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Carmelo — Thu, 09 Jul 2009 21:06:40 +0000

www.YouTube.com/OurNJhouse

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NAR Report Pending Homes Sales are Up!!!!!

Carmelo — Fri, 05 Jun 2009 19:10:53 +0000

Pending Home Sales Up for Third Consecutive Month

Record low mortgage interest rates boosted the NATIONAL ASSOCIATION OF REALTORS^®‘ (NAR) forward-looking pending home sales index 6.7 percent in April to 90.3 from a reading of 84.6 in March. The April 2009 reading is 3.2 percent above April 2008. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market, too,” says NAR Chief Economist Lawrence Yun. The index in the Northeast shot up 32.6 percent from March to 78.9 in April.For more information, read NAR’s press release or watch a video interview of Lawrence Yun on the latest index figures.

For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com

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Carmelo — Mon, 01 Jun 2009 01:48:21 +0000

Rates are up 0.25%+ So much for my comment of last week about flat trend lines! Read more. /// Rates may be higher now but still very good. Particulary first time home buyers should not delay. /// Refinances that like to wait for the better rate should get fully approved and try a short lock on rate dip and close within the week. /// Minimum Fico for FHA is now 560. /// Stated income loans still available for homes and investments: 70%ltv max. /// Have a good week folks!
For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com

Tax credit loans for closing costs (but why bother)
Short-term loans to enable buyers to use their homebuyer tax credit benefits upfront, but the loans can’t cover the 3.5 percent minimum downpayment. Read more. But why bother? It is one more complication and using a seller concession will acomplish the same thing. And once the tax credit comes in, it does not need to be used to repay a loan. Remember, you must CLOSE by December 1 to be eligible for the tax credit. For details go here.

Construction and rehab loans readily available.
We have construction and rehab loans for residential (up to 4-unit properties) – investment and owner occupied. The lending value is based on the purchase price plus cost to complete, plus equity upon completion (in some cases). Presenting a rehab plan is a great way to enhance a rehab/teardown listing – and for buyers to create a dreamhome and significant equity. The timing is right. Call to discuss.

Is a commercial real estate bust inevitable?
Bailout watchdogs have something new to growl about: the lack of financing in the commercial real estate markets. Read more.

Rates up 0.25%+
For the week ending May 28th the 30-year fixed averaged 4.91% with an average 0.7% fees and points, up from last week when it averaged 4.82%, and increased again thereafter. This time last year it averaged 6.08%. “Fixed-rate mortgage rates followed long-term bond yields higher this week as financial markets try to discern the state of the economy,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Consumer confidence rose again in May and represented the largest two-month rally since records began in 1967. Freddie Mac rate surveys.

Down Payment Assistance programs on their way back?
Congress is currently considering H.R. 600, bipartisan legislation that would make DPA an allowable gift source for FHA loans. Read more.

Available
- Same day loan decision (no ifs or buts)
- 30-day closes
- Condo (conversion) financing services. Information

- FHA loans down to 560 Fico

- 50-70% LTV stated income loans (600-700 Fico)

- 95% LTV Fannie Mae condo loans

- Loans for non-residents

- Rehab and construction loans

- Jumbo loans at near conforming rates

- Commercial loans

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The Strongest and Weakest Housing Markets!!!

Carmelo — Fri, 29 May 2009 17:15:27 +0000

Home News
The Strongest and Weakest Housing Markets
By Louis Jones, Kiplinger’s Personal Finance, www.kiplinger.com

It’s no secret that the real estate market has been hammered. Nationwide, median home values dropped 18% in 2008, according to the most recent data from Fiserv Lending Solutions, a home-price research company. And in markets such as California’s Central Valley, where speculative building has yielded more homes than jobs, prices are down 30% to 38%.

In a few pockets of the country, though, home values have held their own, and some have even seen slight increases. The best place to own a home right now? Texas. Relatively conservative lending practices in the Lone Star State have buttressed homeowners from the worst of the subprime-mortgage mess. Additionally, Texas has a vibrant and diverse manufacturing sector, which has kept unemployment – and foreclosures – low.

The hardest-hit metro areas have been in the Central Valley and the Southwest, where speculative building and subprime loans a few years ago inflated the housing bubble. Now, the recession and job losses are pushing more homes into foreclosure. In turn, foreclosure bargains are luring new home buyers into the market and increasing number of sales but dragging median home values further down.

To see the ten metropolitan areas where median home values have increased the most, take a look at our slide show, Ten Cities With Rising Home Values. And to see where home values have dropped the most, check out our slide show, Ten Cities Where Home Prices Have Plummeted.

Researching the top ten cities where home values increased in 2008, we identified a few characteristics of successful real estate markets. Not every city on our list shares all of these characteristics, but a combination of them has spelled success for many metro areas.

A diverse set of industries. When a community relies too heavily on one sector, changes in that industry can be devastating to the local economy. A solid blend of midsize manufacturing and retail companies minimizes unemployment and keeps the local economy stable.

A college or university. In State College, Pennsylvania, for example, Penn State University is the local economy’s lifeblood, keeping housing prices on an even keel. But even in towns without major universities, smaller community colleges can provide secure jobs and attract home buyers.

A major hospital. Health care is one of the few industries still growing during the recession. Hospitals, especially regional ones, provide lots of jobs over large areas and help to stabilize housing values.

A strong community of retirees. While this doesn’t hold true for all cities that attract retirees (see Naples, Florida, in our list of the ten most depressed housing markets), it does in College Station, Texas and Kingsport, Tennessee, where retirees buy homes and give local economies a boost.

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Wish Everyone a HAPPY MEMORIAL DAY!!!!!

Carmelo — Fri, 22 May 2009 21:22:28 +0000

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Homesellers Must Read

Carmelo — Wed, 20 May 2009 19:30:10 +0000

RISMEDIA, announced the results of an extensive nationwide survey on home prices based on the responses of over 1,150 Realtors.

The survey shows that 36% of homeowners think their homes should be listed 10 to 20% higher than what their Realtors’ recommend, down from 45% in the first quarter.

Conversely, 64% of homebuyers think that homes are overpriced versus 59% who believed the same in the first quarter.

“Realtors are in a unique position as they get to hear both sides of the home price story – the buyers’ and the sellers’. They then apply their own home valuation analysis based on their understanding of the market which often meets resistance from buyers and sellers,” said Louis Cammarosano, General Manager of HomeGain. “The results of our second quarter Realtor home prices survey indicates that home sellers seem to be getting the message that perhaps their homes are not worth as much as they thought they were, while buyers are expecting to find a bargain on every corner.”

The Realtors surveyed expressed more optimism in the second quarter survey on the direction of home prices than in the first quarter, with 22% of them believing that home values will increase in the next six months versus 11% who believed the same in the first quarter. Twenty-nine percent of survey respondents believe that home prices will fall in the next six months versus 53% who believed the same in the first quarter survey.

“There is major improvement in the number of homes selling,” stated Heather Lawson, Broker Century 21 Watson Real Estate in Genoa, IL. Gillian Goldrich of Coldwell Banker Residential Brokerage in Woodbridge, CT, agreed with Lawson, stating, “Markets are definitely picking up. It seems that buyers are getting off the fence and taking advantage of tremendous buys.”

Fifty-seven percent of Realtors surveyed indicated their approval of Obama’s performance as President. These results mirrored the nationwide results of the Rasmussen Daily Presidential Approval Index. Fifty-five percent of survey respondents believe that the Obama stimulus plan will have or has had no impact on home values versus 45% who believed the same in the first quarter survey.

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Housing Affordability Jumped 10%___www.OurNJhouse.com

Carmelo — Wed, 20 May 2009 19:22:42 +0000

Housing Affordability Surges to Highest Level in 18 Years

RISMEDIA, May 20, 2009-Nationwide housing affordability jumped 10 percentage points during the first quarter of 2009 to its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.

“Underlying the increase in affordability are lower home prices and record low interest rates. Combined with the $8,000 federal tax credit for first-time home buyers, consumers are beginning to return to the marketplace,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.

Indianapolis was the most affordable major housing market in the country during the first quarter. Almost 95% of all homes sold were affordable to households earning the area’s median family income of $68,100. Indianapolis has now topped the affordability list 15 consecutive quarters.

Also near the top of the list of the most affordable major metro housing markets were Youngstown-Warren-Boardman, Ohio-Pa.; Akron, Ohio; Grand Rapids-Wyoming, Mich.; and Syracuse, N.Y.

Several smaller housing markets posted even higher affordability scores than Indianapolis, with Sandusky, Ohio outscoring all others. There, almost 98% of homes sold during the first quarter of 2009 were affordable to median-income earners. Other small housing markets ahead of Indianapolis on the affordability scale included Monroe in Michigan and Mansfield, Springfield and Canton-Massillon in Ohio.

New York-White Plains-Wayne, N.Y.-N.J., where just over 21% of all homes sold during the period were affordable to those earning the median income of $64,800, was once again the nation’s least affordable major housing market in the first quarter. Though affordability jumped 7 percentage points for the quarter, this was the New York metro area’s fourth consecutive appearance at the bottom of the list. Other major metros near the bottom of the chart included San Francisco; Los Angeles-Long Beach-Glendale, Calif.; Nassau-Suffolk, N.Y.; and Honolulu.

Among smaller metro areas, Ocean City, N.J. was the least affordable market, along with San Luis Obispo-Paso Robles, Calif.; Flagstaff, Ariz.; Hanford-Corcoran, Calif.; and Santa Cruz-Watsonville, Calif., respectively.

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Paramus, River Edge, Oradell, Emerson, Fairlawn NJ Market Watch

Carmelo — Tue, 19 May 2009 22:22:49 +0000

Paramus, River Edge, Oradell, Emerson and Fairlawn NJ Real Estate markets have been stabilizing with little depreciation over last years numbers. Prices have come down to where first time home buyers can purchase and start a family in these amazing towns. Within the 5 towns there were 434 Active properties for sale, 47 in Attorney review, 150 Under contract, and 44 sold and closed in the past month only. These are some impressive numbers and it shows people are buying!!!

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First time home buyers tax credit EXPLAINED

Carmelo — Fri, 01 May 2009 01:41:55 +0000

Wondering how the $8000 tax credit works? How effects the purchase or tax returns? Wonder no longer here is it explained in detail

www.NewJerseyMLS.com

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