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From the monthly archives:

February 2010

30-Year Mortgage Rate Tops 5 %

by Tayeb Realty GroupFebruary 27, 2010 Housing Market News Update

Average rates for conventional 30-year mortgages went up to 5.05 percent this week from 4.93 percent a week earlier, according to Freddie Mac. Interest on 30-year fixed loans had been below 5 percent for the past three weeks, close to the all-time low of 4.71 percent set in December. The 15-year fixed rate also rose [...]

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Should Buyers Try to Beat the Tax Credit?

by John TayebFebruary 27, 2010 Foreclosures

Some potential home buyers say they’re holding out until the tax credits expire on the theory that prices will decline once the buying incentive is gone. One person who commented on the dilemma on Zillow.com wrote: “I’ve seen prices in my neighborhood jump up over $30k since the credit started.” In some markets, waiting is [...]

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Existing-Home Sales Down, Prices Steady

by Tayeb Realty GroupFebruary 27, 2010 Foreclosures

Existing-home sales fell in January but are above year-ago levels, according to the National Association of REALTORS®. Existing-home sales — including single-family, townhomes, condominiums, and co-ops — dropped 7.2 percent to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5 percent above the [...]

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MBA Plan to Help Jobless Pay Mortgage

by John TayebFebruary 25, 2010 Foreclosures

The Mortgage Bankers Association outlined a plan Wednesday that would help the unemployed pay their mortgages for up to nine months. The MBA proposed that loan servicers reduce borrowers’ monthly payments to no more than 31 percent of their household income with the arrears added to the back-end of the mortgage. The association asked the [...]

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Fed: Interest Rates to Remain Low

by Tayeb Realty GroupFebruary 25, 2010 commercial real estate

Investors breathed a sigh of relief Wednesday when Federal Reserve Chair Ben Bernanke told Congress that interest rates are likely to remain low for an extended period. The economy, he said, “still requires support for recovery.” Investors see these low rates as a boon to a recovery of employment and business. Bernanke’s announcement also took [...]

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Living Big in a Small Home

by Tayeb Realty GroupFebruary 25, 2010 Home Renovations

After years of upsizing, Americans are enjoying the benefits of more modest living spaces. With the average home size declining, owners are cleverly doing more with the square footage they have. Years before house staging came into vogue as a sales tool, Howard Hoffman was helping sellers rearrange their furniture to maximize floor space and [...]

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Being a Landlord Can Be Increasingly Profitable

by John TayebFebruary 24, 2010 Housing Market News Update

Despite falling rents and rising vacancies, the profitability of residential rental property is improving. Investments in apartment complexes are generating annual returns of 7-8 percent immediately because purchase prices have declined. Buying a rental property isn’t for everyone. It requires putting down at least 50 percent in cash because banks are reluctant to lend more. [...]

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Treasury Proposes Plan to Help Borrowers

by John TayebFebruary 23, 2010 Foreclosures

The U.S. Treasury Department is considering a plan to improve the chance that distressed home owners will get help from federal programs. Among other things, Treasury proposes to give borrowers 30 days to respond when they are denied a loan modification under the Home Affordable Modification Program (HAMP). During that time, the lender couldn’t auction [...]

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Short Sales Rise in Popularity, Survey Finds

by Tayeb Realty GroupFebruary 23, 2010 Housing Market News Update

Short sales accounted for 15.9 percent of home purchases in January, according to a survey by Campbell Surveys for Inside Mortgage Finance. Before January, the peak in short sales had been 15.1 percent in October. They declined substantially in November, probably because of the number of first-time home buyers hoping to use the tax-credit that [...]

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Foreclosure Bargains Getting Harder to Find

by John TayebFebruary 23, 2010 Foreclosures

Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking. The number of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital. Not only have attractive homes in popular neighborhoods already [...]

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