Daily Real Estate News
Wednesday, August 19, 2009
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Displaying blog entries 1-10 of 21
Post Title
Tuesday, July 21, 2009
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NEIGHBORHOOD PRICES! |
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Alan Anand Singh, Own A Home, Inc.
117-05 115 Ave S., Ozone Park NY 11420 1-800-861-4757  Visit http://www.ownahome.com |
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Real Estate Market Activity March 2009
Tuesday, April 28, 2009
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| Supply | # Sold | % Change | Median. Sale PRICE (1000's) | % Change | ||||
| Mths | Previous Mth | Previous Year | Previous Mth | Previous Year | ||||
| Suffolk, NY | 14.60 | 532 | 26.37% | -3.45% | $320 | 3.33% | -11.04% | |
| Nassau, NY | 12.40 | 450 | 10.57% | -12.96% | $406 | 1.38% | -11.46% | |
| Queens, NY | 15.60 | 422 | 26.73% | 3.43% | $355 | -4.57% | -16.47% | |
| Central, FL | 12.98 | 1653 | 25.04% | 47.59% | $137 | -8.05% | -37.73% | |
REAL ESTATE:
Fed Officials: The Worst is Over
The worst of the economic crisis is over, according to U.S. officials speaking at a financial conference Friday at Vanderbilt University.
Frank Nothaft, the chief economist for Freddie Mac, said housing sales have just about hit bottom and a third of home sales are now foreclosed properties.
Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, warned that the declining commercial real estate market still poses a risk to the economy.
New York Fed chief William Dudley complained that the programs the government has put in place are being undermined by public perception that they are unfair to average taxpayers and that has made some potential investors fearful that they would be the focus of public outrage if they profit from the programs.
"It is worth emphasizing (that) actions that lead investors to shun taking risk, especially in this environment, are ultimately detrimental to the ability of households and businesses to secure credit at reasonable borrowing rates," Dudley said.
Source: Reuters News, Ros Krasny and Kristina Cooke (04/18/2009)
MORTGAGES
Housing Market Faces New Rules for Appraisals
The housing industry is facing new national rules for real estate appraisals, which will ban mortgage brokers from ordering valuations and divert more business to third-party appraisal management companies.
Lenders seeking to sell their loans to Fannie Mae and Freddie Mac will have to adopt the home valuation code of conduct; but they have expressed some concern about the new standard, which takes effect on May 1.
Lenders can still focus on FHA financing, considering the agency has its own appraisal rules and does not plan to adopt the code of Fannie Mae or Freddie Mac.
Source: Realty Times, Kenneth R. Harney (04/20/09)
© Copyright 2009 Information Inc.
Housing Market Faces New Rules for Appraisals
The housing industry is facing new national rules for real estate appraisals, which will ban mortgage brokers from ordering valuations and divert more business to third-party appraisal management companies.
Lenders seeking to sell their loans to Fannie Mae and Freddie Mac will have to adopt the home valuation code of conduct; but they have expressed some concern about the new standard, which takes effect on May 1.
Lenders can still focus on FHA financing, considering the agency has its own appraisal rules and does not plan to adopt the code of Fannie Mae or Freddie Mac.
Source: Realty Times, Kenneth R. Harney (04/20/09)
© Copyright 2009 Information Inc.
Market Trends Newletter: February 2009 Edition
Wednesday, March 11, 2009
Market Activity
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| Supply | # Sold | % Change | Median. Sale PRICE (1000's) | % Change | ||||
| Mths | Previous Mth | Previous Year | Previous Mth | Previous Year | ||||
| Suffolk, NY | 19.60 | 421 | -13.02% | -28.40% | $310 | -3.28% | -17.14% | |
| Nassau, NY | 15.40 | 407 | -11.71% | -35.80% | $400 | 3.90% | -9.09% | |
| Queens, NY | 18.80 | 333 | -12.37% | -37.29% | $372 | 8.20% | -15.07% | |
| Central, FL | 18.19 | 1219 | 16.10% | 28.18% | $146 | -1.87% | -34.75% | |
REAL ESTATE:
Survey: American Dream Still Alive
The American dream of homeownership is alive and well with both home owners and potential home owners undeterred by the current housing slowdown.
According to the latest American Dream Survey by Trulia.com, more than 75 percent of Americans surveyed consider owning a home a key part of achieving their personal American Dream.
Creating more jobs and increasing job security is the most important thing President Barack Obama can do to stabilize the housing market, says 53 percent of those surveyed.
Other notable findings:
- 7 percent believe it is important for Obama to keep interest rates low.
- 5 percent think it is important to offer other economic incentives to homeownership.
- 21 percent say it is wise to reduce foreclosures.
- 6 percent believe that there is nothing Obama can do to stabilize the housing market.
Overall, 29 percent of those surveyed believe the housing market will improve in the next year. Of the Republicans surveyed, only 10 percent see improvement in the next year, while 47 percent of Democrats believe in that timetable.
Harris Interactive surveyed more than 1,400 home owners and about 600 renters for the survey.
Source: Trulia.com (03/05/2009)
MORTGAGES
Experts Say Refi Activity to Remain High
A boost in refinancing demand usually pushes interest rates up and puts a damper on refi activity, but experts say borrowers have no need to worry about rising costs as they rush to take advantage of the U.S. government's new no-equity refinance program.
Mortgage Bankers Association economic forecaster Orawin Velz explains that the Federal Reserve plans to purchase $500 billion in Fannie Mae and Freddie Mac mortgage bonds to hold interest rates at about 5 percent by maintaining demand for the securities.
Experts say borrowers should not wait in hopes that rates will fall as low as 4 percent, as this scenario is unlikely.
Source: The Washington Post, Elizabeth Razzi (03/09/09)
Experts Say Refi Activity to Remain High
A boost in refinancing demand usually pushes interest rates up and puts a damper on refi activity, but experts say borrowers have no need to worry about rising costs as they rush to take advantage of the U.S. government's new no-equity refinance program.
Mortgage Bankers Association economic forecaster Orawin Velz explains that the Federal Reserve plans to purchase $500 billion in Fannie Mae and Freddie Mac mortgage bonds to hold interest rates at about 5 percent by maintaining demand for the securities.
Experts say borrowers should not wait in hopes that rates will fall as low as 4 percent, as this scenario is unlikely.
Source: The Washington Post, Elizabeth Razzi (03/09/09)
Experts Say Refi Activity to Remain High
A boost in refinancing demand usually pushes interest rates up and puts a damper on refi activity, but experts say borrowers have no need to worry about rising costs as they rush to take advantage of the U.S. government's new no-equity refinance program.
Mortgage Bankers Association economic forecaster Orawin Velz explains that the Federal Reserve plans to purchase $500 billion in Fannie Mae and Freddie Mac mortgage bonds to hold interest rates at about 5 percent by maintaining demand for the securities.
Experts say borrowers should not wait in hopes that rates will fall as low as 4 percent, as this scenario is unlikely.
Source: The Washington Post, Elizabeth Razzi (03/09/09)
Cut Your Electric Bills Painlessly
Wednesday, March 11, 2009
By Burt Ramone, National Association of Realtors (NAR)
When Mom told you to turn out the lights, she was thinking of saving energy dollars, not rolling blackouts and bankrupt utility companies. Rarely have Moms words of wisdom been as fitting as they are now and not just in California. Electricity rates are going up everywhere.
Besides switching off lights, there are several other painless methods to conserve energy and save money on your electric bills.
Plug ins
- Look for those electronic devices, especially those with digital time and date displays that are infrequently used such as alarm clocks, TVs and VCRs in a guest room and unplug them.
- Unplug devices used to recharge electronics/batteries when they're not being used.
- Transformers consume energy. Consider unplugging devices like calculators that are not in use.
Appliances
- Wait until you can fill up your dishwasher before running it. And if you have a heated-dry option, switch it off. Prop open the door a bit after the cycle to air dry your load.
- If you have an electric cooktop, turn the burners off a few minutes before the allotted cooking time. The heating element will stay hot long enough to finish the cooking without using more electricity.
Lighting
- Its obvious, but true: Turn off lights that are not being used. Consider installing timers or photo cells on some lights. And instead of constantly nagging the kids, try occupancy sensors that turn on and off automatically when someone enters or leaves a room.
- Rather than brightly lighting an entire room, focus the light where you need it. For example, use fluorescent under-cabinet lighting for kitchen sinks and countertops
- Consider dimmer switches and three-way lamps. These provide low light levels when bright lights are not necessary.
- Use linear fluorescent and energy-efficient compact fluorescent lamps (CFLs) in fixtures throughout your home to provide high-quality and high-efficiency lighting. Fluorescent lamps are much more efficient than incandescent bulbs and last six to ten times longer. Although fluorescent and compact fluorescent lamps are more expensive than incandescent bulbs, they pay for themselves by saving energy over their lifetime.
Market Trends Newsletter: January 2009 Edition
Thursday, February 12, 2009
Market Activity
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| Supply | # Sold | % Change | Median. Sale PRICE (1000's) | % Change | ||||
| Mths | Previous Mth | Previous Year | Previous Mth | Previous Year | ||||
| Suffolk, NY | 22.50 | 484 | -33.70% | -33.52% | $320 | -8.57% | -16.88% | |
| Nassau, NY | 17.10 | 461 | -33.86% | -25.53% | $385 | -6.10% | -13.97% | |
| Queens, NY | 19.80 | 380 | -29.24% | -25.05% | $344 | -11.85% | -22.04% | |
| Central, FL | 23.63 | 957 | -33.77% | 17.71% | $148 | -11.48% | -33.06% | |
REAL ESTATE:
Senate OKs $15,000 Bonus for Home Buyers
Housing could get a big boost from the latest addition to the mammoth stimulus bill working its way through Congress.
Senate legislators unanimously approved a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.
"It is time to fix housing first," said Sen. Johnny Isakson, R-G.
Isakson's office said the proposal would cost the government an estimated $19 billion. In all, the stimulus is now topping an estimated $920 billion.
In an op-ed that appears in Thursday’s Washington Post, President Barack Obama painted a dire picture if Congress fails to move quickly to pass the stimulus bill.
"This recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," Obama wrote in the op-ed titled, "The Action Americans Need."
Source: The Associated Press, David Espo (02/05/09)
MORTGAGES
Fannie Loosens Refinancing Rules
Fannie Mae plans to eliminate some credit-score requirements, scale back income-documentation standards, and waive the need for appraisals in some cases, starting on April 4.
The mortgage finance company believes the changes will allow more homeowners to refinance into new home loans at near-record low interest rates.
Analysts say the relaxed rules for loans that Fannie Mae owns or guarantees are unlikely to have a significant impact on mortgage-bond investors and mortgage insurers.
Source: The Washington Post, Jody Shenn (02/06/09)
© Copyright 2009 Information Inc.
Fannie Loosens Refinancing Rules
Fannie Mae plans to eliminate some credit-score requirements, scale back income-documentation standards, and waive the need for appraisals in some cases, starting on April 4.
The mortgage finance company believes the changes will allow more homeowners to refinance into new home loans at near-record low interest rates.
Analysts say the relaxed rules for loans that Fannie Mae owns or guarantees are unlikely to have a significant impact on mortgage-bond investors and mortgage insurers.
Source: The Washington Post, Jody Shenn (02/06/09)
© Copyright 2009 Information Inc.
Fannie Loosens Refinancing Rules
Fannie Mae plans to eliminate some credit-score requirements, scale back income-documentation standards, and waive the need for appraisals in some cases, starting on April 4.
The mortgage finance company believes the changes will allow more homeowners to refinance into new home loans at near-record low interest rates.
Analysts say the relaxed rules for loans that Fannie Mae owns or guarantees are unlikely to have a significant impact on mortgage-bond investors and mortgage insurers.
Source: The Washington Post, Jody Shenn (02/06/09)
© Copyright 2009 Information Inc.
Fannie Loosens Refinancing Rules
Fannie Mae plans to eliminate some credit-score requirements, scale back income-documentation standards, and waive the need for appraisals in some cases, starting on April 4.
The mortgage finance company believes the changes will allow more homeowners to refinance into new home loans at near-record low interest rates.
Analysts say the relaxed rules for loans that Fannie Mae owns or guarantees are unlikely to have a significant impact on mortgage-bond investors and mortgage insurers.
Source: The Washington Post, Jody Shenn (02/06/09)
© Copyright 2009 Information Inc.
Why Use a REALTOR®
Wednesday, February 11, 2009
National Association of REALTORS®
Many consumers consider selling their home directly but eventually turn to REALTORS®. Smart home sellers realize they need the expertise in pricing their home, making connections with REALTORS® working with buyers, arranging and staffing open houses, and coordinating with other professionals in the sales process.
Only about half of all real estate agents are REALTORS® -- the top half, in our not-so-humble opinion. REALTORS® work independently, for small agencies, or for large brokerages. They help people buy and sell residential or commercial properties, vacation homes, and land; they conduct appraisals; they operate in the United States and in other countries; some specialize in auctions; and others are buyer's representatives.
REALTORS® Are Experts
Eighty-five percent of sellers were assisted by a real estate agent when selling their home, according to NAR's 2007 Profile of Home Buyers and Sellers, and 79 percent of buyers purchased their home through a real estate agent or broker.
Why Use a REALTOR®?
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Here are 12 ways a REALTOR® will make your home buying or selling experience better.
REALTORS® Are Part of the Community
REALTORS® Work to End Housing Discrimination - during April, which is Fair Housing Month, and all year long. REALTORS® are active members of their communities.
REALTORS® Protect You
Only REALTORS® follow a Code of Ethics
To be a member of NAR and a REALTOR®, a real estate agent must abide by a set of professional principles and serve clients fairly.
Learn how the Code of Ethics affects everyday real estate practices
Possible Relief Ahead for Homeowners and REALTORS®
Wednesday, February 11, 2009
By: Randy Kaplan,1/28/2009, Long Island Board of Realtors
This year will surely be remembered as historic with the recent inauguration of President Barack Obama and for what we hope will be a banner year legislatively for Long Island, New York City and the entire state.
President Obama has already promised to work with Congress to decrease the number of foreclosures by helping to lower mortgage payments for responsible homeowners. Foreclosure prevention and increasing the number of jobs are critical to housing and economic recovery. Bringing back buyers to the market will reduce inventory and stabilize home prices.
Proposed relief programs are already being discussed at various levels of government. Senator Charles Schumer, a member of the Senate Finance Committee, is pushing for federal grants for schools as part of the economic stimulus package working its way through Congress. The package may include $6.4 billion for New York schools to help financially strapped school districts avoid increasing property taxes or cutting programs. Schumer said the stimulus package may also include aid to states, funding for infrastructure projects and tax cuts of about $1,000 aimed at middle-class taxpayers. The package could land on President Barack Obama’s desk by mid February. In response to this proposal, Gov. David Paterson said if the federal money materializes, he might not have to raise taxes and fees as part of his $121 billion state budget proposal.
Housing Forecast for January 2009
Wednesday, February 04, 2009
Provided by Fannie Mae's Economics & Mortgage Market Analysis Group
The Housing Forecast for January 2009 summarizes the movement of interest rates and the housing market for last month. Click on the link below to view the Housing Forecast Summary.
Economic Forecast: January 2009
Wednesday, February 04, 2009
Provided by Fannie Mae's Economics & Mortgage Market Analysis Group
The Economic Outlook includes the overall economic climate of the country for January 20009. Click on the link below to view the Economic Forecast Summary for 2009.
Displaying blog entries 1-10 of 21
Dar Singh
Own A Home, Inc.
117-05 115 Ave
South Ozone Park
NY
11420
Copyright © 2003-2012 Real Pro Systems LLC. All rights reserved.
Last Modified 2/7/2012