Shelli Dore’s Real Estate Blog

Posts Tagged ‘USA

Even before the government put pressure on them to embrace short sales, more banks were starting to take their lumps, do the short-sale deals and move on.

Three years into the housing meltdown, short sales have tripled to 40,000 in the first six months of 2009, compared to the same time period a year ago, according to data from the Office of Thrift Supervision and the Office of the Comptroller of the Currency.

Wells Fargo, Bank of America Corp., and JPMorgan Chase & Co. this year have hired and trained more staff to handle short sales and also developed software for expediting them.

“It’s really finally dawning on banks that they’re better off with a short sale,” said Richard Green, director of the Lusk Center for Real Estate at the University of Southern California in Los Angeles. “I think banks were in denial.”

Source: Bloomberg, John Gittelsohn and Margaret Collins (12/4/2009)

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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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…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!

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.

Lauren Sherman, 03.30.09, 04:00 PM EST

U.S. migration may be down overall, but these vibrant metro areas are still attracting newcomers.

Unemployment is on the rise, credit is tight, and consumers aren’t spending–which means they aren’t picking up and moving much either. Very few places in America saw significant population growth in 2008.

But the buzzing metropolitan area of Denver bucked that trend. Its population increased by 2.17% in 2008. In 2007, it increased by 2.09%. In 2008, Denver was the 10th-fastest growing metro area in the U.S.

What’s Denver got that other places don’t? 

Click below or copy and paste this link in your internet browser for the complete article:

http://www.forbes.com/2009/03/30/americans-moving-cities-lifestyle-real-estate-relocating.html?partner=email

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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, March 6, 2009-(MCT/RISMedia)-The Obama administration on last Wednesday detailed its ambitious $275 billion plan to halt soaring foreclosures nationwide, outlining the financial incentives it’s offering investors, lenders and their bill collectors to lure them into modifying distressed mortgages to keep Americans in their homes….

Ambitious Foreclosure Plan Revealed – How Will It 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.

The National Association of Realtors report the Housing Affordability Index rose 13.6 percentage points to 166.8, a new record high.

A value of 100 means that a family with the country’s median income has exactly enough income to qualify for a mortgage on a median-priced existing single-family home. The higher the index, the better housing affordability is for buyers.

The reading shows the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.

"History suggests that home sales can rise even in times of job losses when housing affordability rises," said Yun, adding that he expects sales to turn around by the summer.

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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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