30-year mortgages back above 5%

Washington Business Journal - by Jeff Clabaugh


Date: Thursday, February 10, 2011, 10:38am EST


Long-term mortgage rates continued to climb this week, with 30-year mortgages now back above 5 percent.
Freddie Mac says a 30-year fixed-rate mortgage averaged 5.05 percent in the week ending Feb. 10, up from 4.81 percent last week and the highest since April 2010. A 15-year fix averaged 4.29 percent, up from 4.08 percent last week.Adjustable rate mortgages also rose, with the average rate on a one-year adjustable-rate mortgage at 3.35 percent.
Read more: 30-year mortgages back above 5%
Washington Business Journal

Read more: 30-year mortgages back above 5%
Washington Business Journal

White Flint, An extension of the 355 Corridor?

White Flint 2020 = Ballston 1990

Posted by Lydia DePillis on Jan. 28, 2011 at 5:46 pm

Like a suburban string of pearls. (Delta Associates)

Is Wisconsin Avenue a "Corridor"? Not yet, in the sense of having nodes of walkable residential town centers strung together by fairly continuous commercial development. Few office tenants would think of White Flint, Maryland as a viable alternative to Bethesda or Chevy Chase, which are favored by retail, restaurants, proximity to D.C., nice public spaces, and lots of high-quality housing stock.
Delta Associates, the folks who bring you detailed reports every quarter on the area's economic fortunes, think all that will change with the redevelopment of the White Flint. The whole point of the town's award-winning sector plan is to create more of a "there" there, but Delta takes a more linear view in a new white paper, forecasting White Flint's future relative to its wealthy neighbors to the south.

Click Here to Read Full Article

NY Times Reports: Closing Costs Are not Set in Stone. NEGOTIATE!

Curbing Closing Costs

The New York TimesBy LYNNLEY BROWNING

Published: January 27, 2011

BORROWERS have some weapons for keeping closing costs down, the result of recent guidelines requiring lenders to disclose certain fees, but perhaps the most underutilized consumer tool simply involves old-fashioned haggling.

Good-faith estimate rules, part of a tougher Truth in Lending Act that emerged from the mortgage crisis, mean that lenders must provide a clear picture of the costs involved in buying or refinancing a home. Yet consumers may not realize that some of those numbers are actually negotiable, mortgage experts say.
“There’s a lot of room for negotiation in the costs of closing,” said Barry Zigas, the director of housing policy at the Consumer Federation of America, a consumer advocacy group, “and consumers should examine every charge and not hesitate to challenge them and try to bring them down.”
Closing costs can run a borrower 3 to 6 percent of the price of a property, according to the Federal Reserve. In 2010, the average cost for a $200,000 purchase rose by nearly 37 percent, to $3,741, according to Bankrate.com, a financial data publisher; the average in New York State was $5,623.
CLICK HERE FOR  FULL ARTICLE

Today Show Video- "Today's Real Estate"

Visit msnbc.com for breaking news, world news, and news about the economy

Parents who invest in a child's mortgage- Life Inc.

By Will Springer, editor for msnbc.com
Should parents help a family member pay for a new home? Financially and emotionally, it can be a great investment - but at what price? Getting a mortgage can be difficult in perfect economic conditions, but trying to gather enough money to buy that new home can be quite the challenge when banks have tightened lending standards.  "If the child is going to the parent in the first place (for a loan), it's often because they don't qualify with a bank," says Barbara Corcoran, TODAY's real estate expert. "If they don't qualify with a bank, there's a reason for that. The parent is assuming a great deal of financial risk." What happens if the new homeowner cannot cover the monthly mortgage? The parent is on the hook. The key is whether the individual can afford the loan and repay it on time, Barbara says. CLICK HERE for full article & video

Rent Vs Own - What to do in 2011?

Many Americans are content to rent after witnessing the crumbling housing market in recent years. But with rents on the rise and home prices continuing to fall, a reversal is in sight.



It wasn't hard for many homeowners to bid adieu to 2010. It was the year where, in many metropolitan areas across the country, rents surged as home prices fell, leading a growing chorus of skeptics to question the so-called American Dream of homeownership.
Perhaps not surprisingly, it makes more financial sense to rent than buy today in many U.S. cities, according to the latest data from Moody's Analytics. After declining during the depths of the latest recession, prices for rentals nationwide increased modestly by about 3% in 2010, partly driven by a record number of homeowners looking for new digs after foreclosing on their homes. In Moody's latest list of rent ratios (which is the price of a typical home divided by the annual cost of renting that home) for 54 U.S. metropolitan areas, 39 fell into the 'better to rent' category -- roughly the same level it's been for the past year.
Click HERE for full article

Loudoun County assists Buyers looking for foreclosures

Real Estate Program Booming in Loudoun County

 By John Schriffen

A new program allows people to buy foreclosed homes, fix them up and sell them for a fraction of the cost.

Click Here For More Information

CNN Money- Panel of Experts Debate Over Housing Prices in 2011, Will They Drop?

Foreclosure Fiasco!

Record plunge in foreclosures, thanks to robo-signers

 
 
 
 
 
 
 
 
 
 
 
NEW YORK (CNNMoney.com) -- The number of foreclosure notices filed in November plunged 21%, the biggest month-over-month drop ever recorded by RealtyTrac, the online foreclosure marketer. Filings fell 14% compared with November 2009.
The number of Americans who actually lost their homes to bank repossessions plummeted even more steeply -- to 67,428. That was off a whopping 28% from 93,236 in October. Repossessions are down a third since September. CLICK HERE for Full Article






 

CNN Money Report- Good Time to Buy?

Buying a home now is a no-brainer

 
By Ali Velshi, CNN chief business correspondentDecember 10, 2010: 2:43 PM ET

(MONEY Magazine) -- Is now the right time to invest in a house?
Trick question. Actually, it's two questions.

Question No. 1: Is now the time to buy?
Question No. 2: Is buying a house a good investment?
The first answer is easy: With a few exceptions, if you have 20% to put down and good credit, now is a great time to buy. That's been the case all year, and I'd argue that we're probably closer to the end than to the beginning of the really great time. Let me explain.
Back in January home prices had dropped 28% from their peak. More important, interest rates were at historical lows. By locking in a mortgage for 15 or 30 years on a value-priced home, you were getting an incredible deal, even if home prices decreased. (I took my advice and bought a New York City apartment.) CLICK HERE for full article

Mortgage Rates Drop Even Lower!

Mortgage rates drop again, lowest in decades

30-year benchmark slides to 4.19 percent with 15-year at 3.62 percent MSNBC REPORTS

NEW YORK — Rates on 30-year mortgages fell to 4.19 percent, the lowest level in decades. They were pushed down by lower Treasury bond yields.

Investors are buying up Treasury bonds in anticipation of a move by the Federal Reserve designed to lower mortgage rates and yields on corporate debt.
As a result, the average rate for 30-year fixed loans dropped to the lowest level on records dating back to 1971, mortgage buyer Freddie Mac said Thursday. It's down from 4.27 percent the previous week.
The average rate on 15-year fixed loans fell to 3.62 percent. CLICK HERE FOR FULL ARTICLE

New Listing in Holly Park! 7234 Joplin St

Check Out Harrison's New Listing in Holly Park!

 

 7234 Joplin St, Capitol Heights Md 20743

 Offered at $165,000

MLS# PG7442286

3 Bedrooms

1.5 Bath

Gleaming Hardwood Floors, Granite Counters, Recessed Lighting- Main Level

 3 Bedrooms With Plush, Wall to Wall Carpet &  Switched Lighting w/Ceiling Fans-Upper Level

Family Room with Updated Recessed Lights, New, Contemporary Fireplace & Convenient Access to Backyard & Deck

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CNN Money Reports: 950,000 must repay Homebuyer tax credit

Homebuyer tax credit: 950,000 must repay


By Les Christie, staff writerSeptember 9, 2010: 2:40 PM ET

NEW YORK (CNNMoney.com) -- Nearly half of all Americans who claimed the first-time homebuyer tax credit on their 2009 tax returns will have to repay the government.
According to a report from the Inspector General for Tax Administration, released to the public Thursday, about 950,000 of the nearly 1.8 million Americans who claimed the tax credit on their 2009 tax returns will have to return the money.  CLICK HERE FOR FULL ARTICLE

CNN Money Report:The wasted 4.44% mortgage rate

Historic Low Mortgage Rates, Ample Inventory,  Where is the Boom?

 

by Nin-Hai Tseng, reporterAugust 16, 2010: 5:17 AM ET

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

MSNBC Reports: Mortgage rates drop to New Record low, Again

Mortgage Rates Keep on Dropping

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

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

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

MSNBC Reports: Mortgage rates drop to New Record low

Mortgage rates set new low again

National average for a 30-year fixed loan is at 4.54 percent

 

Mortgage rates dropped to the lowest level on record for the fifth time in six weeks, making homebuying and refinancing the most attractive in decades for those who can get loans.

Freddie Mac says the average rate for 30-year fixed loans this week was 4.54 percent, down from 4.56 last week. That's the lowest since Freddie Mac began tracking rates in 1971.
The last time home loan rates were lower was during the 1950s, when most mortgages lasted just 20 or 25 years.
The rate on the 15-year fixed loan dropped to 4 percent, down from 4.03 percent last week and the lowest on record.
Rates have fallen since the spring. Yields on U.S. Treasury bonds have dropped as jittery investors seek safer investments. Mortgage rates tend to track yields on Treasurys.

Click here for Full Article

Fannie Mae to Hold Appraisers Accountable : Washington Post Reports

To boost quality, Fannie Mae calls for experienced appraisers

By Kenneth R. Harney

Picture this: You've signed a contract to sell your house. Your buyers say they have nailed down the right mortgage. All is well. But then the appraisal comes in low -- $25,000 to $50,000 under what was agreed upon in the contract.
The lender insists on cutting the mortgage amount to reflect the lower appraised value. You refuse to negotiate anywhere near the price indicated by the appraisal, and suddenly -- poof! The whole deal is off. You, the buyers and the agents involved are all left sputtering over the appraisal that scuttled the transaction.Click here for full Article

Tax Credit Closing Date Extended!

Tax credit extension relieves late homebuyers
Deadline to close sale and qualify for up to $8,000 pushed back to Sept. 30

NEW YORK — Homebuyers worried about closing their house purchases by the tax credit cutoff can relax after the government extended the deadline.

Congress sent President Barack Obama a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. The House approved the measure on Tuesday and the Senate approved it Wednesday night. Obama is expected to sign it.
The legislation gives buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the original terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.
The bill only allows people who already have signed contracts to finish at the later date.
Click Here for full article