According to Trulia’s “Metro Movers Report” when people search long-distance for a new home their motivation for the move is warmer weather, not a job. Wow, I can relate to that….. In fact, according to the report, most long distance house hunters are looking in markets with higher unemployment and slower job growth than where they currently live. For example 3 times as many people in Minneaplolis – St Paul (with 6.2 percent unemployment) are looking for homes in Phoenix (where unemployment is 8.5) than vice versa. Continue reading Weather, not jobs, motivating long-distance house hunters
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The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for April 2012 showing an increase in single-family home building permits from the month before of 1.9 percent and a 18.5 percent increase in new home starts compared to the year before. Continue reading New home construction continues to show modest improvement
By committing to a mortgage loan, the borrower is entering into a financial agreement with a lender to pay back the mortgage money, with interest, over a set period of time. The borrower’s monthly mortgage payment may change over time depending on the type of loan (Fixed, ARM, Interest Only, etc.). However, for this article, we will address the typical 30 year fixed Principal and Interest loan program. So… Once the loan closes, over the next 360 months, the borrower will pay the same amount in Principal + Interest (P + I) each payment. As each month passes and the monthly P+I payment is made, the make up of the P + I will Continue reading Mortgage Rate Update; How does amortization work?
More people are turning to bicycles… Continue reading Minneapolis, Portland And San Francisco At Top of List of Most Bikeable Cities
Joshua O. Dobson, age 34, of Kimball, Tennessee; and Paul E. Gott, III, age 39, of Jasper, Tennessee, appeared today in federal court before the Honorable Susan K. Lee, United States Magistrate Judge, on an indictment charging them with wire fraud in violation of Title 18, United States Code, Section 1343; and money laundering in violation of Title 18, United States Code, Section 1957. Dobson and Gott defrauded hundreds of investors in California, Florida, Georgia, Tennessee, and Virginia. The total loss exceeds $45 million.
Seven of the top ten markets are in Florida, but the number 1 turnaround town in the U.S. according to the report is Phoenix-Mesa, Arizona where the inventory of homes for sale has fallen almost 50 percent in the past year while prices increased almost 27 percent during the same period. See the complete list of top 25 towns below. Continue reading What cities have had the best recovery of the real estate market?
With interest rates at all time lows, it is worth the few minutes to do a mortgage check up and determine if a refinance would be beneficial to your situation. Since there are many reasons a homeowner may choose to refinance, we’ll take a look at the few most common reasons to consider a refinance. Continue reading Mortgage Rate Update; Why Refinance?
A report released this morning by CoreLogic, one of the nations leading providers of property information shows that home prices in the U.S. fell in March 0.6 percent from the year before and increased by 0.6 percent from the month before. Excluding distressed sales, month-over-month home prices increased for the third month in a row. If we take distressed sales out of the picture then the year-over-year home prices increased 0.9 percent. Continue reading Report shows home prices stabilizing as result of improving balance between supply and demand
Defendant Collected $1.6 Million from More Than 1,100 Distressed Homeowners
An Austin, Texas, man was sentenced today in the Western District of Texas to 61 months in prison and was ordered to forfeit $84,010 for his role in operating a foreclosure-rescue scam in Southern California and elsewhere that charged distressed homeowners fees in exchange for fraudulently delaying foreclosure sales. Continue reading Austin, Texas, Man Sentenced to 61 Months in Federal Prison for Bankruptcy Fraud and Identity Theft in Connection with Nationwide Foreclosure-rescue Scheme
Whatever funds the borrower intends to use to close a transaction has to be sourced and seasoned. Providing proper asset documentation and the actual source of the funds is a critical element of the approval and closing process. There’s nothing worse in a real estate purchase than making it all the way through the hoops and hurdles of the approval process just to have a loan fall apart due to the borrower not using an acceptable source of funds in order to close. In other words, “Mattress Money” is no longer a legitimate source. Continue reading Mortgage Rate Update; Cash-To-Close must be Seasoned and come from the Proper Source
The report also says that “the combination of lower vacancies, increasing rental rates, and affordable REO properties” has attracted investors to the rental markets. The potential of strong (and, in some instances, even “instant”) cash flows as well as the potential for future appreciation on home prices is luring more and more investors into purchasing and holding single family homes rather than “flipping” them or doing short-term holds. Continue reading REO’s bolstering home prices as investors are rushing to the rental markets
The latest housing market report by RadarLogic showed home prices in the 25 major metropolitan areas it tracks increased 1.9 percent in February from the month before (in contrast to the Case Shiller home price index which showed home prices fell a little under 1 percent from the month before) however was 3.18 percent lower than a year ago. Continue reading Report shows strong real estate market in February; says it probably won’t last Fifth consecutive quarter of uninterrupted growth; Market still lacks widespread capital Optimism continues for the apartment industry, according to the latest results of the National Multi Housing Council (NMHC) Quarterly Survey of Apartment Market Conditions. The findings reflect a gradual recovery for the multifamily sector that faced a 50-year low in apartment starts in 2009. Continue reading Market Conditions Improve For Apartment Industry
Highlights from the report for March, 2012:
Continue reading Home sales increase in March; 2012 to be the year of recovery for housing
Mortgage Insurance, also know as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value. Private Mortgage Insurance (PMI) allows borrowers to purchase a property by qualifying for conventional financing with a lower down payment. Private Mortgage Insurance protects your lender against non-payment should you default on your loan. It’s important to understand that the primary and only real purpose for mortgage insurance is to protect your lender—not you. Continue reading Mortgage Rate Update; What is Private Mortage Insurance (PMI)? Home prices fall to lowest levels in almost 10 years; 20-city case shiller lowest since October 2002
A financial investor who purchased municipal tax liens at auctions in New Jersey, as well as a company in which he was a partner, pleaded guilty today for their roles in a conspiracy to rig bids for the sale of tax liens auctioned by municipalities throughout the state, the Department of Justice announced. Continue reading NEW JERSEY FINANCIAL INVESTOR AND HIS COMPANY PLEAD GUILTY TO BID RIGGING AT MUNICIPAL TAX LIEN AUCTIONS George P. Hranowskyj, 48, of Chespeake, Virginia, has been indicted by a federal grand jury accused of engaging in a six-year historic tax credit fraud scheme that cost the United States of America and the Commonwealth of Virginia more than $11 million and enriched him and others by approximately $8 million. Continue reading Hampton Roads Businessman Indicted for Alleged $11 Million Historic Tax Credit Fraud Scheme An Alabama real estate investor has agreed to plead guilty and to serve prison time for his role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in southern Alabama, the Department of Justice announced today. To date, as a result of the ongoing investigation, three individuals and one company have pleaded guilty. Continue reading Alabama Real Estate Investor Agrees to Plead Guilty to Conspiracies to Rig Bids and Commit Mail Fraud for the Purchase of Real Estate at Public Foreclosure Auctions
The Federal Housing Administration has announced plans to lower mortgage insurance premiums making it easier for borrowers to take advantage of the current record low interest rates. Under this program, up-front mortgage insurance premiums will be reduced from 1.75% percent to 0.01 percent of the total loan amount for borrowers with FHA loans made before June 1, 2009. In addition, annual fees will be cut to 0.55 percent from 1.25 percent. This streamlined refinance program is available to borrowers who are current on their payments and may qualify even if they owe more than their homes are worth. Continue reading Mortgage Rate Update; FHA Lowers Mortgage Insurance Premiums for loans endorsed before June 1, 2009 A loan officer for a Florida mortgage company pleaded guilty late yesterday in the Southern District of Florida to one count of conspiracy to commit wire fraud for his role in a mortgage fraud scheme, Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division, U.S. Attorney Wifredo A. Ferrer of the Southern District of Florida and Department of Housing and Urban Development (HUD) Inspector General David A. Montoya announced today. Continue reading Loan Officer Pleads Guilty for Role in Mortgage Fraud Scheme That Resulted in More Than $6.5 Million in Losses |
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This morning, RealtyTrac released their U.S. Foreclosure Market Report for April 2012 which shows that foreclosure filings (default notices, scheduled auctions and bank repossessions) we’re reported on 188,780 properties in the U.S. during the month, a 5 percent decrease from the previous month and a decrease of 14 percent from April 2011 and is the lowest monthly total since July 2007. During the month, 1 out of every 698 homes in the U.S. had a foreclosure filing. 
Radarlogic says, contrary to what other home price indicators suggest (hmm…could they mean Case-Shiller?), home prices strengthened considerably in February…. Unfortunately they also say the strength in the housing market probably won’t last