Foreclosure-related filings topped 300,000 last month, according to foreclosure-tracking firm RealtyTrac. Nationwide, 1 in every 418 households was served some form of foreclosure notice but — as always — foreclosures are more common in some areas than others. In February 2010, 4 states accounted for more than half of the country’s foreclosure-related activity
Read the rest here:
February 2010 : 4 States Account For More Than 50% Of Foreclosure Activity
Attention Seattle-area real estate professionals: We’re hosting two Zillow education events this week, one on Thursday in Bellevue and one on Friday in Seattle.
Thursday, March 11, 8:30 am – 10 am, Hyatt Regency Bellevue.
Friday, March 12, 8:30 am – 10 am, Seattle Public Library.
Come and learn how to get the most out of Zillow. I’ll be talking about the Zestimate home value, Zillow widgets, Zillow Advice, Zillow Mortgage Marketplace, and Zillow advertising opportunities.
The events free. Hope to see you there.
Despite being just 3 1/2 weeks from the much anticipated end of government purchasing of mortgage-backed securities, mortgage rates remain steady.
Excerpted from:
Mortgage Rates: The Calm Before the Storm?
Credit scoring is a huge part of the mortgage world. A given credit score can mean the difference between a 5 percent rate and a 6 percent rate; a conventional mortgage and an FHA mortgage; an underwriting approval and an underwriting denial. And yet, there’s a persistent belief among Americans that “having your credit checked” is a bad thing. In some instances, yes. In most instances, though, no.
Read more from the original source:
How To Shop For Mortgages And Keep Your Credit Scores High
If you’re trying to figure out where real estate is headed in the coming months, should you listen to the Federal Reserve — or do you focus on the latest pending home sales numbers?
More:
Real Estate Outlook: Federal Reserve Beige Book
One of the first steps to take as a potential home buyer is to get pre-qualified for a loan. This step helps both you and your lender learn just how much home you can afford. And you should begin this process before you even start looking for a home.
Excerpt from:
Pre-Qualifying for a Mortgage
Need a mortgage rate prediction? I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week’s survey may help you.
The rest is here:
The Official Mortgage Rate Prediction For The Next 7 Days (March 4, 2010)
The latest spin on government-sponsored mortgage modifications, demands that home owners provide an initial package of documents before the first phase of a modification can begin.
Read the original:
Feds Help Speed Up Your Mortgage Modification
Powerful talk-show radio personality Rush Limbaugh’s NYC penthouse is on the market for $13,950,000, evidently as a show of revolt against New York’s notoriously high taxes.
Limbaugh uses New York studios as a backup to broadcast his show if bad weather threatens his Florida operations, but it looks like he’s had enough with New York. According to Gawker, Limbaugh threatened to sell his Manhattan apartment due to taxes and went on the air last March saying so. Here’s a portion of the transcript from his March 30, 2009 show titled, “El Rushbo to New York: Drop Dead:”
Well, I announced that I was officially vacating New York after these stupid, punitive, massive tax increases, and basically I go to New York now for hurricane relief, whenever a hurricane hits. No other reason to go there. Well, sometimes I visit the overrated staff, but it would be cheaper to fly the staff down here to visit me than to pay these stupid tax increases!
Limbaugh’s Upper East Side pre-war penthouse hit the market last week and it’s described as having expansive views of Central Park. Also, there are lots of murals done on the ceilings and walls of the home, done by artist Richard Smith. See more photos of Limbaugh’s New York City penthouse.
> See more Upper East Side real estate
> See Upper East Side home values
For the second month in a row, homebuyers across much of the country negotiated bigger discounts off the last listing price of homes than they had the prior month.
Buyers in the United States paid a final sale price of 2.8%, or $5,823, less than the last listing price during January, up from a median discount of 2.7% in December and 2.6% in November. December marked the first time in 11 months that buyers gained back negotiating power; for much of 2009, buyer discounts shrank as real estate markets across the country improved.
One year ago, in January 2009, buyers negotiated a median 4.5%, or $10,178 off the last listing price of homes.
The biggest discounts continued to be found in Florida, although buyers in several New York City-area metros also found relatively large discounts during January.
However, sellers continued to do well in several markets, with most buyers in places like El Centro and Stockton, Calif., paying more than the last listing price of homes sold in January.
Fewer for-sale homes experienced price reductions in January than in December, with nearly one in five (19.8%) of homes for sale on Zillow experiencing at least one price cut as of the end of January.
Houston is a diverse city with one of the largest ports in the U.S. It has a diverse economy, really sunny weather and is host to a wide variety of events including the 20-day-long Houston Livestock Show and Rodeo and an Art Car parade. Want to live in Houston? We found some homes for sale in the monthly mortgage rate of $1,000-$4,000 per month.
(Note: These monthly mortgage payment figures are based on a 30-year fixed loan, using the current Texas mortgage rate, with a 20% down payment. Estimated taxes and insurance are not included).
Monthly mortgage of $1,000-$2,000/month:
If you like to entertain this lovely home in the Lake Houston neighborhood of Houston, has a two-story family room (!) and a slick kitchen with an island, granite counter-tops and stainless-steel appliances.
> See more Lake Houston real estate
> See Lake Houston home values
With an amazing study that looks like something out of a movie on secret societies, this house in the Meyerland Area neighborhood is for you. There is also a great yard with mature trees in case you ever leave said study.
> See more Meyerland Area real estate
> See Meyerland Area home values
*****
Monthly mortgage of $2,000-$3,000/month:
This home, in the Braeswood Place neighborhood, has a gorgeous, spacious kitchen that opens to both a formal dining room and a family room. The backyard has both a large grass area and a covered seating area.
> See more Braeswood Place real estate
> See Braeswood Place home values
Delightful Victorian charm! Located in the Greater Heights neighborhood, this home has two enclosed balconies, a glass sun-room and a pond in the back yard. Pass the lemonade, please.
> See more Greater Heights real estate
> See Greater Heights home values
*****
Monthly mortgage of $3,000-$4,000/month:
Into golf? This home sits right on the course in a private, gated community in Westchase. The upstairs balcony looks onto the course, so you won’t miss a single hole.
> See more Westchase real estate
> See Westchase home values
This handsome home, located in the University Place neighborhood, was build in 1923 and remodeled in 2001. So, not only do you have the old-world glamor, but everything is re-wired for the modern age.
>See more University Place real estate
>See University Place home values
What You Can Buy in Houston With a Mortgage of $1,000-$4,000 a Month
February’s mortgage market could be categorized as “on edge”. For the most part, rates didn’t change intra-day. It was common for lenders to issue rate sheets in the morning and stick to their pricing through market close. However, there were two days on which 3 rate sheets were issued, and 1 day on which 4 were issued.
Life as an FHA borrower is getting tougher. In an effort to shore up its flailing balance sheet and dwindling capital reserves, the Federal Housing Authority is rolling out sweeping financial changes. FHA borrowers have to look better on paper and be better credit risks. Mortgage insurance premiums are rising, too.
Read the original post:
Spring 2010 FHA Changes : Higher Fees, Bigger Downpayments, And More Mortgage Insurance
When you get reports of increases in both new housing starts and existing home and condo sales in a single week, that’s got to say something positive about where real estate is headed.
More:
Real Estate Outlook: Increase in Housing Starts
