If it's harder to get a loan, why is it a surprise First-Time Home Buyers number are down? - 08/26/11 10:23 AM
Earlier this month, we detailed what changes were in store for buyers trying to secure a loan in this new market of loan originating. The underwriting is more stringent than ever for applicants with even the best of credit and the cleanest of files. So what does this mean in today's market?
 
The REALTORS® Confidence Index survey reported this week the First-Time Home Buyers numbers have declined in recent months. Well, duh.
 
The first-time home buyers have always made up about 40% of the existing home sales market - anywhere in the country. However, now first-time home buyers reflect … (4 comments)

Your Child is in College - Does Your Insuance Cover Them? - 08/24/11 09:54 AM
 
Written by Utah Real Estate Professionals
 
 
If you have a child heading off to college, you know they are packing a lot of stuff - just their techno stuff alone has quite a high price tag on them. How can you be sure their things at college are protected from theft, lost or from fire? According to the New York Insurance Association, your home owner's policy may offer them some protection.
 
 
If they live in a dorm, most of their items are still covered by their parents' home owners/renters insurance policies. However, there may be limits … (5 comments)

Take advantage of the current real estate market - 08/11/11 07:07 AM
 
Written by Utah Real Estate Professionals
 
A drop in lending costs spurred the largest refinancing gain in more than two years.
During the first week of August, the Mortgage Bankers Association's indexed increased by 22 percent. While the purchase gauge declined .9 percent, the group's refinancing measure increased 30 percent, a gain we haven't seen since 2009. The average rate on a 30-year fixed mortgage fell to its lowest since last November.
The Federal Reserve said this week they intend to keep interest rates low through mid-2013 to help the recovery which was much slower than anticipated. Even though … (5 comments)

Investments, Bond Rally and the State of the Economy - 08/08/11 08:41 PM
Written by Utah Real Estate Professionals
Early in the week, an agreement to raise the US debt ceiling was reached, avoiding a default on government debt, but investors found little time for relief. Concerns about debt problems in Europe and the slow pace of global economic growth sparked a large rally in US bond markets and a large decline in the stock market. Mortgage rates improved significantly during the week, ending at the lowest levels of the year. This week's bond market rally dropped mortgage rates back to levels last seen in November, which is not too surprising since the economic environment … (2 comments)

Would you rent a foreclosured home? - 08/05/11 08:07 AM
Written by Utah Real Estate Professionals
Would you rent a foreclosure from the Government?
Recently the Wall Street Journal reported the Obama Administration is considering a plan allowing the lenders to rent out unsold foreclosed homes. The plan would remove the glut of unsold foreclosed inventory from the real estate market and hopefully stop home values from falling any further. Lenders would be able to take advantage of the higher rental prices to offset any costs of holding the inventory and possibly selling it in a stronger real estate market in the future.
Last week Federal Reserve Chairman Ben Bernake reported … (0 comments)

A Look back in time Loans in 2007 and NOW - 08/02/11 04:06 PM
Written by the Utah Real Estate Professionals
If you're looking for a home, you should be looking for a loan. However, if it's been awhile or you haven't really been actively participating in the search lately, you may have noticed the game has changed some. The documentation and credit history needed now is much more detailed and lengthy.
 
 
DRBS, a credit rating service, took a snap shot of what it was like to secure a loan in 2007 (pre-downturn) to what is asked for now in 2011 (during the downturn and perhaps on after?). As you may notice in … (0 comments)

 
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