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July 14, 2008

NAR takes a stand on Fannie/Freddie

NAR Statement on Soundness and Importance of Fannie Mae And Freddie Mac

WASHINGTON, July 14, 2008

"The following is a statement by National Association of Realtors® President Richard F. Gaylord:

“The National Association of Realtors® welcomes the strong response this weekend by the Treasury Department and the Federal Reserve Board in response to the market turmoil and apparent overreactions that began last week affecting Fannie Mae and Freddie Mac. The health of the American economy depends on Fannie Mae and Freddie Mac and the steps taken by the U.S. government make clear that the role of Fannie and Freddie, in making fair and affordable mortgage loans available for home owners and home buyers, must not and cannot be interrupted.

“We support the federal government’s actions and authorization to help ensure the ability of Fannie Mae and Freddie Mac to promote the availability of home mortgage credit during a period of stress in the financial markets. Fannie and Freddie play a central role in our housing finance system, and we agree that they must continue to do so as we work through the current housing correction.”

July 21, 2008

Most banks are safe....so is the FDIC?

See the full article from http://www.money.cnn.com:

July 21, 2008: 4:00 AM EDT

"The IndyMac failure will take a chunk out of the fund the FDIC has to insure deposits. But bank experts aren't worried about it running out of money."

"NEW YORK (CNNMoney.com) -- The FDIC has gone out of its way to stress that most banks are safe. But how safe is the FDIC?"

"Shelia Bair, the chairman of the Federal Deposit Insurance Corp., said last week that she believes the takeover of the bank IndyMac, which the FDIC seized on July 11, will cost between $4 billion and $8 billion."

"The FDIC currently has a record $53 billion at its disposal in a fund to payoff customers of failed banks like IndyMac."

The article continues to discuss the issue of the amount in the FDIC fund versus the dollar amounts usually...

Continue reading "Most banks are safe....so is the FDIC?" »

July 24, 2008

NAR update on Home Sales - Down (but not all!)

For more information, contact:

Walter Molony 202/383-1177 wmolony@realtors.org

Existing-Home Sales Down In June

Washington, July 24, 2008


"Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 2.6 percent to a seasonally adjusted annual rate1 of 4.86 million units in June from a pace of 4.99 million in May, and are 15.5 percent lower than the 5.75 million-unit rate in June 2007."

"NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said there is something of a quandary in the current market. “A recent online survey of Realtors® shows...

Continue reading "NAR update on Home Sales - Down (but not all!)" »

July 29, 2008

Denver Area Housing May Be Recovering

This article was forwarded from my Land Title rep. Only a snippet is still available at the Denver Post site, but that part was verified.

I found the article interesting because it mentioned the part about smaller-sized houses that were purchased over last year possibly affecting the way stats have been showing a decline in housing prices.


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July 31, 2008

New "Housing Rescue Bill", Seller Contributions and the Good News Is...

Most of you have already heard about the "housing/mortgage rescue" law signed into place yesterday, HR Bill 3221.

You can see a list of it's main provisions (distilled from several hundred pages!) below.

Though October 1, 2008 is the date the changes are slated to take effect, the real news is no one quite knows which changes will really happen by then...or which ones will actually be able to be enforced.

One of the rulings of concern for many of you...and for me too...is that seller contributions for down payments are going away (those "no closing costs/no down payment needed" ads!). And the amount required for the down payment for an FHA insured loan has now gone to 3.5%, up from 3%.

However, I heard Nehemiah now has an injunction out against this portion, and who knows how many other Bill changes will be under litigation by October 1st.

Even Freddie Mac hasn't yet gotten any immediate guideline changes and are unsure if it's Home Possible or other DPA Programs will be affected or which new rulings will be ignored or litigated away.

And of course, each lender/bank will jump into the fray and interpret the provisions their own way. This means maybe one particular bank will still allow for a scenario and another bank might not. This law is specific that the lenders, for example in the "short refi's", are not required to participate fully depending on the portion of the provision.

In any case...the good news... the sellers are still allowed to contribute up to....

Continue reading "New "Housing Rescue Bill", Seller Contributions and the Good News Is..." »

August 12, 2008

Gold falls too... even with the good news of oil prices falling

gold-coins-images.JPG In the turmoil of the US financial crisis...Fannie, Freddie problems and all, one would believe gold metal would still be climbing.

But oil and precious metals and commodities are falling...and falling. The good news is oil is closer to $115 a barrel and not over $150 as some analysts were predicting. Retail gas prices are dropping too.

So why, even as we speak, does gold (and even oil) keep falling...gold already down more than $200 off it's high of $1030 an ounce earlier in the year when it too was predicted to keep its climb past the $1200 mark. (Here is a good site to check for current/live prices)

The term global impact is no more a novelty of thinking. Natural disasters in China, Japan...the massive flooding in the Midwest of the US (though the death toll not anywhere as extravagant as that of China's flooding, some say the US flood is the worst flooding in recorded history), along with the financial disasters of our US mortgage and housing markets all affect the demand for energy (many are just not driving as much, businesses are finding alternative distribution means, etc), and affect those Asian and European countries grab for base gold too as their own economies now feel the slow down that might have begun in the US but now are world wide.

With world-wide economic slow down, the dollar shows a bit stronger (even as in the news it too fluctuates stronger/weaker against the complexity of factors)...and the demand for gold drops. Where the price of gold will head as the fall manufacturing cycle begins is anyone's guess.

The combination of elements that in the past might have signaled corresponding affects in other associated arenas now behave outside those expectations. Witness the rise and fall of mortgage rates behaving outside their norms of triggers.

The future should be an interesting show!

September 7, 2008

The Bottom of the Housing Market?

fred_maclogojp.JPG The following article is from nytimes.com. It talks about what happened Friday evening. Basically the Feds are taking over Freddie and Fannie. fanniemaelogojp.JPG This wipes out all their equity but will keep them running and provide enough liquidity at cheap rates to help the housing market.

This could be the signal that things are going to get better. Rates are going to come down, credit will be easier to get, and we will start working off all the excess real estate inventory we have.

Things are going to get better. But hang on to your hats, it's still going to be a bumpy ride.

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September 6, 2008

U.S. Rescue Seen at Hand for 2 Mortgage Giants

By STEPHEN LABATON and ANDREW ROSS SORKIN

WASHINGTON -- Senior officials from the Bush administration and the Federal Reserve on Friday called in top executives of Fannie Mae and Freddie Mac, the mortgage finance giants, and told them that the government was preparing to place the two companies under federal control, officials and company executives briefed on the discussions said.

The plan, which would place the companies into a conservatorship, was outlined in separate meetings with the chief executives at the office of the companies' new regulator. The executives were told that,...

Continue reading "The Bottom of the Housing Market?" »

November 10, 2008

How Much $$ Do I REALLY Need to Buy a House?

I recently created this info [2008] for a new first time home buyer when he asked what he would need to buy a home in Hawaii (he currently makes about $3600 a month income....and had about $5000 saved up):


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1. Ask the Realtor for the minimal house and condo prices available for your area

2. You will want to have a minimum of 3.5% of the purchase price of the house available for the down payment in addition to another 2-3% in closing costs. The seller can pay the closing costs portion (up to 6%) if they are able and are negotiated to do so by your Realtor.

The mortgage company I originate loans might also be able to have your new mortgage bank pay the closing costs if you are in a fast moving market and might not win the house offer if you ask for closing costs in addition to an offer discount.

3. The down payment/closing costs comes from your normal checking and/or savings accounts (you want to be sure there are no....

Continue reading "How Much $$ Do I REALLY Need to Buy a House?" »

February 23, 2009

SELLERS, Reach out to MORE BUYERS by Offering an FHA Loan Sale!

In regular follow up with the Realtors® I work with often, and with some of my clients using the fabulous NEW FHA guidelines for their new home purchases mortgages--- I discovered an unusual situation:

Many of the "For Sale" home listings were NOT saying the home could be bought by a new buyer using an FHA mortgage!

When I asked the Realtors® why the MLS listings were excluding these, I found some serious confusion about what a SELLER might or might not have to do if they offered their home listing to an "FHA buyer".

Unfortunately, there is an enormous--- a HUGE-- amount of misinformation on the internet and elsewhere about FHA backed mortgages. In the past, sellers were required to pay certain closing costs (up to maybe $500) for any new buyer using an FHA backed mortgage on their home sale.

NOT ANYMORE! And not for some time :-).

Simply now: ANY home-for-sale (listed by a private seller FSBO (for sale by owner), by a private seller using a Realtor/Broker, by a seller who themselves already have an FHA backed loan on the home they are selling, by a bank seller (REO), by HUD....etc)--- any seller of a home--- does NOT have to pay ANYTHING towards a new buyer's costs--- NOTHING, NOT A DIME if they don't want to.

The new buyer with a qualified FHA backed mortgage can pay all their own closing costs if they want to. The seller pays nothing.

Now--- the seller CAN pay up to 6% of the CLOSING costs portion (NOT the 3.5% needed for the statutory DOWN PAYMENT amount) for a new buyer using an FHA backed mortgage--- but THEY DON'T HAVE TOO if they don't want to. Period.

Also and by-the-way, MOST of the buyers today are using FHA backed mortgages. Unlike the past where an FHA loan was usually linked to borrowers with "less than perfect credit", today, the FHA backed mortgages often offer lower rates than conventional mortgages and no hassles over an ever increasing mortgage insurance qualification battle.

So sellers, if you want to increase your chance, GREATLY increase your chance of a successful home sale, let your home be sold to any qualified buyer. And tell your Realtor® to list your home that way.

To check on this and other FHA MYTHS, you can call the FHA office: 800-225-5342 and also visit www.HUD.gov (and follow the links on the FHA logo to the FHA website)...and/or .download this page I copied and put into a PDF about FHA MYTHS
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April 16, 2009

POSITIVE PERSPECTIVE - Curtesy of Land Title

April 2009 • Issue 10

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Denver on list of 10 cities where Americans are relocating: Denver is one of 10 U.S. cities on a new Forbes magazine list of cities where...

Continue reading "POSITIVE PERSPECTIVE - Curtesy of Land Title" »

August 2, 2012

Denver housing market second in nation for quick sales - Denver Post

By Steve Raabe
The Denver Post

New advice from the trenches on buying a home: Look early. Think fast. Hone your quick-draw skills with the checkbook.

Metro Denver's real estate market, not long ago a buyer's domain, suddenly has shifted to a seller's paradise, at least in some neighborhoods and price ranges.

Realtors' offices are rife with fresh anecdotes of sellers happily cherry-picking from multiple offers — some of them above the asking price.

How fast is the market moving? A new report shows that Denver is

Continue reading "Denver housing market second in nation for quick sales - Denver Post" »

August 11, 2012

July - 2012 Denver Real Estate Market Update

Residential Highlights

20.5% Increase in closed sales year over year
17.5% Increase in closed sales year to date
47.0% Decrease in Absorption Rate (2.4 months)
35.2% Decrease in active listings (9,087)
4.8% Increase in average sold price ($312,920)

Condo/Townhome Highlights

20.2% Increase in closed sales year over year
14.1% Increase in closed sales year to date
51.2% Decrease in inventory (1,740)
24.3% Increase in average sold price ($190,269)

POSITIVE PERSPECTIVE - Curtesy of Land Title AUGUST

August 2012 • Issue 50

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Luxury home sales highest since housing recession: Luxury home sales jumped sharply again last month in the Denver area, sending million-dollar sales to their....

Continue reading "POSITIVE PERSPECTIVE - Curtesy of Land Title AUGUST" »

July 2012 - Real Estate Market Statistics Entire MLS

Download PDF file for the entire MLS areas around Metro Denver and surrounding


Based on Information from Metrolist, Inc. for the period Jan 2009 through present. Note: This representation is based in whole or in part on data supplied by Metrolist, Inc. Metrolist, Inc. does not guarantee nor is in any way responsible for its accuracy. Data maintained by metrolist, Inc. may not reflect all real estate activity in the market.

September 8, 2012

Average Price of Homes Sold up 9.8% Denver

August - 2012 Real Estate Market Update

Entire MLS (All Areas)

Residential Highlights


• 9.8% increase in average price (sold) ($311,893)
• 17.4% increase in number of closed sales year-over-year (3,730)
• 34.4% decrease in average days on market (63)
• 7.5% increase in New listings (4,577)


Condo/Townhome Highlights (All Areas)


• 9.1% increase in average price (sold) ($183,359)
• 20.0% increase in closed sales year over year (955)
• 37.8% decrease in average days on market (69)
• 11.9% increase in number of new listings (1,135)
• 59.4% decrease in absorption rate (1.8months)

November 11, 2012

Mortgage delinquency rate drops in Colorado, nation

Mortgage delinquencies on residential properties in Colorado dropped in the third quarter of the year, keeping the state with one of the lowest rates nationally, a national banking association reported Thursday.

Coupled with a delinquency rate of 5.04 percent, the number of foreclosures started in the quarter fell to 0.57 percent, and the number of loans in foreclosure — 1.66 percent — also dropped.

Reported by: The Denver Post

November 18, 2012

Freddie Mac: Most refis don't shorten mortgage duration


Fixed mortgage rates averaged 3.55% for 30-year loans and 2.84% for 15-year loans, which was below long-term averages and the lowest quarterly averages recorded by the Freddie Mac primary mortgage market survey.

29% of borrowers who refinanced during Q3 shortened their mortgage. 68% of borrowers kept their same loan term.

And 3% of borrowers chose to extend their loan term.

Reported by: HousingWire

January 9, 2013

Bankruptcy and Foreclosure- When Can I Buy or Refi?

[These are the guidelines as of September, 2013. If you are reading this after that date, please call me or your mortgage broker/banker as the rules and requirements continue to change and the information below, though basic, in reality has probably changed.]

Qualifying for a mortgage after bankruptcy or a foreclosure/short sale/deed in lieu requires timing as well as re-building credit.

Rebuilding credit means actually USING credit responsibly. That means having at least two GOOD lines of credit like 2 small limit and small charged up balance credit cards being paid on time, paying meticulously on time and keeping the amount charged up very low. That also means NOT closing any account, PAYING OFF collections and judgements and PAYING DOWN-- NOT OFF--- USING the minimum payment asked in the bill (NOT paying the entire amount off every month) and keeping the balance charged up to only max 20% or so of the limit given.

Timing is as follows and is to the day-- and possibly per decision of any given bank:

FHA Loans

* Foreclosure or Deed-in-Lieu or Short Sale: 3 years from the final sale to a NEW BUYER (not the day you signed the foreclosure paperwork or were evicted)

* Chapter 7 Bankruptcy: 2 years from Discharge

* Chapter 13 Bankruptcy: Totally an underwriter/lender decision AND must get at least a one-year history of making on-time payments from your Trustee, Court or BK Attorney or who ever is receiving your payments AS WELL AS written approval from the same Trustee, Court etc. receiving payments to add new debt.

(other loans, open the rest of the Post)

==========

Continue reading "Bankruptcy and Foreclosure- When Can I Buy or Refi?" »

April 30, 2014

Market sizzles with average price up 12.5%

Residential Highlights:

• 21.2% increase in the number of closed sales year-over-year
• 21.4% increase in the number of closed sales year to date
• 37.8% decrease in average days on market (56 days in April)
• 32.2% decrease in active listings
• 11.9% increase in new listings
• 12.5% increase in average price - sold ($336,123 in April)

Condo Highlights:

• 20.8% increase in number of closed sales year-over-year
• 21.1% increase in number of closed sales year to date
• 42.9% decrease in average days on market (52 days in April)
• 32.5% decrease in number of active listings
• 30.2% increase in number of new listings
• 10.5% increase in average price – sold ($196,966 in April)

September 23, 2014

What Happened to Looking Through 50 Listings for My Dream Home?

Let us go back in time to the year 1985. The first Top Ten list by David Letterman premiered. Back to the Future was the top grossing film. New Coke was launched and failed. The Titanic wreckage was found. The first version of Windows came out to the market. The average price of a new home was

Continue reading "What Happened to Looking Through 50 Listings for My Dream Home?" »

March 28, 2016

NEW RULES to DO NOW if You Want to Buy a House

Here are some "how to buy a house now" steps to keep in mind as you prepare to package yourself to win a home in any of our Front Range areas (Denver Metro especially).

With the best homes flying off the shelf-- often under contract the day they are listed or within days after, you want to be completely ready.

FIRST, it's best to...

Continue reading "NEW RULES to DO NOW if You Want to Buy a House" »

April 29, 2016

SOLD: $399,900 Remodeled, 2011 E. 148th Dr, Thornton 80602


See listing on: Zillow

See listing on: Craigslist

My Zillow real estate agent Reviews

My Zillow mortgage broker Reviews

Highly requested Quail Valley community.

STUNNING VIEWS of Longs Peak, Mountain range, open space!

Exquisitely maintained and clean. Move-in ready.

Appraiser measured 1945 finished sf up, popular Melody Keystone model with 4 levels.

Updated, remodeled: Stunning new solid hardwood flooring (real wood, sand & seal) throughout main level (entry, 1/2 bath powder room, living room, dining room, kitchen). New designer paint interior and exterior. Brand new hot water heater. New fixtures. Newer Amerimax upgraded windows throughout and Amerimax patio sliding door.

Bay window in Living room. Astonishing VIEWS from bay windows!

Separate Dining room opens to adjoining Living room with astonishing VIEWS from the patio door!

Bay windowed eat-in kitchen with gas range/stove/oven and Pantry.

Guest powder room 1/2 bath at entry with coat closet.

Large private master on its own level with en-suite 5-piece bath, 2 sinks, soaking tub, door-close toilet room, and walk-in closet. Wired for internet/cable. Incredible Mt Views from large window!

Two additional bedrooms (or one could be an office, it's wired for internet/cable and has Mt Views!) and full bathroom on the 4th upper level.

Lower level family room with gas insert fireplace (also wired for internet/cable).

Natural light, vaulted ceilings, ceiling fans, open floor plan.

Open, 702 sf basement with bath rough-in to be finished to your personal touches for an extra bedroom and extra bathroom, or use as a large amount of extra storage space.

Large yard, carpet of backyard lawn, sprinkler system front/back. And VIEWS!!

Attached 2 car garage.

Built 2003/04.

Central A/C.

Includes appliances (refrigerator, stove, dishwasher, washer/dryer).

Home is situated on the lot in such a way to give the feeling of more privacy than usual and astonishing "WOW" views of Longs Peak, mountain range and open space. Backs to green belt and beginning of open space.

On cul-de-sac directly adjacent to new Big Dry Creek Open Space Bird Preserve and Historic Renovation Big White Barn.

Direct access to community walking trail and two children's playgrounds. Blocks to Adams 12 Five Star elementary and middle school and new-being-built Stargate K-12 Charter schools and new St Anthony Medical Ctr, movies, eating, upscale Orchard Town Center shops/Cabelas. Convenient to major freeways, and future light rail!

Home Buyers Warranty.

Eileen M. Carda, CO Broker/Owner EMC Realty, and CO Mortgage Loan Originator, Plum Creek Funding, show contact info NMLS 867261, MLO 100024439 Mobile: 303-903-0394

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About Industry NEWS

This page contains an archive of all entries posted to Eileen M. Carda in the Industry NEWS category. They are listed from oldest to newest.

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