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Buyers Often Overlook Insurance Costs

by John TayebMay 8, 2010 Foreclosures

Insurance is usually the last thing people worry about when they are buying a new home. According to the Insurance Information Institute, that’s a mistake, because it will be an expense a buyer will have as long as they own the property. Here are some key issues that the institute urges every buyer to consider: [...]

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Mortgage Rates Hit 6-Week Low

by Tayeb Realty GroupMay 8, 2010 Housing Market News Update

Freddie Mac reports that the average interest for 30-year fixed mortgages was 5 percent this week, down from last week’s 5.06 percent. Meanwhile, 15-year fixed loans averaged 4.36 percent versus 4.39 percent over that same time span. Rates on five-year, adjustable-rate mortgages and on one-year ARMs also were down, averaging 3.97 percent and 4.07 percent, [...]

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Green Buildings Owners Are a ‘Good Risk’

by Tayeb Realty GroupMay 6, 2010 commercial real estate

Insurer Liberty Mutual is debuting a new “green” general liability product for apartments and condominiums as well as offices, retail, and light-industrial buildings. The program’s general liability coverage will eventually be available in all 50 states. The company will offer an indoor environment endorsement that covers bodily injury claims resulting from specialized air- and water-quality [...]

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Mortgage Volume Rises for 3rd Straight Week

by John TayebMay 6, 2010 Foreclosures

Mortgage applications to purchase homes rose 13 percent last week over the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey. This was the third consecutive week applications to purchase homes have increased, rising 24 percent compared to March. On an unadjusted basis, purchase applications increased 14.1 percent compared [...]

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Fannie Tightens Interest-Only Requirements

by John TayebMay 4, 2010 Foreclosures

Fannie Mae announced Friday that it plans to require borrowers using interest-only mortgages to put down 30 percent of the sale price. Fannie Mae also said it will only buy adjustable-rate mortgages underwritten to require that borrowers could afford the loans even if interest rates reset to the higher of either: The loan’s initial interest [...]

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Service Members Get Extra Year for Tax Credit

by John TayebApril 29, 2010 Foreclosures

Members of the U.S. military, foreign service and intelligence communities have another year to purchase a home and claim the home buyer tax credit. Any service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010, has until April 30, 2011, to sign [...]

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Fannie Extends Distressed Property Deal

by Tayeb Realty GroupApril 29, 2010 commercial real estate

Fannie Mae is extending through June 30 an incentive program that gives buyers of distressed properties in its inventory a 3.5 percent rebate of the final sales price. The money can be used toward closing costs or for selected appliances. The program began in January and was set to expire April 30. Fannie has more [...]

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Tax Credits Have Been Pricey and Effective

by John TayebApril 29, 2010 Foreclosures

As the home buyer tax credits near their end, analysts are concluding that the program was both expensive and successful. The Treasury Department estimates that the credits helped 1.8 million people buy homes, but critics reply that two-thirds of the $12.6 billion in credits spent through the end of February went to people who would [...]

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Mortgage Volume Rises to Six-Month High

by Tayeb Realty GroupApril 28, 2010 Foreclosures

Mortgage applications to purchase homes increased 7.4 percent last week on a seasonally adjusted basis compared to the previous week. This was the highest level since October 2009, according to the Mortgage Bankers Association’s weekly report. On an unadjusted basis, purchase applications rose 8.5 percent compared with the previous week and were up 2.4 percent [...]

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Economist Says It’s Time to Raise Rates

by John TayebApril 28, 2010 commercial real estate

Some economists are saying that it’s time for the Federal Reserve to raise interest rates. Ken Rosen, chair of the University of California Fisher Center for Real Estate, says the financial crisis is over and short-term rates today should be 2 to 3 percent. By keeping rates so low, “We are encouraging asset bubbles in [...]

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