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Tag: ideasMortgage approvals are getting more difficult. Again. After reviewing recent unemployment data and market fluctuations, plus patterns of mortgage fraud, Fannie Mae is making major mortgage guideline changes for the first time in more than 6 months. The changes are broad, impacting 15 separate areas of the mortgage approval process. The most impactful change may be Fannie Mae’s new restrictions on mortgages for 2-unit properties.
Credit:
Fannie Mae Toughens Guidelines On 2-Unit Homes, Trailing Spouses And Retirement Portfolios
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Setting aside the personal pain foreclosures can cause, the massive mortgage default numbers have a silver lining. Both first-time home buyers and opportunistic real estate investors can now buy foreclosed homes at relatively low prices and finance them at attractive mortgage rates. Meanwhile, Foreclosure search engines are rarely free but often come with “trial periods”. Trial memberships are usually full-featured and you can use your 7 free days to make an unlimited number of queries to help ascertain whether or not the foreclosure market is a good fit for your personal real estate goals.
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Just mention Fargo, ND and people who know Fargo, the movie, smile with delight, knowing this dark comedy spoofs the residents of this northerly city in a loving, endearing way.
Here’s a sampling of Fargo lexicon via IMDB:
Jean Lundegaard: [chopping vegetables] Hiya, hon! Welcome back! How was Fargo?
Jerry Lundegaard: Yah, real good now.
Jean: Dad’s here.
[Jerry's mood changes as he hears this news]
Jerry: Is he stayin’ for supper then?
Jean: I dunno… I think so. Dad?
Wade Gustafson: What?
Jean: [thick Minnesota accent] You stayin’ for supperrrrr?
Wade: Yah!
To non-Fargoians, Fargo seems like a remote outpost that people would want to move away from, not move to. However, CNN reporter Gary Tuchman paid a visit to Fargo to find out why Fargo is thriving and is not feeling the effects of high unemployment rates, slow real estate sales, and enjoys a state budget surplus of $1 billion while other states, like California, are near bankruptcy. This is what he found in Fargo:
- Unemployment rate of 3.4 percent (national average: 7.6 and growing)
- Realtors report continuing increases in housing sales
- North Dakota state budget has a one billion dollar surplus
- North Dakota has oil
- “Their upper Midwest Scandinavian sensibilities,” which results in financial practicality and conservatism.
- Bankers in Fargo have been very conservative about loans and mortgages and have had a small amount of foreclosures compared to the rest of the nation.
Too bad the rest of the nation didn’t latch onto these sensibilities.
Ready to move to Fargo? The local Fargo community is enjoying a Zillow Home Value Index of $152,000, which is an increase of 2.4% year-over-year compared to the rest of the nation that dropped 11.6% in Q4 year-over-year. See Zillow Real Estate Market Reports for your area.
Now, remind me: how cold and how hot does it get in Fargo?
Read more from the original source:
Fargo, ND, Thriving in Tough Economy
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Debbie Gibson, the teen pop star singer/songwriter from the late 80s (her #1 hit single was “Foolish Beat”), is selling her Hollywood Hills, CA home, located at 1522 Forest Knoll Dr, Los Angeles, CA, for $995,000. Nothing strange about that, but as Real Estalker reports, the property is subject to a short sale, since a Notice of Default was filed against her property.
According to real estate records, Gibson purchased the house in 2005 for $1,275,000. Sad situation, if it is true. Love the red door, Debbie, but this cute little thing could stand a little staging and clutter removal, no? See more photos of Gibson’s house.
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Calling all golfers… Zillow has recently teamed up with our friends at Golf Digest’s blog, Deeds and Weeds, to bring you a featured “Golf Home of the Week.”
Each week, Deeds and Weeds will feature a different home for sale, which will be located on a golf course somewhere in the U.S. From the hills of Flagstaff, AZ to the sunny skies of Bluffton, SC, homes will range from the affordable to the outrageous. We think it will be a sweet voyeuristic indulgence for the golf addicts who dream of living on the green.
This week’s golf home for sale is located at 17 Fairway Drive in Bluffton, S.C. 29910. Take a look around!
See the original post here:
Golf Homes Listed For Sale on Zillow
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Here’s a great video that Jim Reppond, who runs a blog called The Seattle Specialist, put together talking about the regional home values widget we just released.
Thanks for the feedback, Jim. We have some exciting innovations to our home values pages in the works that I think you’ll really like. Stay tuned.
Go here to see the original:
Thank You For Your Feedback
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Yesterday, President Obama announced his housing plan which, in part, aims to help homeowners who are current on their mortgage payments to take advantage of some of new lower mortgage rates. As soon as the plan was announced, we saw traffic surge on Zillow Mortgage Marketplace. By the end of the day, consumer loan requests had spiked 56% over the daily February average, with more than half of these requests for refinance quotes.
But there’s been a lot of confusion over exactly who will qualify. The efforts are aimed at helping “responsible homeowners” who are making payments but can’t currently get a refi because they don’t have at least 20% equity in their home.
Specifically to qualify, a homeowner must:
- Owe between 80-105% of their mortgage. An analysis today of Zillow Q4 Real Estate Market Reports shows that 26% of mortgage holders, or 14.8 million homeowners, currently qualify to refinance under these specifications. One quarter (24.6%) of homeowners with mortgages (14 million) do not qualify because they are underwater and owe more than 105% of their home’s value. This is especially true in hard-hit areas of California or Florida, where home values have fallen 40% or more since the peak.
- Have their loans backed by Fannie Mae or Freddie Mac. Approximately 60% of single-family loans are backed by Fannie or Freddie, but a homeowner may not know this about their own loan. If you don’t know, call your lender and ask.
- Have a conforming loan. That means a loan under $417,000 in many areas — or up to $625,500 in high-cost areas like San Francisco, Boston or Washington, DC. Even still, the Zillow Home Value Index (median home value) for the city of San Francisco is $724,244, which says that lots of people have loans higher than the conforming limit.
More details are coming when the full plan is rolled out on March 4. Meanwhile, CNNMoney has a good overview of who will qualify for this part of the plan, as well as the plan’s second part — which tackles mortgage modification for borrowers who have fallen behind in payments or are at risk of doing so.
At this point, contact your lender so you can begin laying the groundwork for what to do once March 4 rolls around. Start learning and educating yourself. Ask questions about refinancing in Zillow Advice.
Here is some suggested reading:
Here is the original:
Refinancing Requests Surge after Obama Announces Housing Plan
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Actors Angelina Jolie and husband Brad Pitt (Brangelina) are on the move — again. Just yesterday, Jolie was seen looking at apartments in the Washington Heights neighborhood of Manhattan where Washington Heights real estate is not considered pricey like Central Park pricey or Upper East Side pricey. So, it’s interesting that the couple would choose this section of New York, which has been up-and-coming for the past five years due to its “affordabilty” — I say that tongue-in-cheek. Affordability compared to the rest of Manhattan.
Maybe Brangelina and their six kids need an urban escape from the 25-room, 22,000 square feet “Sassafras” estate in Lloyd Harbor, NY on New York’s Long Island they are renting until mid-summer while Angelina works on her new espionage thriller film “Salt.”
See more celebrity real estate news.
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Jolie and Pitt Scouting Washington Heights Real Estate
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This photo from the New York Times sums it up via a rooftop message — “I WANT 2 BE HEARD.” After President Obama unveiled the $75 billion “Homeowner Affordability and Stability Plan” this morning, people are abuzz with thoughts about the plan, and how it will impact them.
To voice your opinion, or just be heard, visit Zillow Advice:
Excerpted from:
Homeowners Facing Foreclosure Just Want to be Heard
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Thanks again to everyone who made it to Friday’s RE Bar Camp here at Zillow headquarters. There were fantastic discussions about topics ranging from SEO, agent and broker websites, and broker business models to neighborhoods, marketing with stats, and Twitter. After 8 hours of intense discussion, we even let loose and had a few drinks after the day long festivities concluded (video). Rather than try to recap everything myself, I’ll send you off to a few others who have already written about the event:
- Duane Hopper from Century21
- Rene Fabre from Ticor Title
- Kevin & Monica Ray from Access Realty
- Claire C from Active Rain
- Eleanor Trainer from Seattle Management Group
- Greg Swann from BloodHoundBlog
For those of you who could make it, we were happy you could come and had a great time. Lastly, I have to extend a huge thanks to Rich at Active Rain for helping me organize the event. Next up? RE Bar Camp Virginia on March 3rd!
Source:
Seattle REBar Camp Wrap-Up
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I was about to write a post on President Obama’s scheduled visit to Mesa, AZ on Wednesday to speak on his proposed Mortgage Relief Plan.
That is, until I read Justin McHood’s “Dear President Obama” letter on Mortgages Unzipped. Justin is a loan officer in Phoenix, and tells the local story straight from the front lines much better than I could. The story, he says, is not about how many troubled borrowers have slipped into foreclosure (old news), but how many homeowners with “good loans” are now on the brink.
According to Zillow’s Q4 Real Estate Market Reports, one in three (36.4%) of ALL Phoenix-area homeowners is now underwater on a mortgage. Mesa home values fell 23 percent over the past year.
Obama is scheduled to speak at 12:15 ET Wednesday. We’ll be sure to provide updates on the plan here.
In the meantime, read popular discussions in Zillow Advice:
Will the new $8000 for first time home buyers be paid out with 2008 tax filings?
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Mortgage rates finally starting coming back down after weeks of increases. The weekly average rates borrowers were quoted on Zillow Mortgage Marketplace for a 30-year fixed mortgage was 5.23 percent.
Today and Monday’s rates have come down even further, treading between 5.15 percent and 5.18 percent. Lower rates are definately good news for first time homebuyers looking to optimize the $8,000 tax credit.
The weekly average rate for a 15-year fixed loan was 4.93% last week, and the rate for a 5-1
Read more:
Mortgage Rates Down, Some States By As Much As 5%
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President Obama just signed the economic stimulus package in Denver, CO which includes a gift for first time homebuyers– $8,000 (or 10% of the home’s value, whichever is less) on their 2008 or 2009 taxes.
Here’s the skinny, from CNN:
- Refundable: The credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill – the amount of withholding they paid during the year- was less than that amount.
- Purchase Date: To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as “first time” buyer. They must also live in the house as their primary residence for at least three years, or they will be obligated to pay back the credit.
- Paperwork: Applying for the credit will be easy – or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.
- Income Restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)
Have questions about the $8,000 tax credit? Ask ‘em in Zillow Advice.
More here:
$ 8000 Refundable Tax Credit for First Time Homebuyers
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Downsizing in the downturn, it’s a trend even high-profile millionaires can’t escape. Mitt Romney, the wealthy ‘08 GOP presidential hopeful from Massachusetts, is looking to unload some of his excess real estate. According to the Boston Globe and CNN, the former governor of Massachusetts and his wife, Ann, have recently put two of their four homes (read: mansions) up for sale. The first, a luxurious ski “cabin” in Deer Valley that overlooks a reservoir and mountains and comes fully furnished with custom fixtures, fireplace screens, and eight full bathrooms. The Deer Valley, UT home for sale is located at 3853 Rising Star Ln, Park City, UT and is listed at $5,250,000.
The second high-profile Romney family home for sale is in Belmont, MA and is located at 171 Marsh St., Belmont, MA, 02478 (photo below). This is where the Romney’s raised their five sons, all grown and out of the nest.
Worth over an estimated $200 million, Mitt Romney and family deny that they are selling because of the recession or because of the $42 million the former governor spent on his presidential campaign.
According to a family spokesperson:
“The reason they’re selling is because they have more space than they need,” said Eric Fehrnstrom, a longtime spokesman for the Romney family, in a telephone interview yesterday. “The Romney children are all grown and have families of their own, so they’re downsizing and simplifying…Like any American family, the Romneys haven’t escaped the effects of the downturn in the economy,” he said. “But the reason they’re selling two of the homes is just simply because they have more space than they need.”
Romney still owns an estate that overlooks Lake Winnipesaukee in Wolfeboro, N.H., (which was valued at about $10 million two years ago) and beachfront pad in posh La Jolla, CA.
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