Weekly Blog Update

Weekly Blog Update from dana devine

For the week ending November 27, 2009

Thank you for reading my Real Estate industry blog, the devine report. This is a summary of my newest blog entries from the past week.

Publish Date: November 27, 2009
One Reason Why Mortgage Rates Are Back To All-Time Lows
Excerpt: Home affordability improved this week after the Federal Reserve released its November 3-4, 2009 meeting minutes. The FOMC Minutes is a companion to the Federal Reserve’s post-meeting press release. It’s released 3 weeks…

Publish Date: November 25, 2009
The Home Price Index Shows Home Values Increasing. Case-Shiller Agrees.
Excerpt: It’s official — home prices are no longer in free fall.  According to the Federal Housing Finance Agency, the Home Price Index posted its first quarterly increase since 2007 last quarter. The news…

Publish Date: November 24, 2009
Existing Home Sales Blow Past Expectations
Excerpt: Another month, another piece of evidence that the housing market is in recovery. Existing Home Sales surged in October as the nation’s homebuyers took advantage of low mortgage rates, low list…

Publish Date: November 23, 2009
Help! Thanksgiving Is Thursday And I Don’t Know What To Cook!
Excerpt: Thanksgiving is Thursday. If you’re cooking for group (or a crowd) and you haven’t yet put your menu in order, click on through Bon Appetit’s Thanksgiving Menu Planner. Answer to 3 basic…

Weekly Blog Update

Weekly Blog Update from dana devine

For the week ending November 20, 2009

Thank you for reading my Real Estate industry blog, the devine report. This is a summary of my newest blog entries from the past week.

Publish Date: November 20, 2009
Should I Consider A 15-Year Fixed Mortgage?
Excerpt: For today’s home buyers and homeowners that can manage the higher monthly payments, 15-year fixed rate mortgage rates look attractive as compared to comparable 30-year products. The 15-year/30-year interest rate spread is…

Publish Date: November 19, 2009
Housing Starts Are Down And Why It’s Terrific News For Sellers
Excerpt: A “Housing Start” is a home on which construction has started and, for the 4th straight month, national single-family housing starts held steady last month.  When the demand for homes grows faster…

Publish Date: November 18, 2009
2010 Conforming Loan Limits
Excerpt: A conforming mortgage is one that, quite literally, conforms to the mortgage guidelines set forth by Fannie Mae or Freddie Mac. Each year, the government sets the maximum allowable loan size for…

Publish Date: November 16, 2009
How To Remove Stains From Granite Countertops
Excerpt: Granite countertops can be handsome additions to a kitchen, but are a challenge to clean sometimes — especially when they’re stained. In this 2-minute video from eHow.com, in addition to granite-cleaning…

Publish Date: November 16, 2009
Simple Real Estate Definitions : APR
Excerpt: APR is an acronym for Annual Percentage Rate.  It’s a government-mandated calculation meant to simplify the comparison of mortgage options. A loan’s APR can always be found in the top-left corner of the…

Weekly Blog Update

Weekly Blog Update from dana devine

For the week ending November 13, 2009

Thank you for reading my Real Estate industry blog, the devine report. This is a summary of my newest blog entries from the past week.

Publish Date: November 13, 2009
Will There Be Any Foreclosure Deals Left?
Excerpt: For the eighth straight consecutive month, national foreclosure activity in the U.S. was dominated by a small set of states. As reported by RealtyTrac.com, more than half of October’s foreclosure-related activity…

Publish Date: November 12, 2009
Banks Raise Mortgage Qualification Standards
Excerpt: Despite the economy’s improvement and prodding from Congress, banks don’t seem ready to open their purse strings just yet. Nationally, mortgage approval standards are tightening. The data comes from a quarterly survey…

Publish Date: November 10, 2009
FHA Streamline Refinance Program : There’s 5 Days Left
Excerpt: Consider this a last call for FHA Streamline Refinances.  Starting next Tuesday, the popular rate-lowering program gets strict on borrowers. There’s 5 days left. Under the current streamline refi guidelines, FHA homeowners…

Publish Date: November 09, 2009
In What Direction Should My Ceiling Fan Blades Rotate?
Excerpt: It’s November.  The official start of winter is 6 weeks away.  For homeowners with ceiling fans, let this be a reminder to reverse your units’ blade rotation. Watch this 2-minute video for a hands-on demonstration…

The First Time Buyer Credit in matrix form

 

 

 

Both the House and the Senate have passed an unemployment insurance bill, which includes an amendment that expands and extends the tax credit.

 

2009 NAR President Charles McMillan has recorder details on the new tax credit and when it takes effect.  If you enjoy listening over reading take just a couple of minutes to listen.

 

http://www.realtor.org/about_nar/presidents_report/_podcast_archive/mcmillan_taxcreditextended_20091105

 

Below is a nice matrix you can print, mail, email….

 

http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf

 

Here it is in a nutshell:

 

The Extended and Expanded Tax Credit agreement in the US Senate includes the following provisions

 

Amount:                              $8,000

Who:                                     First-time homebuyers — same definition as current law

 

Amount:                              $6,500

Who:                                     Repeat purchasers.  Must have used previous home as a principal residence for 5 of the 8 previous years.

 

Income Limits:                $125,000 for single filers/$225,000 for joint filers.  Same for both first-time and repeat/move-up buyers

 

 

Time Frame:                    December 1, 2009 to April 30, 2010

(also includes a 60 Day extension if binding contract is in place by April 30, 2010)

 

*Limitation on cost purchased home:    $800,000

Weekly Bog Update

Weekly Blog Update from dana devine For the week ending November 6, 2009 Thank you for reading my Real Estate industry blog, the devine report. This is a summary of my newest blog entries from the past week. Publish Date: November 06, 2009 Congress Expands And Extends The First-Time Home Buyer Tax Credit Excerpt: Congress both extended and expanded the First-Time Home Buyer Tax Credit program Thursday.  The White House says the President will sign it into law today. The up-to-$8000 tax credit’s expiration date has… Publish Date: November 04, 2009 A Simple Explanation Of The Federal Reserve Statement (November 4, 2009 Edition) Excerpt: The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent. In its press release, the FOMC noted that the U.S. economy “has… Publish Date: November 04, 2009 Because Of The Federal Reserve, You Should Lock Before 2:15 PM ET Today Excerpt: The Federal Open Market Committee caps off a scheduled, 2-day meeting today in the nation’s capital, its 8th meeting of the year. The group adjourns at 2:15 PM ET and, as… Publish Date: November 03, 2009 Higher Home Prices Ahead, Says The Pending Home Sales Index Excerpt: The housing market continues to steam forward. As reported by the National Association of Realtors®, the Pending Home Sales Index posted its 8th consecutive monthly gain in September. It’s the longest winning… Publish Date: November 02, 2009 How To Test A Home Smoke Alarm Excerpt: According to the United States Fire Administration, there were an estimated 1.5 million domestic fires last year, resulting in more than 3,400 deaths.  Many of these deaths occurred in homes with…

What The Media Missed In September’s New Home Sales Report

 

Some days, newspaper headlines are a terrible place to get your real estate news. 

 

Today is one of those days.

 

After the September New Home Sales report showed sales volume down from August, the mainstream media jumped on the story:

 

• New Home Sales fall a surprising 3.6%
• Surprise Drop In New Home Sales
• Stocks slide as New Home Sales fall

But the headlines miss the point, somewhat.  Yes, home sales volume is important to housing, but it’s not as important as home supply.

 

A deeper look at the New Home Sales data reveals an interesting comparison point:

 

• New home sales volume fell 3.6%
• The number of new homes available for sale fell 3.8%

In other words, sales outpaced supply — a running theme this year and a positive signal for housing.

 

Since peaking in January 2009, the supply of newly-built homes has now dropped by 40 percent.  The average sale price is up 15% over the same period.

 

This is why you can’t get your real estate news from the headlines.  You have to dig a little bit deeper to get the real story.

 

September’s New Home Sales report was plenty strong.  The housing market recovery continues.

 

 

 

 

 

 

 

 

 

 

 

Weekly Blog Update

Weekly Blog Update from dana devine

For the week ending October 30, 2009

Thank you for reading my Real Estate industry blog, the devine report. This is a summary of my newest blog entries from the past week.

Publish Date: October 30, 2009
How To Find Good Deals As The Buyers Market Comes To An End
Excerpt: At some point in their lives, every home buyer in America has wondered “Is now the best time to buy a home?” In this 3-minute video, NBC’s The Today Show…

Publish Date: October 29, 2009
What The Media Missed In September’s New Home Sales Report
Excerpt: Some days, newspaper headlines are a terrible place to get your real estate news.  Today is one of those days. After the September New Home Sales report showed sales volume down from August, the…

Publish Date: October 28, 2009
Home Values In 95% Of Case-Shiller Markets Are Improving Year-To-Year
Excerpt: For August, the Case-Shiller Index showed annual home values improving across 19 of 20 U.S. markets. It’s the first time in 3-plus years that the benchmark housing index has shown…

Publish Date: October 27, 2009
Falling Home Supplies Mean More Multiple-Offer Situations For Buyers
Excerpt: The national housing supply fell to a 2-year low last month, according to the National Association of Realtors®. At the current sales pace, existing home inventories would sell out in 7.8…

Publish Date: October 26, 2009
Powermat : The Wireless Battery Charger For Cell Phones
Excerpt: Tired of “wire clutter” where your mobile phones, MP3 players and gaming devices compete for outlet space? The Powermat may be your solution. The Powermat is a 12-inch long wireless battery charger that’s conspicuously missing…

Tips for Home Buyers

How To Find Good Deals As The Buyers Market Comes To An End

 

 

 

At some point in their lives, every home buyer in America has wondered “Is now the best time to buy a home?” In this 3-minute video, NBC’s The Today Show does a good job of answering the question.

 

The conclusion? Yes, but not if you’re going to overpay.

 

The Buyers Market is ending, we learn, as home prices rise across most of the country.  Pockets of opportunity remain, however, and the focused home buyer can still find a “good deal”.

 

Some of the video’s tips include:

 

• On what types of homes can you get the best prices
• What you can learn from looking in a seller’s closet
• How to identify a desperate seller

The piece also goes negative on short sales, noting the amount of time required to buy one.  Short sales typically do take longer to close versus a ”traditional” purchase, but that doesn’t mean they should be avoided. 

 

There’s plenty of bargains in the short sale arena, too.

 

 

 

 

 

 

 

 

 

REALTOR® Magazine-Daily News-Homebuyer Credit Gets New Life

REALTOR® Magazine-Daily News-Homebuyer Credit Gets New Life.

Weekly Blog Update

Weekly Blog Update from dana devine

For the week ending October 23, 2009

Thank you for reading my Real Estate industry blog, the devine report. This is a summary of my newest blog entries from the past week.

Publish Date: October 23, 2009
Government : Home Values Edged Lower In August
Excerpt: According to the government, home values edged lower last month. The Federal Housing Finance Agency’s Home Price Index report shows values down by 0.3 percent from the month prior – the index’s first down month…

Publish Date: October 22, 2009
As Gas Prices Rise, Home Affordability Wanes
Excerpt: With crude oil at its highest levels since October 2008, retail gas is up 8 cents per gallon this week. It’s bad news for home buyers and mortgage rate shoppers.  The same force…

Publish Date: October 21, 2009
Housing Starts Post 8th Gain in 9 Months
Excerpt: Housing Starts on single-family homes gained last month, marking the 8th time that’s happened this year. A “Housing Start” is a home for which the foundation has been excavated and, considered…

Publish Date: October 20, 2009
Previewing The New Good Faith Estimate
Excerpt: The new Good Faith Estimate makes its debut January 1, 2010. Expanded from 1page to 3, the legislators responsible for the new Good Faith Estimate want it to be simpler for homeowners…

Publish Date: October 19, 2009
DIY : How Do I Fix A Towel Rack That’s “Loose”
Excerpt: Over time, towel racks tend to come loose from sheetrock walls.  And, sometimes, they separate completely.  The good news is that making repairs is easy — it’s something you can do yourself…