October 2009
How To Find Good Deals As The Buyers Market Comes To An End
October 30, 2009 by MikeRosen · Leave a Comment
At some point in their lives, every home buyer in America has wondered “Is now the best time to buy a home?” In this 3-minute video, NBC’s The Today Show does a good job of answering the question.
The conclusion? Yes, but not if you’re going to overpay.
The Buyers Market is ending, we learn, as home [...]
What The Media Missed In September’s New Home Sales Report
October 29, 2009 by MikeRosen · Leave a Comment
Some days, newspaper headlines are a terrible place to get your real estate news.
Today is one of those days.
After the September New Home Sales report showed sales volume down from August, the mainstream media jumped on the story:
New Home Sales fall a surprising 3.6%
Surprise Drop In New Home Sales
Stocks slide as New Home Sales fall
But the headlines miss [...]
Home Values In 95% Of Case-Shiller Markets Are Improving Year-To-Year
October 28, 2009 by MikeRosen · Leave a Comment
For August, the Case-Shiller Index showed annual home values improving across 19 of 20 U.S. markets, including our very own metro Washington D.C. market. It’s the first time in 3-plus years that the benchmark housing index has shown such strength.
According to a Case-Shiller Index spokesperson, “The rate of annual decline in home price values continues [...]
Falling Home Supplies Mean More Multiple-Offer Situations For Buyers
October 27, 2009 by MikeRosen · Leave a Comment
The national housing supply fell to a 2-year low last month, according to the National Association of Realtors®.
At the current sales pace, existing home inventories would sell out in 7.8 months — 30 percent faster versus November 2008.
For a 10-month window, that’s a major housing supply reduction and it helps to explain why multiple-offer situations [...]
Simple Real Estate Definitions : Escrow Account
October 20, 2009 by MikeRosen · Leave a Comment
An escrow account is a designated savings account into which funds get deposited for a specific purpose.
With respect to real estate and home loans, escrow accounts are used to pay real estate tax bills and homeowners insurance payments.
Escrow accounts are managed and disbursed by lenders.
When a homeowner “escrows” his mortgage, along with his scheduled monthly [...]
The FHA Is Changing Its Streamline Refinance Guidelines November 2009
October 19, 2009 by MikeRosen · Leave a Comment
Beginning November 17, 2009, the FHA will make it harder to qualify for its popular Streamline Refinance program.
Available exclusively to homeowners with existing FHA home loans, the streamline program is meant to help homeowners reduce mortgage payments as simply as possible.
As such, the program carries minimum eligibility requirements.
In fact, the FHA Streamline Refinance is more notable for [...]
The Fed Thinks The Economy Is Improving And What It Means For Home Affordability
October 16, 2009 by MikeRosen · Leave a Comment
Mortgage rates are higher after the Federal Reserve released the internal notes of its September 22-23, 2009 meeting.
Known as the ”Fed Minutes”, the report details the conversation and cross-currents that led to the Federal Reserve’s decision to vote “unchanged” on the Fed Funds Rate after its last meeting.
The Fed Minutes are the lengthy companion to the more famous, [...]
Foreclosures Concentrate In Just 4 States
October 15, 2009 by MikeRosen · Leave a Comment
For the seventh consecutive month, foreclosure activity in the U.S. was dominated by a tiny subset of states.
As reported by RealtyTrac.com, more than half of September’s foreclosure-related activity occurred in just 4 states:
California
Florida
Nevada
Michigan
These states represent just 22.05 percent of the total U.S. population.
Overall, foreclosures are up 29 percent from September 2008 and, while, the data seems [...]
Pending Homes Sales Gain For The 7th Straight Month
October 6, 2009 by MikeRosen · Leave a Comment
Buoyed by a generous tax credit, affordable homes, and low mortgage rates, the Pending Home Sales Index posted its seventh consecutive monthly gain in August.
It’s the longest winning streak in the index’s history and the highest reading in 2-1/2 years.
It’s also another signal that the housing market is in recovery.
“Pending home sales” are a forward-looking indicator, [...]
You’ve Got 15 More Days To Use The First-Time Home Buyer Tax Credit
October 1, 2009 by MikeRosen · Leave a Comment
The government’s First-Time Home Buyer Tax Credit program expires November 30, 2009 — a scant 60 days from today.
Considering it can take up to 60 days to close on a home, first-time buyers have 2 weeks at most to find a home.
Buyers not under contract by October 15 have little chance of meeting the November 30 deadline [...]
