parkland isles: Maximum FHA Loan Limits Restored To $729,750
- 11/25/11 03:04 AM
Maximum FHA Loan Limits Restored To $729,750 By Jon Klein After a brief return to lower, pre-2009 levels, FHA loan limits have been restored. As signed into law last Friday, maximum FHA loan limits are — once again — as high as $729,750.
The move creates additional mortgage financing possibilities in more than 650 U.S. counties, and promises to increase the FHA’s mortgage market share, which has grown from 6% in 2007 to roughly 30% today.
The change in FHA loan limits also marks the first time that FHA loan limits exceed those of conventional mortgage-backers Fannie Mae and Freddie Mac.
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parkland isles: Housing Starts Rising; New Construction Turns The Corner?
- 11/18/11 01:21 AM
Housing Starts Rising; New Construction Turns The Corner?
Another day, another signal that the market for newly-built homes is improving.
Single-Family Housing Starts rose to a seasonally-adjusted, annualized 430,000 units in October — a 4 percent increase from September and the highest reading in 3 months.
A “Housing Start” is a home on which ground has been broken.
The increase in surprised Wall Street analysts, although it shouldn’t have.
Earlier this week, the National Association of Homebuilders showed that Homebuilder Confidence is at its highest point since May 2010, the effect of better market conditions and more … (1 comments)
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parkland isles: Homebuilders Getting Optimistic; Higher Home Prices Ahead?
- 11/17/11 02:16 AM
Homebuilder confidence continues to rise.
Just two months after falling to a multi-month low, the Housing Market Index surged again in November, climbing another three points to 21. It’s the second straight month that the HMI posted a 3-point gain, catapulting the index to an 18-month.
The Housing Market Index is monthly report from the National Association of Homebuilders. It’s meant to measure confidence among the nation’s homebuilders, scored on a scale of 1-100.
When homebuilder confidence reads 50 or better, it reflects favorable conditions for homebuilders. Readings below 50 reflect unfavorable conditions.
The Housing Market Index … (0 comments)
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parkland isles: Government Releases Additional HARP Guidance For Underwater Homeowners
- 11/16/11 01:53 AM
Tuesday, Fannie Mae and Freddie Mac unveiled lender instructions for the government’s revamped HARP program, kick-starting a potential refinance frenzy across Florida and nationwide.
HARP stands for Home Affordable Refinance Program. The updated program is meant to give “underwater homeowners” in Florida and the rest of the country an opportunity to refinance at today’s low mortgage rates.
In the two-plus years since its launch, HARP’s first iteration helped fewer than 900,000 homeowners. HARP II, by contrast, is expected to reach millions.
Lenders begin taking HARP II loan applications December 1, 2011.
To apply for HARP, applicants must first meet 4 basic criteria … (1 comments)
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parkland isles: Foreclosure Filings Climbing; 4 States Account For Half Of Nationwide Activity
- 11/15/11 07:47 AM
Foreclosure Filings Climbing; 4 States Account For Half Of Nationwide Activity
Foreclosed homes are a hot market throughout South FL — and supplies are ramping up.
According to foreclosure-tracking firm RealtyTrac, October’s foreclosure filings rose 7 percent to 231,000 filings nationwide.
A “foreclosure filing” is any one of the following foreclosure-related events : A default notice on a home; a scheduled auction for a home; or, a bank repossession of a home. Because of this definition, a single home can account for up to 3 foreclosure filings — one from each category.
Because of this, we may glean more relevant insight into … (0 comments)
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parkland isles: Using Space Heaters? Use This Safety Advice.
- 11/14/11 01:21 AM
Using Space Heaters? Use This Safety Advice.
Space heaters are popular among homeowners in Parkland and Coral Springs because, as portable appliances, they can heat a small space quickly and inexpensively. It requires less energy to run a space heater than to raise the temperature of an entire home by a few degrees.
However, space heaters can be dangerous, too.
In its November 2011 report, the National Fire Protection Association reveals that heating equipment was involved in an estimated 58,900 home structure fires, 480 civilian deaths, 1,520 civilian injuries and more than $1.1 billion in damage.
Space … (4 comments)
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parkland isles: Banks Resume Tightening Mortgage Guidelines
- 11/10/11 04:02 AM
Banks Resume Tightening Mortgage Guidelines
As part of its quarterly survey to member banks nationwide, the Federal Reserve asked senior loan officers whether last quarter’s “prime” residential mortgage guidelines have tightened, loosened, or remained as-is.
A “prime” borrower is defined as one with a well-documented, high-performance credit history; with low debt-to-income ratios; and who chooses to finance a home via a traditional fixed-rate or adjustable-rate mortgage product.
After a 2-year easing cycle, the nation’s biggest bank banks report that they’ve reversed course, and are raising the bar on mortgage approvals.
For the period July-September 2010, 88% of responding loan officers admitted … (0 comments)
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parkland isles: This Holiday Season, Think Twice Before Saving 15 Percent At The Register
- 11/09/11 01:23 AM
This Holiday Season, Think Twice Before Saving 15 Percent At The Register
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 … (2 comments)
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parkland isles: Tips For Maximizing Your Home’s Appraised Value
- 11/08/11 05:55 AM
A home appraisal is an independent opinion of your home’s value, performed by a licensed home appraiser. Appraisals are part of the traditional home purchase process, and lenders require them for most refinances, too.
Appraisers are trained professionals. First, they derive a base for your home’s value based on the recent sales prices of homes that are comparable to yours in terms of bedrooms, bathrooms, style, and square footage.
Then, accounting for features and amenities that make your home different, the appraiser applies “adjustments” to that base value.
This methodology is called the “Sales Comparison” approach and the result is your … (1 comments)
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parkland isles: Your Home Has A Smoke Detector. Are You Sure It’s Really Working?
- 11/07/11 06:42 AM
Your Home Has A Smoke Detector. Are You Sure It’s Really Working?
An estimated 356,000 in-home fires caused more than $7 billion in U.S. residential property damage in 2009, according to data from the United States Fire Administration.
The fires caused more than 12,000 injuries, and killed more than 2,500 people in Parkland and nationwide.
Unfortunately, many of affected homes did have smoke detectors — they just weren’t working properly. This is why it’s critically important to test your home’s smoke detectors at least once annually.
When you test a smoke detector, you’re making sure that the alarm … (0 comments)
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parkland isles: A Simple Explanation Of The Federal Reserve Statement (November 2, 2011 Edition)
- 11/02/11 06:44 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 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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parkland isles: New Home Inventory Keeps Sinking
- 10/27/11 06:17 AM
New Home Inventory Keeps Sinking Home builders continue to sell homes and work through inventory.
According to data from the Census Bureau, the number of new homes sold in September jumped 6 percent from the month prior, beating analyst expectations. On a seasonally-adjusted, annualized basis, buyers in Florida and nationwide closed on 313,000 newly-built homes last month.
It’s the highest reading since April and a major reason why the available number of new homes for sale is shrinking.
As compared to September 2010, there are 19% fewer homes for sale nationwide. At today’s sales pace, the complete new home inventory would be “sold … (0 comments)
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parkland isles: The Government’s Revamped HARP Program For Underwater Homeowners
- 10/25/11 03:27 AM
The Government’s Revamped HARP Program For Underwater Homeowners The Federal Home Finance Agency announced big changes to its Home Affordable Refinance Program Monday. More commonly called HARP, the Home Affordable Refinance Program is meant to give “underwater homeowners” opportunity to refinance.
With average, 30-year fixed rate mortgages still hovering near 4.000 percent, there are more than a million homeowners in Parkland, Coral Springs and nationwide who stand to benefit from the program overhaul.
To qualify for the re-released HARP program, you must meet 4 basic criteria :
Your existing home loan must be guaranteed by Fannie Mae or Freddie Mac Your … (0 comments)
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parkland isles: Foreclosure Rate Drops For The 12th Straight Month
- 10/18/11 03:05 AM
Foreclosure Rate Drops For The 12th Straight Month Foreclosure activity continues to slow throughout the United States.
According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings dipped below 215,000 in September 2011, a 6 percent decrease from August.
A “foreclosure filing” is defined as any foreclosure-related action including Notice of Default, Scheduled Auction, or Bank Repossession.
September marks the 12th straight month in which foreclosure filings fell year-over-year.
There are several reasons why foreclosure filings are down, including an increase in the amount of time it takes banks to move a foreclosure through its pipeline. It … (1 comments)
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parkland isles: Fed Minutes : A Fed Divided Reaches Comprise
- 10/14/11 02:46 PM
Fed Minutes : A Fed Divided Reaches Comprise Wednesday, the Federal Reserve released the minutes from its 2-day meeting September 20-21, 2011.
The release shows a divided Fed in disagreement about the current U.S. monetary policy. The group reached compromise for new economic stimulus, however, and maintained its commitment to accommodative interest rates.
Wall Street reacted tepidly to the minutes. Mortgage rates in Parkland and Coral Springs worsened slightly post-release.
The Fed Minutes gets less press than the FOMC’s post-meeting press release, but it’s every bit as important. Because it details the conversations that take place among voting and non-voting Fed members at … (1 comments)
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parkland isles: Just Listed in Parkland Isles
- 10/13/11 08:55 AM
… (1 comments)
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parkland isles: Retail Sales Expected To Rise; Mortgage Rates Should Rise, Too
- 10/13/11 04:33 AM
Retail Sales Expected To Rise; Mortgage Rates Should Rise, Too
The American Consumer is alive and well, it seems.
Friday morning, the Census Bureau will release its Retail Sales figures for September. The report is expected to show an increase in gross receipts for the 15th straight month with analysts predicting a 0.6 percent increase from August.
The projected increase represents the largest jump in Retail Sales in six months and would likely lead mortgage rates higher for buyers in Parkland and nationwide.
The connection between Retail Sales and mortgage rates is fairly straight-forward. Retail Sales are the majority component of “consumer … (0 comments)
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parkland isles: Quiz : What’s The First Thing You Should Do After A Home Purchase?
- 10/12/11 02:27 AM
Did you remember to handle the most basic safety precaution for your new home?
When people buy homes — in Coral Springs, Parkland, Boca Raton or wherever — , there’s a tendency to think “Big Picture” on home improvements. Flooring, painting and furniture are common “just-moved-in” purchases, as are cable television and utilities packages.
The most important move-in purchase, though, may also be the least expensive — deadbolts for your doors.
Every home has at least one — and sometimes up to dozen — keyed points of entry. And until you change those locks, there’s no telling just how many people … (1 comments)
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parkland isles: Should I Refinance My Home?
- 10/11/11 03:37 AM
Visit msnbc.com for breaking news, world news, and news about the economy
With mortgage rates at all-time lows, you may be asking “Is now a good time to refinance?”. This short interview from NBC’s The Today Show offers good insight.
Refinancing a mortgage is about more than just “low rates”. For example, there are costs associated with giving a new mortgage and even with the average, 30-year fixed rate mortgage near 4 percent, the costs of a such a move can outweigh the benefits — both in the short- and long-term.
The video originally ran in September when mortgage … (1 comments)
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parkland isles: Freddie Mac : Mortgage Rates Sub-4 Percent
- 10/07/11 02:17 AM
Freddie Mac : Mortgage Rates Sub-4 Percent
Mortgage rates have dropped past 4 percent.
For the first time in more than 40 years, data from Freddie Mac’s weekly Primary Mortgage Market Survey shows the average 30-year fixed rate mortgage falling below 4 percent, dropping to 3.94 percent nationwide. It’s the lowest average 30-year fixed reading in the survey’s history.
In addition, Freddie Mac shows the 15-year fixed and 5-year ARM making new all-time lows, too, falling to 3.26% and 2.96%, respectively.
It’s a great time to be shopping for a mortgage or buying a home in Parkland & Coral Springs. … (0 comments)
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Maximum FHA Loan Limits Restored To $729,750 By Jon Klein After a brief return to lower, pre-2009 levels, FHA loan limits have been restored. As signed into law last Friday, maximum FHA loan limits are — once again — as high as $729,750.
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