Archive for the 'What If Realty News' Category
30-year mortgages dips to 5.93%
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hiWASHINGTON – Sept. 12, 2008 – Rates on 30-year mortgages dropped sharply this week, falling to the lowest level in five months, as the government’s dramatic takeover of mortgage giants Fannie Mae and Freddie Mac had the hoped-for impact of lowering mortgage rates.
Freddie Mac reported Thursday that its nationwide survey found that 30-year, fixed-rate mortgages dipped to 5.93 percent this week, down from 6.35 percent last week.
The sharp decline pushed the 30-year rate below 6 percent for the first time since late May and marked the lowest level for this rate since they averaged 5.88 percent the week of April 17.
Private economists had predicted that the government’s move on Sunday to take control of Fannie Mae and Freddie Mac would result in lower mortgage rates for consumers because it removed a huge uncertainty about the future of the two firms, which own or guarantee half of the nation’s mortgages.
Mark Zandi, chief economist at Moody’s Economy.com, said Thursday that he believed rates could keep falling and perhaps drop to around 5.5 percent on the 30-year mortgage, which would give a further boost to the battered housing market.
“This is the most significant positive benefit of the government takeover of Fannie and Freddie,” Zandi said. “I think it is important that rates have fallen below the key 6 percent benchmark and hopefully rates will move lower in coming weeks.”
The 30-year mortgage hit a high for this year at 6.63 percent on July 24 and had been above 6 percent since late May.
More On the Net: Freddie Mac: http://www.freddiemac.com
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There are other comsumer credit sources!
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hiConsumers often mistakenly believe that mortgage lenders use only credit scores from Equifax, Experian, TransUnion, and Fair Isaac’s myfico.com to gauge creditworthiness.
However, Consumer Reports recently found that lenders also use NextGen FICO scores, FICO Expansion Scores, and Industry Option FICO scores — which take car loans into consideration — as well as custom formulas.
Given that these credit scores or scoring models are not available to consumers, experts say that consumers should not rely solely on available credit scores to determine their likelihood of getting a loan. They would be wise to make timely bill payments, make more than the minimum payment, hold down credit card balances, and retain old accounts.
Additionally, experts say it might be worth keeping tabls on other credit scores, such as Experian’s PLUS scores, which are not yet sold to lenders but could be in the future.
Source: Allentown Morning Call (PA) (09/02/08)
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Smart Buyers should watch the news carefully in 4Q2008
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hiThere will likely be news of a glut of foreclosures hitting the market in 4Q2008 along with some other negative indicies. Be careful not to go to sleep at the wheel. When the market turns in a positive direction as the inventory of dwellings decreases, the window of maximizing your investment will close quickly by the end of 1Q2009. If there is a type home and area inwhich you wish to purchase, watch it automatically in whatever frequency you wish by visiting http://WhatifFlorida.com and click on search listings.
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Housing Market indicators will turn positive in 1Q2009
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hiAlthough we will not know for sure until we have 12 months of data , I have predicted that all indicators will turn positive for Florida Gulf Coast real estate in March 2009. In meetings with Tampa Bay business entrepreneurs I have forecast an increase in housing starts, unit home sales, average selling price and first time buyers. This would be coupled with a decrease in actual foreclosures and wholesale bankruptcy auctions and the like.
But I believe that any change to limit the legal US Immigration flow, continued credit tightening, increase in capital gains taxes or repealing the Bush Tax Plan could change the beginning of a recovery for at least 12 months. When asked about the basis for my prophecy, I have explained that all of the many indicator trend lines that I track, are starting to cross each other and that will cause the bounce off the bottom needed on the Florida Gulf Coast and Florida Real Estate in General.
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Florida’s existing home sales stay flat year on year
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hiORLANDO, Fla. – Aug. 25, 2008 – Single-family existing home sales rose in Florida for the first time in more than two years: While only six more homes sold in July 2008 than in July 2007, it could indicate stabilization in Florida’s housing sector, according to the latest housing statistics released by the Florida Association of Realtors® (FAR).
A total of 11,498 existing homes sold statewide last month while 11,492 homes sold in July 2007, maintaining the same level of sales activity in the year-to-year comparison, according to FAR. The last time statewide sales of existing homes outpaced the previous year’s sales figure was in the year-end 2005 report, according to FAR records, when sales were up 2 percent over year-end 2004.
Florida’s median sales price for existing homes last month was $193,600; a year ago, it was $238,900 for a 19 percent decrease. But, looking back to July 2003, the statewide median sales price for single-family homes has increased 18 percent over the five-year-period, according to FAR records – at that time, the statewide existing-home median price was $164,000. The median is the midpoint; half the homes sold for more, half for less.
Industry analysts predict that the housing stimulus bill recently passed by Congress should help boost the housing sector’s recovery. Existing home sales nationwide are expected to show some modest improvement in the coming months, according to the latest housing outlook from the National Association of Realtors® (NAR). With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009
More than half of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in July; seven MSAs also showed gains in condo sales. Realtors around the state reported increased business activity, including more telephone calls, more home showings and a rise in pending sales.
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