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Dennis Norman Today’s existing home sales report from theNational Association of REALTORS(R) shows existing home sales in September were at at a seasonally adjusted-annual rate of 4.53 million units which is an increase of 10.0 percent from August but is a a decline of 19.1 percent from a year ago. [...]
Dennis Norman If there is a silver lining to the lousy real estate market we’ve witnessed over the past 3 years, maybe this is it….housing affordability! According to the Beacon Economics Home Affordability Index, homes selling in August were at their most affordable level sinde data became available over 40 years ago (1969). The [...]
Dennis Norman Fannie Mae is offering 3.5 percent in closing cost assistance and a $1,500 bonus to buyers’ real estate agent or broker for people purchasing a Fannie Mae-owned HomePath® property. Fannie Mae is trying to entice buyers to buy one of their [...]
Dennis Norman After July’s existing home sales fell over 27 percent and hit ROCK BOTTOM, August didn’t fare much better….. Today’s existing home sales report from theNational Association of REALTORS(R) shows existing home sales in August were at at a seasonally adjusted-annual rate of 4.13 million units which is an increase of [...]
Dennis Norman Fannie Mae announced this week that it is expanding the Freddie Mac First Look Initiative so any home shopper can buy a HomeSteps® home as their primary residence during the first 15 days of the property’s listing without competition from investors. HomeSteps is the real estate sales unit of Freddie Mac and [...]
Dennis Norman Fannie Mae conducted a National Housing Survey poll between June 2010 and July 2010 to asses homeowners and renters’ confidence in home-ownership as an investment, the current state of their household finances and overall confidence in the economy. The finding from this survey were compared with a similar survey conducted by Fannie [...] New regulations signed into law by the President allow HUD to increase the amount of premiums charged for FHA single family housing mortgage insurance programs, however lower that actual up-front cost paid by borrowers. [...]
Dennis Norman While much of the talk (including mine) about the real estate market is somewhat negative, there are some positive things to talk about; home prices have fallen back to levels they were at 7 years ago or more and home mortgage interest rates have hit the lowest levels in decades making a [...]
Dennis Norman When I first entered the real estate business in 1979, at the age of 18 which seems so long ago) foreclosures were a mystery to most people and certainly no one looking for a home to live in looked to buy a foreclosure. Homes that were being foreclosed upon were advertised in [...]
Dennis Norman Before you decide on a mortgage make sure you fully understand all the terms of the loan and make sure you know what you are getting yourself in for. Some home mortgages have features that may be risky and make it difficult for you to make your payments in the future. Be [...]
Dennis Norman Beginning last November I have written several articles about the “sugar-rush” effect of tax credits and other stimulus on the housing market and voicing my concern that these things are short lived (like a sugar rush on a child) and after the sugar wears off there is a crash….Well, as expected, here [...] UPDATE-July 1- GOOD NEWS! I Stand Corrected! Yesterday, before ending session, the Senate did PASS H.R. 5623 by Unanimous Consent…the bill now goes to the President for his signature and then will extend the closing date until September 30th… UPDATE-June 30th-As the Willie Nelson song goes. “Turn out the lights, the party’s over”….well at [...]
Dennis Norman The deadline to purchase a home to qualify for the extended home-buyer tax credit was April 30th with a deadline of June 30, 2010 to close the sale. Since the deadline to purchase I have heard from many buyers with questions and concerns as they realize that, while they made the April [...]
Dennis Norman Last month I did an article, “Should You Rent Or Buy A Home?“, in which I discussed a survey that was done by the National Apartment Association which indicated 76 percent of consumers surveyed believed renting to be a better option than home ownership. Well, today Trulia released it’s new “Rent vs. [...] New Survey Finds 76 Percent of Consumers now Believe Renting to Be a Better Option Over Homeownership Advantages Cited Include Flexibility to Move to a Different Location with New Job Opportunities
Dennis Norman Last month I did a post addressing housing affordability, the cost of renting versus owning a home, and whether the [...]
Dennis Norman In an effort to “support overall market stability and reinforce the importance of borrowers working with their lenders when they have difficulty paying their mortgages”, Fannie Mae has eased their policies with regard to the eligibility of borrowers to obtain a new mortgage loan after having a short-sale or deed-in-lieu of foreclosure. [...] Survey Shows More Than 80 Percent of First-Time Home Buyers Believe Now Is a Good Time to Buy a Home
Dennis Norman Century 21 Real Estate LLC announced the results of its First-Time Home Buyers and Sellers Survey, which captured and compared the opinions of prospective home buyers and sellers who either purchased or sold their first home within the past year or are planning to buy or sell their first home within the [...]
Dennis Norman Relocation.Comconducted a survey in February which shows California, Florida, Texas, Georgia, Arizona, Illinois and North Carolina are the top five destinations where people are moving this year (Illinois and North Carolina tied for 5th). One in five respondents said they moved to a new location with a lower cost of living and, [...]
Dennis Norman According to the Economics and Mortgage Market Analysis report just published by Fannie Mae, the weather was the culprit for the slow-down in home sales at the beginning of this year however, we did not get the boost they were anticipating from the extension of the tax credits. “Unfortunately, despite the high [...]
Dennis Norman The Internet Crime Complaint Center (IC3) and the Federal Bureau of Investigation have published a report about common real estate scams and rental scams they are finding and how to avoid them. Like most scams there are warning signs and red flags that can help you avoid falling victim; knowing what to [...]
Dennis Norman Fannie Mae is offering 3.5 percent in closing cost assistance or an equivalaent amount in appliances for people purchasing a Fannie Mae-owned HomePath® property. Fannie Mae is trying to entice buyers to buy one of their HomePath® homes by offering to pay up to 3.5 percent in closing cost assistance or an [...]
Dennis Norman If you are one of the million-plus homebuyers that was fortunate enough to qualify for the Home Buyer tax credit, read on for information on how to claim your credit. Today the Internal Revenue Service released a new form that eligible homebuyers must need to use to claim the first-time homebuyer credit this [...] Dennis Norman In the past I think closing costs associated with the purchase of a home were pretty much a mystery to many, if not most, home buyers with many not even being sure what they were paying for. Most buyers simply went through the process, paying for closing fees, notary fees, title examination, title insurance, survey, flood [...] According to NAR 51 percent of recent homebuyers are first-time buyers and 39 percent of recent home sales have relied on an FHA loan Dennis Norman The National Association of REALTORS just released a report showing that 51 percent of the homes sold recently have been to first-time home buyers and that 39 percent of all recent buyers have turned to [...] Dennis Norman I have done several posts on the homebuyer tax credit and received and answered hundreds of questions about the tax credits on the various blogs I write for. There appears to be a lot of demand for the credits by homebuyers but also appears to be many questions. If you have questions [...] First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify WASHINGTON — A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers. The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline [...] New Site Aimed at Helping More Hispanics Buy Homes FannieMae announced the company launched a Spanish version of its HomePath.com website designed to help more potential homeowners who speak Spanish purchase Fannie Mae-owned properties. The new website in Spanish mirrors the English version of HomePath.com featuring an interactive search tool of Fannie Mae-owned properties [...] Dennis Norman The best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, (expires November 30) and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee yesterday. NAR Regional Vice President Joseph L. [...] Dennis Norman Today, testifying before The US House of Representatives Small Business Committee, the Mortgage Bankers Association (MBA) told the committee that the current credit cycle and recession began in the U.S. housing market, and recovery will not be complete until the current oversupply of house on the market has dramatically decreased. The MBA [...] Dennis Norman Results have just been released of a study conducted by Rosen Consulting Group as to the effectiveness of the 2009 first-time-homebuyer tax credit and the potential need for an extension of the credits. The Rosen Consulting Group was retained by Fix Housing First, a coalition that was originally working to convince Congress for [...] |
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