homebuyers: New Home Sales Surge in December - 01/28/16 10:04 PM
The Commerce Department reported on Wednesday that December New Home Sales surged 10.8 percent from November to an annual rate of 544,000 units, above the 506,000 expected. It was the third consecutive monthly gain and the third best annual gain since 2008. Sales rose 14.5 percent in 2015 to 501,000 due to increased confidence in potential home buyers, a strengthening labor market and low mortgage rates.
 
A sale of the new home occurs with the signing of a sales contract or the acceptance of a deposit. The house can be in any stage of construction: not yet started, under construction or already … (0 comments)

homebuyers: Home Builder Sentiment Slips in November - 11/18/15 12:01 AM
The National Association of Home Builders (NAHB) Housing Market Index slipped in November to a reading of 62, down three points from the upwardly revised 65 in October. Readings above 50 are considered positive sentiment among home builders. The 62 is up from the 58 in November 2014.
 
"The November report is a pullback from an unusually high October and is more in line with the consistent, modest growth that we have seen throughout the year," said NAHB Chief Economist David Crowe. "A firming economy, continued job creation and affordable mortgage rates should keep housing on an upward trajectory as we approach … (0 comments)

homebuyers: U.S. Economic Growth Slows - 10/29/15 02:51 AM
The Bureau of Economic Analysis reported on Thursday that the first reading on third quarter economic growth slowed mainly due to a decline in restocking warehouses. Gross Domestic Product grew at a 1.5 percent pace in the third quarter, down from 3.9 percent in the second quarter and just below the 1.6 percent expected. However, within the report it showed that the consumer spending component was up 3.2 percent after a 3.6 percent increase in the second quarter, a bright spot.
 
After nearly $5 trillion dollars in stimulus since 2008, the economy is stuck in 2 percent growth, which is nothing to … (1 comments)

homebuyers: September Existing Home Sales Surge - 10/23/15 12:52 AM
September Existing Home Sales beat expectations and rose 4.7 percent from August to an annual rate of 5.55 million units, according to the National Association of REALTORS®. Year over year, sales are up nearly 9 percent. All four major regions of the country experienced sales gains.
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homebuyers: Using a Pastor's Housing Allowance to Qualify for a Mortgage Loan - 10/21/15 02:45 AM
Does anyone understand how to count Pastoral Housing Allowance Income in order to obtain a mortgage loan to purchase a home in NC, SC, VA, or GA?You are going to say “Amen, it’s about time someone understands my income!” because we do understand pastor, priest, or reverend income and it is a little understood income among mortgage lenders.
Here is the definition of Pastoral Housing Allowance and other income plus how we can approve VA, FHA, USDA, and conventional mortgage loans with itThe IRS looks at the housing allowance portion of a pastor’s income as an exclusion from income. Therefore the housing allowance is not reported … (0 comments)

homebuyers: September Housing Starts Jump - 10/21/15 01:21 AM
New home construction jumped in September after declines in the two previous months. The Commerce Department reported that September Housing Starts rose 6.5 percent from August to an annual rate of 1.206 million units, above the 1.150 million expected. The report went on to reveal that single-family housing starts rose modestly, while multifamily units surged 17 percent. Building Permits, a sign of future construction, fell 5 percent.
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homebuyers: Home Price Gains Continue - 10/06/15 03:13 AM
Home prices, including distressed sales, rose 6.9 percent in August 2015 from August 2014, due in part to higher demand along with constrained supplies. In addition, an improving job market and an uptick in wage growth in the last year, coupled with historically low mortgage rates, are further strengthening home sales and home price gains. July to August saw a 1.2 percent gain. CoreLogic forecasts that prices will rise 4.3 percent from August 2015 to August 2016.
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homebuyers: Home Price Gains Remain Steady - 09/29/15 11:50 PM
Home prices continued to rise in July due to the ongoing strength in the U.S. economy. The Case Shiller 20-city Index showed a 5 percent gain year-over-year, which was in line with expectations. The index has risen at a 4 percent or higher rate since September 2012. From June to July, prices rose 0.6 percent.
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homebuyers: Foreclosure Prevention to Help Homeowners that have had Hardships - 09/28/15 04:03 AM
There are some great resources to avoid foreclosure now which include the NC Foreclosure Prevention Fund, the Hope Hotline, and the VA Compromise Sale program.So if you are facing foreclosure, there is help.  The first thing to do is realize that this happens to a lot of homeowners and don’t be afraid to ask for help.  These programs are real but some are mortgage product or state specific.  So let’s break down these wonderful free products available to homeowners.
NC Foreclosure Prevention Fund helps NC homeowners who are struggling to pay their mortgage due to job loss or other temporary financial hardship such as divorce, serious illness or death … (0 comments)

homebuyers: Second Quarter GDP Surges - 09/25/15 03:03 AM
The government reported Friday that economic growth in the second quarter of 2015 far outpaced growth in the first quarter. Consumer and business spending led the increase. The final reading rose 3.9 percent, versus the 3.7 percent expected and well above the anemic 0.6 percent registered first quarter. GDP measures the total output of goods and services produced in the U.S.
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homebuyers: August New Home Sales Surge - 09/25/15 02:51 AM
The Commerce Department reported Thursday that single-family home sales surged in August, July's numbers also were revised higher, signaling continued strength in the U.S. housing market. New Home Sales in August rose 5.7 percent from July to the highest rate since 2008 and are up nearly 22 percent August 2014. Expectations were calling for 515,000 units in August. In addition, July's numbers were revised to 522,000 from 507,000.
 
The New Home Sales report shows the number of newly constructed homes with a committed sale during the month.
 
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homebuyers: August 2015 Housing Starts Slow - 09/17/15 03:17 AM
The Commerce Department reported Thursday that August Housing Starts fell 3 percent from July to an annual rate of 1.126 million units. This was below the 1.158 million expected. Housing Starts kept pace above one million for the fifth straight month, however, signaling significant recovery after the housing bubble imploded in 2008.
 
The Housing Starts report measures the beginning of excavation on residential housing structures.
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homebuyers: Builders, Getting Your VA Builder I.D. is as Easy as 123 - 09/05/15 05:23 AM
Are home builders required to have a VA builder ID number to sell to Veterans?  How do I get the forms and request the VA ID number?  These are two popular questions we receive from builders.When a borrower uses a VA home loan and the property is appraised as either “proposed or under construction” or “new construction”, the builder must have a VA builder ID number prior to the VA notice of value (NOV) being issued.  FYI, “new construction” is considered a home that is less than one year old and completed except for customer preference items.
Builders, to obtain your VA builder ID, … (0 comments)