bank: Buy a house Hudson WI - New Home Sales Slip, Prices Hit Eight Month High - 03/23/12 02:40 AM
The U.S. Department of Housing and Urban Development and U.S. Department of Commerce’s New Residential Sales Report for Februaryshows sales of new homes fell 1.6 percent from January to a seasonally adjusted annual rate of 313,000. But though sales slipped from the month before, year-over-year sales were up 11.4 percent. Also in the report, the median price of new houses sold in February was $233,700. That’s 8.3 percent above January and the highest it’s been since last June. Compared to February 2011, the median price was up 6.2 percent. The estimated number of new homes for sale at the end of … (0 comments)

bank: Buy a house in Hudson, WI - Existing Home Sales Up 8.8 Percent From Last Year - 03/22/12 02:57 AM
Sales of previously owned homes fell 0.9 percent in February but remain 8.8 percent above a year ago. According to data from the National Association of Realtors, existing-home sales, which include single-family homes, townhomes, condominiums, and co-ops, were at a seasonally adjusted annual rate of 4.59 million down from the upwardly revised January number of 4.63 million. Lawrence Yun, NAR’s chief economist, said the market is trending up with record high consumer buying power and sustained job gains giving buyers the confidence to get into the market. The national median existing-home price was $156,600 in February, up 0.3 percent from a year … (0 comments)

bank: Buy a house - Housing Starts Dip, Building Permits Surge In February - 03/21/12 02:48 AM
The U.S. Census Bureau and the Department of Housing and Urban Development’s new residential construction statistics for February show housing starts down 1.1 percent from January but still nearly 35 percent above the year before. Despite the slight dip in new construction, building permits for future construction rose to their highest level since October 2008. Permits to build privately-owned housing units jumped 5.1 percent over January’s revised rate and are 34.3 percent above the February 2011 estimate. Single-family authorizations climbed 4.9 percent to a rate if 472,000, up from January’s figure of 450,000.
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bank: Buy a house in Hudson, WI - Survey Says Purchase Index Up 3.25 Percent - 03/21/12 02:45 AM
Mortgage rates increased last week but remain historically low, according tothe Mortgage Bankers Association’s Weekly Applications Survey. The average contract interest rate for 30-year fixed-rate mortgages rose to 4.19 percent last week from 4.06 percent the week before. The average rate for a jumbo loan increased to 4.49 percent. Rising rates led to a drop in overall mortgage application demand. The Market Composite Index, which measures total application volume, was down 7.4 percent. But despite a 9.3 percent drop in the Refinance Index, the Purchase Index fell just 1.0 percent and remains up 3.25 percent over the past month. The average … (0 comments)

bank: Housing Starts Dip, Building Permits Surge In February - 03/20/12 01:49 AM
The U.S. Census Bureau and the Department of Housing and Urban Development’s new residential construction statistics for February show housing starts down 1.1 percent from January but still nearly 35 percent above the year before. Despite the slight dip in new construction, building permits for future construction rose to their highest level since October 2008. Permits to build privately-owned housing units jumped 5.1 percent over January’s revised rate and are 34.3 percent above the February 2011 estimate. Single-family authorizations climbed 4.9 percent to a rate if 472,000, up from January’s figure of 450,000
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bank: Buy a house Hudson, WI - Builder Confidence At Highest Level Since 2007 - 03/19/12 02:46 AM
Builder confidence in the market for new single-family homes is twice as strong as it was six months ago and at its highest level since 2007. The latest National Association of Home Builders Housing Market Index, which measures builders’ expectations and perceptions, was unchanged from last month. Barry Rutenberg, chairman of the NAHB, said builders are still cautious but there’s a sense that many local housing markets have started to move in the right direction and that prospects for future sales are improving. The component gauging builders expectations for sales over the next six months was up for the six consecutive month, … (0 comments)

bank: Improving Markets Index Reaches 99 In March - 03/16/12 01:45 AM
The National Association of Home Builders Improving Markets Indexclimbed to 99 in March, up from 98 in February. The index, which measures improvement in housing permits, employment, and prices, now includes 33 states with at least one housing market on the list and 10 with four or more improving metropolitan markets represented. David Crowe, NAHB’s chief economist, said the bottom line is that roughly one quarter of all U.S. metropolitan areas are showing signs that their housing markets have turned the corner. San Antonio and Austin, Texas; Orlando, Fla.; Rochester, N.Y.; and Columbus, Ohio were all among the notable new additions … (1 comments)

bank: Buy a house - Foreclosures Fall Two Percent In February - 03/15/12 02:44 AM
RealtyTrac’s U.S. Foreclosure Market Report for February 2012 shows foreclosure filings, including scheduled auctions, default notices, and bank repossessions, fell 2.0 percent in February and were down 8.0 percent from the previous year. Despite the fact that foreclosures were down nationally, the 26 states with a judicial foreclosure process actually saw a slight increase in activity, while the 24 non-judicial states saw a 5.0 percent decrease. Brandon Moore, CEO of RealtyTrac, said February’s numbers indicate that the barriers that have been holding foreclosures back are removed and that should pave the way to a properly functioning foreclosure process.
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bank: Homebuilders See Signs Of A Strong Spring Selling Season - 03/14/12 06:02 AM
Barclays Capital recently upgraded their outlook on homebuilder stocks based on increased optimism in the housing market. Improvements in builder and consumer confidence, combined with economic growth and more favorable inventory levels, have homebuilders expecting a strong spring and summer for housing. Stephen Kim, an analyst with Barclays, says the spring selling season has arrived strongly enough to kick-start a positive feedback loop in housing for the first time since 2005. Barclays analysts expect 1 million housing starts by 2013 and gradual price increases over the next few years.
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bank: Buy a house in Hudson, WI - Purchase Demand Reaches Highest Level In Two Months - 03/14/12 06:00 AM
According to The Mortgage Bankers Association’s Weekly Applications Survey, demand for loans to purchase homes reached its highest level since January 13 after rising 4.4 percent last week. It is the third consecutive week of improvements and puts purchase applications nearly 12 percent above where they were last month. Michael Fratantoni, MBA’s vice president of research and economics, said the increase in purchase applications coincided with another strong job market report but applications remain essentially unchanged from last year’s levels. The Market Composite Index, which measures total mortgage loan application volume, was down 2.4 percent due to a dip in the Refinance … (0 comments)

bank: Continued Jobs Gains Offer More Hope For Housing - 03/12/12 04:04 AM
The economy added 227,000 jobs in February and surpassed economists’ expectations, according to the U.S. Bureau of Labor Statistics. Employment improved in professional and business services, health care and social assistance, leisure and hospitality, manufacturing, and mining. The official unemployment rate was unchanged at 8.3 percent. The gains make it seven-straight months with at least 100,000 jobs added, which is the longest streak since 2005. Continued improvement in the labor market, combined with high affordability and increasing consumer confidence, is key to a significant and sustained housing-market recovery.
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bank: Buy a house in Hudson, WI - Home Prices Rise Minus Distressed Sales - 03/09/12 01:13 AM
Sales of distressed properties, including short sales and REO transactions, put downward pressure on home prices. For this reason, CoreLogic’s Home Price Index measures values including and excluding distressed sales. In January, the index showed a month-over-month decline of 1.0 percent and a 3.1 percent slide from January 2011. But, when excluding distressed sales from the equation, home prices actually gained 0.7 percent from December and dropped less than one percent from the year before. CoreLogic’s price index measures increases and decreases in sales prices for the same homes over time rather than basing their data on all home sales.
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bank: Real Estate Hudson, WI - Americans Have Growing Confidence In Economy, Housing - 03/08/12 11:37 PM
Each month, Fannie Mae’s National Housing Survey polls Americans to assess their attitudes toward homeownership, renting, mortgage rates, the economy, their personal finances, and overall consumer confidence. February’s survey found respondents’ attitudes stabilizing and more confident in the economy and housing market. Among the highlights, the number of participants who said the economy was on the right track increased 5 percent from January and has risen 19 percent since November. The percentage of people who say it’s on the wrong track dropped by 6 percent. Also, Americans expect home prices to rise approximately one percent in the next year and the number who … (1 comments)

bank: Buy a house in Hudson, WI - Purchase Demand Increases Again As Rates Dip - 03/07/12 12:41 AM
According to the Mortgage Bankers Association’s Weekly Applications Survey, the seasonally adjusted Purchase Index increased 2.1 percent from the week before as average mortgage rates dipped. Despite the continued improvement in demand for loan applications to purchase homes, the Market Composite Index, which measures total mortgage loan demand, was down 1.2 percent. Also, the Refinance Index fell 2.0 percent from the week before. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 4.06 percent from 4.07 percent the previous week. The 30-year rate for jumbo loans was down to 4.33 percent.
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bank: FHA Changes Coming for Case #s ordered on or after 4/9/12... - 03/06/12 05:22 AM
Here's the mortgagee letter for changes coming on FHA on or after 4/9/12.
http://portal.hud.gov/hudportal/documents/huddoc?id=12-04ml.pdf
Summary - their upfront fee and monthly mortgage insurance is increasing. However, if you have an FHA loan now and are looking at an FHA streamline, ,they upfront fee/monthly mortgage insurance will be cheaper than it is now if your loan was originated prior to 5/31/09. Call me to review your options. 
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bank: Report Finds Home Price Declines Slowing - 03/06/12 05:18 AM
Clear Capital’s latest Home Data Index finds the rate at which home prices are declining has begun to improve. In February, home prices were just 1.9 percent below year-before levels, the slowest rate of decline since April 2011. Regionally, home prices were down in the West and Midwest, while values were flat in the South and up slightly in the Northeast. On a quarterly basis, prices showed even more stability. Nationally, home prices were down 0.6 percent quarter-over-quarter. Dr. Alex Villacorta, director of research and analytics at Clear Capital, said improvements in the job market, stronger consumer confidence, and heightened activity … (0 comments)

bank: Refinance in Hudson, WI - FHA Streamline Refinance changes - 03/05/12 11:13 PM
The Obama administration on Tuesday announced another initiative to allow more homeowners to refinance, this time by dropping fees on federally insured mortgages that have prevented some borrowers from taking advantage of ultralow rates over the past year.
The latest changes will reduce fees to refinance loans backed by the Federal Housing Administration through what’s known as a “streamline” refinance.
Those refinances are reserved for FHA borrowers who are refinancing into another FHA-backed mortgage, and they don’t require borrowers to verify income, employment, and credit. They also don’t require a new appraisal, which means underwater borrowers can refinance.
But many borrowers … (0 comments)

bank: Buy a house in Hudson, WI - Housing Inventory At Lowest Level Since 2006 - 03/05/12 03:33 AM
The U.S. Department of Housing and Urban Development and U.S. Department of the Treasury released their February 2012 Housing Scorecard, which compiles key market data and the results of the administration’s recovery efforts through the end of January. According to the report, the supply of existing homes currently for sale would take 6.1 months to sell and the number of new homes on the market represents a 5.6 month supply, the lowest level since 2006. In addition to falling inventory levels, existing-home sales rose to their highest pace since May 2010 and home prices dipped during the month. Also, recent enhancements … (0 comments)

bank: Fed’s Beige Book Finds Continued Improvement For Housing - 03/02/12 01:58 AM
Periodically, the Federal Reserve collects economic data from the 12 Fed districts around the country and releases the findings in a report known as the Beige Book. In its latest report, which includes data through February 17, the Fed says economic activity has continued to increase at a modest pace and noted improvements in residential real estate, banking, and lending services. The Beige Books says most parts of the country saw increases in housing activity, growth in home sales, and returned forecasts of further improvement for this year. And though home prices were mostly flat or down in many areas, gains … (0 comments)

bank: Foreclosures Account For 24 Percent Of Quarter 4 Sales - 03/01/12 12:17 AM
RealtyTrac’s Year-End 2011 U.S. Foreclosure Sales Report shows homes in some stage of foreclosure accounted for 24 percent of all residential home sales during the fourth quarter of 2011. But though that represents an increase from the previous quarter it is 2.0 percent below the fourth quarter of 2010. Brandon Moore, chief executive officer of RealtyTrac, said foreclosure sales continue to be slowed by questions surrounding proper paperwork and procedures. For the year, total foreclosure-related sales were down 2 percent from the year before.
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Ryan Magee1, Mortgage Banker (Bridgeview Bank)

Ryan Magee1

Mortgage Banker

Hudson, WI

More about me…

Bridgeview Bank

Address: 900 Crestview Drive Suite 120, Hudson, WI, 54016

Office: (715) 821-1818

Mobile: (715) 821-1818

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