Real Estate Blog LA

Rates edge up June 24,2009

2009-06-28T03:54:00Z

The benchmark 30-year, fixed-rate mortgage edged up 4 basis points, to 5.8 percent , according to a national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 45 discount and origination points. One year ago, the mortgage index was 6.62 percent; four weeks ago, it was 5.45 percent. Also in a weekly survey, the benchmark 15-year, fixed-rate mortgage dipped 3 basis points, to 5.16 percent. The benchmark 5/1...(read more)

Homebuyer Tax Credit of $15,000 Proposed

2009-06-28T03:26:00Z

Congress once again is considering new tax credits intended to lure wary homebuyers into the nation's sagging housing market. Washington lawmakers have proposed several separate bills laced with housing incentives. The plans differ, but key elements include: Near doubling of tax credit. Sen. Johnny Isakson, R-Ga., has introduced a bill that would sweeten the current $8,000 homebuyer tax credit to $15,000. The bill has picked up a slew of co-sponsors, including Sen. Chris Dodd, D-Conn., chairman...(read more)

:June 15, 2009::Forecast for the Week

2009-06-15T19:26:00Z

Tuesday and Wednesday should also bring us a clearer picture of where things stand on the inflation front. Tuesday brings the wholesale price inflation measuring Producer Price Index (PPI) Report, while Wednesday delivers the inflation news on the retail level, via the Consumer Price Index (CPI) Report. Remember: Inflation is the arch enemy of home loan rates, so it will be very important to see what these reports reveal. Thursday also brings news from the manufacturing sector with the Philadelphia...(read more)

Rates move higher in past 2 weeks after their bottom in May

2009-06-15T19:16:00Z

As I mentioned before, added supply has been one of the main culprits behind the recent sell-off in Bonds and corresponding climb in home loan rates . So where is that supply coming from? First, all those refinances you've heard about lately are actually turned into Mortgage Backed Securities after they're closed, which adds more Bonds to the market. Plus, government spending plans have to be paid for somehow.so record levels of Treasury Securities are being auctioned off these days. Although...(read more)

Twitter Me...on the twitter page at...

2009-06-09T03:58:00Z

You can now find me: http://www.twitter.com/Realtor_SoCal Thanks! Tom...(read more)

Forecast for the week June 08,2009

2009-06-08T15:52:00Z

In terms of economic reports, Thursday will be the big day this coming week. We'll learn more about the health of the retail sector via the Retail Sales Report for May . April's Retail Sales Report was worse than expected and marked the eighth decline in the past ten months for Retail Sales. While May's Report isn't expected to show the consumer out spending wildly, it would be a positive sign to see a turnaround instead of a continued slide lower. Also on Thursday will be the next...(read more)

Will it Appraise??

2009-06-08T14:30:00Z

An appraisal of a home is always supposed to be a fair, impartial and professional evaluation of a property's true value and not under pressure from special interests. Unfortunately, during the height of the housing boom, appraisers were pressured to up the value of homes. Now, during the housing downturn, appraisers are being pressured to lower the value of homes. Appraisers are typically hired by the lender to protect its stake in a home buying transaction. That means the appraiser is beholden...(read more)

May 18, 2009-Real Estate News This Week

2009-05-18T15:43:00Z

(Remember, inflation is the archenemy of Bonds and home loan rates, so I will be keeping a close eye on this in the coming months.) The Department of Housing and Urban Development's Federal Housing Administration making a very interesting announcement that ultimately appeared to be slightly premature. They announced a new plan to allow first-time homebuyers to use the Federal tax credit of up to $8,000 for a down payment at closing, rather than making buyers wait to receive the benefit after...(read more)

March California Foreclosure Report

2009-04-15T13:53:00Z

Notices of Default , the first step in the foreclosure process , reached a record level – nearly 26 percent higher than the previous historic peak in April 2008. Notices of Trustee sale , which set the auction date and time, rose 82.3 percent from the prior month, though not yet reaching the prior record level set in July 2008. While foreclosure notices rose dramatically, sales at auction decreased 41.4 percent, to reach the lowest levels seen since the third quarter of 2007. While there is...(read more)

Auction Opportunities and Foreclosure Numbers

2009-02-14T02:30:00Z

Auction investment opportunities continue to increase. January brought an unexpected, across the board drop, in the total Notices of Default, Notices of Trustee Sale, and sales at auction, not only from the prior month, but year over year as well. Even after accounting for the fact that January had two fewer days than December, only properties sold at auction saw a slight increase of 3.4 percent. Analyzing the data at the lender level, it appears these drops can be primarily attributed to the significant...(read more)

5 Reasons to Buy a Home Now

2009-02-10T16:47:00Z

1. Affordability is better than ever According to the National Association of Realtors' housing affordability index, homes were more affordable in December than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income. John and Julie Chilman, for example, recently have been able to stretch their dollars in the Las Vegas area. The listing price for the five-bedroom home...(read more)

This Month in Real Estate-February 2009

2009-02-10T16:20:00Z

Please click on the link (below) to see the Power Point. You do not need Power Point to view the presentation. The information here is data driven and speaks to those Buyers that may still be wondering when to buy. As always, please contact me for any further questions. Thomas Ray, Keller Williams/Marina ,310-420-1149 My site: www.LAexclusiveProperty.com...(read more)

$7,500 15-year interest free loan from the government-Get yours!!

2009-02-10T16:01:00Z

Tax credit offered to new homebuyers Expires June 30, 2009! Who is eligible? First-time homebuyers or any homebuyers who have not owned a principal residence in the last three years How does it work? Eligible purchasers can claim the $7,500 credit on their annual tax return form. · Amount of credit: 10% of cost of home or a maximum of $7,500 Repayment: Two years after the credit is claimed, the homebuyer will have to start paying it back. 15 equal annual installments will have to be paid back...(read more)

Home Prices to Bottom in 2009..New Report!

2009-02-09T00:53:00Z

House prices in much of the U.S. will bottom out in this year's fourth quarter, Moody's Economy.com says in a new report. The report projects that peak-to-trough declines for metro areas will be 53% in Los Angeles. In some of the hardest hit markets, however, prices won't reach a bottom until 2010 or 2011, the research firm says in a report written by its chief economist, Mark Zandi. "Despite the darkening national economic outlook and the weak conditions in the housing market, some...(read more)

Eight steps to selling your home

2009-01-24T08:34:00Z

1. Define your needs. Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?” For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin.Work with your real estate agent to map out the best path to achieve...(read more)