Sweet Deal

Well once again it looks like things are doing great in Real Estate, unless your a Buyer. There is honestly nothing for sale right now and record numbers of Buyers. Selling should be the Focus of many home owners but I think they are in denail, not to be confused with Denali. LOL Here are some great articals to show you whats going on.

If you find this service to be valuable, please use North American Title for your next transaction.

Mortgage applications surge as rates tumble - U.S. mortgage applications surged last week as demand rose to its highest level since late-May. Applications to purchase a home hit its highest level since early January. The Mortgage Bankers Association's seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Sept 4 increased 17.0% to 648.3, the highest level since the week ended May 29. The MBA's seasonally adjusted purchase index rose 9.5% to 304.1 - the largest gain since early April, with the index at its highest level since the week ended January 2. The four-week moving average of mortgage applications was up 7.0%. http://www.msnbc.msn.com/id/32753681/ns/business-real_estate/

Real Estate Outlook: A Bright Market - Housing numbers are headed in just one direction, and at least for the time being, that's better and better. Pending home sales jumped again - up by 3.2% for the month of July. Following six straight months of increases, the pending sales index is now at its highest level since June of 2007, and is 12% above a year ago. Last week, Freddie Mac's home price index showed national prices up by an average 2.7%. Clear Capital's home price index, which digs into thousands of Zip codes and small neighborhoods, reported even larger gains - 7.3% during the period July 27th to August 25th. Last week, average rates on thirty-year fixed-rate mortgages declined to just below 5.2%, according to the Mortgage Bankers association's national survey. The Mortgage Bankers Association's top forecaster, Orawin Velz, continues to predict that the recession will be over shortly - or already is over. http://realtytimes.com/rtpages/20090908_realestateoutlook.

Home Buyers

Hello Everyone!

Recently I have been working with a lot of Buyers and I have learned some very important things that everyone should know about the buying process. It is a lot of stress and don't believe anything until you are closed and living in the house. Every deal has a issue at some point and I think history will show that you never want to count your chickens before they hatch. Now with that said I would like to make sure that everyone understands that it is a different problem with every deal and there is no way to predict what kind of junk you will need to deal with but just be prepared.

I would like to also mention the First time home buyer credit and how it is getting down to the wire with being able to claim that if you have not already purchased a home. First time buyers are anyone who has not owned a home for 3 of the past 5 years so if in the 1990's you owned a home and you sold it in the 1990's then you can qualify! Please make sure to seek tax advice as I am not a tax person. Also if you do not qualify for a loan and want to buy to get this tax credit you can use a non occupant co borrower for this. There are some guidelines for this so please let me know if you have questions!

I will be doing a Home Buyer Seminar with a Loan officer next month so please let me know if you would like to attend. It will be near Park Meadows Mall and it will really explain the whole process from start to end and lets get you that Tax credit!