Study Shows Homeownership Affordability at Record High

According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), homes were more affordable during the first quarter of 2011 than at any other time during the past two decades. The HOI shows the percentage of homes sold across the country that families earning the national median income of $64,400 can afford. Of all the new and existing homes sold within the first three months of the year, 74.6 percent were affordable to these median-income families.

Affordable Home Prices
In line with the lending industry's standards, the National Association of Home Builders considers a home affordable when no more than 28 percent... Read More

Realtor Warning: 20% Min Down Payment Law Taking Effect

Realtor Warning: 20% Min Down Payment Law Taking Effect

May’s market data suggests that home prices are starting to stabilize - Buying a Home

06-15-2011 03:14 PM

According to Clear Capital reports, some markets are seeing quarter over quarter home price increases, and REO saturation is decreasing. Individual markets showing signs of recovery include Washington DC, New York City/Long Island, and San Jose/Silicon Valley. See list below.

All 10 of the highest performing markets posted improved quarterly gains compared to April’s data.

	Qtr/Qtr	Yr/Yr	REO Saturation
Washington, DC	4.5%	4.9%	17.5%
New York, Long Island NY	1.5%	1.4%	9.6%
San Jose, Sunnyvale, Santa Clara CA	0.5%	-5%	25%
Phoenix, AZ	-0.2%	-11.9%	45.6%
Orlando FL	-0.6%	-6.8%	49.2%
Los Angeles Ca, Long Beach CA	-0.6%	-2.5%	32.3%
Philadelphia PA	-0.7%	-6.4%	13.7%
Denver, CO	-0.9%	-7.1%	32.8%
Raleigh, NC	-1.3%	-8.4%	10.7%
San Diego, CA	-1.4%	-4.1%	35.7%

As we can see from this data, REO saturation rates for all 10 of the highest performing markets improved this month, compared to last month’s, with Washington, D.C., New York, and Long Island experiencing both positive quarterly and yearly price changes.

Buying A Home

REALTOR® Magazine-Daily News-Housing Shortage Is Likely Coming, Report Says

REALTOR® Magazine-Daily News-Housing Shortage Is Likely Coming, Report Says

Rising rents and the real estate recoveryRising rents and the real estate recovery

Rising rents and the real estate recovery - inman.com

Strong incentive for home purchase: your landlord. There is some good news stirring in the market, specifically for Central Florida real estate agents.Annual rents are going up! "Asking rents for apartments in metropolitan...

Did you think 100% financing was gone?

It’s Back

Here’s a product that you will want to hear about!!

· No mortgage insurance required for this 100% portfolio product

· Borrowers only need to contribute $500 to the transaction

· No origination fees (on this product or any other @ Key) & 3% seller concessions allowed

· Rates typically run .25 above conforming rates

· No income restrictions in targeted areas (80% of median hud income in upper/middle census tracts)

Ø Verifiable rental history required (12 months) with 3 additional trade lines (24 months—nontraditional or traditional acceptable)

*If prior mortgage appears on credit report (12 months or longer) in previous 4 years, rental history requirement can be waived.

*If the borrower’s housing history cannot be verified, 5% down is required.

Ø 620 minimum credit score with no lates in the last year

Ø Not only for just 1^st-time homebuyers but cannot own additional properties

Ø 42% debt-ratio maximum and one month of full payment required in reserves

Let us put you in touch with the lender that is offering this program.

REALTOR® Magazine-Daily News-REO Inventory Reaches All-Time High

REO Inventory Reaches All-Time High

The national inventory of REO properties rose in March to a record high of 2.2 million. Foreclosure starts also increased by 33 percent month-over-month, according to the March Mortgage Monitor report by Lending Processing Services Inc.

However, it’s not all doom and gloom for the housing market. The report revealed a significant increase in foreclosure sales, which is helping to chip away at the swelling inventories that are battering many markets.

Also, delinquencies continue to decline, which is a sign of fewer foreclosures brewing in the pipeline. Delinquencies fell more than 11 percent in March from February — the lowest level since 2008 and a nearly 20 percent year-over-year decline, according to Lender Processing Services Inc. The total U.S. loan delinquency rate, which is for loans 30 or more days past due (but not in foreclosure), is 7.78 percent.

States with the highest percentage of loans where home owners have fallen behind are Florida, Nevada, Mississippi, New Jersey, and Georgia.

On the other hand, states that boast the lowest percentage of delinquent loans are Montana, Wyoming, Alaska, South Dakota, and North Dakota.

REALTOR® Magazine-Daily News-REO Inventory Reaches All-Time High