realtors: 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)
realtors: 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)
realtors: 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)
realtors: 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)
realtors: 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)
realtors: 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)
realtors: 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)
realtors: 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)
realtors: 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)
realtors: 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)
realtors: Homebuyer Series: The Last Steps to be Ready for Closing
- 09/04/15 09:01 PM
Over the last 6 weeks, we have been providing a roadmap to get you through the roadblocks to homeownership and today we are going to finish up with the last steps to be ready for closing which you can even start working on today. Everything up to this point has been what to do very early in the purchase process: Establishing credit worthy of a great rate and approval, Saving down payment tips, following a budget to afford a home, how to pay your rent, understanding how the right realtor can help you find the right home, and knowing the mortgage loan … (0 comments)
realtors: 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)
realtors: Homebuyer Series Week 6: Knowing Your Low to No Down Payment Options
- 08/29/15 10:26 PM
In this series, we are providing tips to avoid the Most Common Roadblocks to Home Ownership. So far in previous weeks, we have discussed how to solve 1) limited or bad credit, 2) no down payment, 3) not having a budget, 4) documenting rent history, 5) not understanding a Buyer’s Agent role. Today, we are discussing Roadblock # 6: “I have heard of FHA, but that is about it for mortgage loan knowledge”. A lot of buyers have the misunderstanding that either they need perfect credit, 20% down, or need an FHA loan. But there are SO many other great mortgage loan options for today’s homebuyers. … (0 comments)
realtors: Q2 Gross Domestic Product (GDP) Surges!
- 08/27/15 03:35 AM
The Bureau of Economic Analysis reported that the second reading for Q2 Gross Domestic Product (GDP) rose by 3.7%, well above the initial reading of 2.3% and above the 3.1% expected. The gains were led by an increase in business investments and an uptick in consumer spending. The 3.7% comes after the anemic reading in Q1 of 0.6%. Within the report it showed that the Core PCE rose to a 1.8% annual pace, from the 1% in Q1.
GDP measures the monetary value of all the finished goods and services produced within the country.
This is more information to support a growing economy … (0 comments)
realtors: New Home Sales Rebound in July 2015
- 08/25/15 01:52 AM
After a decline in June from May, New Home Sales in July rebounded, up 5.4% from June to an annual rate of 507,000 units, just below the 511,000 expected. Sales were up nearly 29% from July 2014, while the median price of a new home rose 2% from a year ago to $285,900.
On the supply side, the inventory of New Homes for sale was up almost 2% to 218,000, the highest level since March 2010, though still less than half below of what it was at the height of the housing boom.
A silver lining while the crazy world of the stock … (0 comments)
realtors: Homebuyer Series Week 4: Best Tips for Paying Rent & Why
- 08/22/15 03:14 AM
In this series, we are providing tips to avoid the Most Common Roadblocks to Home Ownership. So far we have discussed how to solve limited or bad credit, no down payment, and not having a budget. Today, we are discussing Roadblock # 4: Not being able to document rent or housing history to show, as a buyer, that you are able to handle a new mortgage payment. After reading comment if you found helpful.
First of all, there are plenty of situations where a buyer does not have to prove a rent history because of the program type and overall strength of … (0 comments)
realtors: Homebuyer Series Week 5: Why Using a Good Realtor is So Important!
- 08/22/15 02:53 AM
In this series, we are providing tips to avoid the Most Common Roadblocks to Home Ownership. So far we have discussed 1) how to solve limited or bad credit, 2) no down payment, 3) not having a budget, and 4) documenting rent history. Today, we are discussing Roadblock # 5: Why and How You Should Use a Realtor to Make Your Home Purchase Easier. Realtors, Add any other ways a Realtor can help a buyer avoid these or other roadblocks in the comments section. A lot of buyers, especially first time buyers, think that they can do it all themselves OR just don’t know … (3 comments)
realtors: Existing Home Sales at Eight Year Highs!
- 08/20/15 06:54 AM
The National Association of REALTORS® (NAR) reported that Existing Home Sales in July were up 2% from June to an annual rate of 5.59 million units, the highest pace since February 2007. The 5.59 million was above the 5.42 million expected. Since July 2014, sales are up 10%. A spokesperson from the NAR said that tight inventories are driving prices up. SO... It is a good time to sell! It is a good time for a first time buyer to purchase before prices go up too much! Rates are good so it is a good time for everyone to buy and sell! … (1 comments)
realtors: You just killed your mortgage approval at the last hour!
- 08/16/15 12:36 AM
Some of these circumstances you may think are obvious and others just don’t seem right, But they can kill your mortgage loan potentially at the very last hour. When buying a home, the best advice we can tell you is to be very boring and “Steady Eddie” before and during the mortgage process. In a perfect scenario, lenders love to see long tenures on the same job and with the same employer, credit accounts opened a long time, little moving of assets between accounts, and no credit inquiries. Some of these items may not deny a loan but it could at least cause delays … (7 comments)
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Russell Smith
Loan Officer Communication & Execution You Deserve
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.
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