TBWSDailyShow:
Barry Habib (along with many other money experts) says the stock market is due for a major correction. We had major corrections in 2000 and 2008. We are due for another humdinger some where around 10% drop. (Buy real estate and protect your wealth!) This also means interest rates will rise.
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Politicians in 13 states, including South Carolina, Washington, Minnesota, Iowa, Georgia, Idaho
are proposing bills that would allow gold and silver coins to be accepted as legal to be used by citizens of their states.
Read Latest
Breaking News from Newsmax.com http://www.moneynews.com/Economy/states-gold-silver-coin/2013/02/07/id/489288?s=al&promo_code=125EA-1#ixzz2KbkxxnXg
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President Obama is planning to force private mortgage holders to allow mortgage holders who have kept up with their payments to refinance. The unplanned consequence is that there will be fewer mortgages available in the future, which would hurt the housing recovery. Congress is not on board.
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Six tips for buyers:
1. When viewing multiple offers, sellers most often accept the offer which most likely will close and meets their requirements, not necessarily the highest offer.
2. Buyers should have a folder, constantly updated, with the most recent pay stubs, bank statements and any other documents the lender might need to make a quick loan possible. Keep the lender on speed dial.
3. Buyers need to work with the seller instead of demand everything. This will make the seller more agreeable to the buyer when there are multiple offers. Sellers will be more likely to accept an offer from a buyer who will work with them.
4. Keep your home inspector on speed dial. If other buyers are waiving the inspection, you need to be able to schedule your inspection as quickly as possible to reduce uncertainty for the seller.
5. Eliminate or reduce your contingencies. If the appraisal comes in below your offer, be sure you have the cash to cover the difference. But leave your financing contingency in place to cover yourself.
6. Consider an escalation clause which will allow your agent to offer a specific amount above the best offer the sellers have received. This works well if the property is priced well under the market value.
--Donna Fuscaldo of BankRate.com
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TBWSDailyShow:
FHA mortgage premiums are going up for case numbers assigned on or after April 1, 2013, unless the loan term is less than 15 yrs, and has a loan to value of less than 78%. You can check this out at HUD.gov Mortgagee Letter 2013-04.
All FHA loans on or after June3, 2013 will have their mortgage insurance collected for the life of the loan. Therefore, if you or your clients refinance after June 3, your interest rate will need to be significantly lower than present to off set the increased mortgage insurance payments. Be sure to tell your clients about the higher rates coming down the road and that they need to lock in before June 3.
Senate Bill 16 is to shorten foreclosures to 90 days instead of the present 680 days.
Monte Die Paschi Di Siena, the world's oldest bank is closing due to fraud. Opened in 1472, they proceeded Leonardo Di Vinci, Christopher Colombus, the American Revolution, the French Revolution, WWI, WWII, the Iron Curtain, the first man on the moon and telemarketers.
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I just heard of a restaurant which gives a 4% discount to families which have well behaved children. Now that's a terrific idea.
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Right now FHA represents half of all mortgage originations. However, under the Dodd-Frank rules coming at us, half of all present mortgage originations would not qualify. The debt-to-income ratio will be 43% max. -kpanchuck@housingwire.com
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TBWSDailyShow:
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From HousingWire we learn, "
In an effort to prevent foreclosures and help stabilize communities, Fannie Mae introduced its HomePath for Short Sales tool to help assist common short sale challenges.
The escalation tool is available to any real estate professional working on a short sale that involves a Fannie Mae-owned loan. Once the short sale case is escalated, Fannie Mae will directly work with the agent or mortgage servicer to assist challenges such as valuation disputes, delays by servicers or uncooperative subordinate lien holders."
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Agents, you need to talk to more than just clients and customers about their credit scores. This will impact your sales. Talk to anyone who is even mildly interested in possibly, someday in the future buying. Find someone who you trust to help people with improving their credit score.
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"I cannot remember when there was such a chorus in the investment landscape calling for higher interest rates." Marilyn Cohen founder of Envision Capital Management Inc.
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“There is no doubt that when the Fed pulls back you will see a big shoot upward
in Treasury yields,” said Karl Haeling, head of strategic-debt distribution in
New York at Landesbank Baden-Wuerttemberg, one of Germany’s largest banks.
“There are a lot of people who think the only reason rates are here is because
the Fed put them here. Nobody wants to be the last man standing.”
Read
Latest Breaking News from Newsmax.com http://www.moneynews.com/FinanceNews/fed-escape-easing-bond-buying/2013/02/11/id/489768?s=al&promo_code=12664-1#ixzz2KnU9mq9E
Urgent: Should Obamacare Be Repealed?
Vote Here Now!
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Is Atlanta Running Out of Houses?
Home inventory in Atlanta is getting depleted quickly. Based on recently released statistics, some people might come to the conclusion that the Atlanta real estate market is running out of homes for sale. On the surface this appears true.
The number of resale homes, townhomes and condominiums for sale based on the First Multiple Listing Service (FMLS) database shows that at present there is only a three-month supply of homes available. This is the lowest amount of inventory on record. Historically, Atlanta has had a six to seven month supply of homes, and that is what is considered “normal.” Home inventory surged to almost 14 months during the peak of the real estate bust in mid 2008. The current number indicates that Atlanta is in a seller’s market for properly priced, good condition homes in desirable locations.
This decrease in supply led to a rise in overall resale prices (including foreclosures) of 6.5 percent during 2012. Local Realtors also report multiple offers and the occasional bidding war on the best-priced and most desirable homes.
Completed unsold new construction by homebuilders has also decreased, and at the end of 2012 had reached what market observers consider a historical equilibrium of 3.6 months supply. This number is expected to drop further. This is versus an almost one year supply of vacant new homes available in 2007.
All of these statistics are encouraging for the overall housing market in Atlanta. While short and possibly midterm inventory availability is definitely tightening, with the resultant price rise, we will more than likely see a continued stream of homes coming to the market. Homeowners that had previously been unable to sell their homes due to owing more on them than their current value, or being “underwater,” will start putting their homes on the market. In addition, homebuilders will continue to ramp up production as demand increases.
Stay tuned; it looks like 2013 will be good for the housing market in Atlanta.
Statistics courtesy of - 4Q12 Metrostudy Reports.
Brian Walther
SouthCrest Mortgage
678-483-8064
brian.walther@southcrestmortgage.com
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"Despite all the noise about a court ruling invalidating recess appointments and legitimacy of the CFPB’s actions, bureau officials are still working on regulations, including a new servicing rule." By
Congress is working to overturn the rules and regulations the illegally appointed head of CFPB, Richard Cordray, put in place.
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TBWSDailyShow:
FHA is crying for $16.3 billion in bailout money. If congress agrees, MIP-mortgage insurance premium will rise. If FHA says they will have deficits in the future, HUD takes funds out of the MMI fund and puts it in the general fund. But if the actual losses do not exceed their anticipated losses, those funds stay in the general fund and the MMI fund stays in the red. So, Carol Galante say the MMI fund is short $16.3 billion and needs the MIP to rise in order to replenish the fund. Why not just move the excess from the general fund back to the MMI fund? That would allow the MIP to stay where it is for the average person just trying to buy a house. FHA has had the money, still has the money, so why punish the US citizen trying to buy a home? Truth in accounting is missing. Instead the FHA is pushing a home buyer tax.
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Freddie Mac says housing activity remains near historic lows despite the present increase in activity. Residential fixed investment activity added 0.4% to the 4th quarter last year. Housing starts are expected to increase 22% from last year. mhopkins@housingwire.com
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If you are looking for a vacation home or rental in beautiful N. Georgia, check out my listing FMLS#5092284. 2/2, 1377sqft, gated, golf, winter lake view, tennis, swimming pool, RV parking, stables, $170000, AU4056. jpierce@RealEstateAuctions.com
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