| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tuesday, August 06, 2013
Open House this Thursday 8/8/13 12:30-3:00pm!
Thursday, August 01, 2013
Open House!
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Friday, July 12, 2013
Foreclosures fall to pre-housing bust levels
Foreclosures fall to pre-housing bust levels
@CNNMoney July 11, 2013: 12:35 AM ET
In June, foreclosure filings dropped to their lowest level since before the housing bust.
NEW YORK (CNNMoney)
The long national foreclosure nightmare is nearing its end, with foreclosure filings hitting their lowest level since before the housing bust.
Total foreclosure filings, including notices of default, scheduled auctions and bank repossessions, dropped to 127,790 in June, down 35% over the past 12 months, according to RealtyTrac. Overall, filings have hit their lowest monthly level since December 2006.
Related: How smart are you about mortgages?
"Halfway through 2013 it's becoming increasingly evident that foreclosures are no longer a problem nationally, [although] they continue to be a thorn in the side of several state and local markets," he said.
The five states with the highest percentage of foreclosure filings last month were Florida, Nevada, Illinois, Ohio, and Georgia. In Florida, Miami, Orlando, Jacksonville, Ocala, and Tampa held the top five spots for filings among the nation's metro areas.
While initial filings for foreclosures dropped by 45% year-over-year to a seven and a half year low, the number of homes that were further along in the process and were repossessed have not fallen as quickly.
"[At the last stage of foreclosure] they trail other filings," said Blomquist.
Related: Thousands of borrowers to get mortgage payments reduced
Bank repossessions are still trending at a rate of more than 420,000 a year, compared with a historical average of 250,000, said Blomquist.
Many of these repossessions are occurring in states where courts supervise the foreclosure process and they are just now working through a backlog of foreclosures that built up after the so-called robo-signing scandal.
"The increases in judicial foreclosure auctions demonstrate that these delayed foreclosure cases are now being moved more quickly through to completion," said Blomquist. "Given the rising home prices in most of these markets, it is an opportune time for lenders to dispose of these distressed properties."
And as home values rise nationwide, more homeowners are able to keep their homes or sell them before they lose them to foreclosure.
Thursday, July 11, 2013
What Will Waiting to Buy a Home Cost You?
What Will Waiting to Buy a Home Cost You?
Jul 8, 2013 By:
At
the end of June, mortgage rates for a 30-year fixed-rate mortgage
jumped to 4.5 percent, up from 3.9 percent on June 1 — and a notable
jump from the historically low 3.35 percent monthly average rate toward
the end of 2012. However, while higher rates do mean an increase in monthly mortgage payments, experts are urging potential home buyers not to resign themselves to renting for the next few years just yet — it’s still a good time to buy a home.These moderate increases in payments may still be manageable, particularly if buyers look at less expensive properties, or negotiate a lower price.
For example, the difference in monthly payments for a $200,000 home at 3.9 percent and one at 4.5 percent is just $70.03. If budgeted correctly, this could be a manageable expense.
Rick Allen, chief operating officer of Mortgage Marvel, is one expert who says now is still the time to buy a house. His platform records online mortgage loan applications, about a million transactions a year, which serves as a barometer for how well the housing market is doing. He says that refinances are down, as to be expected with a rate increase, but that “shouldn’t scare people off.”
“Relatively speaking, rates are still at or near historic lows,” says Allen. “A 4.5 percent mortgage is still an incredibly attractive rate at which to finance a home. From a real estate perspective, we’re not far off from recent lows, and we’re heading to improve real estate values. The combination of those two factors make this still a good time to buy.”
As the unemployment rate continues to decline, Allen says we’ll see more potential homeowners enter the market as well. Though Allen says “theoretically, rates could go through the roof or back down to the floor” but he personally believes we’ll see rates around 5 percent through the end of the year.
This is the early stage of the recovery of the housing market, and the rising interest rates encourage potential home buyers to be more decisive, and act quickly. As more homes are bought, supply decreases, so prices may rise even further. So if you’ve been thinking about buying a home, don’t lose your confidence, but it may be prudent to act quickly as rates continue to rise.
http://www.realtor.com/news/what-will-waiting-to-buy-a-home-cost-you/
Friday, June 14, 2013
Tuesday, June 04, 2013
New Pending!
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subscribe to:
Posts (Atom)