May 25th, 2008 . by Mike Kelly
Office of Federal Housing Enterprise Oversight report on home pricing for the United States!! A Must read! In Lou Barnes column today he mentions the OFHEO and this report. You can always check Lou’s Column at Inman.com (it’s released on Friday) or http://www.boulderwest.com/news/index.html
Below is the latest report from the OFHEO. They also have a very interesting “Home Pricing Indicator” which you can find at their web site.
http://www.ofheo.gov/media/hpi/1q08hpi.pdf
Posted in Miscellaneous, Housing Updates | Please post a response »
May 16th, 2008 . by Mike Kelly
The other day I had a savvy Realtor bring up a valid and timely point about a septic system being a “greener” alternative to hooking up to sewer. However, a non-functioning system will also be “green” especially in the heat of summer! If you see a green streak running from the tank’s location out into a field that’s NOT a good thing!! They are supposed to “leach” into the ground not come up to the top!
Read the rest of this entry »
Posted in Miscellaneous, Housing Updates | Please post a response »
May 16th, 2008 . by Mike Kelly
News Release
May 16, 2008
Fannie Mae Announces Single National Down Payment Policy; Eliminates for 5% off the top rule for appraisers!!
Replaces Policy Regarding Markets Where Home Prices are Declining
WASHINGTON, DC — Fannie Mae (FNM/NYSE) today announced a new, national policy on down payment requirements for conventional, conforming mortgages the company will purchase or guarantee. Starting June 1, 2008, Fannie Mae will accept up to 97 percent loan-to-value ratios for conventional, conforming mortgages processed through its Desktop Underwriter® (DU®) automated underwriting system, and 95 percent loan-to-value ratios for loans underwritten outside of DU, in all geographic locations in the United States. The new national down payment policy will supersede the policy the company adopted in December 2007 that required higher down payments in markets where home prices are declining.
Read the rest of this entry »
Posted in Housing Updates | Please post a response »
May 10th, 2008 . by Mike Kelly
Press Release For Immediate Release: May 8, 2008 House Passes American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) Washington, DC - The U.S. House of Representatives today passed the most comprehensive response yet to the American mortgage crisis. The American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) responds directly to the current crisis facing middle class Americans while providing the tools to prevent a repeat of these problems. Read the rest of this entry »
Posted in Statewide Issues, Housing Updates | Please post a response »
April 13th, 2008 . by Mike Kelly
The best buyer’s market in 35 years: In April of 1973, mortgage rates were about the same as they are today. Since that time, we have only had mortgage rates this low during 2001 and 2002 (5.65% as of this writing!), the height of the seller’s markets where there was little inventory. In the last two major buyer’s markets, one in the early 1980s and the other in the early 1990s, the rates were much higher. When I started in the business in 1978, interest rates were at 9.75 percent, en route to 18 to 21 percent in 1980. In the early 1990s, the rates were hovering in the 11 to 12 percent range. Thus, today’s buyer’s market, with exceptionally low mortgage rates plus a substantial supply of inventory, is the best time in decades to purchase. What are you waiting for? Give me a call today!! 707-322-8503
Posted in Miscellaneous, Housing Updates | Please post a response »
March 25th, 2008 . by Mike Kelly
I think all the activity we are now experiencing is just indicative of the “spring-market” as this IS when we SHOULD be seeing increased activity. Officially a “recession” is two quarters of negative growth which we’ve yet to see. The recent “uptick” in sales is simply caused by the dumping of REO’s into the marketplace at fire-sale prices. I’m wondering if the families who LOST their homeownership due to bad lending policies will be supplanted by those “qualified” buyers taking advantage of these incredible prices.
Read the rest of this entry »
Posted in Miscellaneous, Housing Updates | Please post a response »
March 24th, 2008 . by Mike Kelly
New Hot line: 1-888-995-HOPE (4673).
Under the new plan, lenders can help homeowners by:
• Refinancing an existing loan into a new private mortgage
• Moving them into an FHASecure loan (problem is that FHASecure is not necessarily an alternative for the high-cost Bay Area. The limit for an FHA loan is $362,790).
• Freezing their current interest rates for five years
Eligible homeowners:
• Must live in their home
• Loan originated Jan. 1, 2005 to July 31, 2007
• Missed no more than one payment
• 3 percent or less equity
• Credit score of 660 or less
Through October, there were about 1.8 million foreclosure filings nationwide, compared with about 1.3 million in all of 2006, according to Irvine, Calif-based RealtyTrac. With home loan defaults still rising, the trend is expected to worsen next year
Posted in Housing Updates | Please post a response »
March 6th, 2008 . by Mike Kelly
FHA Mortgage Limits FHA and HUD
The new Loan limits got issued today and we are in the “second tier” of the high priced spread! The maximum level is now $729,750. If you live in Sonoma County it is $662,500. So let me get this right. You live in Petaluma and just 20 minutes away in marvelous Marin the new loan limit is about $70,000 more! But hey, it’s a start! Here in Sonoma County at the old conforming loan limit of $417,000 we had 924 residential properties which qualified. Today with the new limit of $662,500 we double that number and have 75% coverage for all “Active” residential properties now on the market. NOT BAD!! However, the big shoe to drop next will be at WHAT RATE?? Some think a blended of the old “conforming rate” and the “JUMBO” products. We’ll know most likely tomorrow and we will be discussing this on the “Real Estate Hour”, Sunday, 9 to 10AM PST, 1350AM radio!! KSRO. Read the rest of this entry »
Posted in Sonoma County Real Estate Interest Rates, Interest Rate Update, Housing Updates | Please post a response »
February 14th, 2008 . by Mike Kelly
Call-for-Action Update
Congress Passes Stimulus Package — Final Bill Includes Increased Loan Limits
Thanks in part to the lobbying by C.A.R. and NAR members; the Senate passed their version of an economic stimulus package on Thursday, February 07, 2008. The Senate version expands rebate checks for seniors and disabled veterans and includes the same increases to the conforming loan limits for both GSE and FHA found in the House stimulus package. The House just passed the Senate version of the bill and it will now be sent to the White House. The President is expected to sign the legislation by the end of this week, ahead of the Congressional self-appointed deadline of February 15th. The increase in the conforming loan limits will last through 2008, but C.A.R. and NAR continue to lobby for FHA and GSE reform, making these increases permanent. Read the rest of this entry »
Posted in Statewide Issues, Housing Updates | Please post a response »
January 29th, 2008 . by Mike Kelly
GSE (Government Sponsored Entities or Fannie Mae and Freddie Mac) and the new (Conforming) Loan Limit Increase
Time Frame. Mortgages originated during the period beginning on July 1, 2007, and ending at the end of December 31, 2008. The limits will “sun-set” end of THIS year!!
Calculation of New Conforming Loan Limit. The limitation on the maximum original principal obligation of a mortgage that may be purchased by the GSEs shall be the higher of:
(1) the conforming loan limitation for 2008
(2) 125 percent of the area median home price, but in no case to exceed 175 percent of the conforming loan limitation for 2008. Read the rest of this entry »
Posted in Interest Rate Update, Housing Updates | 1 Comment »
