From the monthly archives:
August 2010
by Tayeb Realty GroupAugust 31, 2010
commercial real estate
Average interest on long-term mortgages slid to a record low for the eighth time in nine weeks and could dip more. Freddie Mac reports that 30-year fixed loans averaged 4.36 percent this week, down from 4.42 percent a week ago; the 15-year fixed rate fell to a new low of 3.86 percent from 3.90 percent; [...]
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by John TayebAugust 31, 2010
Foreclosures
The wave of foreclosures appears to be subsiding slightly. According to data from Mortgage Bankers Association’s National Delinquency Survey: • The percentage of loans on which foreclosure action were started during the second quarter was 1.11 percent, down 12 basis points from last quarter and down 25 basis points from one year ago. • The [...]
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by Tayeb Realty GroupAugust 30, 2010
mortgage
Mortgage brokers are engaged in the business of finding you the best home loan. Their true clients are the lenders, and their real “job” is to deliver good, creditworthy borrowers like you. Mortgage brokers have encountered a formidable competitor in the past decade or so, called the Internet. Borrowers can compare loans through sites like [...]
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by John TayebAugust 30, 2010
Foreclosures
Nearly 11 million, or 23 percent, of all residential properties with mortgages were in negative equity at the end of the second quarter of 2010, down from 11.2 million and 24 percent from the first quarter of 2010, according to housing analyst CoreLogic. • Negative equity remains concentrated in five states: Nevada, which had the [...]
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by Tayeb Realty GroupAugust 30, 2010
Housing Market News Update
The National Flood Insurance Program was designed to be self-sustaining, but it’s $19 billion in the hole. The Congressional Budget Office says the program will add $900 million a year to the debt. The reasons, according to a review by USA Today, include leniency in allowing flooded home owners to rebuild over and over in [...]
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by John TayebAugust 27, 2010
Foreclosures
Owner financing can help sell a property even in this challenging market. Banks generally are willing to accepts rent credit for an option to buy as an acceptable down payment, but both buyers and sellers must follow these guidelines for Fannie Mae and Freddie Mac to sanction the transaction. The rental amount must be determined [...]
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by Tayeb Realty GroupAugust 27, 2010
Housing Market News Update
More than 25 percent of today’s renters do not intend to ever become home owners, based on the results of a survey conducted on behalf of San Francisco-based Trulia. Of those who do plan to buy, the real estate information search engine found, two-thirds expect to wait more than two years to do so — [...]
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by John TayebAugust 26, 2010
Foreclosures
Mortgage applications rose 4.9 percent last week as more borrowers refinanced at the lowest rates in decades. The Mortgage Bankers Association said Wednesday the gain was fueled by a 5.7 percent increase in refinancing applications. The number of loans taken out to purchase homes edged up by less than 1 percent. The numbers are adjusted [...]
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by Tayeb Realty GroupAugust 26, 2010
Housing Market News Update
Housing in New York City is on the upswing, bucking the trends in other parts of the country. The city’s median prices are up 14 percent in the third quarter compared to the second and 16 percent compared to the same quarter last year. Sharon Baum, an associate with Corcoran, said sales are brisk. “This [...]
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by Tayeb Realty GroupAugust 24, 2010
Foreclosures
Veterans in Gulf Coast states may qualify for delayed payments if the Department of Veterans Affairs (VA) already guarantees their mortgages. The VA is asking all mortgage companies to waive late payments and suspend negative reporting to credit bureaus on borrowers affected by the oil spill who are out of work. VA has information on [...]
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