we see obvious strengths. For example, although home sales slipped … (0 comments)

burlingame: Case-Shiller Index Verifies Home Value Gains Through Q3 2012 - 11/28/12 07:18 AM
According to the S&P/Case-Shiller Index, which was released earlier this week, U.S. home prices rose in September for the sixth straight month, climbing 0.3%as compared to the month prior.
On an annual basis, values are higher by 3.0%.
The Case-Shiller Index findings are a composite reading of 20 U.S cities, 17 of which showed home price gains in September. Detroit and Washington D.C. showed slight declines, and New York City showed no change.
Leading the recovery, though, appears to be Phoenix, Arizona. The previously hard-hit city has seen home values gain 20.4% over the last 12 months. Also noteworthy is that … (2 comments)

burlingame: Which Is Better: 15 or 30-Year Fixed Rate Mortgage? - 11/27/12 06:10 AM
As a home buyer or refinancing household in Burlingame , you have choices with respect to your mortgage.
You can choose a loan with accompanying discount points in exchange for lower mortgage rates; you can choose adjustable-rate loans over fixed rate ones; and, you can choose loans with principal + interest repayment schedules or repayments which are interest only, as examples.
For borrowers using fixed rate loans, there's also the choice between the 30-year and 15-year fixed rate mortgage. Each has its positives and negatives and neither is "better" than the other.
Choosing your most appropriate fixed-rate term is a matter of … (0 comments)

burlingame: Simple, Inexpensive Ways To Prep Your Home For Sale - 11/26/12 06:42 AM
When Burlingame homeowners get ready to list, advice will often come from all corners of their personal and social network -- what within the home to upgrade; what to repair; what to replace.
And, although some advice remains valuable, much of it can be ignored.
The costs of an expensive upgrade are rarely recouped at the time of sale and studies show that smaller, simpler actions can yield a bigger return on your investment of time and money.
Here are four inexpensive, yet highly effective, ways to prepare your home for sale.
Improve the curb appeal It's not just the inside … (0 comments)