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Posts Tagged ‘housing’

    

President Obama just announced a plan to help US families.  And, miraculously, he doesn’t need the approval of Congress to help us.

  • Obama promised relief to homeowners who are trapped in high rate loans by banks.  If a homeowner is current on their current high interest loan payment, they can not be turned down for a lower interest rate loan that reduces their monthly payment.
  • Obama will cut closing costs for loan refinancing on FHA loans to make refinancing affordable.  The average borrower will save at least $1000 a year in fee’s and charges, in addition to saving about half of the closing costs on the new loan.
  • Obama waives appraisal value as a criteria for refinancing a high rate loan.  In other words, your bank can no longer use an appraisal against you…no matter how much you owe on your current loan.
  • Obama promises to compensate all US Servicemen and Veterans who were foreclosed upon during their tour of duty.  All Veterans who attempted to refinance their home to avoid foreclosure, and were turned away by their lender…are entitled to full compensation for all penalites, fee’s and losses.

We applaude this action and feel that it is long overdue.  This is exactly the type of change that Americans, and the housing market, need to avoid further personal and financial losses.  There is no legimate reason for a bank, who received taxpayer handouts, to turn down a borrower who wants to benefit from low Fed bank rates.   If a borrower is able to afford a $1500 house payments at a 10% interest rate, then why would a lender turn them down for a loan payment of a $1000 per month at 4.5%?    The only answer is a unfortunately a common one…GREED.    Banks are closing ranks to protect their 10% rate of return from dropping to 4.5%, even though the Fed’s (ie: taxpayers) are giving them the money for nothing.

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Housing Returns Beat Gold, Hands Down

Monday, January 3, 2011 posted by Tommi Crow

Returns on Housing Beat Returns on Gold, hands down. Owners of Residential Real Estate reaped returns 150 percent higher than the Gold Bugs over the last 30 years. And, unlike gold, we can live in our houses, reap tax benefits for ownership and receive a $500,000 non-taxable gain on our homes when it’s time to sell. Real Estate Bulls Rule!

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Mortgage Rates Jump over the Holidays

Thursday, January 7, 2010 posted by Tommi Crow

Mortgage Rates jumped nearly one-half percent during the week ending January 1, 2010.  The average rate climbed to 5.18 percent, up from 4.92 percent one week earlier.

Overall demand for home financing has also fallen dramatically.  Loan applications were down 23 percent the last week of December.  Even worse, applications for refinancing were down a whopping 30 percent.

Through the grapevine… I continue to hear from brokers, loan officers and buyers that loans and appraisals are very difficult to obtain.  Apparently, our lenders don’t want to loan any of their money for real estate these days. 

Side note… The banks are also sitting on 2 million foreclosed homes, apparently waiting and praying they’ll make more money later on…hmmmm…. I guess we’ll take their position as a positive sign.  Since they are willing to set on these non-performing assets, I assume they expect less competition later in the year or firmer pricing…

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Dispute Between

Neighbors – this is a

true story…

A city councilman in Utah , Mark Easton, had a beautiful view of the east mountains, Until a new neighbor purchased the lot below his house and built a new home.

The new home was 18 inches higher than the ordinances would allow, so Mark Easton, mad about his lost view, went to the city to make sure they enforced the lower roof line ordinance.


The new neighbor had to drop the roof line, at great expense.

Recently, Mark Easton called the city, and informed them that his new neighbor had installed some vents on the side of his home.

Mark didn’t like the look of these vents and asked the city to investigate.

 

 

When the city went to Mark’s

home

 

to see what the vents

looked like,this is what they

found…

 

Sorry, but we had to chuckle and thought our readers might enjoy this, especially on tax day.  We’ve heard about neighbors who use spite fences to communicate their feelings about their neighbors, but this was a new one for us.   

Thank you for visiting InfoTube.net. homes for sale or rent website.  If you have any stories to tell us, please feel free use the comment link below or email to tommi@infotube.net
 

 

Reverse Mortgage-Keep Your Home and Make Money

Wednesday, November 5, 2008 posted by Tommi Crow

 High energy costs, the stock market crash and the dismal housing market have converged to make 2008 one of the scariest economies in over 70 years.  Many people fear that they can not meet their monthly expenses this winter.  Further, many feel trapped, living in houses that they can not afford  and can not sell.   One answer for those over the age of 62, may be a Reverse Mortgage.

 

What is a Reverse Mortgage?

A reverse mortgage is a program for Seniors age 62 and older.  The program enables homeowner’s to receive part of their home equity as tax-free income without having to sell their home, give up title or pay a mortgage payment.

How Does a Reverse Mortgage Work?

The homeowner pledges the home as collateral for the loan, but does not make any mortgage payments on the amount borrowed.  The borrower receives their equity as a lump sum, a monthly payment, a line of credit, or a combination of the three.   The amount owed to the lender can never exceed the value of the home

No money needs to be repaid to the lender until the borrower no longer occupies the property as a principal residence.   If the borrower dies, sells the home or moves, the lender will sell the property to pay back the loan.   If the amount owed is less than the sales price, the excess money is returned to you or your estate.

What Can I Use the Money For?

The money you receive can be used for anything.  You can use the funds to supplement your retirement income, repair or remodel your home, pay for health care, living expenses, pay off debt, buy a new car, take a vacation or prevent a foreclosure.

Why Should You Avoid a Reverse Mortgage?

If you intend to leave your home within 2-3 years, there are less expensive options you may want to consider.  Because of the upfront costs associated with a reverse mortgage (approximately 2-3 percent), home equity loans or a tax deferral program may save you money on borrowing costs.

If you want to leave your home to your heirs, you should also consider other options.   In most cases, the home will have to be sold in order to pay back the reverse mortgage.  A better option would be to sell the home to your heir’s now, and rent it back from them for your lifetime use.

How Did Reverse Mortgage Get Its Name?  

It is called a reverse mortgage because the typical flow of money is reversed.  Instead of the borrower making monthly payments to the lender, as is customary, the lender makes payments to you.

How Do I Find Out More About Reverse Mortgages?

The non-profit site Reverse Mortgage has all the facts and information you need to make a decision.  Topics on the site include the rates charged by different lenders, info about the effects of reverse mortgages on social security, medicare and medicaid benefits, special requirements and a whole lot more.

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4 Economic Prediction’s for 2009

Tuesday, October 28, 2008 posted by Tommi Crow

As the owner of a small, woman-owned business for the last 25 years, I have experienced a lot of market up’s and down’s.  And, while the 2008 market is unique to itself, it does have similar traits with other declines in the real estate, financial and equity markets that we can draw from.

So, what does my experience tell me about predictions for equities and housing in 2009?

  1. Housing has further to fall in 2009.    Housing has a bit further to fall as inventories remain at historical highs, and new inventory is being added daily.   We are currently foreclosing on 10,0000 homes per month on average, and the end is no where in sight.  The numbers of loan deliquencies and defaults are increasing, keeping downward pressure on home prices and upward pressure on unsold inventory.  
  2. More Trouble Finding or Keeping A Job in 2009.   The U.S. unemployment rate is growing along with the national debt.    As business continues to slow, we will see more layoff’s and company closings in industries such as building and contruction, financial’s, auto’s, airlines, travel and retail.
  3. Credit Problems in 2009.   Lenders will be very cautious about loaning money, even to their best customer’s, until they divest themselves of unperforming assets.  The spread’s on mortgage rates will remain high in 2009, increasing the costs to borrow.
  4. Wall Street in 2009.   The stock market looks forward, not backward.  The recent sell off was not caused by horrific events which occurred in 2008 or earlier.  The recent, unprecedented stock market decline, tells us that Wall Street expects and has priced in, that 2009 will be one of the worst ecomonic periods in U.S. history.   If the street thinks the economy will improve in 2010, then 2009 should be an up year for equities.  But, sit on cash for now, as it is really too early to tell.

For all the reasons above, I do not see a rosy 2009.  But, that being said, I do see the opportunities that will present themselves.   With regard to housing, I think we are nearing the bottom and price declines indicate that a lot of the risk is off the table.  For those that are investing in real estate for the long term or for a place to live, I don’t see prices getting remarkably cheaper from here.  Buyer’s planning to hold for five years would probably do well to take advantage of today’s interest rates.  I see higher lending costs in the future, due to government borrowing, earning slowdown’s and regretable past mistakes.

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