RE/MAX Allegiance to Participate in ABC’s Extreme Makeover Home Edition
Posted: 25 Aug 2009 08:26 AM PDT
RE/MAX Allegiance has been selected to participate in ABC’s Extreme Makeover Home Edition this week. The show is in town doing a makeover of a local residence and a local community center.
“We’re thrilled to be selected as the only real estate company to participate in the show,” says Charlie Bengel, Jr. (CRB, CRS, ABR, ABRM, e-PRO), Chief Executive Officer of RE/MAX Allegiance. “This opportunity lends itself perfectly to one of our core values of giving back to the community.”
RE/MAX Allegiance had over 150 members volunteer to participate in the makeover and will have volunteers on site from 3am Thursday to 3pm Friday with the reveal coming up on Saturday.
Tuesday, September 1, 2009
Thursday, August 6, 2009
Changing Home Prices in the Top 100 Metros
Changing Home Prices in the Top 100 Metros
Posted: 31 Jul 2009 09:08 AM PDT
The following is a handy chart to show, perhaps, to prospective buyers who believe that purchasing a home is not a great long term investment. Even after the worst housing market ever, check out the gains over five or ten years.
The report is available in pdf here: Top 100 Housing Markets Changes.
source: Washington Business Journal
Posted: 31 Jul 2009 09:08 AM PDT
The following is a handy chart to show, perhaps, to prospective buyers who believe that purchasing a home is not a great long term investment. Even after the worst housing market ever, check out the gains over five or ten years.
The report is available in pdf here: Top 100 Housing Markets Changes.
source: Washington Business Journal
Tuesday, July 28, 2009
Housing Prices Rise in May
Housing Prices Rise in May
Posted: 27 Jul 2009 09:30 AM PDT
Another reason for your buyers to get off the fence:
Average U.S. home prices have started to rise, according to a monthly report from the Federal Housing Finance Agency.
FHFA says U.S. home prices rose 0.9 percent from April to May. The biggest gains were in the battered Pacific region, where average prices were up 2.7 percent from the previous month.Federal“Revisions and volatility of the monthly index make it hard to draw any conclusions, but the seasonally-adjusted Home Price Index for the first five months of this year is up 0.3 percent or 0.7 percent on an annualized basis,” FHFA Director James Lockhart said in a statement.
FHFA’s monthly and quarterly Home Price Index is based on conforming mortgages that are purchased or backed by Freddie Mac and Fannie Mae.
from The Washington Business Journal
Posted: 27 Jul 2009 09:30 AM PDT
Another reason for your buyers to get off the fence:
Average U.S. home prices have started to rise, according to a monthly report from the Federal Housing Finance Agency.
FHFA says U.S. home prices rose 0.9 percent from April to May. The biggest gains were in the battered Pacific region, where average prices were up 2.7 percent from the previous month.Federal“Revisions and volatility of the monthly index make it hard to draw any conclusions, but the seasonally-adjusted Home Price Index for the first five months of this year is up 0.3 percent or 0.7 percent on an annualized basis,” FHFA Director James Lockhart said in a statement.
FHFA’s monthly and quarterly Home Price Index is based on conforming mortgages that are purchased or backed by Freddie Mac and Fannie Mae.
from The Washington Business Journal
Tuesday, July 21, 2009
Freddie Mac Allows Refinancing of 125% of Home Value
Freddie Mac Allows Refinancing of 125% of Home Value
Posted: 01 Jul 2009 01:48 PM PDT
Freddie Mac announced Wednesday that it would offer loan-to-value ratios on home mortgage refinancings of up to 125 percent for qualified borrowers.
The announcement comes as the Obama administration raised the maximum allowable loan-to-value (LTV) ratio from 105 percent.
As a result of this change, qualified borrowers will be able to obtain McLean-based Freddie Mac’s (NYSE:FRE) Relief Refinance Mortgages with loan amounts up to 125 percent of the current value of their property. The higher LTV ratio is expected to give homeowners – especially those in markets that have experienced sharp declines in home values — more options to refinance into mortgages with terms that better position them for long-term homeownership, the company said.
“This is a change that will put affordable refinancing opportunities within reach of performing borrowers who have suffered the effects of local home price erosion,” said Don Bisenius, executive vice president in a statement. “Today’s announcement also underscores Freddie Mac’s commitment to make the Obama administration’s Making Home Affordable program a gateway to successful long-term homeownership for as many borrowers as possible.”
To encourage borrowers with 30-year fixed rate mortgages to consider a shorter 25-year term, Freddie Mac is providing a special price incentive to lenders. The incentive only applies to Relief Refinance Mortgages with LTV ratios between 105 percent and 125 percent. The 25-year term will result in borrowers paying less interest over the life of their loan and over time improving their overall equity position.
Freddie Mac’s Relief Refinance Mortgage is available to borrowers who are current on mortgages that are owned or guaranteed by Freddie Mac.
Freddie Mac’s Relief Refinance Mortgage allows borrowers to finance closing costs, financing costs and escrows up to $5,000 or 4 percent of the current unpaid principal balance of the mortgage being refinanced, whichever is less. Mortgage insurance is not required if the existing mortgage does not require it. Otherwise, mortgage insurance coverage on the new loan must be the same as on the original mortgage.
Borrowers who apply for Relief Refinance Mortgages through their current servicer will not need to be re-underwritten in most cases. When borrowers apply for Relief Refinance Mortgages through lenders other than their current servicer, the lender must re-underwrite the borrower through Loan Prospector, Freddie Mac’s automated underwriting service, the company said.
The expanded LTV ratios are available now when borrowers apply for Relief Refinance Mortgages through their current servicer and will become available Oct. 1 when borrowers apply through any lender affiliated with Freddie Mac.
Freddie Mac also said the resulting impact on prepayments for certain Freddie Mac mortgage participation certificates, may vary, depending on borrower response and other factors.
source: Washington Business Journal
Posted: 01 Jul 2009 01:48 PM PDT
Freddie Mac announced Wednesday that it would offer loan-to-value ratios on home mortgage refinancings of up to 125 percent for qualified borrowers.
The announcement comes as the Obama administration raised the maximum allowable loan-to-value (LTV) ratio from 105 percent.
As a result of this change, qualified borrowers will be able to obtain McLean-based Freddie Mac’s (NYSE:FRE) Relief Refinance Mortgages with loan amounts up to 125 percent of the current value of their property. The higher LTV ratio is expected to give homeowners – especially those in markets that have experienced sharp declines in home values — more options to refinance into mortgages with terms that better position them for long-term homeownership, the company said.
“This is a change that will put affordable refinancing opportunities within reach of performing borrowers who have suffered the effects of local home price erosion,” said Don Bisenius, executive vice president in a statement. “Today’s announcement also underscores Freddie Mac’s commitment to make the Obama administration’s Making Home Affordable program a gateway to successful long-term homeownership for as many borrowers as possible.”
To encourage borrowers with 30-year fixed rate mortgages to consider a shorter 25-year term, Freddie Mac is providing a special price incentive to lenders. The incentive only applies to Relief Refinance Mortgages with LTV ratios between 105 percent and 125 percent. The 25-year term will result in borrowers paying less interest over the life of their loan and over time improving their overall equity position.
Freddie Mac’s Relief Refinance Mortgage is available to borrowers who are current on mortgages that are owned or guaranteed by Freddie Mac.
Freddie Mac’s Relief Refinance Mortgage allows borrowers to finance closing costs, financing costs and escrows up to $5,000 or 4 percent of the current unpaid principal balance of the mortgage being refinanced, whichever is less. Mortgage insurance is not required if the existing mortgage does not require it. Otherwise, mortgage insurance coverage on the new loan must be the same as on the original mortgage.
Borrowers who apply for Relief Refinance Mortgages through their current servicer will not need to be re-underwritten in most cases. When borrowers apply for Relief Refinance Mortgages through lenders other than their current servicer, the lender must re-underwrite the borrower through Loan Prospector, Freddie Mac’s automated underwriting service, the company said.
The expanded LTV ratios are available now when borrowers apply for Relief Refinance Mortgages through their current servicer and will become available Oct. 1 when borrowers apply through any lender affiliated with Freddie Mac.
Freddie Mac also said the resulting impact on prepayments for certain Freddie Mac mortgage participation certificates, may vary, depending on borrower response and other factors.
source: Washington Business Journal
Friday, June 26, 2009
New Company Website URL
New Company Website URL
Posted: 24 Jun 2009 06:08 PM PDT
We’ve introuduced a new URL for the company website, www.MyAllegianceHome.com. While the older URLs (sell4.com, YourHomesSolutionsCompany.com, TheLocalGiant.com) will continue to point to the site, you’re encouraged to use the new URL.
Posted: 24 Jun 2009 06:08 PM PDT
We’ve introuduced a new URL for the company website, www.MyAllegianceHome.com. While the older URLs (sell4.com, YourHomesSolutionsCompany.com, TheLocalGiant.com) will continue to point to the site, you’re encouraged to use the new URL.
Friday, June 5, 2009
Pending Home Sales Increase
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.
Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”
Geographical Breakdown
* Northeast: The Pending Home Sales Index shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago.* Midwest: The index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008.* South: The index slipped 0.2 percent to 93.0 in April but is 3.5 percent higher than a year ago.* West: The index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.
NAR President Charles McMillan said there are numerous buyer assistance programs around the country. “Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,” he said.
“Just last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger down payment. Buyers who are wondering about their options should contact a REALTOR, who can advise consumers on the housing assistance programs and resources available in a given area.”
Affordable HousingNAR’s Housing Affordability Index is in record territory. The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, which makes it the second-highest monthly reading on record after peaking at 176.9 in January of this year. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.
A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small down payments are roughly 80 percent of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800.
Pending Vs. Existing SalesYun cautions that the reporting sample for pending home sales is smaller than that of existing-home sales, so it is subject to greater variability. “In addition, the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than in the past for several reasons,” he said. “Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.”
The total number of existing-home sales is expected to improve but with dramatic local market variation in the timing of recovery. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun said.
Existing-home sales for May will be released June 23. The next Pending Home Sales Index will be on July 1.
Source: NAR (06/02/09)
Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”
Geographical Breakdown
* Northeast: The Pending Home Sales Index shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago.* Midwest: The index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008.* South: The index slipped 0.2 percent to 93.0 in April but is 3.5 percent higher than a year ago.* West: The index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.
NAR President Charles McMillan said there are numerous buyer assistance programs around the country. “Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,” he said.
“Just last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger down payment. Buyers who are wondering about their options should contact a REALTOR, who can advise consumers on the housing assistance programs and resources available in a given area.”
Affordable HousingNAR’s Housing Affordability Index is in record territory. The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, which makes it the second-highest monthly reading on record after peaking at 176.9 in January of this year. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.
A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small down payments are roughly 80 percent of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800.
Pending Vs. Existing SalesYun cautions that the reporting sample for pending home sales is smaller than that of existing-home sales, so it is subject to greater variability. “In addition, the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than in the past for several reasons,” he said. “Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.”
The total number of existing-home sales is expected to improve but with dramatic local market variation in the timing of recovery. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun said.
Existing-home sales for May will be released June 23. The next Pending Home Sales Index will be on July 1.
Source: NAR (06/02/09)
Tuesday, June 2, 2009
HUD: Tax Credit Can Be Used on Closing Costs
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.
The loans can’t be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.
Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.
There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.
In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.
The first-time homebuyer tax credit was enacted last year–and improved upon earlier this year–to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven’t owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.
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