home buying: Time For Home Buyers to Act Before It's Too Late - 12/14/09 12:56 AM
How does one really know when to buy or sell real estate? There are many factors involved, and without a crystal ball, you can't be 100% certain! Every day, the media publicizes a lot of confusing information, and it is very difficult for the average person to know what it really means.We all know that during all of 2009 and most of 2008, in most areas of the country, housing prices have fallen, in most areas by more than 20% since the height of the market. However, many people tend to forget that the real estate market has experienced these down … (1 comments)

home buying: 30 Yr Mortgage Rates Hit All-Time Low & Other Housing Info - 12/03/09 02:15 AM
                                       30 Yr Mortgage Rates hit all-time low & other housing infoFreddie Mac stated today that the 30-year fixed-rate mortgage average hit a new low. The 30-year average declined to 4.71% (with an average 0.7 point) for the week ending Dec. 3 from 4.78% last week. This new 30-year average is the lowest since Freddie Mac began its weekly survey in 1971. Last year, the average was 5.53%. Remember that this is the average 30- year rate, which means that many lending institutions are offering even … (1 comments)

home buying: Housing News Updated & Evaluated - 11/24/09 02:29 AM
The most recent housing report showed that sales for October 2009 were up 10.1% over October 2008. While that is certainly promising news, it must be considered in light of a few factors. The first factor was, of course, that October 2008 numbers were so dismal that even with an increase, there is plenty of room for improvement. Then, we must remember that some closings last month occurred as a result of the First Time Housing Credit, and the uncertainty at that time over whether it would be extended (remember it was originally set to expire at end of November). The … (2 comments)

home buying: SORTING THROUGH TODAY'S ECONOMIC NEWS - 11/06/09 02:39 AM
Last night, news media were reporting that they anticipated the jobless rate to rise slightly to 9.9%. At around the same time, it was announced that President Obama would today sign into law a bill that would: (1) extend unemployment benefit eligibility by up to an additional 20 weeks (meaning to a maximum of 99 weeks, if eligible- the maximum is for those 26 states where unemployment exceeds 8.5%); (2)extend and enhance the New Homebuyers Credit from November 30th until June 30th (This bill requires going into contract by April 30th and closing by June 30th). This bill will now NOT … (3 comments)

home buying: Some Interesting News - 11/05/09 02:46 AM
Today, FNMA appeared to be prepared to alter its established policy regarding foreclosures on properties they control. It appears that they have made the decision to rent out these distressed properties instead of foreclosing and selling them. If this policy is maintained, it would go a long way toward stabilizing housing because it would somewhat reduce the "supply side" of homes by removing these distressed properties from the marketplace. The net effect of that should eventually be shoring up home prices, as well as reducing the amount of average days on market for houses listed for sale. It would also reduce … (2 comments)

home buying: STAY VIGILANT RE HOME BUYING CREDIT EXTENSION! - 11/03/09 01:49 AM
Ever since Senator Reid's office announced that the Senate would be extending and enhancing the 1st Time Homebuyers Credit, there has been much less "buzz" around stating the urgency of doing that. My fear is that we are being lulled into apathy and the "it's going to happen" mode, while politicians play typical political games. The present credit is scheduled to expire November 30th, and we are already entering into the traditional slow season for real estate (just what we need on top of the present real estate reality). The market and the economy needs further jump starting, and this credit … (0 comments)

home buying: FINALLY SOME GOOD ECONOMIC NEWS- But stay active! - 10/29/09 02:02 AM
The 3rd Quarter Gross Domestic Product (GDP) figures came out, and the GDP grew by a better than anticipated 3.5%, the best GDP news and first growth in a year. Senate Democratic Majority Leader Harry Reid's office has announced preliminary agreement on BOTH extension of, and enhancement to, the 1st Time Homebuyers Credit. The agreement in the Senate calls for extension of the credit which was scheduled to expire at the end of November to April 30th contract dates, as long as the closing is by end of June. The enhancement to the credit calls for a lesser credit (but still … (1 comments)

home buying: EXTEND THE HOME BUYER'S CREDIT - 10/28/09 02:22 AM
As always, politicans are endlessly debating and posturing regarding the extention of the First Time Home Buyer's Credit, presently scheduled to expire on November 30th. It is interesting that there is still no extention, considering that most experts credit this Credit with reinvigorating a badly sagging real estate market. Nationally, it is estimated that home prices have now come back- to 2003 prices. The third quarter of 2009 actually showed an increase in sales, in most parts of the country.
However, there is still much uncertainty in today's economy. Polls show consumer confidence has not yet been restored, and that the … (4 comments)

home buying: HOUSING MARKET UPDATE - 10/27/09 03:13 AM
According to data released today, housing sales have now risen in the US for three months in a row. Home prices in most areas have also stopped their decline, and in most areas are nudging upward. Many factors are probably responsible for this including: the 1st time buyers credit; low mortgage interest rates; polls showing slight improvement in consumer confidence regarding the economy; economic projections for the worst of the recession to be ending in either the 1st or 2nd quarter of 2010; a slight increase in availability of mortgage money; an improvement in stock market performance; etc.
However, not all … (1 comments)

home buying: HOUSING SALES - 10/27/09 02:15 AM
According to data released today, housing sales have now risen in the US for three months in a row. Home prices in most areas have also stopped their decline, and in most areas are nudging upward. Many factors are probably responsible for this including: the 1st time buyers credit; low mortgage interest rates; polls showing slight improvement in consumer confidence regarding the economy; economic projections for the worst of the recession to be ending in either the 1st or 2nd quarter of 2010; a slight increase in availability of mortgage money; an improvement in stock market performance; etc.
However, not all … (1 comments)

home buying: MORTGAGE RATES DOWN! - 10/08/09 03:51 AM
Benchmark mortgage rates were just announced as being reduced to approximately 4.84%. This is the LOWEST rate since May, and over one percent lower than it was a year ago. This has created a double digit percentage increase in mortgage applications, as well. If a potential buyer has good credit, and if the house comps out, it means that today's buyer can get a LOT MORE HOUSE for a MUCH LOWER MONTHLY PAYMENT.
The Fed has given indications that they do not intend imminently to raise rates, but most economists believe that by the second quarter of 2010, there is a … (0 comments)

home buying: MORE PEOPLE ARE BEGINNING TO LOOK - 09/25/09 02:32 AM
Are we near the end of this chapter of the "extreme buyers market?" Over the last few months, the number of people looking at houses listed on the market has gradually, but consistently increased. Many are only shoppers, trying to find out how much the market price of homes have decreased. But many others are beginning to seriously consider purchasing a house.
They realize that mortgage interest rates are still quite low, and probably will NOT remain that way for long. They realize that the First Time Buyers credit is scheduled to end at the end of November, and that to … (0 comments)

home buying: IF THE RECESSION IS OVER, WILL THE HOUSING MARKET FOLLOW? - 09/17/09 03:40 AM
For the last two years, all we have heard was how bad things are! Obviously, if buyers hear that all the time, they will react accordingly. So if we now believe what we are hearing, that the economy is improving, and that recession should soon be over, then how will that be communicated to buyers, to create that buying urge once again?
When will fear be over, and a balanced market once again be restored? I have NEVER seen anyone that can absolutely"time" the bottom of a market, but all indications is that we are certainly getting close to that point. … (2 comments)

home buying: HAVE WE HIT BOTTOM YET? - 09/16/09 03:10 AM
Fed Chairman Bernake recently says he believed that the recession is nearly over. Mortgage interest rates have seemed to level, and most believe that rates are as low as they are going to go. More buyers are looking at houses again, but they are VERY slow to act. There is still NO sense of urgency. Housing prices have dropped dramatically from their highs a few years ago, and so have rents. There is an abudance of apartments available - - - more than in years!
Are we at the absolute bottom? Probably not, since unemployment is still very high. However, historically … (1 comments)

home buying: HAVE WE REACHED THAT BUYING OPPORTUNITY? - 09/09/09 02:57 AM
Mortgage rates are still  close to their historic lows! People with decent credit and 20% down can finally qualify again! First time buyers have until November 30th to close on a house, to still get the $8,000 tax credit! Prices have come down significantly, and their are plenty of choices!
 
So we should all agree that we have finally reached a classic BUYERS MARKET! Most experts believe house prices are at or near their lows! Then, why aren't more people taking advantage of this? My best guess is that it is FEAR, and not feeling comfortable with the overall U.S. … (2 comments)

 

Richard Brody

Port Washington, NY

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