April 2010
1 post
SEC Charges Goldman Sachs with fraud
Civil suit related to alleged witholding of info regarding a CDO.
March 2010
2 posts
FHA's latest folly
Did you see the front page of today’s New York Times? (and other newspapers)
With the government (and, yes, lenders) already using FHA as the new subprime, since the real subprime companies are defunct, it sounds like today’s announcement in effect will have the government one way or the other dumping toxic loans into the FHA bin. Details still to come, but it sounds like the...
More changes ahead for FHA - Here's what's next
In April, FHA up front mortgage insurance premium on new loans both purchase and refi goes from 1.75% of your loan amount to 2.250% — a big jump to your principal. Finalizing the last apps to get in under the wire this weekend. Anyone thinking FHA and ready to go, waiting a few days could cost you plenty of $$$.
This will only get worse as FHA gets stretched to the brink.
October 2009
3 posts
Mortgage Rate roller coaster →
Rates are again becoming unstable, with fresh reports predicting the inveitable increase in 2010. Ten-year yields ended the week on the upside. Interesting to see what happens Monday.
Market Watch - Home Sales Data →
Good report on the latest data - sales way up, but fueled by buyers scrambling to make the Nov. 30 deadline for first-time homebuyer tax credit.
Existing Home Sales Up more than Expected →
Sales surged ahead in September — highest increase in two years, according to the National Association of Realtors. But what does it mean? Are we out of the woods? Will prices start to rise?
Before we pop the champagne we need to keep in mind that this jump was fueled by the $8000 tax credit due to expire Nov. 30, along with people snapping up short sales and REOs.
These national...
September 2009
1 post
NY Radio buzz about tax credit →
Even public radio stations are talking about it … take a look, or better yet, a listen, courtesy of my friend Len.
August 2009
6 posts
The $8k tax credit -- going, going . . .
IF YOU DON’T CLOSE BY NOVEMBER 30 it’s gone. Zap. Zero. Poof. Unless Congress extends it. Uh, yeah.
So,for the procrastinators among us who are spurred to action by looming deadlines — I can relate —here is an excerpt from my February tax credit blog post in case you missed it. Now, no excuses!!! If you are thinking about Uncle Sam’s little mini-bonanza, what are you...
Sweeping changes in FHA condo mortgage rules
The US Dept of Housing and Urban Development (HUD) has issued the most sweeping changes to its condo approval process since it rolled out condo financing in the mid 1990s. Believe me, this is cool stuff and worth paying attention to because there is real substance amid the mind-numbing jibberish of details.
The changes are effective Oct. 1 and should help make more condos available to more...
How the recession is affecting a California...
Multimedia house by house interviews reflecting the chancing circumstances in a middle-class suburban neighborhood where some people have been laid off from their jobs, struggling to keep their homes, others have been foreclosed upon by their mortgage lenders, and yet others are doing just fine but worry about the fabric of their community.
Multimedia Feature: A Cul-de-Sac Reshaped by...
The rich (and not so famous) are back, Hamptons... →
But does it mean anything? We don’t know. Could be pent up greed and speculation. Could be sound investment strategies. Could bode well for the trickle down, trickle up, mid-sector real estate market. But the tony real estate offices in the Hamptons are starting to get traffic again after a scary winter.
Experts Say Interest Rates May Soar
The Associated Press reported today that economists expect low rates will continue over the coming months but warned that by next summer, they may start to rise — and rise steeply. And this includes mortgages, which are currently in the 5’s but who knows how high they will if this scenario unfolds.
The report quoted Carl Walsh, a University of California economist, as saying that...
Q&A: I rented a condo a few months ago. My...
Not so fast !! FHA requires that if the buyer is residing in the subject property, they must be living there for six months before being eligible for an FHA mortgage loan with max financing (3.5% down) It may seem illogical, but that’s the law. So, you and your landlord need to adjust your expectations and plan your closing date, financing and rate lock period accordingly.
...
March 2009
4 posts
February home sales figures are up
The latest data from the National Association of Realtors rleased today shows home sales in the Northeast were up as buyers took advantage of falling prices andlow mortgage rates. From the Star-Ledger:
Home sales in the northeast fell 14.9 percent over February 2008, but rose 15.6 percent over January, when adjusted for seasonal buying patterns.
The median sale price for homes bought in the...
Sellers trying to keep buyers' deposit money -...
There’s a story in today’s New York Times about people who are losing deposits on condos they decided to purchase before the credit crunch. Here’s what happened: They put a deposit down and agreed to buy a home or condo, thinking they had a mortgage commitment.
Circumstances changed - their lender reneged - and the buyers are having a tough time getting their deposits back. For...
The Washington Post: 30-Year Loan Rates Dip to... →
The paper writes:
Rates on 30-year mortgages plunged this week to the lowest level since January, and may fall further after the Federal Reserve launched a new effort to prop up the flailing housing market.
New government site for mortgage help
Still confused about Obama’s plan to modify mortgages? Perhaps a new site launched overnight by the administration will help calrify things.
The site is MakingHomeAffordable.gov, named after the president’s plan.
There’s an easy question-and-answer process and calculators to show how much you can save if you qualify.
What do you think? Is the site helpful? What should be...
February 2009
2 posts
3 tags
WatchWatch President Obama’s speech here.
Stimulus home buying credit explained
The other day, I overheard a colleague of mine telling a client that he would get $15,000 in stimulus cash if he bought his house.
I wanted to run over and grab the phone from his hands.
The truth is, there is so much confusion out there about what was or was not finally included in the stimulus package - and, not to mention, what the eligibility requirements will finally be for President...