One of our Favorite loan officers, Joe Nalls, has a new home with Prosperity Mortgage. Here is all of his new contact information- Congrats on the move and we wish you the best!
Joseph Nalls
Home Mortgage Consultant
Prosperity Mortgage Company
700 King Farm Blvd, Suite 125
Rockville, MD 20850
301-529-8611 Celll
301-230-1748 Office
joseph.nalls@prosperitymortgage.com
apply online at http://www.nallshomeloans.com/
Wednesday, August 25, 2010
Monday, August 23, 2010
Program to Modify Loans Loses Steam
Wall Street Journal Online discusses struggling loan modification program
The number of homeowners who began government-sponsored loan-modifications in July grew by the slowest rate since the program began nearly 18 months ago and was dwarfed by the number of borrowers whose modifications were canceled.
Half of the 1.3 million modifications that have been extended to borrowers have been canceled since the program began, and around one-third, or around 422,000 borrowers, have received permanent loan modifications.
So far, the Home Affordable Modification Program, or HAMP, has helped hold back the shadow inventory of more than seven million loans that are delinquent or in some stage of foreclosure, which has helped home prices to stabilize over the past year.
In July, nearly 17,000 new trial modifications were started. More than five times as many borrowers saw their reduced-payment programs canceled, either because they failed to make payments, didn't provide necessary financial documents, or didn't meet qualification guidelines Click Here for Full Article
By NICK TIMIRAOS
The Obama administration's loan-modification program appears to be running out of eligible borrowers who can qualify for restructured loans.The number of homeowners who began government-sponsored loan-modifications in July grew by the slowest rate since the program began nearly 18 months ago and was dwarfed by the number of borrowers whose modifications were canceled.
Half of the 1.3 million modifications that have been extended to borrowers have been canceled since the program began, and around one-third, or around 422,000 borrowers, have received permanent loan modifications.
So far, the Home Affordable Modification Program, or HAMP, has helped hold back the shadow inventory of more than seven million loans that are delinquent or in some stage of foreclosure, which has helped home prices to stabilize over the past year.
In July, nearly 17,000 new trial modifications were started. More than five times as many borrowers saw their reduced-payment programs canceled, either because they failed to make payments, didn't provide necessary financial documents, or didn't meet qualification guidelines Click Here for Full Article
Frank Lloyd Wright house in Bethesda now belongs to architect's grandson
Washington Post Feature: Inhabit
By Nancy McKeon
Special to The Washington Post Saturday, August 21, 2010
It was just the kind of building site that Frank Lloyd Wright loved to tackle: The steep piece of land in a heavily treed corner of Bethesda was generally thought to be unbuildable. The driveway, a nearly straight drop from the wooded road above, was daunting. In addition, the only flat area was small, certainly not enough for a big house. Click Here for Full Article
MSNBC Features: Home in areas slammed by disasters and came out OK
msnbc.com contributor
From the BP oil spill to tornados whipping through Middle America, it seems that disasters loom everywhere. What happens to real estate markets when they strike so close to home? Here’s a look at four homes for sale in towns recently clobbered by bad news. Click Here for Full Article
Thursday, August 19, 2010
Extreme Home Staging Spotlights Human Props From NPR
by Carolyn Beeler
August 18, 2010
Bill Worthington calls himself a human prop. He seems more like an enthusiastic tour guide. Worthington is walking around his $1.5 million Princeton, N.J., home, like a proud owner.
"Look around the kitchen here," Worthington says. "It's essentially a brand-new kitchen, with high-end appliances, brand-new cabinetry ...
But he doesn't own the place, or even know the
owner. He was hired as a "house manager" to live in the property. He moved in with his own furniture and bought some new items to fill out the expansive white brick colonial. He pays a monthly fee of $1,500 to live in the house, a fraction of what the mortgage or rent on the property would be.
"I'm living high on the hog for not a lot of money," he says.
The catch: He has to keep it immaculate. The house must be ready to show prospective buyers at a moment's notice. He can't leave any toothbrushes out in the bathroom, shoes in the entryway, or dishes waiting to be washed in the sink.
Click Here for Full Article
August 18, 2010
"Look around the kitchen here," Worthington says. "It's essentially a brand-new kitchen, with high-end appliances, brand-new cabinetry ...
But he doesn't own the place, or even know the
owner. He was hired as a "house manager" to live in the property. He moved in with his own furniture and bought some new items to fill out the expansive white brick colonial. He pays a monthly fee of $1,500 to live in the house, a fraction of what the mortgage or rent on the property would be.
"I'm living high on the hog for not a lot of money," he says.
The catch: He has to keep it immaculate. The house must be ready to show prospective buyers at a moment's notice. He can't leave any toothbrushes out in the bathroom, shoes in the entryway, or dishes waiting to be washed in the sink.
Most Powerful Figure in DC Real Estate: Michelle RHEE
NBC Washingtons' Blog Reports
Updated 8:31 PM EDT, Wed, Aug 18, 2010It’s not my beat, but I hear that schools chancellor Michelle Rhee is a big deal in this here mayoral race.
Here’s how she ties in to real estate, though: It’s a pretty widely-acknowledged principle that good schools are a huge factor in local property values. Until recently, that didn’t hold so much in D.C., since anyone of any means would shell out for private schools or move out of the District once their kids entered kindergarten. Now, getting into the right district for a high-performing school is a key element in the housing search.
Don’t believe me, believe Tommy Wells, who just came out with a new spot discussing neighborhood schools: “We have had a renaissance,” Wells says. “Just to see the excitement of the realtors who are so happy with me because now people say, ‘not just are we in the boundaries for the cluster, but are we in the boundary for Brent, are we in the boundary for Maury, are we in the boundary for Tyler…Really no other urban area in America has had so many traditional elementary schools come back online as schools of choice in such a concentrated area.”
CLICK HERE FOR FULL ARTICLE
By LYDIA DEPILLIS - HOUSING COMPLEX
Updated 8:31 PM EDT, Wed, Aug 18, 2010It’s not my beat, but I hear that schools chancellor Michelle Rhee is a big deal in this here mayoral race.
Here’s how she ties in to real estate, though: It’s a pretty widely-acknowledged principle that good schools are a huge factor in local property values. Until recently, that didn’t hold so much in D.C., since anyone of any means would shell out for private schools or move out of the District once their kids entered kindergarten. Now, getting into the right district for a high-performing school is a key element in the housing search.
Don’t believe me, believe Tommy Wells, who just came out with a new spot discussing neighborhood schools: “We have had a renaissance,” Wells says. “Just to see the excitement of the realtors who are so happy with me because now people say, ‘not just are we in the boundaries for the cluster, but are we in the boundary for Brent, are we in the boundary for Maury, are we in the boundary for Tyler…Really no other urban area in America has had so many traditional elementary schools come back online as schools of choice in such a concentrated area.”
CLICK HERE FOR FULL ARTICLE
Price Reduced! Best Deal In Capitol Heights!
Harrison's Listing in Capitol Heights was recently reduced in price to an amazing $207,000!!
There will be an Open House this Sunday 8/22/10 from 1-4pm. Come see the best finishes you will find for $207k
MSNBC REPORTS: Homeowners Refinancing are Opting for Shorter Mortgage Lengths
Refinancing homeowners are going short
By Bill Briggs
Many customers take 30-year loans down to 15 or 20
After being blindsided by a job loss last spring, sales exec Ren Chirakos didn’t need his new MBA degree to calculate the scary numbers: The math got simple real fast.
Zero income + new COBRA bills + a house payment = something had to give in the Chirakos family budget. The answer: refinancing his 30-year home loan to a shorter mortgage that tapped into the trend of ever-shrinking interest rates.
“I needed to keep my house,” said Chirakos, who since has found work at a different company in Cuyahoga, Ohio. His wife is a stay-home mom who cares for their two daughters. “It forces you to look at 'OK, where is our money going?' You start looking for ways to shave fixed expenses. It really gives you cause to think.”
Chirakos was paying 5.375 percent on a 30-year loan before he became a victim of downsizing at toolmaker Snap-on Inc. As rates sank and slipped over the summer, he watched and waited. Then he pounced, locking in a 20-year, fixed-rate loan at 4.3 percent and slashing $140 off the monthly bill for his $220,000 home. With excellent credit and little debt, the re-fi cost him $900, so will pay for itself in about six months. “Every little bit helps,” he said.
For many refinancing homeowners, going shorter is suddenly more appealing. Fixed mortgages of 15 and 20 years are quickly gaining fans among those who previously held 30-year loans, balloon mortgages and adjustable rates, according to a new report from mortgage giant Freddie Mac. The number of fixed-rate, 15- and 20-year loans are at their highest level since 2004, the government-controlled company said.
CLICK HERE FOR FULL STORY
By Bill Briggs
Many customers take 30-year loans down to 15 or 20
After being blindsided by a job loss last spring, sales exec Ren Chirakos didn’t need his new MBA degree to calculate the scary numbers: The math got simple real fast.
Zero income + new COBRA bills + a house payment = something had to give in the Chirakos family budget. The answer: refinancing his 30-year home loan to a shorter mortgage that tapped into the trend of ever-shrinking interest rates.
“I needed to keep my house,” said Chirakos, who since has found work at a different company in Cuyahoga, Ohio. His wife is a stay-home mom who cares for their two daughters. “It forces you to look at 'OK, where is our money going?' You start looking for ways to shave fixed expenses. It really gives you cause to think.”
Chirakos was paying 5.375 percent on a 30-year loan before he became a victim of downsizing at toolmaker Snap-on Inc. As rates sank and slipped over the summer, he watched and waited. Then he pounced, locking in a 20-year, fixed-rate loan at 4.3 percent and slashing $140 off the monthly bill for his $220,000 home. With excellent credit and little debt, the re-fi cost him $900, so will pay for itself in about six months. “Every little bit helps,” he said.
For many refinancing homeowners, going shorter is suddenly more appealing. Fixed mortgages of 15 and 20 years are quickly gaining fans among those who previously held 30-year loans, balloon mortgages and adjustable rates, according to a new report from mortgage giant Freddie Mac. The number of fixed-rate, 15- and 20-year loans are at their highest level since 2004, the government-controlled company said.
CLICK HERE FOR FULL STORY
Monday, August 16, 2010
CNN Money Report:The wasted 4.44% mortgage rate
Historic Low Mortgage Rates, Ample Inventory, Where is the Boom?
FORTUNE -- It appears even the bright spots of this tired economy are still working against heavily indebted homeowners. Mortgage rates have hit new lows nearly every week, but many borrowers are still unable to take advantage of them.
Like it is in so many parts of today's sideways economy, relief is out of reach. Stimulus dollars are everywhere, but somehow never where they're needed most. CLICK HERE FOR FULL ARTICLE
FORTUNE -- It appears even the bright spots of this tired economy are still working against heavily indebted homeowners. Mortgage rates have hit new lows nearly every week, but many borrowers are still unable to take advantage of them.
Like it is in so many parts of today's sideways economy, relief is out of reach. Stimulus dollars are everywhere, but somehow never where they're needed most. CLICK HERE FOR FULL ARTICLE
Washington post Reports: Stairs can pose a problem as you get older, so take steps now to ease the climb
Options for Aging Homeowners In Homes With Lots of Steps
By Maryann Haggerty
Special to The Washington Post Saturday, August 14, 2010
Eventually, the 17 steps became too much for Karl Schwengel.
Schwengel, 79, a retired business manager for a D.C. nonprofit association, has lived in his two-story Capitol Hill townhouse since 1969. Over time, his health has deteriorated, so about two years ago, he had a stair lift installed.
"It's marvelous," he said. "I couldn't imagine going down those 17 steps or up those 17 steps. It's not fast, thank goodness, but it does get between floors."
As the U.S. population ages -- or just thinks about how the knees can be the first thing to go -- more homeowners may need to contemplate what steps to take about steps.
Buyer preferences vary by region. While ranch houses are popular in many parts of the Sun Belt, the default in the D.C. region is a two-story Colonial. Some buyers, especially those with children, prefer two-story houses because they separate public and private areas. However, older buyers overwhelmingly would choose one-story living, according to a consumer preference survey by the National Association of Home Builders. While 52 percent of all buyers said they would prefer a single-story house, that number climbs to 79 percent among buyers 55 and older.CLICK HERE FOR FULL ARTICLE
MSNBC Reports: Mortgage rates drop to New Record low, Again
Mortgage Rates Keep on Dropping
The average rate on the 15-year fixed loan dropped to 3.92 percent, down from 3.95 percent last week and the lowest on record.
Rates have fallen since spring and the government's July jobs report has investors worried about the United States slipping back into recession. They are shifting more money into the safety of Treasury bonds, lowering their yields. Mortgage rates tend to track those yields.
And the Federal Reserve is pushing those yields down even further. The central bank said Tuesday it would buy Treasurys to help aid the recovery, using the proceeds from debt and mortgage-backed securities it bought from Fannie Mae and Freddie Mac. CLICK HERE FOR FULL ARTICLE
U.S. mortgage rates sank to the lowest level in decades this week, pushed down by the weak economy and the Federal Reserve's move to help lift the recovery by purchasing government debt.
Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans this week was 4.44 percent, down from 4.49 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971. The average rate on the 15-year fixed loan dropped to 3.92 percent, down from 3.95 percent last week and the lowest on record.
Rates have fallen since spring and the government's July jobs report has investors worried about the United States slipping back into recession. They are shifting more money into the safety of Treasury bonds, lowering their yields. Mortgage rates tend to track those yields.
And the Federal Reserve is pushing those yields down even further. The central bank said Tuesday it would buy Treasurys to help aid the recovery, using the proceeds from debt and mortgage-backed securities it bought from Fannie Mae and Freddie Mac. CLICK HERE FOR FULL ARTICLE
Thursday, August 12, 2010
Washington Post Reports: Be Prepared to Walk From a Short Sale
Great article from the washington post, encouraging buyers of short sales to be prepared for a long haul... and also be prepared to eventually walk away because quite frequently they do not work out. We had a recent situation where A short sale actually worked out but it took 5 months and we had to pull alot of strings to get it to close. They can work out but we advise our clients to not become too emotionally attached, because the process is so unpredictable.
Here is the Article, a Question and answer session between a post reader and a columnist:
Be prepared to move on from a short-sale home
By Ilyce R. Glink and Samuel J. Tamkin
Saturday, August 7, 2010
Q: In January, we bid on a short sale that was three lenders deep. Every time we get an update from the banks (via the listing agent), the property is "in review" with the lender. We knew it was going to be a long process with three lenders; however, it seems that it is going nowhere. We'd really like to move forward with this property but are at a loss as to what we can do to get to the status of this sale and help move it along
A: There's nothing you can do other than to tell the lenders that they have three, five, seven or 10 business days (you decide the timeline) to take your offer or not. You have to make it clear you are moving on after that time.
Then be prepared to back off and start searching for another property. Short sales are notoriously difficult, and lenders are taking up to six months to decide what to do.
Click Here for the Full Article
Here is the Article, a Question and answer session between a post reader and a columnist:
Be prepared to move on from a short-sale home
By Ilyce R. Glink and Samuel J. Tamkin
Saturday, August 7, 2010
Q: In January, we bid on a short sale that was three lenders deep. Every time we get an update from the banks (via the listing agent), the property is "in review" with the lender. We knew it was going to be a long process with three lenders; however, it seems that it is going nowhere. We'd really like to move forward with this property but are at a loss as to what we can do to get to the status of this sale and help move it along
A: There's nothing you can do other than to tell the lenders that they have three, five, seven or 10 business days (you decide the timeline) to take your offer or not. You have to make it clear you are moving on after that time.
Then be prepared to back off and start searching for another property. Short sales are notoriously difficult, and lenders are taking up to six months to decide what to do.
Click Here for the Full Article
Obama Administration Proposes 3 Billion in Aide for Jobless Homeowners
$3 billion more for jobless homeowners
By Hibah Yousuf, staff reporterAugust 11, 2010: 2:02 PM ET
NEW YORK (CNNMoney.com) -- The Obama administration is making $3 billion in additional funds available to help troubled homeowners avoid foreclosure.
One part of the plan, announced Wednesday, includes a new $1 billion program that will offer loans to unemployed borrowers at risk of losing their homes. The loans, which will be dispersed through nonprofit and housing agencies, will carry 0% interest and be good for a maximum of $50,000 for up to two years.
Click the title above for full article
By Hibah Yousuf, staff reporterAugust 11, 2010: 2:02 PM ET
NEW YORK (CNNMoney.com) -- The Obama administration is making $3 billion in additional funds available to help troubled homeowners avoid foreclosure.
One part of the plan, announced Wednesday, includes a new $1 billion program that will offer loans to unemployed borrowers at risk of losing their homes. The loans, which will be dispersed through nonprofit and housing agencies, will carry 0% interest and be good for a maximum of $50,000 for up to two years.
Click the title above for full article
Thursday, August 5, 2010
Realty Times - Avoid Common First-Time Buyer Mistakes
Avoid Common First-Time Buyer Mistakes
by Carla Hill
If you are in the market to buy your first home, you may have already realized that the process involves many different levels of knowledge and understanding. Chances are many steps of the process are completely foreign to you.
By arming yourself with an arsenal of important questions, as well as with a team of professionals, you are sure to avoid some of the most common first-time homebuyer mistakes.
1. Hire the Right Agent. Personalities and experience levels range greatly, just as with any profession. Consider interviewing several local agents before deciding on which one to hire. Do you want a new agent who is sweet, patient, and ready to answer lots of questions? Or would you prefer a seasoned agent who gets you the best deal, but has less than stellar people skills? The choice is entirely yours, neither one being better than the other, but will make a big difference on how you feel about the process.
2. Interrogate the Lender. There's no need to play good cop, bad cop. This simply means you need to ask every question that comes to mind. In the wake of the predatory lending storm, its important to be sure you understand exactly what your mortgage will entail. Be sure to compare rates with other lenders to be sure you are getting the best rate. You can also ask for par pricing, which is the rate without points.
Click here for Full Article
NBC washington Blog: Foreclosure Rates Rise in D.C., NoVA
Metro Area Foreclosures Rise:
Foreclosure rates in the District and northern Virginia rose slightly over the last year. Though foreclosure rates in D.C., Arlington and Alexandria fall below the national average, rates in each municipality rose a fraction of a percentage point.
The foreclosure rates in the District of Columbia rose from 1.56 to 1.85 percent between June 2009 and June 2010. Over the same period, foreclosure rates in the broader region -- including D.C., Arlington and Alexandria -- rose just slightly, from 2.15 to 2.16 percent. Click HERE for full Article
CNN Money Reports: Vulture Investors
Vulture investors: They're back - and making a bundle
NEW YORK (CNNMoney.com) -- These are the glory days of the residential real estate investor. Low prices, rock-bottom interest rates and stable rental markets have created huge buying opportunities.
"It's awesome right now. I don't think we'll ever see another time like this," said Tanya Marchiol of Team Investments, which has operations in about 10 states but focuses mostly on the Phoenix market.
Click here for full article
Monday, August 2, 2010
Washington Post reports: Loudon County's Impressive Suburban Appeal
Large houses and carefully landscaped medians and common areas distinguish Lansdowne on the Potomac. (Photos By Amy Reinink For The Washington Post)
The first thing house hunters typically notice about Lansdowne on the Potomac is the neighborhood's aesthetic: the manicured lawns, the landscaped common areas, the decorative street signs and the manmade waterfall near the entrance.
Next, they notice the amenities, such as the 30,000-square-foot Potomac Club, which boasts indoor and outdoor pools, exercise and aerobics rooms, a business center and meeting rooms, and a ballroom.
Then they may notice the proximity to the Potomac River, the ease of accessing commuter roads such as Route 7 and the family-friendly environment.
Next, they notice the amenities, such as the 30,000-square-foot Potomac Club, which boasts indoor and outdoor pools, exercise and aerobics rooms, a business center and meeting rooms, and a ballroom.
Then they may notice the proximity to the Potomac River, the ease of accessing commuter roads such as Route 7 and the family-friendly environment.
NBC washington reports: Columbia Height's Million Dollar Makeover
Million-Dollar Makeover in Columbia Heights
Park Road is the latest Columbia Heights strip to get a commercial makeover.
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