real estate: July New Home Sales Soar to 9-Year Highs
- 08/23/16 10:23 PM
July new single-family home sales surged to a nine-year high due to a strengthening job market and low home loan rates. New Home Sales rose 12.4 percent to an annual rate of 654,000, above the 580,000 expected, while June was revised lower to 582,000 from 592,000. The Northeast led the charge with a whopping 40 percent surge. Sales are up 31.3 percent from July 2015. The median price for a new home slipped 0.5 percent from a year ago to $294,600. Also check out the new blog article below!
Also check out our most recent blog post on TeamMoveMortgage.com/blog about … (0 comments)
real estate: 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)
real estate: Reasons for Influx of buyers moving to North Carolina in 2015!
- 01/13/16 09:53 PM
Why did so many buyers move to North Carolina in 2015?North Carolina consistently ranks very high in the annual United Van Lines Movers Study and in this article we share the reasons why so many buyers moved to NC in 2015. Guess what? The population continues to move away from the cold of the northeastern states to warmer areas and a popular destination is the southeastern coastal states of North Carolina, South Carolina, and Florida as you can see on this map. Almost every time we speak to someone from the Northeast, we hear comments like “I can’t wait to get away from this brutal cold weather” or … (2 comments)
real estate: Housing Starts End 2015 on a High Note!
- 12/16/15 11:16 PM
The Commerce Department reported on Wednesday that Housing Starts in November rose 10.5 percent from October to an annualized rate of 1.173 million units; this was above the 1.135 million expected. The big jump in November nearly erases the 12 percent decline from September to October. Single-family starts were up 7.6 percent from October to the highest level since January 2008. Housing Starts are up nearly 17 percent in November from a year earlier. I hope this article was helpful, please leave comments. Contact us if we can help. … (0 comments)
real estate: Third Quarter Gross Domestic Product Revised Higher
- 11/25/15 01:48 AM
The Bureau of Economic Analysis reported on Tuesday that the second reading for economic growth in the third quarter was revised higher from the initial reading, led by a buildup in inventories. Gross Domestic Product rose to 2.1 percent from 1.5 percent originally reported, but well below the 3.9 percent recorded in the second quarter. Within the numbers it showed that consumer spending edged lower, though still remains a brisk pace of 3 percent.
Gross domestic product is the monetary value of all the finished goods and services produced within a country's borders in a specific time period.
… (0 comments)
real estate: 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)
real estate: Job Creations Jump in October
- 11/09/15 01:42 AM
The Labor Department reported on Friday that U.S. employers added 271,000 new workers in October, well above the 181,000 expected and up from the lower numbers seen in August and September. The report showed hiring across many sectors of the economy. The Unemployment Rate fell to 5 percent, the lowest level since April 2008, just before the Great Recession.
The strong number could push the Fed to raise interest Rates next month at the FOMC meeting. … (2 comments)
real estate: 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)
real estate: 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. … (0 comments)
real estate: 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)
real estate: 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. … (2 comments)
real estate: 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. … (0 comments)
real estate: 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. … (0 comments)
real estate: 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.
… (0 comments)
real estate: Important TRID Answers You Will NOT Believe & Realtors Should Know!
- 09/19/15 10:30 PM
For most real estate professionals, TRID is the least understood big regulation in history probably and it starts October 3, 2015!Can a lender, settlement agent, or mortgage broker provide a real estate agent a copy of a buyer’s Closing Disclosure? Believe it or not, the answer is NO! TILA/RESPA rule clearly states that the settlement agent, creditor, or broker CANNOT give a copy of the Closing Disclosure to the Real Estate agent. Only the borrower can give the agent a copy. The reason is there is non-public information on the disclosure.
Who is responsible for providing the seller’s copy of the disclosure to the sellers?As a … (1 comments)
real estate: 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. … (1 comments)
real estate: Realtors receive 4 hour CE to help North Carolina buyers
- 09/15/15 03:23 AM
Lumberton, NC. This past week local real estate agents attended a 4 hour continuing education class to help bring awareness of the NC Housing Finance Agency’s mortgage products which help homebuyers purchase with low to no out of pocket and receive an income tax credit up to $2000 per year. Team Move members, Sylvia Nance and Russell Smith, with OVM Financial invited Jane Buchholz with NC Housing to present the class to the Lumberton Board of Realtors in order to provide useful education that will help the Realtors spread the word of helpful mortgage products to their buyers across Robeson, Cumberland, & surrounding counties. The event … (2 comments)
real estate: Weekend Update: FHA changes tomorrow, $15k DPA, quick reference links
- 09/13/15 01:07 AM
This weekend's update includes a Market wrapup (Fed meets this week), $15,000 down payment assistance for first time buyers, FHA updates tomorrow, successful CE classes last week, when does a refinance make sense (not always the 2% rule), Quick reference links
The Fed meets this coming week to decide about a Fed funds rate hike or not! Market wrapup for yesterday: Not much action in the Mortgage Bond market Friday, though Bonds did manage to push higher (good for mortgage rates). Today’s tame PPI data and lower than expected Consumer Sentiment supported prices (good for mortgage rates) Stocks ended higher for the week … (1 comments)
real estate: Buying Your First Home? Get $15,000 Down Payment Assistance
- 09/05/15 04:13 AM
If you are a first time buyer purchasing a home in Cabarrus, Cumberland, Guilford, Johnston, or Mecklenburg Counties NC, you may be eligible for $15,000 in down payment assistance with 0% interest, no required payments, and it is forgiven after just 5 years!Most of the time when you hear something like this, it is too good to be true. In this case, it is True! There is a limited availability to the first 1,000 loans so see the details below and take advantage now. The special $15,000 down payment assistance is funded through the U.S. Department of the Treasury’s Hardest Hit Fund. … (3 comments)
real estate: August 2015 Jobs Growth Slows
- 09/04/15 08:20 PM
The Bureau of Labor Statistics reported on Friday that U.S. employers added 173,000 new workers in August. This was below the 217,000 expected and below the 245,000 revision recorded in July. It was the lowest number of new workers since March and the second lowest in the past 19 months. Within the report it showed that the Unemployment Rate fell to 5.1%, lowest since March 2008. Now the market is waiting to see if the Fed will raise their Federal Funds rate this month. … (1 comments)
July new single-family home sales surged to a nine-year high due to a strengthening job market and low home loan rates. New Home Sales rose 12.4 percent to an annual rate of 654,000, above the 580,000 expected, while June was revised lower to 582,000 from 592,000. The Northeast led the charge with a whopping 40 percent surge. Sales are up 31.3 percent from July 2015. The median price for a new home slipped 0.5 percent from a year ago to $294,600. Also check out the new blog article below!
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