Although small, a slight uptick in the housing market next year is predicted. A survey by MacroMarkets of more than 100 economists and industry experts shows they expect home values to go up — just a little. About .25 percent in 2012 and a total of 1.1 percent through 2015. Slowing the recovery down are the many foreclosures clogging the market. A recent article in Money Magazine notes that Freddie Mac predicts that in 2012, 4.8 million homes will be sold in total, while there are more than 5 million homes for … (1 comments)
realty world select: The Battle Over Principal Reduction Rages On
- 11/14/11 06:43 AM
The latest settlement proposal between the states’ coalition and five major banks after 11 months of talks includes financing support for underwater loans, including refinancing, principal write downs and other forms of assistance. According to CoreLogic, about 22.5 percent of all residential mortgages are underwater. Multistate talks to craft a settlement with the major banks stalled a few weeks ago when California State Attorney General Kamala Harris withdrew. Harris pointed to the combination of the banks’ demands for broader immunity from litigation and penalty for their earlier “abuses” along with the inadequate relief proposed for homeowners whose loans are underwater as … (0 comments)
Last month, President Obama announced that the Home Affordable Refinance Program (HARP) was being revised and expanded. HARP was introduced in 2009 as a measure intended, according to a statement by the President, to “make it possible for an estimated four to five million currently ineligible homeowners who receive their mortgages through Fannie Mae or Freddie Mac to refinance their mortgages at lower rates.” In the two years since HARP’s debut, not quite one million homeowners — or 20 to 25 percent of the intended beneficiaries … (0 comments)
The annual pace of new home sales increased a bit more than expected in September, rising 5.7 percent from the previous month. At the same time, although economists had forecast a 0.4 percent gain, contracts for pending home sales declined in September by 4.6 percent. First time buyers are behind the slight rise in new home sales, as evidenced by the proportion of lower-priced, entry-level homes under contract. Bob Nielsen, chairman of the National Association of Home Builders (NAHB), notes “these consumers are very dependent upon federal policies … (0 comments)
Last week, the Senate voted to approve the high-balance conforming loan limit to $729,750 in wealthier neighborhoods, as part of a larger spending bill. As of October 1, 2011, the largest conforming loan (loans that are eligible to be purchased or guaranteed by Fannie Mae and Freddie Mac) limit returned to $625,500 after several years of a temporary extension to $729,750. There is a ways to go yet before the higher limit becomes an actuality. The approved measure is attached to a spending bill brought to the Senate by Robert … (1 comments)
realty world select: Foreclosure Activity Brings Both Good News and Bad
- 10/17/11 08:14 AM
What more foreclosures and longer processing times may mean for the housing market (map from RealtyTrac.com) RealtyTrac® reported that foreclosure activity in the third quarter was up slightly (less than 1 percent) from Q2, and down 34 percent from the same period last year. September activity was down 6 percent from August, marking the 12th month in a row that foreclosure activity has decreased from the previous month. An Associated Press article (found on NPR.org) notes that “A pickup in foreclosure activity also means a potentially faster turnaround for the U.S. housing market. Experts say a revival isn't likely to … (0 comments)
realty world select: Take Control of Closing Costs
- 10/10/11 06:45 AM
Expert tips on evaluating and managing the cost of your mortgage As mortgage rates continue to stay at record lows, the costs of obtaining a mortgage are going up — according to Bankrate’s annual survey of closing costs, the average origination and title fees have jumped 8.8 percent from August 2010 to August of the this year. Closing fees are not set in stone, and savvy mortgage shoppers can often reduce these costs or spread them out over time to minimize the financial burden. Remember to be cool as ICE in negotiations, and you might save yourself some money: ITEMIZE … (0 comments)
realty world select: Mortgage Rates Continue To Hover At Record Lows
- 10/03/11 12:17 PM
RealtyTimes reported that Freddie Mac’s weekly mortgage survey, the first since the Fed’s Operation Twist announcement last week, found the average rate for conventional 30-year fixed mortgages to be at an all-time low of 4.01 percent. As Ed Ferrara pointed out in RealtyTimes, these low rates are a reflection of the slow pace of the economic recovery. Nonetheless, this still offers home buyers in the position to buy (and borrow) an expanded opportunity to take advantage of the rare double whammy combination of low rates and low home prices. FHA mortgage rates, which are ideal for borrowers whose credit is not … (0 comments)
realty world select: Low Appraisals
- 09/12/11 09:39 AM
A recent article from RIS Media discusses the increasing percentage of real estate deals that are getting snagged when the appraisal comes in lower than expected. According to the article, this past June and July alone saw 16 percent of real estate professionals reporting a sale cancellation as a result of low appraisals. What can you do? 1. Negotiate with the seller to lower the price — clearly the simplest solution, though not always the easiest. The earlier in the transaction you address this, the more leverage you may have. Consider that this summer the average home sale took 88 days. … (0 comments)
realty world select: Housing Market Once Again Regional
- 09/05/11 09:48 AM
The S&P/Case Shiller home-price index, released last Tuesday, showed a 3.6 percent increase in home prices from the first quarter of this year to the second. According to the index, however, the average home price year over year dropped 5.9 percent for the first six months of this year compared with last year. Average home prices are performing differently across the country — The S&P/Case-Shiller index tracks 20 “MSAs” (metropolitan statistical areas), of which, according to David M. Blitzer, Chairman of the Index Committee at S&P Indices, “eight bottomed in 2009 and have remained above their lows. These include all the … (1 comments)
realty world select: The housing market appears to becoming more efficient
- 08/29/11 11:56 AM
The housing market appears to becoming more efficient RealtyTrac reported that the share of homes in some stage of foreclosure dropped 5 percent from the first quarter of this year to 31 percent in the second quarter. Additionally, the average sales price of bank-owned (or “REO”) properties was discounted another 4 percent (to 40 percent from 36 percent) below the average sales price of a non-foreclosure home in the second quarter, while the average sales price of a preforeclosure home (often sold in a short sale) also dropped 4 percent to 21 percent from 17 percent in the first quarter. James … (0 comments)
realty world select: Is a Short Sale For You?
- 08/22/11 06:09 AM
Is a Short Sale For You? 5 Things You Should Know if You’re Considering A Short Sale of Your Home Three years ago, the term “short sale” was almost unknown by anyone but some experienced Real Estate agents. Today, the term is on the tip of everyone’s tongue — from homeowners to investors to agents to buyers. For sellers wondering if a short sale is the right solution for them: 1. This is not a do-it-yourself process — Seeing a short sale to a successful close is a complicated transaction requiring approval from not just the buyer and seller, but also … (0 comments)
realty world select: Can't Keep Up
- 05/27/09 12:04 PM
Modern technology... the internet, social websites, blogs, it's all so amazing. Just 20 years ago a PC was still in it's baby stages and now it is a dinosour. Today I learned some new social networking tools. I am now on Facebook, Twitter, You Tube, and of course write the occasional blog on Activerain. We now have these small net computers that are half the size of a laptop (which I already think is small), texting is a big craze (although it is still one technology that I can't seem to adjust to), Youtube allows us to post videos of everything … (0 comments)
realty world select: Consistant Award Winning Results
- 05/25/09 01:31 AM
Broker Dan Lesher was inducted in Realty World International's Hall of Fame at the company's annual convention in Las Vegas recently. The Fredericksburg, VA office, which opened in 2007, also was named Office of the Year, beating out more than 1,000 offices worldwide, as well as receiving the Platinum Cup award for highest number of closed units for 2008. Also honored with the Platinum Award at the convention were local agents Stephanie Crist, Ron Chronister, Joby Cunningham, Sean Dankers, Kay Dennison, Juli Hawkins, Butch Irby, Thom Jones, Jason Krause, Linda Bruno, Jeremy McCommons, Christy Poole, Jorge Saliceti and Twila Tuxbury … (0 comments)
realty world select: A True Champion
- 12/21/08 06:20 AM
A true champion is what our racer Dylan Poole is driving his number 2 Realty World Select cart throughout the state of Virginia! Dylan has been racing for several years now and at 9 years old has won numerous races. Realty World Select is proud to sponsor such a great kid and proud of the effort Dylan puts into each and every race! Thanks Dylan, you are a true champion!!
Recent forecasts predict better times ahead in 2012
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