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home buying: Insurance Policies : Which Do You Need, Which Should You Skip? - 06/01/12 03:51 PM
Insurance is protection against unexpected expenses and insurance policies are available for nearly any scenario you can envision -- even your own ransom. But just because an insurance policy is available, that doesn't mean you should buy it.
Some insurance policies give you good bang for the buck. Others are plain wasteful.
In this 3-minute segment from NBC's The Today Show, you'll hear of several common insurance policies and their relative merits to people of California who purchase them.
For example, Americans will spend an estimated $450 million on pet insurance this year. Because of the policies' restrictions and deductibles, … (0 comments)
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home buying: Pending Home Sales Slip In May - 05/31/12 11:38 AM
The housing market took a breather in April.
After forging past its benchmark value of 100 in March, April's Pending Home Sales Index dropped back to 95.5, its lowest reading of the year. The data suggests fewer home resales throughout California and nationwide in the months ahead.
A "pending home" is a home under contract to sell, but not yet closed. The Pending Home Sales Index is tracked and published monthly by the National Association of REALTORS®.
As a housing market indicator, the Pending Home Sales Index is fundamentally different from other housing metrics which often make headline news.
Unlike the Existing Home … (1 comments)
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home buying: Foreclosures Fall To 5-Year Low - 05/30/12 03:31 PM
Foreclosures filings fell 5 percent between March and April of this year, and by 11 percent as compared to one year ago. The data comes from RealtyTrac. The foreclosure-tracking firm tallied fewer than 189,000 foreclosure-related actions last month -- the fewest number since July 2007.
Rapidly-declining foreclosure figures are another signal that the U.S. housing market may already be in recovery.
According to RealtyTrac's methodology, a "foreclosure filing" is any one of the following foreclosure-related events : (1) A default notice on a home; (2) A scheduled auction for a home; or, (3) A bank repossession of a home.
All … (0 comments)
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home buying: What's Ahead For Mortgage Rates : Week Of May 29, 2012 - 05/29/12 01:29 PM
Mortgage markets worsened slightly last week as demand for mortgage-backed bonds slacked. There was little surprise in U.S. economic data and the unfolding story lines of the Eurozone continued unabated.
Mortgage rates in California worsened slightly on the news, climbing for the first time in two weeks.
The change was a small one, however, and rates only eased higher Wednesday through Friday. As such, Freddie Mac's weekly mortgage rate survey failed to capture the change -- Freddie Mac's survey is conducted Monday and Tuesday.
According to the Primary Mortgage Market Survey, the average 30-year fixed rate mortgage rate slipped to 3.78% last week, … (0 comments)
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home buying: 30-Year Fixed Rate Mortgage Rates Fall To 3.78% Nationwide - 05/25/12 06:22 PM
For the fifth consecutive week, conforming 30-year fixed rate mortgage rates have dropped to new all-time lows.
According to this week's Primary Mortgage Market Survey from Freddie Mac, "prime" mortgage applicants willing to pay 0.8 discount points plus closing costs can secure a mortgage rate of 3.78%, on average.
This is a small improvement in rate over last week when the average 30-year fixed rate mortgage rate was 3.79% with 0.7 discount points.
1 discount point is equal to 1 percent of your loan size.
Like everything in real estate, though, mortgage rates are local. Freddie Mac reports that the … (0 comments)
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home buying: New Home Sales Rise For 7th Month Out Of 8 - 05/24/12 05:43 PM
The April New Home Sales report suggests that the market for newly-built homes is as strong as the market for existing ones.
According to the U.S. Census Bureau, the number of new homes sold rose 3.3 percent in April to a seasonally-adjusted, annualized 343,000 units sold -- its second-highest reading since April 2010.
April 2010 marked the last month of that year's federal home buyer tax credit program.
April's New Home Sales data also marks the 7th of eight consecutive months during which the number of new homes sold climbed nationwide, a streak unequaled in recent history. During this period, the supply of new … (1 comments)
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home buying: Existing Home Sales Climb 3.4 Percent In April - 05/23/12 12:13 PM
Low mortgage rates are helping to make homes more affordable. It appears home buyers have taken notice.
According to the National Association of REALTORS®, Existing Home Sales rose 3.4% in April from the month prior, registering 4.62 million homes sold on a seasonally-adjusted, annualized basis.
An "existing home" is a home that's been previously occupied. April's sales volume represents a 10 percent jump from April of last year.
For buyers and sellers in San Mateo , the April Existing Home Sales report supports the notion that the housing market may be improving; that the "bottom" occurred sometime in late-2011. Home … (2 comments)
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home buying: Home Affordability Reaches New High In Q1 2012 - 05/22/12 09:32 AM
Falling mortgage rates and stagnant home prices are making a positive effect on home affordability nationwide. Never before in recorded history have so many homes been affordable to households earning a moderate annual income.
Last week, the National Association of Home Builders reported the Home Opportunity Index at 77.5 -- it's highest reading of all-time. The index indicates that more than 3 of every 4 homes sold last quarter were affordable to households earning the national median income of $65,000.
Last quarter marks the 12th straight quarter -- dating back to 2009 -- in which the index surpassed 70. Prior to this run, … (0 comments)
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home buying: What's Ahead For Mortgage Rates This Week : May 22, 2012 - 05/22/12 09:23 AM
Mortgage bonds improved last week on lingering concerns for the European Union, plus weaker-than-expected economic data here at home. Global investors were net buyers of mortgage-backed securities last week, pushing mortgage rates lower nationwide.
According to Freddie Mac's mortgage rate survey, conforming 30-year fixed rate mortgage rates slipped to 3.79%, on average, last week for borrowers willing to pay 0.7 discount points and a full set of closing costs.
This is the lowest on-record.
15-year conforming fixed rate mortgage rates also fell to a new all-time low, registering 3.05% with 0.7 discount points and closing costs.
1 discount point is equal … (0 comments)
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home buying: Is More Fed-Led Stimulus On Its Way? - 05/18/12 03:48 PM
The Federal Open Market Committee released its April 2012 meeting minutes this week, revealing a Federal Reserve in the ready in the event additional monetary stimulus is needed.
The Fed Minutes function much like the minutes from a business meeting; or, condominium association meeting, for example. It's a detailed review of the conversations and debates between FOMC members, and is typically published 3 weeks after a Federal Reserve meeting.
The Fed Minutes is a follow-up statement on the FOMC's more well-known, post-meeting press release. It's also much more lengthy.
Whereas the April 25, 2012 press release totaled 444 words, the Fed … (0 comments)
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home buying: Home Affordability Getting A Springtime Boost From Greece - 05/15/12 01:40 PM
Home affordability is receiving a boost from across the Atlantic Ocean this spring.
For the third time in as many years, a weakening Eurozone is pushing May mortgage rates to new lows nationwide.
The story centers in Greece and begins in 2010.
2 years ago, it was uncovered that successive Greece governments had purposefully misreported the nation-state's economic statistics in order to meet European Union standards. The fraudulent data had permitted Greek governments to spend beyond their means while hiding deficits from EU auditors.
The realization that Greece was heavy in debt with little means to repay its creditors resulted in … (0 comments)
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home buying: What's Ahead For Mortgage Rates This Week : May 14, 2012 - 05/15/12 01:36 PM
Mortgage markets worsened slightly last week as positive U.S. economic news overshadowed growing concerns for the Eurozone's future. Political and economic issues continue to weigh on Greece and Spain, and it's still unknown how France's new President will change that nation's fiscal direction.
Conforming mortgage rates edged higher on the week overall.
Last week was light on economic data, but the figures released suggest an improving U.S. economy.
For example, the Bureau of Labor Statistics reported 3.7 million job openings nationwide this past March, marking the highest amount since July 2008. Voluntary separations (i.e. "quit jobs") increased, too -- also at … (0 comments)
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home buying: Mortgage Rates Make New All-Time Lows (Again) - 05/15/12 01:34 PM
Conforming mortgage rates continue to drop.
For the second straight week, the 30-year fixed rate mortgage fell to a new, all-time low nationwide. According to Freddie Mac's weekly mortgage rate survey, the average 30-year fixed rate mortgage rate dropped 1 basis point to 3.83% this week for borrowers willing to pay 0.7 discount points plus a full set of closing costs.
The 15-year fixed rate mortgage also set a mortgage rate record, registering 3.05% with an accompanying 0.7 discount plus closing costs.
Discount points are a one-time, up-front closing cost, based on loan size. 0.7 discount points is equal to … (0 comments)
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home buying: 8-Fold Increase In "Improving Markets" Since September - 05/15/12 01:32 PM
The economic recovery continues nationwide, but the recovery's an uneven one. Some metropolitan areas are faring very well this year, posting measurable gains in both employment and housing. Other metropolitan areas, by contrast, are struggling. To help identify those markets in which growth is occurring, the National Association of Homebuilders created the Improving Market Index, a metric analyzing three separate, independently-collected data series "indicative of improving economic health". The IMI's three collected data series are : Employment Growth (as published by the Bureau of Labor Statistics) Home Price Growth (as published by Freddie Mac) Single-Family Housing Growth (as published by the … (0 comments)
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home buying: Banks Resume Tightening Mortgage Guidelines - 11/11/11 04:58 PM
With Halloween behind us, retailers are in the Holiday Spirit. Businesses know that consumers spent a median $556 on holiday gifts last year and they want this year to be just as strong.
That's why it's barely November and, already, Black Friday ads clog our mailboxes and the airwaves. Retailers want our dollars and they're offering great deals to early shoppers.
There's one discount a smart shopper should think twice, however -- the ever-present "Open A Charge Card Today And Save 15%" promotion. In the short-term, deals like this will save money.
Over the long-term, however, opening a charge card could cost … (1 comments)
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home buying: What's Ahead For Mortgage Rates This Week : November 7, 2011 - 11/07/11 01:31 PM
Mortgage markets improved last week as optimism for a Greek Bailout program faded, triggering a global flight-to-quality assets. Fear of a Eurozone rift outweighed positive economic remarks from the Federal Open Market Committee and an in-line U.S. jobs report.
Although the Federal Reserve said the economy had "strengthened somewhat", a statement backed up by Friday's Non-Farm Payrolls data which -- with revisions -- met analyst expectations, concern that Greece may not receive its aid caused mortgage to fall.
Conforming mortgage rates dropped Monday and Tuesday, pushing rates to near their lowest levels of the year. Rates remained low through Friday.
According to … (0 comments)
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home buying: The Most Expensive ZIP Codes In The Country (2011 Edition) - 11/04/11 03:01 PM
In the housing market, amenities and location have as much to do with a home's value as the everyday forces of supply-and-demand. Whereas the latter causes home values to rise and fall over time, the former creates a starting point for said values.
Where you live -- and the features of your home -- determine your home's price range. Naturally, homes in some areas are consistently higher-valued than homes in others.
Using data compiled by real estate market data firm Altos Research, Forbes Magazine presents America's 10 most expensive ZIP codes. California and the New York Metro area dominate the list.
Alpine, NJ … (0 comments)
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home buying: Financing Smart Home Improvements - 11/04/11 02:53 PM
You've found a great home, but it's a bit rough around the edges and you're on a limited budget. That leads to a number of questions: How much will the necessary upgrades and repairs cost? How much value will they add to the home? How are you going to pay for all this? Whether you are upgrading to a larger home in a neighborhood you've always loved, downsizing to a smaller home now that the kids are out of the house or even moving to a new state, don't let a house that you love get away just because it needs … (0 comments)
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home buying: A Simple Explanation Of The Federal Reserve Statement (November 2, 2011 Edition) - 11/02/11 02:29 PM
Wednesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.
The vote was nearly unanimous, with just one dissenting voter. There were 3 dissenters at each of the FOMC's last two meetings.
In its press release, the Federal Reserve presented an improved outlook for the U.S. economy, noting that since its last meeting in September, there's new evidence that the economy "strengthened somewhat" in the third quarter.
One example cited is that consumer and business spending continues to rise while inflationary pressures on the economy remain modest. This indicates … (0 comments)
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home buying: More Risk To Home Affordability : Friday's Jobs Report - 11/02/11 02:24 PM
Within the next 48 hours, mortgage rates may get bouncy. The Federal Open Market Committee will adjourn from a 2-day meeting and October's Non-Farm Payrolls report is due for release.
Of the two market movers, it's the Non-Farm Payrolls report that may cause the most damage. Rate shoppers would do well to pay attention.
Published monthly, the "jobs report" provides sector-by-sector employment data from the month prior. It's a product of the Bureau of Labor Statistics and includes the national Unemployment Rate.
In September, the economy added 103,000 jobs, and job creation from the two months prior was shown to be … (0 comments)
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Michael Haigh
Burlingame,
CA
More about me…
W J Bradley / The Michael Haigh Team
Address: 1860 El Camino Real , Suite 306, Burlingame, Ca, 94010
Office Phone: (650) 204-3311
Cell Phone: (415) 269-4461
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