The Gate Arty Blog - March 2009 Archive
New Construction Homes Sales Increase
Friday, March 27, 2009 - By Gate Arty
In February, new construction home sales increased to 337,000 units from 322,000 in January. This represents an increase of 4.7%. This was the first increase in new construction sales since July, 2008. Affordability undoubtedly played a pivotal role in the increase. The median sales price in February 2008 was $245,000 compared to a modest $200,900 this February. We must be near the trough of this economic landslide by now.
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Friday, March 27, 2009 - By Gate Arty
Mortgage applications spiked last week as a result of the record low interest rates. This fueled demand for home refinance loans. Mortgage applications increased a whopping 32.2% for the week ending March 20th. Refinancing accounted for nearly 80% of all of these applications. Despite stricter lending guidelines, the majority of those that apply for a loan, still get approved. The Mortgage Bankers Association reported an approximate 60% approval rate. As a point of reference, in 2003 nearly 80% of applicants got their loans approved. OOPS!
At least activity is finally picking up . . .
Tags: finance, loan, mortgage application, refinance
Homes Sales on the Uptick
Monday, March 23, 2009 - By Gate Arty
For the month of February, the National Association of Realtors said that existing home sales rose to 4.72 million units, up 5.1% from a rate of 4.49 million in January. Economists had expected existing home sales to decline to 4.45 million, so this is seen as great news indeed. The national median existing-home price is down 15.5% from last year, from $195,800 to $165,400. What a great time to BUY!
Benefit Concert at Arts on the Park
Thursday, March 12, 2009 - By Gate Arty
Local gallery, Arts on the Park, will be hosting a benefit concert this Friday, March 13th. The popular group, The Sofa Kings, are headlining the event that starts at 7 p.m. Tickets are $15 for members of Arts on the Park & $20 for non-members. This price includes 2 drinks. Arts on the Park is located at 115 North Kentucky Avenue in historic Downtown Lakeland. For more information, call 863 680 2787. See you there!
Fannie Mae Loosens Up
Tuesday, March 10, 2009 - By Gate Arty
Effective March 1st, Fannie Mae (which guarantees approximately half of the $12 TRILLION of the United State’s mortgage market) loosened loan restrictions on real estate investors & secondary home buyers. This move is seen as a major coup for real estate investors that wanted back IN the real estate market, but were essentially locked out. The new guidelines allow these borrowers to obtain Fannie Mae-secured financing for up to 10 properties. Most recently the amended limit was only 4 properties. Meaning, if you had already four mortgages, you could not buy another property with Fannie-backed financing. In essence, making it nearly impossible to buy & borrow. There are, of course, stricter financial underwriting guidelines. Some things to expect are:
• No foreclosures or bankruptcies in the last 7 years.
• A minimum credit score of 720 when the four property threshold is exceeded.
• Heightened reserve requirements that are tied to the type of property being purchased. For example, a multi-family dwelling (duplex, triplex, etc.) would have stricter reserve requirements than a single-family home.
• A borrower MUST have at least 25% down on a second home & at least 30% down on an investment property.
In spite of these stricter guidelines, this is great news for professional real estate investors, and is a major step toward loosening the credit flow stranglehold on the housing market. Now Freddie Mac, the other major player & insurer of mortgages, needs to follow suit.
Foreclosure Search
Tuesday, March 10, 2009 - By Gate Arty
Like searching the web for new property listings? Statistics indicate you are a part of a growing segment of consumers that make their initial property research online. Recent studies indicate that 97% of buyers search for real estate information on the internet first! That's even before they contact a licensed professional REALTOR for assistance. Well here at gatearty.com, we have added a new feature that we are very excited about. With the overwhelming influx of foreclosures in today's market, there is increased demand for information on new foreclosures. Now you can find them! With our MAP SEARCH feature, you can specifically identify "FORECLOSURES" as a search function. So you can search & receive e-mail notifications once a property comes on the market that meets your specifications. Of course the most up-to-date information is available thru contact with your REALTOR, as the MLS database will feature the properties the instant they hit the market.
Citigroup Lowering Payments
Wednesday, March 04, 2009 - By Gate Arty
The national unemployment rate has climbed to 5.8%. Citigroup has announced however that it plans on lowering payments for those recently unemployed. The bank, which is now 36% owned by the federal government, established the Homeowner Unemployment Assist program, which will modify those who are unemployed and are 60 days behind on payments to an average payment of $500 for three months. Customers must have a loan that is owned and serviced by CitiMortgage to participate in the program.
Houses More Affordable Than Ever
Wednesday, March 04, 2009 - By Gate Arty
The National Association of Realtors has reported that the Housing Affordability Index jumped 13.6% in January to a record high of 166.8. Another sign that buyers bold enough to jump into the market will be rewarded. Not to mention the tax benefit they will receive for doing so prior to the end of the year! The aforementioned index measures the relationship between home prices, income, & mortgage interest rates. The index is the best it has ever been since monitoring of this relationship began back in 1970.
More Foreclosures
Wednesday, March 04, 2009 - By Gate Arty
National filings of foreclosure exceeded 3 million in the 2008. Sound like a lot? Let's put this into some context. That figure represents a staggering 81% increase from the already trying year in 2007. What's even worse that that is it's an astonishing 225% increase over 2006. If you are an investor looking for the "PERFECT" time to jump into the market, that time is NOW! With mortgage rates as low as they are, it is the perfect storm for the savvy investor or entrepreneur. The bold buyers must seize the opportunity because markets like this only come around once in a great while.
National Sales Fall in January
Tuesday, March 03, 2009 - By Gate Arty
According to statistics released by the National Association of Realtors, The PENDING HOME SALES INDEX dropped to 80.4 in January from 87.1 in December. This represents a dip of nearly 8%. This is the lowest it has been since 2001. Although on a national level sales are still soft, as buyers are seemingly lurking on the "sidelines" waiting for the final results of the government stimulus package, it is expected that the new $8,000 tax credit is going to have a very positive effect on market conditions.
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