Economists Express Improved Expectations For Housing
Out of 28 economists polled by Reuters, half said that home prices had already hit bottom or would by the end of this year. The polled economists also projected a smaller decline in prices this year than in earlier polls and, according to the median forecast, a bigger gain in values for 2012. Economists expect a modest improvement in existing-home sales for the first and second quarter of next year and a gradual decline in the number of foreclosed homes. Still, the housing market’s recovery is largely dependent on the performance of the broader economy and the labor market, despite high affordability and historically low mortgage rates. http://ping.fm/Lw1xh
Wednesday, March 7, 2012
Thursday, February 23, 2012
Economists Express Improved Expectations For Housing
Out of 28 economists polled by Reuters, half said that home prices had already hit bottom or would by the end of this year. The polled economists also projected a smaller decline in prices this year than in earlier polls and, according to the median forecast, a bigger gain in values for 2012. Economists expect a modest improvement in existing-home sales for the first and second quarter of next year and a gradual decline in the number of foreclosed homes. Still, the housing market’s recovery is largely dependent on the performance of the broader economy and the labor market, despite high affordability and historically low mortgage rates. More here: http://ping.fm/MKdzB
Out of 28 economists polled by Reuters, half said that home prices had already hit bottom or would by the end of this year. The polled economists also projected a smaller decline in prices this year than in earlier polls and, according to the median forecast, a bigger gain in values for 2012. Economists expect a modest improvement in existing-home sales for the first and second quarter of next year and a gradual decline in the number of foreclosed homes. Still, the housing market’s recovery is largely dependent on the performance of the broader economy and the labor market, despite high affordability and historically low mortgage rates. More here: http://ping.fm/MKdzB
Tuesday, November 22, 2011
Existing Home Sales Gain 1.4 % in October
Existing-home sales, which include previously owned single-family houses, townhomes, condominiums, and co-ops, increased 1.4 percent in October, according to the National Association of Realtors. The gains put sales 13.5 percent above last year’s levels. Lawrence Yun, NAR’s chief economist, said the market has been steady but sales have been stuck in a narrow range despite several improving factors including job creation, rising rent, and high affordability conditions. The national median existing-home price was $162,500. Housing inventory continued trending downward, falling another 2.2 percent at the end of October. More here.
Tuesday, October 18, 2011
Here is a brief article that I found interesting. It is 5 things we must do daily to grow our business. It is easy to get get caught up in working IN our business, rather than ON our business.
Plan for the Future a Few Minutes
Each Day
Assume that your product has stopped selling all of a sudden. What direction will you take your company next? What new income stream can you add? Take time to imagine the future. You don't necessarily have to take action, but you need to think about these things daily in order to bring out the golden ideas
Plan for the Future a Few Minutes
Each Day
Assume that your product has stopped selling all of a sudden. What direction will you take your company next? What new income stream can you add? Take time to imagine the future. You don't necessarily have to take action, but you need to think about these things daily in order to bring out the golden ideas
Friday, September 23, 2011
What Should First Time Home Buyers Consider?
Of course, those buying for the first time are quite nervous about it. During the 1980s, interest rates were very high, and this was very true. When there was a real estate boom in 2005, this was true. As of today, this is still the truth.
First time buyers are concerned about how much it will cost to buy, the complexity of the process, and the responsibilities of home ownership. Generally speaking, the decision to purchase a home is the biggest financial decision a person will make. At first, you must pay the down payment, as well as the closing costs. From then on, you must pay a monthly mortgage. You must also take care of repairs and maintenance on an ongoing basis.
In the market today, new worries surface regularly. Today, our economy totters on the precipice of yet another recession. The majority of lenders require a twenty percent down payment, so very few buyers are able to qualify. Additionally, the unemployment rate continues to stand above nine percent.
In the market today, what is the most essential knowledge for first-time buyers. Think about these things first:
Today, interest rates stand between 4%-5% for a 30 year mortgage. This is a very low fixed rate. That's truly amazing! Think about what a difference there is between 4% interest and 13% interest. If the home costs a hundred-thousand dollars and you are able to make a down payment of twenty percent, you will be paying between five hundred and six hundred dollars a month. At thirteen percent, you will find exactly the same home financed with a payment of a little over a thousand dollars a month.
After the burst of the bubble, home prices plummeted and created the most affordable rates in a generation. This signals that there are plenty of bargains to find. You can save even more by looking into the many short sale and foreclosure properties on the market today.
Because of this, you can expect the great values to continue due to lower interest rates. Regardless of low prices, upfront cash is still required. Today, it is expected that this will equal, at a minimum, twenty percent of the value of your home.
However, it's not all good. The value of homes continues to plummet. If you want to buy a home, you must first do some research on market trends in your immediate area. Is home value falling quickly? Are they maintaining balance? More times than not, the housing market is linked to the job market. Are there jobs available in your city or town?
Aside from making a good financial investment, there are many viable reasons to purchase a home. No matter what the price fluctuations may be, this is a good time to buy a home if you plan to stay in the home for a long time. A home is a good long term investment because the social benefits of home ownership are dependable.
To determine whether or not home ownership is the right choice for you, it is necessary to consider all of the actual costs. You don't want to get into an unworkable financial situation now. Do you have steady employment? In addition to the amount you plan to put down, do you also have some money set aside for emergencies?
If you are looking for a home, it's a good idea to get a real estate professional to help you. If you have questions regarding the process, they can help you. You don't have to enter the process uninformed. Allow them to be your guides.
Despite the negative media coverage, you can make the decision to buy a house. In the market today, you can get some really good deals.
Of course, those buying for the first time are quite nervous about it. During the 1980s, interest rates were very high, and this was very true. When there was a real estate boom in 2005, this was true. As of today, this is still the truth.
First time buyers are concerned about how much it will cost to buy, the complexity of the process, and the responsibilities of home ownership. Generally speaking, the decision to purchase a home is the biggest financial decision a person will make. At first, you must pay the down payment, as well as the closing costs. From then on, you must pay a monthly mortgage. You must also take care of repairs and maintenance on an ongoing basis.
In the market today, new worries surface regularly. Today, our economy totters on the precipice of yet another recession. The majority of lenders require a twenty percent down payment, so very few buyers are able to qualify. Additionally, the unemployment rate continues to stand above nine percent.
In the market today, what is the most essential knowledge for first-time buyers. Think about these things first:
Today, interest rates stand between 4%-5% for a 30 year mortgage. This is a very low fixed rate. That's truly amazing! Think about what a difference there is between 4% interest and 13% interest. If the home costs a hundred-thousand dollars and you are able to make a down payment of twenty percent, you will be paying between five hundred and six hundred dollars a month. At thirteen percent, you will find exactly the same home financed with a payment of a little over a thousand dollars a month.
After the burst of the bubble, home prices plummeted and created the most affordable rates in a generation. This signals that there are plenty of bargains to find. You can save even more by looking into the many short sale and foreclosure properties on the market today.
Because of this, you can expect the great values to continue due to lower interest rates. Regardless of low prices, upfront cash is still required. Today, it is expected that this will equal, at a minimum, twenty percent of the value of your home.
However, it's not all good. The value of homes continues to plummet. If you want to buy a home, you must first do some research on market trends in your immediate area. Is home value falling quickly? Are they maintaining balance? More times than not, the housing market is linked to the job market. Are there jobs available in your city or town?
Aside from making a good financial investment, there are many viable reasons to purchase a home. No matter what the price fluctuations may be, this is a good time to buy a home if you plan to stay in the home for a long time. A home is a good long term investment because the social benefits of home ownership are dependable.
To determine whether or not home ownership is the right choice for you, it is necessary to consider all of the actual costs. You don't want to get into an unworkable financial situation now. Do you have steady employment? In addition to the amount you plan to put down, do you also have some money set aside for emergencies?
If you are looking for a home, it's a good idea to get a real estate professional to help you. If you have questions regarding the process, they can help you. You don't have to enter the process uninformed. Allow them to be your guides.
Despite the negative media coverage, you can make the decision to buy a house. In the market today, you can get some really good deals.
Wednesday, September 14, 2011
Are You Serious?
A California Initiative, go figure, would amend the state constitution to make home ownership a right by banning foreclosures. The Foreclosure Modification Act would ban foreclosures by mortgagees.
Let's see if we can put a list of pros and cons together for this one.
Pros:
1) Current homeowners would be able to keep their houses without ever having to make another mortgage payment.
2) Okay, there is no "2"
Cons:
1) Banks lose 100's of Billions in current assets and future revenue from interest, which leads to bank bail outs which costs tax payers.
2a) No bank will ever lend on a home loan again, leaving only cash buyers, reducing property values.
2b) No lending and low home ownership will lead to massive drops in employment
3) Reduced property values will lead to either lower property tax revenues or higher tax revenues, depending on which way they want to go with it, Lower assessments or higher percentages. Since the owner does not have to pay a mortgage payment, they may be okay paying higher taxes.
4) Deteriorated neighborhoods. We have all seen what low cost housing looks like in areas of Detroit, Chicago and L.A., as well as many other parts of the country.
Read the article and let me know what you think.
http://ping.fm/HxfJM
A California Initiative, go figure, would amend the state constitution to make home ownership a right by banning foreclosures. The Foreclosure Modification Act would ban foreclosures by mortgagees.
Let's see if we can put a list of pros and cons together for this one.
Pros:
1) Current homeowners would be able to keep their houses without ever having to make another mortgage payment.
2) Okay, there is no "2"
Cons:
1) Banks lose 100's of Billions in current assets and future revenue from interest, which leads to bank bail outs which costs tax payers.
2a) No bank will ever lend on a home loan again, leaving only cash buyers, reducing property values.
2b) No lending and low home ownership will lead to massive drops in employment
3) Reduced property values will lead to either lower property tax revenues or higher tax revenues, depending on which way they want to go with it, Lower assessments or higher percentages. Since the owner does not have to pay a mortgage payment, they may be okay paying higher taxes.
4) Deteriorated neighborhoods. We have all seen what low cost housing looks like in areas of Detroit, Chicago and L.A., as well as many other parts of the country.
Read the article and let me know what you think.
http://ping.fm/HxfJM
Tuesday, September 13, 2011
Hearing a lot about reverse mortgages lately. It is a great product for the right customer. You can even use a reverse mortgage to purchase a home. However, here is an article worth sharing with some potential risks that should be considered: http://ping.fm/h1P2J
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