burlingame: Homebuilder Confidence Spikes To 6-Year High - 11/20/12 05:54 AM
The National Association of Home Builders (NAHB) released its Housing Market Index (HMI) Tuesday, which showed sharp, 5-point increase to 46 for November 2012, marking the seventh consecutive monthly gain for the HMI, and lifting the index to its highest point since May 2006.
Readings under 50 indicate unfavorable housing conditions for builders. Readings over 50 signal "good" conditions. 
The Housing Market Index is a measure of builder confidence, published monthly, based on a survey sent to NAHB members which asks them to rate housing market conditions.
In November, home builders reported gains in two of the three areas surveyed:
Current Single-Family … (0 comments)

burlingame: Federal Reserve : New Economic Stimulus May Be Warranted - 11/19/12 10:00 AM
The Federal Reserve released its October Federal Open Market Committee (FOMC) meeting minutes last week, revealing a Fed in disagreement about the future of the U.S. economy and about what, if any, stimulus may be warranted in the next 12 months.
The "Fed Minutes" recaps the conversations and debates that transpire during an FOMC meeting, and is published 3 weeks after the meeting adjourns. 
According to the October minutes, FOMC members "generally agreed" that a housing recovery is under way nationwide, citing increased housing prices, higher sales volume, and rising construction in many parts of the country.
FOMC members made no … (1 comments)

burlingame: Bank Repossessions Slip For 24th Consecutive Month - 11/16/12 07:16 AM
According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings increased 3 percentin October as compared to September 2012, climbing to 186,455 U.S. properties.
RealtyTrac defines a "foreclosure filing" as any foreclosure-related action including a Notice of Default, a Scheduled Auction, or a Bank Repossession. On average, 1 in every 706 U.S. homes had a foreclosure filing during the month of October.
For the 24th consecutive month, the number of bank repossessions fell, down less than 1% from the previous month and down 21% from October 2011. Bank repossessions dropped in 37 states, plus the District of … (0 comments)

burlingame: Your November Gardening Task List - 11/15/12 06:31 AM
For homeowners who keep a garden, with the change of seasons comes a task list.
There are basic tasks for gardeners -- for example, raking the leaves, sharpening your tools. And, there are advanced tasks, too, which includes identifying and removing plants and trees which may be dead, and covering compost to prevent rain storms from leaching nutrients.
For homeowners in frost-free areas, November is a good time to plant roses and azaleas; prune flowering trees; and, start your fall vegetable garden.
The cooler fall and winter months are terrific for leafy greens such as spinach and kale; and carrots. Protect … (0 comments)

burlingame: Mortgage Approvals : Documents You'll Need For Your Lender - 11/14/12 07:23 AM
According to the Federal Reserve's quarterly Senior Loan Officer Survey, it's getting easier to get approved for a home loan.
Between July - September 2012, fewer than 6% of banks tightened mortgage guidelines -- the fourth straight quarter that's happened-- and roughly 10% of banks actually loosened them.
For today's buyers and refinancing homeowners in San Mateo , softening guidelines hint at a quicker, simpler mortgage approval process; one which gives more U.S. homeowners better access to today's ultra-low mortgage rates. 
However, although banks are easing guidelines, it doesn't mean that we're returned to the days of no-verification home loans. Today's … (0 comments)

burlingame: When It Pays To Refinance Your Mortgage -- Literally - 11/13/12 05:57 AM
To refinance a mortgage means to pay off your existing loan and replace it with a new one.
There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity.
Each has its considerations.
Lower Your Mortgage Rate Among the best reasons to refinance is to get access to lower mortgage rates. There is no "rule of thumb" that says how far rates should drop for a refinance to be sensible. Compare your closing costs to your monthly savings, and determine … (0 comments)

burlingame: For November : Home Maintenance To-Do List - 11/09/12 11:13 AM
The calendar has turned to November; the month during which we transition from fall into winter.
With less sunlight, colder temperatures, and shorter days ahead for Burlingame , it's an opportune time to cross those last-minute maintenance items off your homeowner to-do list.
Practicing preventive care -- both inside and outside your home -- can save thousands of dollars in repairs come later this winter. What follows is a brief checklist to get you started.
For outside the home :
Inspect exterior lights and outlets. Be sure that none of the outlets are cracked or broken, or have exposed wires. Clean … (0 comments)

burlingame: Questions First-Time Home Buyers Should Ask - 11/08/12 06:50 AM
Buying your first home can be exciting, but you should also do your research to make sure that you ask the proper questions of the process, and make the best choices for yourself and your household.
For example, recommended questions for first-time buyers to ask home sellers include :
What major repairs have been made to your home?
Although standard disclosure forms are supposed to provide information regarding past damage and renovation to the property, there are occasionally repairs that are omitted or otherwise forgotten.  Be proactive and ask pointed questions about the roof, the foundation, and the electrical system. Some home … (0 comments)

burlingame: Improving Market Index Swells To 125 In November - 11/07/12 06:39 AM
The U.S. economy continues to improve.
The National Association of Homebuilders released its Improving Markets Index Tuesday. The report attempts to identify U.S. metropolitan areas in which the economy is improving, demonstrating "measurable and sustained growth".
125 U.S. markets are qualified as "improving" this month, a 22-market jump from the month prior and and all-time high for the index which launched late last year.
Compared to November 2011, this month's IMI has climbed more than four-fold, rising from last year's reading of 30. This jump suggests that housing recovery is firmly taking root, helping to generate needed jobs and economic growth across … (0 comments)

burlingame: October Jobs Report Blows Away Estimates; Mortgage Rates Falling - 11/06/12 06:19 AM
Mortgage rates are performing surprisingly well after Friday's release of the October 2012 Non-Farm Payrolls report. The Bureau of Labor Statistics' monthly report beat Wall Street expectations, while also showing a giant revision to the previously-released job tallies of August and September.
171,000 net new jobs were created last month against calls for 125,000 and revisions for the two months prior totalled 84,000.
October also marked the 25th consecutive month of U.S. job growth -- a period during which 3.8 million jobs have been reclaimed. This sum represents more than half of the 7.3 million jobs lost between 2008-2009.
Nationally, the Unemployment … (0 comments)

burlingame: HOA : The Role Of Homeowners Associations In Housing Communities - 11/05/12 06:44 AM
Homeowners associations (HOA) are legal corporations formed by a real estate developer to market, to manage, and to sell homes and lots in a residential subdivision.
They're most commonly formed for condominiums and planned urban developments (PUDs), a category which includes suburban communities. 
HOA Articles of Incorporation typically grant developers privileged voting rights in governing the association during its infancy, while providing the means for the developer to exit financial and legal responsibility for the organization, transferring ownership to the homeowners of the association.
This transfer typically occurs after a predetermined number of units have been sold -- often two-thirds of … (0 comments)

burlingame: How Choosing Kitchen Colors Can Affect Your Eating Habits - 11/02/12 09:09 AM
Have you ever walked into your kitchen and instantly felt hungry?
Rarely do people think about the colors that they choose to paint their kitchens. They are often too busy worrying about whether the kitchen will match the rest of the home, or whether the colors will be satisfactory to the rest of the household.
However, when painting and decorating your kitchen, you may want to think about the process in a way many people do not -- how the colors you choose will affect the way in which you eat. As behavioral psychologists have documented, the presence of specific colors your … (3 comments)

burlingame: Find A Mortgage Rate Strategy Ahead Of Friday's Job Report - 11/01/12 06:41 AM
Depending on how the jobs data reads, FHA and conforming mortgage rates may rise, or fall. This is because today’s mortgage market is closely tied to the U.S. economy, and the U.S. economy is closely tied to job growth.
Economists expect that employers have added 125,000 net new jobs to their payrolls in October 2012, up from September's tally of 114,000 net new jobs. Jobs have been added to the economy over 24 consecutive months leading into Friday's release, and approximately 4.7 million jobs have been created in the private sector since early-2010.
So, what does this mean for home buyers and … (0 comments)

burlingame: 19 of 20 Case-Shiller Index Markets Improve In August - 10/31/12 11:17 AM
Home value rose to close out the summer, according to the S&P/Case-Shiller Index, a national home-valuation tracker.
Nationwide, values rose 0.9% between July and August 2012 with 19 of 20 tracked markets showing improvement. Only one tracked city -- Seattle, Washington -- showed a decrease, falling just 0.1 percent.
On an annual basis, 17 of the 20 Case-Shiller Index markets improved, led by Phoenix. Home values in the Arizona city are up 18.8 percent from August 2011. The next closest city in terms of home price gains is Detroit, Michigan at 7.6 percent
We should temper our excitement for the August … (2 comments)

burlingame: Pending Home Sales Index Suggests Housing Momentum Into 2013 - 10/30/12 06:56 AM
The home resales is expected to finish the year with strength.
Last month, for the fifth straight month, the Pending Home Sales Index hovered near its benchmark value of 100, registering 99.5 in September.
he Pending Home Sales Index tracks homes under contract to sell, but not yet sold, and is published by the National Association of REALTORS®. The index is a relative one. It compares today's housing market activity to the housing market activity of 2001 -- the index's first year of existence.
The Pending Home Sales Index has averaged 99.1 this year.
Among housing market indicators, the Pending Home … (0 comments)

burlingame: What's Ahead For Mortgage Rates This Week : October 29, 2012 - 10/29/12 07:39 AM
Mortgage markets ended the week slightly better last week. Wall Street took its cues from U.S. economic data, from developments in Europe, and from the Federal Reserve, moving mortgage rates lower in California and nationwide.
Pricing for both conforming and FHA mortgage rates improved between Monday and Friday, with the majority of gains occurring late in the week.
The timing of the gains explains why Freddie Mac's weekly mortgage rate report showed the average 30-year fixed rate mortgage rate rising this week when, in fact, it did not. Because Freddie Mac conducts its mortgage rate survey at the start of the week, its … (0 comments)

burlingame: Home Supply Remains Firmly In "Seller's Market" Territory - 10/27/12 03:17 AM
According to the U.S. Census Bureau, the number of new homes sold jumped to 389,000 unitsin September 2012 on a seasonally-adjusted, annualized basis.
Not since the expiration of the $8,000 federal home buyer tax credit in April 2010 have new homes sold at such volumes.
September's tally marks a 5.7 percent increase from the month prior, and a 27 percent increase from September 2011. There are now just 145,000 new homes for sale nationwide and, according to the National Association of Homebuilders, buyer demand continues to grow.
At today's pace of home sales, the entire U.S. inventory of new homes for … (0 comments)

burlingame: Home Supplies Drop To Multi-Year Low - 10/25/12 06:59 AM
As the third quarter closed, home resales showed considerable momentum nationwide.
The National Association of REALTORS® reports Existing Home Sales at 4.75 million units in September 2012 on a seasonally-adjusted, annualized basis, an 11 percent increase from one year ago.
An "existing home" is a home that's been previously occupied; a resale.
The reading marks the second-highest tally of the year -- second only to August 2012 when 4.83 million homes were sold on a seasonally-adjusted, annualized basis. The real estate trade association reports that there are now just 2.32 million previously-occupied homes for sale nationwide.
It's the thinnest national home … (0 comments)

burlingame: Simple Explanation Of The Federal Reserve Statement (October 24, 2012) - 10/24/12 07:48 AM
The Fed Funds Rate has been near zero percent since December 2008.
In its press release, the Federal Reserve noted that, since its last meeting six weeks ago, the U.S. economy has been expanding "at a moderate pace", led by growth in household spending. However, "strains in global financial markets" continue to remain threat to U.S. economic growth, a comment which references to the Eurozone and its economy.
The Fed's statement also included the following economic observations :
Growth in employment has been slow; unemployment is elevated Inflation pressures remains stable, and below 2% Business spending on equipment and structures has … (1 comments)

burlingame: The Most Expensive U.S. ZIP Codes (2012 Edition) - 10/23/12 07:56 AM
The government's Home Price index puts the increase at +3.7% an annual basis and the National Association of REALTORS® shows home sale prices up 11%since last year.
The price at which a home sells is determined by the economic force of supply-and-demand but location and amenities matter, too; establishing a baseline from which supply-and-demand can work. 
Using data compiled by real estate market data firm Altos Research, Forbes Magazine recently presented America's 10 most expensive ZIP codes for 2012. California and the New York Metro area dominate the list.
New York, NY (10065) : $6,534,430 Alpine, NJ (07620) : $5,745,038 Atherton, CA … (0 comments)