Real Estate Blog

RealtyTrac’s May 2008 foreclosure report looks terrible in the papers, but there’s good reasons why we don’t get our news from the headlines only. A deeper look at the data shows that the whole country is not being impacted equally. California is home to 8 of the 10 most foreclosure-heavy cities in…

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The 80/20 Rule Of Foreclosures in America (May 2008)

I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week’s survey is now available. As a reminder: The survey is for conforming loans only. You’re welcome to email me about your pending plans to purchase or refinance. I twitter market updates a few times daily. Follow…

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Bankrate.com Mortgage Trend Index (June 12, 2008)

Members of the Federal Reserve turned up the inflation chatter since late-May and mortgage rates are suffering. Even worse, it’s creating a confusion among home buyers because lender pricing is expiring multiple times daily. As a general rule, inflation is bad for mortgage rates because it causes…

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T-Minus 2 Weeks Until The Fed Hikes The Fed Funds Rate?

These photos represent six neighborhoods in America and their respective real estate markets. They are six different neighborhoods with six different feels, each with its own character and flavor. Some have dogs, some are blue, some are smiling — some are young, some are old, some are blurry. Now,…

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Using Mosaics To Show Why There’s “National Real Estate News” Is Useless

These photos represent six neighborhoods in America and their respective real estate markets. They are six different neighborhoods with six different feels, each with its own character and flavor. Some have dogs, some are blue, some are smiling — some are young, some are old, some are blurry. Now,…

Read the full post at http://www.themortgagereports.com

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Using Mosaics To Show Why “National Real Estate News” Is Useless

If you look at the mortgage rate environment over the last six months, not much has changed. 30-year fixed rates are still hovering near 6 percent 7-year ARMs are a little lower than 30-year fixed rates 5-year ARMs are a little lower than 7-year ARM rates Overall, nothing much has changed. But on a…

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Why Even “The Gamblers” Are Asking To Lock Mortgage Rates As Early As Possible

This ad plays up a long-standing American fear — that credit inquiries will drop a person’s credit score below a hypothetical mortgage “approval line”. It’s “fear-selling” at its worst and tactics like this are for weak salesmen looking for weaker customers. Because the best way to combat fear is…

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“We Do Not Pull Credit” Is Not A Selling Point, It’s A Sales Tactic

Fannie Mae’s new mortgage guidelines rightfully scrutinize buyers and owners of condominiums. Since late-2007, mortgage markets have a new emphasis on collateral, or the value of the underlying property, and in a condo building, collateral can be wiped out for reasons beyond the borrower’s control:…

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Why New Construction Condo Mortgage Guidelines Should Be Granted “Special Exceptions”

This weekend, Fannie Mae is overhauling its mortgage approval system. Earning an “Approve/Eligible” is going to be decidedly tougher than in the past. For home buyers that have been in the market since January, this is not news; Fannie has been steadily trimming its serviceable market. Its changes…

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Fannie Mae Cheatsheet : New Guidelines Start Monday, June 2, 2008

I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week’s survey is now available. As a reminder: The survey is for conforming loans only. You’re welcome to email me about your pending plans to purchase or refinance. I twitter market updates a few times daily. Follow…

Read the full post at http://www.themortgagereports.com

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Bankrate.com Mortgage Trend Index (May 29, 2008)

When energy costs increase, there are two ways it can knock the economy out of equlibrium: Businesses cut back on spending, creating a recessionary ripple effect Business pass on higher costs to consumers, creating an inflationary ripple effect But when…

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The Oil-to-Mortgage-Rates Chain Reaction

I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week’s survey is now available. As a reminder: The survey is for conforming loans only. Asking “Where are rates headed?” is not mortgage strategy — it’s…

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Bankrate.com Mortgage Trend Index (May 22, 2008)

“Can you run payments for me?” It’s one of the most common questions that my home-buying clients ask me. They find a home in, say, Montgomery and want to know what their monthly mortgage payment look like. Some loan officers…

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Excel Formulas : How To Calculate Your Mortgage Payment

Since the Fed made its emergency rate cut in January 2008, we’ve talked a lot of mortgage rate volatility. Some days up, some days down, most days all over the place. This pie chart should help put it in perspective.



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Proof: Mortgage Rates Are “Expiring” Within Hours

This photo was taken last week immediately after my first $60 tank of gas. I mumbled under my breath for a few minutes, then called my wife. I wasn’t angry, mind you. Just mindful of the fact that I spent…

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The Misleading Nature Of Consumer Confidence Surveys