fha: Inventory of Available Pre-Owned Homes @ 4.9 Month Supply
- 03/01/14 07:23 AM
January’s inventory of available pre-owned homes was 1.90 million, which represents a 4.90 month supply at the current sales pace. As a result, existing home sales slowed. Real estate pros look for a 6 to 6.50 month supply of existing homes to balance demand and availability between buyers and homes for sale. Regional Sales Of Existing Homes Lower Existing home sales fell across all four regions: Northeast: -3.10 percent Midwest: -7.1 percent South: -3.5 percent West: 7.3 percent Slow job growth, new mortgage rules and high loan approval standards were reported as causes for slower sales. Short supplies of existing homes … (0 comments)
fha: Today's Economics in a Nutshell - 02/28/2014
- 02/27/14 10:54 PM
The foreclosure sector of the housing market continues to receive positive news. CoreLogic reported today that there were 48,000 completed foreclosures in January 2014, compared to the 59,000 completed in January 2013, a 19% decline. From December to January, completed foreclosures declined by 11.8%. CoreLogic said that we are recovering, but we're not there yet. Americans filing for first time unemployment benefits unexpectedly rose in the latest week, but it doesn't signal a negative trend as claims tend to be volatile around federal holidays. The Labor Department reported that Weekly Initial Jobless Claims rose by 14,000 in the latest week to … (0 comments)
fha: Make Your Home Look More Luxurious On A Budget
- 02/27/14 10:32 PM
Have you been looking through home décor magazines and gazing with wonder at the gorgeous homes inside? Do you want to add a touch of elegance and luxury to your home, but you are on a tight budget? No need to worry, there are many ways that you can make your home look like a million bucks, without actually having to spend a fortune. Luxury Home Decor Ideas Here are a few great ideas that don’t have to cost a lot, they just require a little bit of planning and some elbow grease and they will take your home from … (1 comments)
fha: Today's Economics in a Nutshell - 02/27/2014
- 02/26/14 11:10 PM
The Mortgage Bankers Association (MBA) reported today that its Market Composite Index, a measure of total loan application volume, declined by 8.5% in the latest week. The refinance index fell by 11.4%, which now makes up 58% of mortgage applications, lowest since September 2013. The purchase index declined by 3.5% to the lowest level since 1995. Experts are calling it the greatest buried treasure unearthed in the U.S. after a Sierra Nevada couple, while taking their daily walk on their property, recently uncovered a canister containing gold coins from the 19th century. The coins are said to be from 1847 to … (0 comments)
fha: It’s A Buyers Market! More Buyers to Enter Market
- 02/26/14 10:53 PM
Two major indicators of home price trends showed a slowing momentum for home prices in December. The S&P Case Shiller 10 and 20 city indices reported that of 20 cities tracked, home prices were lower in December than for November. Case-Shiller’s seasonally adjusted month-to month reading showed that home prices rose by 0.8 percent as compared to 0.90 percent in November. David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said that “Gains are slowing from month-to-month and the strongest part of home price recovery may be over.” He also noted that seasonally adjusted data was showing a … (0 comments)
fha: FHA Cash-Out Refinance: What is it? How can I use the Money?
- 02/25/14 11:11 PM
While homeowners typically equate the FHA loan program with low-down payment mortgages, FHA refinances are also available. In addition to rate-and-term and streamline refinances that replace an existing FHA mortgage with a better one, FHA even offers cash-out refinance loans. A cash-out FHA loan refinance allows the borrower to take out up to 85 percent of the value of his property. In today’s market, the ability to pull out 85 percent of a home’s equity is attractive. FHA Refinance Requirements FHA cash-out refinances don’t impose limitations on how borrowers use the cash they take out. This money can be used to … (1 comments)
fha: Today's Economics in a Nutshell - 02/26/2014
- 02/25/14 10:51 PM
Housing data dominated the economic headlines this morning as the sector tries to replicate the big home price gains seen in 2013. The Case Shiller 20-city Home Price Index rose by 13.4% in December 2013 compared to December 2012. That is slightly lower than the 13.7% year-over-year increase seen from November 2012 to November 2013. A spokesman from Case Shiller said that gains are slowing from month to month, and the strongest part of the recovery in home values may be over. The Federal Housing Finance Agency (FHFA) reported a year-over-year gain of 7.7% from the fourth quarter of 2012 to … (1 comments)
fha: What’s Ahead For Mortgage Rates This Week – February 24, 2014
- 02/24/14 08:17 PM
Last week’s economic data supported recent reports indicating that housing markets are slowing, The National Association of Home builders/Wells Fargo Home Builders Index (HBI) dropped by 10 points to a reading of 46 for February. Home builder confidence dropped to its lowest reading in nine months, and fell below the benchmark of 50, which indicates that more builders are pessimistic about current market conditions than not. Severe weather was blamed for the lower builder confidence reading, which fell below the expected reading of 56. Regional readings of builder confidence were also lower: Northeast: Builder confidence fell from 41 to 33 points. … (0 comments)
fha: Today's Economics in a Nutshell
- 02/21/14 12:21 AM
The Bureau of Labor Statistics reported that the Consumer Price Index (CPI) in January rose by 0.1%, which was below the 0.2% expected. The Core CPI rate, which strips out volatile food and energy, was inline at 0.1%. Looking at the year-over-year numbers, the headline CPI rose to 1.6% from 1.5%, while the Core fell to 1.6% from 1.7%, both below the Fed's upper end of 2% range. The Consumer Price Index measures monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services. Americans filing for first time unemployment benefits held nearly … (0 comments)
fha: Create Equity in Your Home? Here’s How!
- 02/21/14 12:16 AM
Home equity is the difference between what your home can sell for and what you owe on it. Generally, the longer you own your home, the more equity you build. More equity is a good thing. Equity also equates to money you can use before you sell your home through a home equity loan. Use Your Home Equity In Smart Ways: Remodel Your Home - If you’ve wanted to add on a family room or modernize your kitchen, consider using your home’s equity to fund the project. Home improvements usually increase your home’s marketability and value. Make Needed Major Repairs - Your home’s equity … (3 comments)
fha: Economic news dominated by housing related data
- 02/19/14 11:30 PM
Economic news was abundant today, mostly dominated by housing related data. The Commerce Department reported that Housing Starts in January declined by 16% to an annual rate of 888,000 revised from the higher December number of 1.048 million, as harsh winter weather continues to impact the sector. Building Permits, a sign of future construction, fell by 5% to an annual rate of 937,000. Both Housing Starts and Building Permits numbers were below expectations in January. The Mortgage Bankers Association (MBA) reported today that its Market Composite Index, a measure of total loan application volume, fell by 4.1% in the latest … (0 comments)
fha: FHA Requirements To Sell A Home
- 02/19/14 10:34 PM
Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA’s standards. FHA won’t insure loans on just any property. While their standards aren’t as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing. Location And Lot To qualify for FHA financing, the property has to be located on a road or easement that lets the owner freely enter and exit. The road also has to be paved with a surface that will provide access all year…a long dirt … (1 comments)
fha: Mortgage Pre-Approval…What is It?
- 02/19/14 09:17 PM
When you are purchasing a home, your realtor may recommend you obtain a mortgage pre-approval before you find the home of your dreams. There are benefits to being pre-approved before you find a home, but oftentimes, people confuse pre-qualifications with pre-approvals. So the question many buyers have is what exactly is a mortgage pre-approval? In a nutshell, it’s when the lender provides you (the buyer) with a letter stating that your mortgage will be granted up to a specific dollar amount. What Do I Need For Pre-Approval? In order to obtain a pre-approval for your home purchase, you will have to provide … (0 comments)
fha: Buying A Fixer-Upper? Read this…
- 02/16/14 08:58 PM
In your imagination it seems like a great idea – you purchase an older run-down property and you have the chance to fix it up and turn it into the home of your dreams. To Renovate, Or Not To Renovate However, the renovation project that is simply a quick montage in your imagination will actually take several months or years and thousands of dollars in real life. The concept of renovating a “fixer-upper” property is exciting, but the reality is a lot of work and investment. How can you make sure that you are making the right choice for you? One … (1 comments)
fha: Mortgage Pre-Approval Can Help You Get A Better Deal On Your Home Purchase
- 02/13/14 07:40 PM
Oftentimes, when you are searching for a new home, it may seem obtaining a pre-approval for your mortgage loan is a waste of time and energy. However, there are some significant benefits to a pre-approval which should not be overlooked. In many cases, buyers can use a pre-approval for leverage when negotiating with sellers and may wind up buying a home for far less than what the listed price is. Knowing Your Limitations One significant benefit of a mortgage pre-approval is knowing exactly how much money you will be able to borrow. This means you will be looking at homes you … (1 comments)
fha: Co-Signer For A Mortgage Loan: Is it Possible?
- 02/13/14 12:22 AM
Like credit cards or car loans, some mortgages allow borrowers to have co-signers on the loan with them, enhancing their loan application. What Is A Mortgage Co-Signer? A mortgage co-signer is a person that isn’t an owner-occupant of the house. Typically, a co-signer is a family member or close friend that wants to help the primary borrower qualify for a mortgage. To that end, he signs the loan documents along with the primary borrower. When a co-signer applies for a mortgage, the lender considers the co-signer’s income and savings along with the borrower’s. For instance, if a borrower has $3,000 per … (2 comments)
fha: Before You Apply For A Mortgage: 3 Important Credit Considerations
- 02/11/14 05:32 AM
Getting a mortgage can be tough. The key is to understand what lenders want to see and give it to them. Before applying for a mortgage, borrowers need to build a plan for how they are going to manage their credit both going into the mortgage process and as they navigate through it. Lenders like to know that borrowers have a strong likelihood of repaying the loans they take out and, as such, look carefully at an applicant’s credit. Here are three must-dos that can help an applicant turn into a home owner. Pre-Checking Credit Reports Before even starting the home … (0 comments)
fha: What’s Ahead For Mortgage Rates This Week – February 10, 2014
- 02/09/14 10:34 PM
Residential Construction Spending Up Last week’s mortgage and housing-related reports began with Construction Spending for December, with a reading of 0.10 percent or a seasonally adjusted $930.5 billion. December’s reading fell short of an expected increase of 0.40 percent. Spending for private sector projects rose by 1.00 percent; of this amount, residential construction spending increased by 2.60 percent and private sector spending for non-residential construction fell by -0.70 percent. Although construction spending posted a fractional gain, the good news is that construction spending is currently dominated by residential construction and that due to inclement winter weather, any gain in construction spending … (4 comments)
fha: Heating And Cooling Your Home Efficiently
- 02/06/14 11:14 PM
If the temperature in your home is too hot at night, then you can’t sleep. If it’s too cold during the day, then you have to wear excessive layers. Everyone has his or her own idea of the ideal temperature, but to keep it on that perfect number can get expensive. So, below we’ve outlined five ways you can take care of your heating and cooling system and help it run more efficiently. 1. Set It And Forget It To maximize the effectiveness of your heating and cooling systems, you need to program your thermostat and refrain from changing it. Adjusting the … (0 comments)
fha: Can I Get Cash Out From My Home to Pay Off Debt?
- 02/06/14 04:19 AM
Generally, when you are purchasing a home, you are making a down payment. So your mortgage amount is less than the appraised value and/or purchase price. This means you have “instant equity” in your home, which is good. Later on, depending on how much equity you have in your home, you may be considering taking cash-out from your home equity in order to pay off credit card bills, purchase a car or pay for college for one of your children. However, it is important understand, this may not be as simple as it sounds. Cash Out Refinance, Equity Loan Or Second Mortgage … (1 comments)
January’s inventory of available pre-owned homes was 1.90 million, which represents a 4.90 month supply at the current sales pace. As a result, existing home sales slowed.
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