reale estate: Beyond The Headlines
- 09/15/11 04:18 PM
The Wall Street JournalMistakes housing investors makeWith traditional investments delivering low returns, some are considering buying rental housing. However, potential investors should do their homework and avoid the following commonmistakes.Making sense of the storyInvesting in real estate right now can be profitable, if everything goes as planned. Rents are increasing in many areas, and more properties may be coming on the market.Last month, the Obama administration asked for proposals on how to convert at least some of Fannie Mae’s and Freddie Mac’s inventories of foreclosed homes into affordable rentals.Traditionally, investors rented out properties for 1 percent of the purchase price … (4 comments)
The Los Angeles TimesMany homeowners refinancing mortgages to shorter terms borrowers who can afford higher mortgage payments, and who meet lenders’ stricter loan guidelines, often opt to replace their 30-year mortgages with shorter term loans at near-record low rates.Making sense of the storyThe latest Freddie Mac quarterly survey of homeowners who refinanced found that more than one in three borrowers who refinanced from a 30-year fixed-rate loan opted to replace it with 15-year or 20-year mortgages at near-record low rates.Homeowners considering refinancing into a shorter-term mortgage must have the income or financial reserves sufficient to pay the extra money … (2 comments)
reale estate: Beyond The Headlines
- 05/22/11 01:42 PM
The New York TimesFinancing foreclosed homes foreclosure properties, especially those with the water and power turned off, may not qualify for standard financing, but would-be owner-occupants may qualify for a federally insured 203(k) loan.Making sense of the story Would-be owner-occupants who do not have enough money to purchase a foreclosure home using cash, may qualify for the federally insured 203(k) loan, which allows borrowers to roll projected rehab costs into the loan. According to one real estate expert, most foreclosure properties are sold as is, and, oftentimes, heat, plumbing, and electric are turned off, making it unlikely a lender will … (0 comments)
Los Angeles TimesDon’t become a crime victim when you show your home to potential buyers safety should always be a top concern for both real estate agents and home sellers. While holding an open house and allowing potential home buyers to tour the property is an effective means of selling a home, home sellers should be aware of the risks.MAKING SENSE OF THE STORY While most criminals will seek small items and anything they can fit into their pockets, sometimes these “buyers” are actually scoping the home for a future burglary. According to a safety expert who has worked … (0 comments)
Los Angeles TimesAre you getting your money’s worth with appraisal? Despite Federal Reserve regulations that took effect April 1 requiring lenders to pay appraisers fair fees, many appraisers say they are still offered $200 to $250 by lenders for work billed to consumers at $450 or more.MAKING SENSE OF THE STORY Last year’s Dodd-Frank financial reform law mandated that appraisers receive fees that are “customary and reasonable” for their local market areas, yet the Appraisal Institute says that is not appening. While a portion of the difference between what consumers are billed and appraisers are paid goes to the … (0 comments)
reale estate: Beyond The Headlines
- 05/22/11 12:51 PM
Los Angeles TimesConfidence in value of homeownership persists through bust despite the decline in home prices, 81 percent of U.S. adults believe buying a home is the best long-term investment a person can make, according to a national survey by the Pew Research Center.MAKING SENSE OF THE STORY Homeownership topped the list of long-term financial goals for Americans, according to the study. Respondents rated homeownership, as well as living comfortably in retirement, as more important than sending children to college or leaving offspring an inheritance. “Owning a home is really a part of the American dream, and that is just … (0 comments)
San Francisco ChronicleMortgage aid offered to those who cashed out equity The California Housing Finance Agency announced this week that people who cashed out equity on their home now are eligible for three of the four “Keep Your Home California” programs. MAKING SENSE OF THE STORY Keep Your Home California is a state-run program funded with $2 billion from the U.S. Treasury’s Hardest Hit Fund. It is designed to help low- and moderate-income people who are unemployed or owe more than their home is worth pay their mortgage. There are four individual programs that fall under Keep Your Home … (0 comments)
Orange County RegisterDistressed home sales rising Pending home sales rose in February, as did the share of distressed properties sold, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported this week.MAKING SENSE OF THE STORY• Pending home sales in California increased in February, according to C.A.R.’s Pending Home Sales Index (PHSI)*. The index was 112.1 in February, rising 20.6 percent from January’s revised index of 93.0, based on contracts signed in February. The index was down 1.6 percent from February 2010, when the presence of housing tax credits played a strong role in home sales. Pending home sales are forward-looking indicators … (0 comments)
Pasadena Star NewsHome prices drop in FebruaryFollowing three months of sales gains, California home sales posted a weaker-than-expected performance and declined in February, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The statewide median price of an existing, single-family detached home sold in California also declined in February.MAKING SENSE OF THE STORY• Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 497,660 in February, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.• February’s sales were down 9 percent from January’s revised … (0 comments)
CNN MoneyShould you pay off the house?An increasing number of homeowners are considering paying off their mortgage early. While paying off debt generally is a sound strategy, homeowners also are aware that mortgage interest is tax-deductible, so paying off a mortgage early may not be in the best interest for all homeowners.MAKING SENSE OF THE STORY• Homeowners with credit card debt, and those who aren’t contributing the maximum amount to a 401(k), are advised to make those the first priority. It is also important that homeowners have at least six months’ worth of living expenses in cash.• Retirees, and … (3 comments)
The Wall Street JournalBanks push home buyers to put down more cashMany economists and housing analysts blame lax lending standards – including no-down payment, no-document loans – for contributing to the challenges in the current real estate cycle. As a result, most lending institutions have increased minimum down payment requirements. Now, a new proposal by the Obama administration calls for gradually raising down payments to a minimum of 10 percent on conventional loans – those that can be bought or guaranteed by Fannie Mae and Freddie Mac.MAKING SENSE OF THE STORY• Banks have found that larger down payments discourage … (2 comments)
reale estate: Beyond The Headlines
- 01/07/11 12:10 AM
Sacramento BeeNovember home sales rose in state, Sacramento California home sales rose in November compared with October, but were down from the previous year, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The statewide median price declined from both the previous month and previous year.KEEP THIS IN MIND• The median price of an existing, single-family detached home sold in California fell below the $300,000 mark for the first time since February. The November 2010 median price was $296,820, down 2.4 percent from October’s $304,220 median price and down 2.5 percent from the revised $304,550 median price recorded for … (0 comments)
reale estate: Beyond The Headlines
- 01/06/11 11:56 PM
Los Angeles TimesHome-buying paralysis? Tips for getting the best deal fasterThe inventory of homes for sale has increased in recent months, causing some buyers to hesitate before making an offer on a home for fear a better home at a more favorable price will become available.KEEP THIS IN MIND• Although real estate agents are showing more homes to clients, people still are buying homes, especially first-time buyers. According to the latest figures from the NATIONAL ASSOCIATION OF REALTORS® (NAR), first-time buyers now account for 50 percent of all home sales.• Some agents claim that today’s buyers are having a problem … (0 comments)
reale estate: Beyond The Headlines
- 01/06/11 11:40 PM
The Wall Street Journal Hidden medical debt trips up homeowners Well-qualified borrowers with good loan-to-value ratios and steady employment are increasingly finding it difficult to refinance because of medical billing mistakes impacting their credit reports and scores, according to mortgage bankers and real estate agents. KEEP THIS IN MIND • Nearly 14 million Americans have errors on their credit report due to medical collections, according to the Commonwealth Fund, a non-profit organization focused on health care research. • Unnoticed credit errors, such as small, unpaid balances on medical bills, can make refinancing a mortgage difficult or, in some instances, impossible. … (0 comments)
reale estate: Beyond The Headlines
- 01/06/11 09:59 PM
The New York Times When borrowers default on second homes Strategic defaulting – where the homeowner has the ability to pay the mortgage, but chooses to stop making payments – among affluent homeowners with second homes and investment properties is increasing. KEEP THIS IN MIND • Homeowners who strategically default are likely to find their credit will be negatively impacted and they should expect to be prevented from getting another mortgage loan for 7 to 10 years. • Many homeowners are concerned about the possibility of the lender suing for the amount of money owed on the loan when a … (2 comments)
Riverside County Economic Developement Agency Housing Devisionwww.rchomelink.comThe County Of Riverside is offering a new down-payment assistance program on foreclosed homes for first time home buyers called the neighborhood stabilization homeownership programTo find out more information, please contact the Riverside County Economic Developement Agency at 951.955.3389 or 800.909.0079 … (0 comments)
reale estate: Where Have Prices Been
- 12/09/10 10:27 AM
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We in an interesting time in Real Estate. Every decision we make about our housing options seems to be tied to money. Articles are written explaining that prices will still drop and therefore buying a home makes no sense. Some people have judged whether living in their home over the last "X" amount of years was a good thing based purely on the profit they received (or didn't receive ) when they sold it. Wait a minute. Did we buy the house to make money ? Or, did we buy our house because we wanted a home for our … (8 comments)
reale estate: Beyond The Headlines
- 12/06/10 07:29 AM
The Wall Street JournalDeficit plan wins backers In February, the White House created the National Commission on Fiscal Responsibility and Reform to examine how the country spends money and collects taxes. The commission also was tasked with creating a proposal that would cut the federal budget deficit. KEEP THIS IN MIND• The deficit commission’s proposal was released to the public this week and calls for cutting the federal debt by $4 trillion through 2020 by upending many tax and spending policies.• Among the proposed changes include a recommendation to reduce the mortgage interest deduction (MID) currently offered to homeowners as … (0 comments)
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