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Real Estate News
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Getting a Mortgage Tougher for Buyers
Posted: 14 August 2008 by John HuvalDifficulty in landing a mortgage is keeping many buyers out of the market. At the peak of the housing boom, about 20 percent of the mortgage market was subprime, and nearly 20 percent was “Alt-A loans” or “A-minus” loans, typically offered those with good credit but with high debt-to-loan ratios or little or no proof of income.
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How the New First-Time Buyer Tax Credit Works
Posted: 14 August 2008 by John HuvalUnder the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500.
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House Passes Bill That May Stem Foreclosures
Posted: 25 July 2008 by John HuvalWednesday’s passage of The Housing and Economic Recovery Act of 2008 by the House of Representatives will help bring stability to the housing market and stem the rising rate of foreclosures, according to the NATIONAL ASSOCIATION OF REALTORS®. NAR thanked Chairman Barney Frank, D-Mass., and the House of Representatives for their bipartisan efforts in getting H.R. 3221 passed.
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Little-Known Loans for Buyers
Posted: 25 July 2008 by John HuvalJust because low- and no-down-payment conventional loans are hard to come by doesn’t mean home buyers with little cash can’t get a deal. Two lesser-known federally-sponsored mortgage programs are still available for home buyers with steady jobs, but no savings.
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U.S. Senate Passes Housing Stimulus Bill
Posted: 25 July 2008 by John HuvalThe U.S. Senate passed a bipartisan mortgage rescue bill on Friday that allows the Federal Housing Administration to refinance troubled mortgages – even those that are under water – as long as banks agree to take a loss. The program would allow the FHA to help as many as 400,000 homeowners.
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Top 10 Cities to Buy a Home
Posted: 25 July 2008 by John HuvalFinancially, at least, the best places to buy houses are those where buying costs less than renting, tax incentives are attractive, and there’s an opportunity to build equity. Forbes magazine surveyed the 40 largest metropolitan area housing metrics looking for cities where home prices have appreciated over the last two years. It also measured vacancy rates. And it gave extra points to cities where rents are significantly higher than a buyer would pay for the same home.
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Fed Issues New Lending Rules
Posted: 25 July 2008 by John HuvalThe Federal Reserve on Monday adopted rules designed to protect homebuyers from the kind of loans that drove many into foreclosure. The new rules apply to all lenders and not just to banks supervised by the Fed. Most are expected to take effect Oct.1, 2009. Escrow requirements won’t go into effect until April 1, 2010.
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Selling a Home in a Hurry Still Possible
Posted: 25 July 2008 by John HuvalWhile most homes are staying parked on the for-sale market for a longer time these days, occasionally a residential property turns over in 24 to 48 hours. Such transactions elevate the mood of the professional real estate community and its clients, while offering a snapshot of ideal conditions that contributed to the near-immediate sale and that could possibly help move other listings faster, as well.
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Tips for Buying Foreclosures
Posted: 9 July 2008 by John HuvalBuyers seeking a deal on a foreclosed property need to keep some basics in mind because the transaction isn’t simple and the competition may be stiff, says Pat Lashinsky, CEO of ZipRealty, which has more than 2,200 associates in 19 states. “When you find a good deal, there are five or six or seven offers, and you’re up against professional investors,” Lashinsky says.
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Lawsuit Claims Countrywide Misled Borrowers
Posted: 3 July 2008 by John HuvalThe state of Florida has sued Countrywide Financial Corp., accusing the company of unfair and misleading trade practices.
The 12-page suit, filed in the 17th Judicial Circuit in Broward County, claims Countrywide hid the potential negative effects of subprime loans, including increased interest rates and prepayment penalties. -
Wachovia to End Option ARM Loans
Posted: 3 July 2008 by John HuvalWachovia announced Monday that it would stop offering option ARMs and allow existing option-ARM borrowers to avoid prepayment penalties. Option ARMs give customers multiple payment choices, including paying less than the interest due, which means loan balances increase.
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Wave of Subprime Loans Ready to Reset
Posted: 3 July 2008 by John HuvalFirst American CoreLogic reports that the number of subprime adjustable-rate loans resetting peaked at 7.61 percent of the loans outstanding in June, and more than 300,000 of the mortgages will adjust this summer.
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14 Markets With Nowhere to Go but Up
Posted: 3 July 2008 by John HuvalPMI Mortgage Insurance Co., has ranked the nation’s 50 largest metropolitan statistical areas according to the risk that home prices will decline further during the next two years. The highest risk is in areas where home price growth was the greatest during the housing boom. The lowest risk of prices declining further is in areas where affordability has increased.
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Hard-Won Lessons from a Home Owner
Posted: 3 July 2008 by John HuvalMinneapolis home owner Lucie Amundsen’s husband was transferred north to Duluth, Minn. She stayed behind to sell the house. Here’s what she learned about selling a home in a tough market:
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Good Landscaping Draws in Buyers
Posted: 1 July 2008 by John HuvalIn this challenging real estate market, curb appeal is particularly important for a home seller. Here are some tips for hiring a landscaper who will do a good job at a reasonable price.
Latest Blog Postings
Why should I pay asking price if the housing market has dropped 15%
Today’s Houston real estate asking prices are derived from local market conditions based on comparable sales prices paid by home buyers in a particular neighborhood. Despite recent sales volume declines, prices are holding steady across Houston. While that may not be true for all Houston area neighborhoods, there hasn’t been an overall 15% drop in Houston home values. The housing supply is growing — tending to favor home buyers — but it hasn’t increased enough to force home sellers into large double-digit price reductions.
Do Realtors share blame for mortgage mess?
A Houston Chronicle Real Estate discussion posted a few weeks ago asked if Realtors share blame for the mortgage crisis unwinding across the country. Citing dual-licensed Realtors (those holding real estate and mortgage brokers licenses) as part of the problem, some forum participants pointed to the potential conflict of interest between real estate and mortgage brokerage as a reason for the mortgage crisis, while others stated that dual-licensed Realtors couldn’t adequately perform both jobs as agent and mortgage broker. Both could be valid points — yet, the number of Realtors holding a both a real estate and mortgage license isn’t large enough to have contributed to the mortgage crisis in a significant way.
Houston Market Conditions
Buyer & Seller ResourcesJune 2008: Houston median house price buoyant despite slower sales
While most housing market indicators have been tracking negative for months, Houston’s median home price for existing single-family housing is positively buoyant despite steady declines in sale volumes in recent months — the median price increased 1.5% in June 2008 when compared to last year. Houston’s residential real estate housing market sales were lower again in June 2008 with a year-to-year sales decline of 15.1% — the slowest June sales volume since 2004. Nationally, sales were down 15.5%. Sales declines were across most property and price classes with the single largest declines in homes priced between $80,000 and $200,000. Pending sales were down over 20% indicating that sales declines will continue. Inventory supply and DOM are up almost 10% in year-to-year comparisons.
Real Estate News
- Getting a Mortgage Tougher for Buyers
- How the New First-Time Buyer Tax Credit Works
- House Passes Bill That May Stem Foreclosures
- Little-Known Loans for Buyers
- U.S. Senate Passes Housing Stimulus Bill
- Top 10 Cities to Buy a Home
- Fed Issues New Lending Rules
- Selling a Home in a Hurry Still Possible
- Tips for Buying Foreclosures
- Lawsuit Claims Countrywide Misled Borrowers