August 2009
The New Conforming Mortgage Guidelines, Effective September 1, 2009
August 28, 2009 by MikeRosen · Leave a Comment
As a reminder, Fannie Mae is rolling out new lending guidelines Tuesday, September 1, 2009.
Starting next week, being approved for a home loan could be much more difficult.
The new rules mark the first major underwriting update since April of this year. The changes are mostly geared at fraud prevention.
Among the updates:
Stock options are no longer [...]
Home Supplies Plummet, Putting Pressure On Home Prices To Rise
August 27, 2009 by MikeRosen · Leave a Comment
It’s no wonder that builder confidence is soaring — their inventory of homes for sale is depleting at a furious pace.
For the 4th straight month, New Home Sales gained, posting the best numbers since last September’s meltdown and handily beating economist expectations.
The available supply of homes is down to 7.5 months nationwide.
It’s further evidence that the housing [...]
Home Prices Keep On Rising And Rising…Including Washington DC
August 26, 2009 by MikeRosen · Leave a Comment
18 of 20 markets tracked by the Case-Shiller Index showed rising home values in June. It’s the 5th consecutive month with strong numbers and the best showing for the benchmark housing index since home values began deflating in 2006.
Some would argue it’s a sign that housing has finally bottomed out. Even Case-Shiller representatives acknowledge that [...]
The Long-Term Trendline For Existing Home Sales Points To A Housing Recovery
August 25, 2009 by MikeRosen · Leave a Comment
The housing market continues to surprise. Last week, the latest good news came in the form of the monthly Existing Home Sales report.
An “existing home” is a home sold by an existing owner as opposed to a developer. It’s non-new construction property.
The data on Existing Home Sales was noteworthy for its trends:
Sales volume rose over [...]
How To Keep Burglars From Knowing You’re On Vacation
August 21, 2009 by MikeRosen · Leave a Comment
There’s some common sense ways to protect your home from burglary — keep the doors locked, the windows shut, and the alarm system on, for example.
But drawing from a series of interviews with ex-convicts, NBC’s The Today Show reveals there are ways by which a vacationing homeowner can unwittingly make his home a theft [...]
To Use The $8,000 First-Time Home Buyer Tax Credit Program, There’s Now Just 6 Weeks To Find A Home
August 20, 2009 by MikeRosen · Leave a Comment
If you plan to use the First-Time Home Buyer Tax Credit program, time is running out. The program expires November 30, 2009 and closing on a home can take up to 60 days.
That leaves you 6 weeks from today to find a home and go under contract.
The First-Time Homebuyer Tax Credit program was passed as [...]
Builders Are Building And What It Means For Home Values
August 19, 2009 by MikeRosen · Leave a Comment
Single-family Housing Starts rose for the 4th straight month in July, another sign that the battered housing market may be making its comeback.
“Housing starts” are new homes on which construction has recently started.
Not surprising, in a related story, homebuilder confidence moved to a 12-month high.
Ironically, an increase in newly-built homes could actually slow a [...]
Is Mortgage Underwriting Getting More Friendly?
August 18, 2009 by MikeRosen · Leave a Comment
It looks like banks are less scared of mortgage loans these days.
In its quarterly survey to member banks, the Federal Reserve asked senior bank loan officers whether “prime” residential mortgage guidelines had tightened in the last 3 months.
Just one-fifth of banks said guidelines tightened last quarter, a dramatically lower figure versus last quarter — a [...]
VIDEO : How To Repair “Brown Spots” In A Yard And Other DIY Outdoor Tips
August 17, 2009 by MikeRosen · Leave a Comment
With the unofficial end of summer three weeks away, time is running out to finish this year’s outdoor, around-the-home projects. You can handle them professionally through Angie’s List, or you can make it a DIY.
From NBC’s The Today Show, this 5-minute video explains how to make some of the most common repairs easily and inexpensively:
How to properly seed “brown [...]
Foreclosures Continue To Concentrate Across Just 3 States
August 14, 2009 by MikeRosen · Leave a Comment
Foreclosure-tracker RealtyTrac reports that the number of foreclosures nationwide rose 7 percent on a month-to-month basis last month.
However, 3 states dominated the foreclosure list, tallying more foreclosures between them than the rest of the country combined.
California : 30.0 percent
Florida : 15.7 percent
Arizona : 5.4 percent
On a per-household basis, the states ranked 2, 3 and 4. Only [...]
