Shelli Dore’s Real Estate Blog

Posts Tagged ‘Mortgage

Colorado home mortgage rates continue to sink this week, reaching 4.54 percent on a 30-year fixed loan Wednesday, according to Zillow Mortgage Marketplace.

Rates averaged 4.62 percent last week, 4.66 percent the week of Nov. 9 and 4.77 percent the week of Nov. 2, Zillow reported.

Zillow says its figures on mortgage rates are based on borrower credit scores over 680 and a down payment of 20 percent or more.

The average 30-year fixed nationwide rate was 4.57 percent Wednesday, Zillow said.

Separately, Freddie Mac calculated average 30-year fixed mortgage rates nationwide at 4.78 percent with an average 0.7 points for the week ending Wednesday, the lowest rate since April 30. Freddie Mac calculates average rates for a broader range of credit scores and down payments.

The average 30-year fixed rate was 4.83 percent last week. A year ago, it was 5.97 percent, Freddie Mac said.

Low rates and the homebuyer tax credits, continue to get much of the credit for a rebound in housing sales.

The Commerce Department Wednesday reported sales of new homes rose a better-than-expected 6.2 percent in October, although they slipped in the western states, including Colorado.

The National Association of Realtors says sales of existing homes surged 10.1 percent last month.

And a Metrolist Inc. report on Nov. 6 said that in the Denver metro area, home resales increased 2.9 percent in October from September, but were down 7.6 percent from October of last year.

Thursday, November 26, 2009
Denver Business Journal

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Even as the housing market continues to stagger, foreclosure filings in October declined for the third month in a row. Foreclosure filings were reported on 332,292 properties last month, or 3 percent fewer than September’s tally, real estate firm RealtyTrac said today. Even though filings remained 19 percent higher than a year earlier, “[t]hree consecutive monthly declines is unprecedented for our report,” RealtyTrac CEO James Saccacio said in a statement. But with unemployment busting through the 10 percent threshold and a slew of state and federal initiatives against foreclosures in place, foreclosure trends aren’t as optimistic as they may appear in this report. Here are five things you need to know:

1. Obama rescue: The monthly foreclosure decline comes as the Obama administration ramps up its sweeping effort to get as many as 4 million struggling homeowners into more affordable mortgages. On Tuesday, the Treasury Department said it had extended more than 650,000 trial loan modifications through October, putting it on track to meet its ambitious goals. However, mortgage modifications have a checkered history of success, and it remains unclear how many of these borrowers will simply fall behind on their new loans. The concern is that the program may be delaying foreclosures rather than preventing them. “Every loan servicer or lender I have spoken to in the last couple months has basically told me that they have had to slow down foreclosure initiations because they have had to re-evaluate their portfolio of loans to see which ones qualify for [a rescue program],” says Rick Sharga, RealtyTrac’s vice president of marketing. There are about 5.5 million delinquent loans. It just takes an awful lot of time to go through each loan individually.”

[Check out Obama’s Loan Modification Plan: 7 Things You Need to Know.]

2. State rescue efforts: While the Obama administration’s is the most expansive, the foreclosure crisis has prompted a number of state governments to launch housing rescues of their own. But as was the case with the Treasury Department, it’s possible that these state-level initiatives are just postponing reality. Take Nevada, for example. With 1 in every 80 households getting a filing last month, Nevada has the nation’s highest foreclosure rate. However, a new state law requiring foreclosure mediation helped trigger a 26 percent plunge in foreclosure activity from September and a 4 percent drop from a year earlier, Sharga says. Mediation very well may put some troubled borrowers into sustainable home loans, but it’s quite likely that others will just redefault at a later date. “The intention is good,” Sharga says. “But there will be a bill to pay at the end of this.”

3. Seriously delinquent: To get a sense of where foreclosures may head from here, economist Patrick Newport of IHS Global Insight points to Fannie Mae’s serious delinquency rates, which track loans mostly made to well-qualified borrowers. The serious delinquency rate hit 4.45 percent for single-family-home loans in August, up sharply from 4.17 percent in July and just 1.57 a year earlier. “That number keeps on growing, and the monthly increments keep getting bigger,” Newport says. “I am almost sure that the foreclosure rate is going to continue to rise.”

4. Unemployment problem: These days, the primary driver of home foreclosures isn’t exotic mortgage products but the nation’s dismal labor market. As more people lose jobs, a growing number of borrowers—even those with sound credit histories—can no longer pay their mortgage. And with the unemployment rate hitting 10.2 percent last month, job losses will continue sending homeowners into foreclosure. “I don’t think that foreclosures are going to peak until the unemployment rate does,” Newport says. Newport projects the unemployment rate will peak at around 10.5 percent sometime in the middle of next year.

5. Hole in the rescue: Rising unemployment also highlights a gaping hole in the Obama administration’s housing rescue. Homeowners need an income stream in order to qualify for a modification, which makes anyone who can’t pay their mortgage because of a job loss ineligible. But borrowers facing foreclosure after losing a job are increasingly at the heart of today’s housing crisis. The administration’s initiative “was not designed to address foreclosures caused by unemployment, which now appears to be a central cause of nonpayment,” a congressional oversight panel said in an October 9 report. “It increasingly appears that [the Obama administration’s housing rescue] is targeted at the housing crisis as it existed six months ago, rather than as it exists right now.”

By Luke Mullins
Posted: November 12, 2009
USNews

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Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

1. Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

2. What is the definition of a first-time home buyer?

Click here for all FAQs!

Please read the following carefully and pass it along to anyone you know.

There are many “Foreclosure Rescue” scams beginning to surface in light of the government’s moves to help prevent foreclosures.

Here are some things to remember:

1. There is never a fee to get assistance or information about the government’s Making Home Affordable program.

2. Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house.

3. Never submit your mortgage payments to anyone other than your mortgage company without their approval.

For more information on how to get help please click:

www.makinghomeaffordable.gov
Beware of Foreclosure Rescue Scams – Help Is Free

OR CALL 1.888.995.HOPE(4673)

Please call me with questions or for more information. As always I’m here to help.

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Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

Neighborhood Stabilization Program (NSP), which was created by the Housing and Economic Recovery Act of 2008 to address the problems that can be created to foreclosure-ridden neighborhoods.

According to U.S. Housing and Urban Development, "The NSP Program also seeks to prevent future foreclosures by requiring housing counseling for families receiving homebuyer assistance. In addition, the Agency seeks to protect future homebuyers by requiring States and local grantees to ensure that new homebuyers under this program obtain a mortgage loan from a lender who agrees to comply with sound lending practices."

Some highlights…

Energy Efficient Housing Tax Credits & Grants
— homeowners will be able to claim a 30% tax credit for purchases of new furnaces, windows and insulation through 2010.

Broadband Deploymen
t – Why should you care? A 2006 Commerce Department report determined that property values are 6% higher in communities where broadband is available.

Other provisions funded Rural Housing Service, Transportation Investments, Low Income Housing Grants, Tax-Exempt Housing Bonds, all of which benefit our communities by increasing or helping to stabilize housing values throughout the country.

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Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

RISMEDIA, April 4, 2009-The Federal Housing Administration (FHA) is a primary source of mortgage financing for millions of America’s families and plays a key role in helping bring stability to the housing market. This is the message…

Continued…

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Your friend in the real estate business,

Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

Michael Hudson, 04.08.09, 12:00 AM EDT

These days, some drivers are sporting bumper stickers that say: "Honk if you’re paying my mortgage." CNBC on-air reporter Rick Santelli sparked a firestorm by calling people struggling to keep up with their mortgages "losers."

As federal policymakers have moved to provide assistance to borrowers who are in danger of losing their homes, these affronts–and other blame-the-borrower rhetoric–are on the rise. Some commentators are publicizing the fiction that it was greedy borrowers who brought down our economy by buying homes they couldn’t afford…

READ MORE

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Your friend in the real estate business,

Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.


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