house: Real Estate Outlook: Mortgage Rate Dip Impacts Housing
- 09/29/09 02:37 AM
You may have seen the headlines last week about the Federal Reserve continuing its policy of keeping interest rates low to stimulate the economy. But you might have missed a major byproduct of that move that's certain to have a direct impact on home real estate: Thirty-year fixed mortgage rates slipped below the five percent mark for the first time in nearly half a year, dipping to 4.9 percent. Fifteen year fixed rates are just 4.4 percent. Now, there's nothing more stimulating for home buyers than mortgage money at rates that are about as low as they go. And sure enough, … (0 comments)
house: Investor Report: Multifamily Apartments
- 09/28/09 02:59 AM
What type of investment real estate has been holding up best in tough economic times? Everybody's heard of the problems in commercial and retail - but how about multifamily apartments? You just might be surprised. According to National Association of Realtors research economist George Ratiu, while almost every type of commercial or income property has had a rough going in the past two years, "the (rental) apartment sector continues to maintain a stronger performance compared with other sectors." Those include office buildings, which have seen widespread property value declines -- and retail real estate, which has been particularly hard hit as … (2 comments)
house: Simplifying The Landlord Job
- 09/25/09 01:41 AM
Becoming a landlord is often met with objections from the inexperienced. They see the difficulties and troubles that can unfold and maybe they’ve even heard horror stories from former landlords. But due to the current market conditions, some homeowners are becoming accidental landlords and that’s causing them to look for simplified avenues to navigate the process. Fortunately, the demand is being met by a company that is helping to turn the old process of mailing paper rental checks into electronic checks using the Internet. A new site called PayYourRent.com aims to ease the process, eliminate the headaches for landlords, property managers, … (1 comments)
house: Real Estate Investment 101
- 09/24/09 02:15 AM
It could be a good time to invest in real estate, given the abundance of foreclosures and other distressed properties with reduced prices. It could also be a bad time to invest in real estate, if you don't know what you are doing. There's the rub. "It's a good time to invest, but it is difficult. Now when you go out to invest you are competing with a dozen offers. The investors are back," says Chuck Cryder, the broker for Century 21 A Property Shoppe in Salinas, CA. Just like buying a home to live in, taking the real estate investment … (0 comments)
house: Real Estate Outlook: Recession is Over
- 09/23/09 02:30 AM
Now it's official. The chairman of the Federal Reserve Board himself has said it publicly that it looks like the recession is over. Here comes the recovery. But there was a big footnote in Bernanke's speech on the economy last week in Washington: Don't look for a dramatic recovery. It'll be more like a slow moving, plodding sort of improvement where the economy inches toward expansion. But there'll be no sudden, splashy return to economic boomtime anytime soon. Bernanke's point about the end of the recession was underscored by a 2.7 percent jump in retail sales for the month of August, … (1 comments)
house: Brushing Up On Money-Saving Painting Tips
- 09/22/09 02:05 AM
A new federal law beginning April 2010 will require all contractors performing renovation, repair and painting projects that disturb lead-based paint in private homes, childcare facilities, and schools (built prior to 1978) to be certified in the prevention of lead contamination. According to the Environmental Protection Agency's (EPA) document titled What You Need to Know About Lead Poisoning, "Despite laws established in the 1970s to make people aware of the dangers of lead and its poisonous effects, lead poisoning in children remains a common, yet preventable, environmental health problem in the United States." Heavily-leaded paint is in about two-thirds of homes … (2 comments)
house: Washington Report: Tax Credit Changes
- 09/21/09 02:40 AM
The first major change to the $8,000 home buyers tax credit began moving through Congress last week, giving hope to real estate and building groups pushing for extension of the entire program before it expires Nov. 30. House Ways and Means Committee chairman, Congressman Charles Rangel, a New York Democrat, combined several smaller bills into the “Service Members Home Ownership Act of 2009” late last week, with a floor vote expected this week. The bill is intended to correct a flaw in the original tax credit legislation: By requiring buyers to occupy and own their first home for 36 months to … (0 comments)
house: Long-Term Rates Down for Third Consecutive Week
- 09/18/09 01:51 AM
McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.04 percent with an average 0.7 point for the week ending September 17, 2009, down from last week when it averaged 5.07 percent. Last year at this time, the 30-year FRM averaged 5.78 percent. The last time the 30-year FRM was lower was the week ending May 28, 2009, when it averaged 4.91 percent.The 15-year FRM this week averaged 4.47 percent with an average 0.6 point, down from last week when it averaged 4.50 percent. A … (1 comments)
house: Federal Reserve's '5 Tips for Shopping for a Mortgage'
- 09/17/09 02:01 AM
Financing the purchase of a home could be the most complex financial decision you'll every endure. You need all the help you can get. To help get you started with the basics, the Federal Reserve offers "5 Tips for Shopping for a Mortgage," because, well, the fundamentals always apply. Don't bite off more than you can chew. Check your budget. You must have a budget so you can estimate what you can afford to pay for a home, including the mortgage, property taxes, insurance, and monthly maintenance and utilities. You also have to have enough to save for emergencies. Plan ahead … (0 comments)
house: Strategic Defaults: When Homeowners Walk Away From Mortgages They Can Afford
- 09/16/09 02:41 AM
Even when a home is financially underwater (the total mortgage balance is greater than the value of the property) owners will usually make serious efforts to keep from defaulting. But only up to a point. If it gets too far underwater, people will let it go -- even if they can afford to make the payments. While there may be an intuitive sense to this, the fact is not widely recognized. Today's "home rescue" programs – loan modifications and the like – are based on the assumption that homeowners will not default on mortgages as long as they can afford to … (0 comments)
house: Mortgage Rates Down Slightly This Week
- 09/14/09 02:28 AM
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.07 percent with an average 0.7 point for the week ending September 10, 2009, down from last week when it averaged 5.08 percent. Last year at this time, the 30-year FRM averaged 5.93 percent.The 15-year FRM this week averaged 4.50 percent with an average 0.7 point, down from last week when it averaged 4.54 percent. A year ago at this time, the 15-year FRM averaged 5.54 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.51 percent … (1 comments)
house: As a Landlord You Cannot Afford to Ignore the Internet
- 09/10/09 02:20 AM
The world has changed. There was a time when a landlord rented a vacancy by placing an advertisement in the local newspaper and waited for the phone to ring, or tenants to visit. The classified sections of the local newspapers were packed with ads. You had to be very creative to leap out of the pack of ads. Apartment properties with more vacancies to fill (due to their size) used additional advertising sources like For Rent and Apartment Finder magazines. These methods of advertising were successful for many years. These companies extended their products by offering on line listings. They were … (1 comments)
house: Short Sale, Foreclosure, or Deed in Lie: Which is Best for the Borrower?
- 09/09/09 02:02 AM
If only the President’s foreclosure-prevention plan worked as well as “cash for clunkers”. But it hasn’t. When the Administration announced the Making Homes Affordable plan in February of 2009, officials said they hoped it would help 4 million distressed homeowners to stay in their homes. As of this writing (8/2/09), the Administration has acknowledged that there are only 200,000 trial loan modifications under way. Clearly, lenders have been reluctant to modify loans. (Moreover, there are good reasons for their reluctance according to a recent study by the Boston Federal Reserve.) Also, many borrowers have turned out to be ineligible for the … (0 comments)
house: Washington Report: Fannie and Freddie
- 09/08/09 02:12 AM
A major financial industry trade group got Washington's attention last week when it called for the total elimination of Fannie Mae and Freddie Mac -- the giant, money-losing home loan companies now under federal control. The Mortgage Bankers Association doesn't want an end to government support for the home mortgage system, however. It wants smaller, more numerous competing organizations, none allowed to ever get "too big to fail," as replacements for the current system dominated by Fannie and Freddie. At least one of the replacement companies could take the form of a cooperative, owned solely by participating banks and mortgage lenders, … (1 comments)
house: Does Your Fireplace Spark Buyers' Interest?
- 09/04/09 02:17 AM
The fireplace tends to be forgotten when record high temperatures are hitting many parts of the country. But, regardless of the season, buyers often find fireplaces alluring.However, if your fireplace has lost some of its appeal due to an outdated look, it might be time for a makeover. Creating a unique look for your fireplace can make it very enticing to buyers. Fireplaces can be eyesores or focal points in a room. So, take a look at your fireplace and decide if it will spark buyers' interest. "If anything is out, it is brick. Nobody is really doing brick anymore. It's … (1 comments)
house: 4706 N. Damen Ave - Large Victorian Home!
- 09/04/09 02:00 AM
Large Victorian home with 2 car detached garage walking distance to Lincoln Square and Brownline. A great Home at a great price in a great location. Come see today! Sold as-is; no survey or disclosures. Buyer responsible for any/all compliances, escrows etc if required. All inspections including systems tests are at buyer’s expense. All offers require pre-approval & EM due in certified funds at acceptance. Seller addendum required before submitting offer. Cash deals require proof of funds
This property is exclusively listed by Helen Oliveri of Keller Williams Realty. For a private showing call 847-967-0022 or email helen@helenoliveri.com . … (0 comments)
house: New Disclosures Help Mortgage Consumers Know Risk
- 09/03/09 02:19 AM
The Federal Reserve is gearing up with more consumer protection on the home loan front, as it continues its overhaul Regulation Z. Regulation Z is the wide-reaching Consumer Protection provision of Truth In Lending law enforced by the Federal Deposit Insurance Corporation. The ever-evolving regulation mandates certain detailed disclosures by financial institutions in the realm of home loans and regulates certain credit card practices and credit billing disputes. Disclosures help consumers determine if a given borrowing transaction is right for them. The greatest collapse in the housing and mortgage market in 70 years was due, in part, to consumer ignorance that … (0 comments)
house: New Loan Disclosure Rules May Cause Escrow Delays
- 09/02/09 01:58 AM
Under new rules adopted by the Federal Reserve Board, beginning July 30, 2009, mortgage lending will be subject to expanded disclosure requirements. This may well be a good thing. However, until everyone gets used to it, it also may cause occasional delays in closings. First, some background. More than a few times home purchasers have been shocked at the time of closing to discover that they will have to pay more for their mortgage than they had anticipated. This doesn't necessarily meant that the interest rate on the loan is higher than expected. What is more likely is an increase in … (1 comments)
house: Washington Report: Home Valuation Code of Conduct
- 09/01/09 02:21 AM
With Congress due back on Capitol Hill after Labor Day, the legislative fight over Fannie Mae's and Freddie Mac's controversial appraisal rules is heating up. Bipartisan legislation that would put the “Home Valuation Code of Conduct” (or HVCC) on hold for 18 months has steadily gathered support in the past month, and now has 54 co-sponsors. Meanwhile, the National Association of Realtors continued its grass-roots lobbying push for the HVCC moratorium bill in key congressmen's home districts during the August recess. The association has been an outspoken critic of the HVCC rules, arguing that they produce deal-killing lowball appraisals, encourge the … (2 comments)
house: Information to Review Before You Get a Mortgage Loan
- 08/31/09 02:00 AM
The housing crash brought with it many changes including government programs to aid homeowners facing foreclosures, a closer look at lending practices, and new loan products for consumers. The last item is what concerns many Americans who are interested in taking advantage of falling housing prices. A study called, A Financial Analysis of Consumer Mortgage Decisions written by Andrew J. Kalotay and Qi Fu and released by the Research Housing Institute for America (RIHA) and the Mortgage Bankers Association (MBA) details information on getting a mortgage loan. Getting as much information and education about the best options before taking a mortgage … (0 comments)
News, tips and tricks about the Chicago Area and National Real Estate Market, brought to you by The Helen Oliveri Team of Keller Williams Realty Partners.
You may have seen the headlines last week about the Federal Reserve continuing its policy of keeping interest rates low to stimulate the economy. But you might have missed a major byproduct of that move that's certain to have a direct impact on home real estate: Thirty-year fixed mortgage rates slipped below the five percent mark for the first time in nearly half a year, dipping to 4.9 percent. Fifteen year fixed rates are just 4.4 percent. Now, there's nothing more stimulating for home buyers than mortgage money at rates that are about as low as they go. And sure enough, … (0 comments)
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