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Highest Year-Over-Year Increase In Home Prices Since 2005

Housing Analysis , ,
Two major indicators of home price trends showed a slowing momentum for home prices in December. The S&P Case Shiller 10 and 20 city indices reported that of 20 cities tracked, home prices were lower in December than for November. Case-Shiller’s seasonally adjusted month-to month reading showed that home prices rose by 0.8 percent as compared to 0.90 percent in November. David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said that “Gains are slowing from month-to-month and the strongest part of home price recovery may be over.” He also noted that seasonally adjusted data was showing…
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What Is A Mortgage Pre-Qualification?

Home Mortgage Tips , ,
A mortgage pre-qualification is an initial estimate of what type of mortgage a borrower could get. It is limited, though, because it's only based on what the borrower tells the lender, which might not be the same as what the lender finds out when it goes through a full process of analyzing the borrower and his credit. Steps Of A Pre-Qualification To get pre-qualified, a borrower starts by finding a lender. Typically, he will give the lender basic information on his ability to borrow. This includes his income, how much money he has in the bank, his current payments and…
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What’s Ahead For Mortgage Rates This Week – March 3, 2014

Mortgage Rates , ,
Last week's economic news was mixed, with new home sales increasing and weekly jobless claims higher than expected. Case-Shiller and FHFA home price reports reflected slower growth in home prices. Mortgage rates moved higher for the third consecutive week. Weakness in the jobs sector and harsh winter weather were seen as factors contributing to economic events, but sales of new homes jumped unexpectedly to their highest since 2008. Case-Shiller, FHFA Report Slower Growth for Home Prices The Case-Shiller composite home price index for December reported that home prices declined by 0.10 percent in December, which was the second consecutive monthly…
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How To Make Your Home Look More Luxurious On A Budget

Around The Home , ,
Have you been looking through home décor magazines and gazing with wonder at the gorgeous homes inside? Do you want to add a touch of elegance and luxury to your home, but you are on a tight budget? No need to worry, there are many ways that you can make your home look like a million bucks, without actually having to spend a fortune.   Luxury Home Decor Ideas Here are a few great ideas that don't have to cost a lot, they just require a little bit of planning and some elbow grease and they will take your home…
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Case Shiller Price Index Shows That It’s A Buyers Market

Housing Analysis , ,
Two major indicators of home price trends showed a slowing momentum for home prices in December. The S&P Case Shiller 10 and 20 city indices reported that of 20 cities tracked, home prices were lower in December than for November. Case-Shiller's seasonally adjusted month-to month reading showed that home prices rose by 0.8 percent as compared to 0.90 percent in November. David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said that "Gains are slowing from month-to-month and the strongest part of home price recovery may be over." He also noted that seasonally adjusted data was showing…
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How Can I Get A Cash-Out Refinance Using An FHA Loan?

Home Mortgage Tips , ,
While homeowners typically equate the FHA loan program with low-down payment mortgages, FHA refinances are also available. In addition to easy-to-source rate-and-term and streamline refinances that replace an existing FHA mortgage with a better one, the FHA even offers cash-out refinance loans. A cash-out FHA loan refinance allows the borrower to take out up to 85 percent of the value of his property. In today's market, the ability to pull out 85 percent of a home's equity is attractive, but not as generous as a 96.5 percent FHA purchase mortgage. Nevertheless, while the borrower doesn't get the high leverage of…
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Existing Home Sales Lowest Since 2012

Housing Analysis , ,
Sales of existing homes fell by 5.10 percent in January according to the National Association of REALTORS. Pre-owned home sales slowed to a seasonally-adjusted annual rate of 4.62 million homes against an expected reading of 4.65 million and December's reading of 4.87 million existing homes sold. Rising home prices are reducing the number of affordable homes and a shrinking inventory of available homes were said to be underlying causes to January's slump in existing home sales. Severe winter weather also contributed to lower sales. January's reading was the lowest for existing home sales since July of 2012. The national inventory…
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What’s Ahead For Mortgage Rates This Week – February 24, 2014

Mortgage Rates , ,
Last week's economic data supported recent reports indicating that housing markets are slowing, The National Association of Home builders/Wells Fargo Home Builders Index (HBI) dropped by 10 points to a reading of 46 for February. Home builder confidence dropped to its lowest reading in nine months,  and fell below the benchmark of 50, which indicates that more builders are pessimistic about current market conditions than not. Severe weather was blamed for the lower builder confidence reading, which fell below the expected reading of 56. Regional readings of builder confidence were also lower: Northeast: Builder confidence fell from 41 to 33…
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Smart Ways To Create Equity Within Your Home

Homeowner Tips , ,
Home equity is the difference between what your home can sell for and what you owe on it. Generally, the longer you own your home, the more equity you build. This is money you can use before you sell your home through a home equity loan. Just keep in mind that a home equity loan is secured with your home. If you can't make the payments, you can lose your home. Use Your Home Equity In Smart Ways: Remodel Your Home - If you've wanted to add on a family room or modernize your kitchen, consider using your home's equity to fund…
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What Are The Requirements To Sell A Home Using An FHA Loan?

Home Mortgage Tips , ,
Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA's standards. FHA won't insure loans on just any property. While their standards aren't as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing. Location And Lot To qualify for FHA financing, the property has to be located on a road or easement that lets the owner freely enter and exit. The access also has to be paved with a surface that will work all…
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