housing: Homebuilder confidence is bouncing back. - 07/19/11 05:46 AM
One month after an unceremonious dip highlighted by poor sales figures and dim prospects for the future, the National Association of Homebuilder's Housing Market Index rebounded two points to 15 in July.
The monthly Housing Market Index is scored on a 1-100 scale. Readings above 50 indicate favorable conditions for homebuilders and the "new home" market. Readings below 50 indicate unfavorable conditions.
The Housing Market Index has not read higher than 50 in more than 5 years.
As a housing metric, the HMI is actually a composite of three separate surveys, self-reported by builders. The surveys ask about current single-family home … (0 comments)

housing: Mid-Year Review : Were The Experts Right About The Market? - 07/08/11 06:51 AM
 
The year is half-over. It's an opportune time to take stock of analyst predictions made at the start of the year, and to recognize that the "experts" can be wrong as often as they are right.
For as much experience and authority an expert brings to the conversation, though, nobody can accurately predict the future.
As such, there's often disagreement.
Looking back to December, some housing analysts called for a market rebound this year; while others called for a fall. With respect to mortgages, some said rates had nowhere to go but up; while others expected more dips.
As a layperson, how do you know who will be right?
(1 comments)

housing: 5-Year ARM Falls To Historic Lows - 07/02/11 03:39 AM

The interest rate differential between fixed-rate and adjustable-rate mortgages continues to widen and has now reached historic levels.
There's never been a better time to lock an ARM.
According to Freddie Mac's weekly Primary Mortgage Market Survey, homeowners in Cary who lock their mortgage rate today will save 129 basis points on rate, on average, by choosing a 5-year ARM as their mortgage product as compared to a 30-year fixed rate loan.
The average 30-year fixed rate is 4.51%. The average 5-year ARM rate is 3.22%.
It's the biggest interest rate spread between fixed-rate and adjustable-rate mortgage rates in Freddie … (0 comments)

housing: Pending Home Sales Unexpectedly Spike In May - 07/02/11 03:18 AM
The summer housing market is heating up.
According to data from the National Association of REALTORS®, the Pending Home Sales Index smashed analyst expectations, jumping 8 percent on a monthly basis in May. 
Wall Street calls were for an increase of just 0.5 percent. 
It was a surprise result that, coupled with the recent stronger-than-expected New Home Sales and Existing Home Sales readings, has sparked housing market optimism in North Carolina and nationwide.
The biggest reason for the optimism is because of what the Pending Home Sales Index measures. 
In contrast to "traditional" housing data which reports on how housing performed … (0 comments)

housing: Home Values Climb 0.8 Percent In April - 06/29/11 12:00 PM

Maybe homes in Raleigh are holding value better than we thought.
Between March and April of this year, home values rose 0.8 percent nationally, according to the Federal Housing Finance Agency's Home Price Index. It's the index's first month-to-month improvement since May of last year.
Values are down 19 percent since peaking 4 years ago.
Private-sector data affirms the government's report. 
Tuesday, the S&P's Case-Shiller Index also showed home values higher by 0.8 percent in April, on a monthly basis. Led by Washington, D.C. and San Francisco, 13 of the Case-Shiller's 20 tracked markets showed improvement in April. 
In March, just … (0 comments)

housing: What's Ahead For Mortgage Rates This Week : June 27, 2011 - 06/27/11 05:57 AM
Mortgage markets improved again last week on a revised economic outlook for the U.S. economy, and ongoing concerns about Greece and its sovereign debt.
Conforming mortgage rates in North Carolina fell last week and now hover near the all-time lows set last November.
Adjustable-rate mortgages are especially low.
There were three big stories last week that will carry forward into this week.
First, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged in its current target range of 0.000-0.250 percent. This was expected. However, the Fed revised its growth estimates for the U.S. economy lower. This was … (0 comments)

housing: A Simple Explanation Of The Federal Reserve Statement (June 22, 2011 Edition) - 06/23/11 08:00 AM
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 10-0 — the fourth straight unanimous vote for the nation’s Central Bank.
In its press release, the FOMC said that the economy is recovering, although “somewhat more slowly” than what was expected. Labor markets have been weaker than anticipated and the Fed believes that is, in part, a result of higher food and energy costs, and supply chain disruptions as a result of “tragic events in Japan”.
Some economic bright spots identified by the Fed include … (0 comments)

housing: Homebuilder Confidence Slips To 9-Month Low - 06/23/11 07:54 AM
 

Despite rising new home sales and an increase in building permits nationwide, home builder confidence slipped to a 9-month low in June. The monthly Housing Market Index from the National Association of Homebuilders registered 13 this month — three ticks lower than last month, and its lowest level since September 2010.
June’s 3-point drop from May is the biggest one-month move since May 2010, the month after the expiration of the federal home buyer tax credit. The retreat could signal favorable pricing for new home buyers in Raleigh in the months ahead.
When builders get less bullish on housing, … (2 comments)

housing: Existing Homes Sales Slip In May - 06/22/11 05:09 AM
 
Home resales slipped 4 percent in May, falling below the 5,000,000-unit mark on a seasonally-adjusted, annualized basis for the first time since February.
April’s resales were revised lower, too.
Analysts were surprised by the figures because it runs counter to the National Association of REALTORS® monthly Pending Home Sales reports.
The association’s Pending Home Sales Index is purported to be a forward-looking indicator for the housing market because 80% of homes under contract close within 60 days and recent Pending Home Sales readings show an increase in “pending” homes.
This month’s Existing Home Sales, however, fell flat.
May’s drop in home resales wasn’t … (2 comments)

housing: Understanding Credit Scoring & Credit Repair - 06/18/11 03:47 AM
 
Credit remediation is a subject consumers often face with fear and trepidation, and for good reason. With the exception of recognizing that the best score wins, the average home shopper knows very little about the whole credit scoring process. Sub-prime borrowers who are eager to move into A-Paper territory often find themselves at a loss when trying to find ways to upgrade their credit history. The good news is there are ways to improve less-than-perfect credit scores and obtain a loan for the home you really want.
 
The first step in the process is making sure that you have … (4 comments)

housing: Housing Starts Climb Unexpectedly In May - 06/17/11 06:40 AM
 
The housing market received a jolt of good news Thursday. The Commerce Department reports that Single-Family Housing Starts improved in May.
As compared to April, last month’s Single-Family Housing Starts rose 4 percent to a seasonally-adjusted, annualized rate of 419,000 units, a figure slightly better than the 6-month average and the highest tally since January.
A “housing start” is defined as a home on which new construction has started.
In addition, Building Permits saw a boost in May, too, climbing nearly 9 percent overall. Building Permits are a gauge of future construction activity with 89 percent of permits leading to … (0 comments)

housing: Monthly Foreclosure Count Drops For 16th Straight Month - 06/16/11 06:52 AM
 

Foreclosure rates are falling.
According to foreclosure-tracking firm RealtyTrac, monthly foreclosure filings fell 2 percent in May to just under 215,000 filings nationwide. A foreclosure filing is defined as any one of the following: a default notice, a scheduled auction, or a bank repossession.
On an annual basis, foreclosure counts have dropped over 16 consecutive months, dating back to January 2010.
Like all things in real estate, though, foreclosures are local. 6 states accounted for more than half of the country’s foreclosure filings in May. Those six states — California, Michigan, Arizona, Florida, Georgia and Texas — represent just 34% of the U.S. population.
(2 comments)

housing: Mortgage Rates Surge On May Retail Sales Figures - 06/15/11 12:40 PM
 
The jobs market is recovering slower than expected, and so is housing. But neither condition has slowed U.S. consumers.
According to the Census Bureau, Retail Sales rose for the 11th straight month in May. Excluding cars and auto parts, sales receipts climbed to $322 billion last month. It’s an all-time high and another example of the U.S. economy’s resiliency.
Wall Street didn’t expect such results. As a result, mortgage rates worsened Tuesday.
By a lot.
The connection between Retail Sales and mortgage rates can be fairly tight in a recovering economy. Retail Sales accounts for almost half of all U.S. consumer … (0 comments)

housing: Is This The Start Of A Refi Boom? Mortgage Rates Fall For 8 Straight Weeks. - 06/14/11 04:42 AM
 

Mortgage rates are falling, falling, falling.
On a wave of uncertainty about Greece and its debt; and weaker-than-expected economic data at home, conforming 30-year fixed rate mortgage rates have fallen to levels not seen since December 2, 2010.
Mortgage rates have dropped 8 weeks in a row. Not even last year’s Refi Boom produced an 8-week winning streak. This season’s streak is historic.
The 30-year fixed rate mortgage now averages 4.49% nationally, down 42 basis points, or 0.42%, since early-April. For every $100,000 borrowed, that equates to a monthly savings of $25.24.
Adjustable-rate mortgages have shed even more, giving … (2 comments)

housing: Do You Know What Questions To Ask Your Lender? - 06/10/11 06:02 AM
 
http://www.msnbc.msn.com/id/32545640
A mortgage comes with many moving pieces and understanding them is the key getting a great deal. Unfortunately, studies show that few Americans have a firm grasp of how mortgages work — from mortgage types to mortgage fees.
In this back-to-basics interview on NBC’s The Today Show, you’ll learn some mortgage planning basics to help you get smarter with your next home loan in Cary or anywhere else — purchase or refinance.
Some of the topics covered include:
The mortgage applicants for whom adjustable-rate mortgages are a better choice than fixed-rate mortgages Why you should include “How Good Is … (0 comments)

housing: Moving To A New City? See How Much Your Cost Of Living Will Change. - 06/09/11 08:36 AM
 
It’s a fact: It’s more expensive to live in some cities than others. Beyond just the costs of buying a home, different cities also carry a different Cost of Living. For households relocating from North Carolina and  across state lines, the change in “life costs” can be jarring.
Depending on where you live, everyday expenses — from groceries to gasoline — make a different-sized dent in a household budget. And now you can see in numbers by how much your expenses might change.
Visit Bankrate.com’s Cost of Living Comparison Calculator. 
The Cost of Living Comparison calculator is as basic as it … (0 comments)

 
Austin  Herbert (DNJ Gateway Mortgage)

Austin Herbert

Raleigh, NC

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DNJ Gateway Mortgage

Address: 2235 Gateway Access Point, Suite 300, Raleigh, NC, 27607

Office: 919.459.6505

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