Program Helps Military With A Grant Up to $5,000

RISMEDIA, July 28, 2011—A nationally recognized nonprofit organization working to meet the unmet needs of military personnel and their families, is offering financial help to eligible first-time home buyers through its Dream Makers program.

Active duty personnel, veterans and retired members of the military, as well as employees of the U.S. Department of Defense and the Department of Homeland Security, qualify for a grant up to $5,000 to use on down payments and closing costs when buying their first home.

“Members of the military often put off buying a home earlier in their careers because they’re moving around the country a lot,” says Kate Kohler, former Army captain and chief operating officer for the PenFed Foundation. “We want to make sure they have resources to add immediate equity into their home when they decide to buy and the Dream Makers program helps make that possible.”

In today’s housing market, there has seen a slowdown in the number of veterans applying for the program, so it is redoubling its efforts to help both active duty members and veterans learn about the Dream Makers program.

For more information on the Program and see if you qualify, visit:  http://www.cynthiamparker.com/zerodown.asp    and in the details section, type "5k Grant Info"

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Federal Housing Finance Agency Reports Mortgage Interest Rates

RISMEDIA, July 29, 2011— The Federal Housing Finance Agency recently reported that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some ARM contracts, was 4.62 percent based on loans closed in June. This is a decrease of 0.12 percent from the previous month.

The average interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000 or less decreased 13 basis points to 4.79 percent in June. These rates are calculated from the FHFA’s Monthly Interest Rate Survey of purchase-money mortgages. These results reflect loans closed during the June 24-30 period. Typically, the interest rate is determined 30 to 45 days before the loan is closed. Thus, the reported rates depict market conditions prevailing in mid- to late-May.

The contract rate on the composite of all mortgage loans (fixed- and adjustable-rate) was 4.61 percent in June, down 14 basis points from 4.75 percent in May. The effective interest rate, which reflects the amortization of initial fees and charges, was 4.74 percent in June, down 13 basis points from 4.87 percent in May.

This report contains no data on adjustable-rate mortgages due to insufficient sample size. Initial fees and charges were 0.94 percent of the loan balance in June, up 0.09 percent from 0.85 in May. Twenty-eight percent of the purchase-money mortgage loans originated in June were “no-point” mortgages, matching the share in April and May. The average term was 28.2 years in June, up 0.3 years from 27.9 years in May. The average loan-to-price ratio in June was 76.3 percent, down 0.1 percent from 76.4 percent in May. The average loan amount was $219,100 in June, down $3,800 from $222,900 in May.

For more information, please visit www.fhfa.gov.

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Market Snapshot.: July 2011

As I stated in my appearance on The Denver Channel, properties currently under contract have had a year over year improvement of 22.5%.  This is important because it is the first market data over the span over 1 full year, without any artificial market influences like federal tax incentives, etc.   Denver is a market poised for great gains. Consistently making it's ranking in the top 10 markets according to the latest Case-Shiller Index and ranked number one of the cities between both coasts.   While I remain cautiously optimistic, I think there are signs of life in the Denver Metro real estate market.  With rental units at a vacancy rate below 5% (the lowest in more than a decade), the argument for potential buyers entering or reentering the market place becomes even more compelling. 

For a more detailed report on your specific area, visit: Home Market Report or call 303-300-8989, to speak with us directly.

 

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Bankrate: Mortgage Rates Hit a 2-Month High

Bankrate: Mortgage Rates Hit a 2-Month High

RISMEDIA, Monday, July 11, 2011— Mortgage rates increased for the second week in a row, with the benchmark conforming 30-year fixed mortgage rate now 4.79 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.32 discount and origination points. The average 15-year fixed mortgage stepped up to 3.9 percent while the larger jumbo 30-year fixed rate climbed to 5.27 percent. Adjustable rate mortgages were higher also, with the average 5-year ARM rising to 3.49 percent and the 7-year ARM inching higher to 3.72 percent. Mortgage rates increased for the second week in a row and the third time in the last four weeks. Better economic news and an easing of concerns about a potential Greek debt default spurred this week's move, pushing mortgage rates to a two-month high. Mortgage rate volatility could pick up in the coming weeks as investors grapple with the state of the U.S. economic recovery, quarterly corporate earnings, and a deadline for increasing the debt ceiling. The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.79 percent, the monthly payment for the same size loan would be $1,048.12, a difference of $193 per month for anyone refinancing now. For more information, please visit www.bankrate.com. realestatemagazinefeedback@rismedia.com.

Pending Home Sales Turn Around in May...

Pending Home Sales Turn Around in May

RISMEDIA, Tuesday, July 05, 2011— Pending home sales rose strongly in May with all regions experiencing gains from a year ago, pointing to higher housing activity in the second half of the year, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 8.2 percent to 88.8 in May from an upwardly revised 82.1 in April and is 13.4 percent higher than the 78.3 reading in May 2010. The data reflects contracts but not closings, which normally occur with a lag time of one or two months. This is the first time since April 2010 that contract activity was above year-ago levels, and the monthly gain was the strongest increase since last November when the index rose 10.6 percent. Lawrence Yun, NAR chief economist, says the improvement bodes well for home prices. “Absorption of inventory is the key to price improvement, and this solid gain in contract signings implies that home values in many localities are or will soon be stabilizing as inventories get absorbed at a faster pace,” he says. “Some markets have made a rapid turnaround, going from soft activity to contract signings rising by more than 30 percent from a year ago, including areas such as Hartford, Conn.; Indianapolis; Minneapolis; Houston; and Seattle.” For more information, please visit www.realtor.org. RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com

Case-Shiller: Slight Increase in April

Case-Shiller: Slight Increase in April

By Steve Cook   

RISMEDIA, June 30, 2011—S&P/Case-Shiller’s 10- and 20-city composites rose less than one percent in April over March, the first price increase the indices have measured in eight months.
Data through April 2011, released recently by S&P Indices for its S&P/Case-Shiller Home Price Indices show a monthly increase in prices for the 10- and 20-City Composites for the first time in eight months.

Case-Shiller prices still are significantly lower than they were a year ago. The 10-City Composite fell 3.1 percent and the 20-City Composite is down 4.0 percent from April 2010 levels.
Six of the 20 MSAs showed new index lows in April—Charlotte, Chicago, Detroit, Las Vegas, Miami and Tampa. Thirteen of the cities and both composites posted positive monthly changes. With index levels of 152.51 and 138.84, respectively, both the 10- and 20-City Composites.
“In a welcome shift from recent months, this month is better than last —April’s numbers beat March,” says David M. Blitzer, Chairman of the Index Committee at S&P Indices. “However, the seasonally adjusted numbers show that much of the improvement reflects the beginning of the Spring-Summer home buying season. It is much too early to tell if this is a turning point or simply due to some warmer weather.

“Other housing statistics show the same trends. Single-family housing starts were up in May, but still well below their 2010 levels and still very close to their 30-year low. Existing home sales rose in May, but are still about 15 percent below last year’s pace and about 35 percent below their 2005 pace. While foreclosures remain a large factor in most parts of the country, the S&P/Experian Consumer Credit Default indices show a small decline in the pace of new defaults since last November. Other reports confirm that banks have tightened lending standards in the past year making it harder to qualify for a mortgage despite very low interest rates.

“In the monthly details, we saw home prices increase in April over March. The 10-City was up 0.8 percent and the 20-City rose 0.7 percent. Only seven cities experienced lower prices compared to 18 in March. However, the seasonally adjusted figures saw less dramatic improvement. The annual rate of change for the 10-City remained the same at -3.1 percent; whereas the 20-City fell further from -3.8 percent reported for March to -4.0 percent for April. For a real recovery we would need to see several months of increasing home prices, large enough to shift the annual momentum to the positive side. In short, better news, but still a lot of questions and a long way to go,” says Blitzer.
For more information please visit www.realestateeconomywatch.com.
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