Long Island’s Affordable Financial Services Predicts Slow But Steady Recovery For Mortgage Industry
After a surge in mortgage applications last week in the U.S., Long Island’s Affordable Financial Services predicts a slow but steady recovery for the mortgage industry, which has been adversely affected by the recent slump in the housing market. During the week ended October 2, the Mortgage Bankers Association’s (MBA) index of applications to purchase a home or refinance a loan increased by 16% to 756.3 from 649.6 in the previous week.
“Lower home prices, falling mortgage rates and tax credits for first-time buyers have all contributed to an increase in home sales. This should, in the long term, contribute to a slow but steady growth in the mortgage and real estate industry,” said Brian Leibowitz, Owner of Affordable Financial Services, based in Long Island, New York.
At the same time, the MBA’s refinancing gauge rose by 18 percent, as the number of applicants seeking to refinance loans rose to 66.3 percent of total applications from 65.3 percent, the highest since May this year. “With mortgage rates falling below 5 percent, many applicants are finding refinancing to be an attractive option. They want to lock in the low rates before they start going back up again,” Mr. Leibowitz said.
According to the MBA, the average rate for a 30-year fixed-rate mortgage, excluding fees, averaged 4.89 percent in the week ended October 2. During the three-week period that mortgage rates have fallen below five percent, refinancing demand went up by 38 percent.
However, the fall in rates may be short-lived with the Federal Reserve’s recent announcement that it would slow down on purchases of mortgage-backed securities and agency debt, which may cause mortgage rates to climb back up again. “Refinancing may be a wise decision for many borrowers right now. At current rates, they can save on nearly $134 on monthly payments on a $200,000, 30-year fixed-rate loan,” Mr. Leibowitz said.
For more information, call 1-888-500-0282 ext.209 or visit http://www.affordable-financialservices.com.
About Affordable Financial Services
Affordable Financial Services is a mortgage broker located in Long Island, New York, that provides loan process, refinance, home purchase, debt consolidation, and home equity loan services. The company provides clients with the knowledge they need to make the right decisions to move forward with the loan process. With its highly knowledgeable and professional mortgage consultants and processing department, Affordable Financial Services gives clients the best loans to fit their needs. As an industry leader, the company takes pride in its vast knowledge of the mortgage industry and the products it offers to borrowers. For more information, visit http://www.affordable-financialservices.com/.
Share on Facebook
Lennar Southeast Florida Urges the Time for Waiting Has Passed – Do Not be Afraid to Buy Now
This weekend the Southeast Florida division of Lennar begins its “Be Afraid, Be Very Afraid” sales event campaign. During this Spooky Fall-themed sales event, the homebuilder is stressing how important it is for any first-time prospective homebuyer still unsure about purchasing a new home to act now and not be afraid to buy brand new right now. With the government’s first-time homebuyer tax credit opportunity expiring on November 30, the time for waiting to buy a new home has passed. If you haven’t owned a home in the last three years you may qualify to receive this government tax credit of up to $8,000*. It’s not a loan, there is no re-payment, but this government stimulus offer comes to a close on November 30.
Right now the Southeast Florida division of Lennar has excellent savings opportunities on brand new ready to move in homes, but new home inventory is quickly disappearing.
This weekend homebuyers can take advantage of Lennar’s Fiscal Year-End Deals that include $0 closing costs on select South Florida residences† and monthly payments starting as low as $991 a month**. The homebuilder’s preferred lender, Universal America Mortgage Company (UAMC), is providing interest rates starting as low as 4.50% (5.02% APR) fixed for life. **
“If you want to get into a brand new home, now really is the time to buy,” said Carlos Gonzalez, President of Lennar’s Southeast Florida division. “New home inventory is declining and these historic incentives will soon be over.”
The Southeast Florida division of Lennar offers a variety of communities to suit every lifestyle, including an almost sold out active adult community. Single-family homes are priced from the upper $100s, townhomes are priced from the low $100s and near close-out high-rise condominiums from the $300s.
Welcome Home Centers and decorated models are open daily 10 a.m. to 6 p.m. For information on Southeast Florida Lennar Communities call 866-380-7557.
Or visit their Web site at Lennar.com. Realtor Participation Welcome.
Disclaimer if required by publication:
First-time homebuyer is any individual (excluding a non-resident alien) who has not owned a principal residence during the past three years and is purchasing the new home as their primary residence. Tax Credit is subject to eligibility requirements. Lennar cannot provide guarantees of actual savings and does not guarantee the homebuyers’ qualification for the federal tax credit. Credit is subject to 3-year ownership requirement. Not tax advice; homebuyers should consult with their tax advisor. Tax laws are subject to change.
†**★Offers are available on select homes, as determined by Lennar, for purchase agreements written by 10/24/09 and applicants must reserve loan funds and closing must occur no later than 11/8/09. **Limited funds are available; offer may change upon exhaustion of funds. Specific FHA loan terms apply and buyer is subject to qualification that includes, but not limited to, a minimum of 3.5% down, a minimum credit score of 620, owner occupancy requirements and/or any changes in investor guidelines or programs. FHA Jumbo loans are not allowed. Monthly payment shown does not include HOA fees, is based on FHA 30-year fixed rate financing at a rate of 4.50% (5.02% APR) with 3.5% down payment and $183,000 sales price. Rates may change or not be available at the time of loan commitment, lock-in or closing if funds are exhausted. Not an offer to enter into an interest rate or discount point agreement and any such agreement may only be made in writing signed by both the borrower and the lender. †Seller will pay closing costs as defined on your Good Faith Estimate, excluding prepaid, subject to seller contribution limits. FL Mortgage Lender License #ML 0700915. Prices subject to change without notice. Contact a UAMC Home Loan Advisor or a New Home Consultant at Lennar for details. Lennar Homes, LLC –CGC 62343. Copyright 2009 Lennar Corporation and Universal American Mortgage Company, LLC. Lennar, the Lennar logo, Universal American Mortgage Company and UAMC logo are registered service marks or service marks of Lennar Corporation and/ or its subsidiaries. 10/09
Share on Facebook
| Florida’s Existing Home, Condo Sales Up in September 2009 |
 |
 |
| Florida’s existing home sales rose in September, which marks more than a year (13 months) that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®. September’s statewide sales also increased over sales activity in August in both the existing home and existing condominium markets.Existing home sales rose 34 percent last month with a total of 14,419 homes sold statewide compared to 10,778 homes sold in September 2008, according to Florida Realtors. Statewide existing home sales last month increased 4.1 percent over statewide sales activity in August.
Florida Realtors also reported a 77 percent increase in statewide sales of existing condos in September compared to the previous year’s sales figure; statewide existing condo sales last month rose 8.9 percent over the total units sold in August.
All of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in September; all but one MSA also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for 15 consecutive months.
Florida’s median sales price for existing homes last month was $142,000; a year ago, it was $174,900 for a 19 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in August 2009 was $177,500, down 12.1 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $315,000 in August; in California, it was $292,960; in Maryland, it was $265,862; and in New York, it was $205,000.
NAR’s latest industry outlook notes positive signs in the housing sector, but adds that extension of the federal first-time homebuyer tax credit would help sustain a fragile recovery. “Now that the market is showing some momentum, we have an opportunity to achieve a more rapid and broader stabilization in home prices,” said NAR Chief Economist Lawrence Yun. The outlook for home sales and prices depends on whether the tax credit is extended, he said, describing it as “the best tool in our arsenal to encourage financially qualified buyers to stimulate the economy and help reduce the budget deficit.”
In Florida’s year-to-year comparison for condos, 5,088 units sold statewide last month compared to 2,870 units in September 2008 for a 77 percent increase. The statewide existing condo median sales price last month was $102,500; in September 2008 it was $153,500 for a 33 percent decrease. The national median existing condo price was $179,300 in August 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.06 percent last month, a significant drop from the average rate of 6.04 percent in September 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s smaller markets, the Pensacola MSA reported a total of 275 homes sold in September compared to 267 homes a year earlier for a 3 percent increase. The market’s existing home median sales price last month was $135,000; a year ago it was $146,900 for an 8 percent decrease. A total of 48 condos sold in the MSA in September, up 41 percent over the 34 units sold in September 2008. The existing condo median price last month was $190,000; a year earlier, it was $180,000 for a 6 percent gain.
Two charts showing statistics for Florida and the state’s MSAs follow. One chart compares the volume of existing, single-family home sales and median sales prices in September 2009 to September 2008 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices in September 2009 to September 2008 based on Realtor transactions.
Florida Realtors®, formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 115,000 members in 67 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org/.
Editor’s Note: You may wish to use this information with today’s release from the National Association of Realtors.
Florida Sales Report - September 2009
Single-Family, Existing Homes
Realtor Sales Median Sales Price
Statewide &
Metropolitan
Statistical September September % September September %
Areas (MSAs) 2009 2008 Chge 2009 2008 Chge
------------- ------- ------- ---- -------- -------- ----
STATEWIDE* (1) 14,419 10,778 34 $142,000 $174,900 -19
STATEWIDE-YEAR-
TO-DATE 118,867 93,952 27 $143,600 $196,500 -27
Daytona Beach 766 536 43 $132,000 $160,000 -18
Fort Lauderdale 800 611 31 $200,000 $259,300 -23
Fort Myers-Cape
Coral 1,321 746 77 $89,700 $141,400 -37
Fort Pierce-
Port St. Lucie 572 374 53 $110,800 $138,000 -20
Fort Walton
Beach 258 194 33 $198,300 $192,600 3
Gainesville 149 106 41 $168,500 $188,900 -11
Jacksonville (2) 1,127 836 35 $139,900 $170,000 -18
Lakeland-Winter
Haven 326 284 15 $115,400 $139,500 -17
Melbourne-
Titusville-
Palm Bay 479 430 11 $114,700 $143,900 -20
Miami 619 410 51 $190,900 $274,600 -30
Ocala 283 183 55 $96,300 $136,500 -29
Orlando 2,247 1,588 41 $144,100 $182,700 -21
Panama City 114 90 27 $168,800 $180,000 -6
Pensacola 275 267 3 $135,000 $146,900 -8
Punta Gorda 238 153 56 $110,600 $136,900 -19
Sarasota-Bradenton 781 550 42 $164,000 $200,800 -18
Tallahassee 158 156 1 $181,200 $177,600 2
Tampa-St.
Petersburg-
Clearwater 2,410 2,174 11 $137,800 $160,500 -14
West Palm Beach-
Boca Raton 746 522 43 $242,900 $292,200 -17
(1) * Statewide figure includes data from the Naples Area Board of
Realtors; it also includes data from the Marco Island
Association of Realtors.
(2) Data from the Amelia Island-Nassau County Association of
Realtors is not available.
Editor's note: Sales numbers represent totals of Realtors' closed
transactions from local Realtor boards/associations within the MSAs.
This information is based on a survey of MLS sales levels from local
Realtor boards/associations. MSAs are defined by the 2000 Census.
Source: Florida Realtors(R) and the University of Florida Bergstrom
Center for Real Estate Studies.
Florida Sales Report - September 2009
Existing Condominiums
Realtor Sales Median Sales Price
Statewide &
Metropolitan
Statistical September September % September September %
Areas (MSAs) 2009 2008 Chge 2009 2008 Chge
------------- ------- ------- ---- -------- -------- ----
STATEWIDE* (1) 5,088 2,870 77 $102,500 $153,500 -33
STATEWIDE-YEAR-
TO-DATE 39,682 29,685 34 $109,000 $172,700 -37
Daytona Beach 140 74 89 $176,900 $237,500 -26
Fort Lauderdale 861 549 57 $78,300 $129,600 -40
Fort Myers-Cape
Coral 309 153 102 $102,900 $185,000 -44
Fort Pierce-
Port St. Lucie 97 50 94 $94,100 $140,000 -33
Fort Walton Beach 91 44 107 $297,700 $300,000 -1
Gainesville 34 23 48 $133,300 $146,300 -9
Jacksonville (2) 141 99 42 $108,500 $145,400 -25
Lakeland-Winter
Haven 18 5 260 $70,000 $150,000 -53
Melbourne-
Titusville-
Palm Bay 112 102 10 $120,000 $153,300 -22
Miami 611 353 73 $132,900 $212,200 -37
Ocala 2 5 -60 $60,000 $57,500 4
Orlando 587 146 302 $52,600 $108,200 -51
Panama City 54 29 86 $185,000 $229,200 -19
Pensacola 48 34 41 $190,000 $180,000 6
Punta Gorda 29 17 71 $101,700 $85,000 20
Sarasota-Bradenton 247 119 108 $134,800 $156,400 -14
Tallahassee 13 5 160 $107,500 $130,000 -17
Tampa-St.
Petersburg-
Clearwater 787 398 98 $107,000 $139,100 -23
West Palm Beach-
Boca Raton 632 487 30 $106,700 $139,800 -24
(1) *Statewide figure includes data from the Naples Area Board of
Realtors; it also includes data from the Marco Island
Association of Realtors.
(2) Data from the Amelia Island-Nassau County Association of Realtors
is not available.
Editor's note: Sales numbers represent totals of Realtors' closed
transactions from local Realtor boards/associations within the MSAs.
This information is based on a survey of MLS sales levels from local
Realtor boards/associations. MSAs are defined by the 2000 Census. Source:
Florida Realtors(R) and the University of Florida Bergstrom Center for
Real Estate Studies.
Source: Florida Association of Realtors |
Share on Facebook
Fitch Upgrades Green Tree’s Resi Special Servicer Rating
Fitch Ratings has taken rating actions on Green Tree’s U.S. residential servicer rating(s) as follows:
–Primary servicer rating for subprime product affirmed at ‘RPS2-’;
–Primary servicer rating for HLTV product affirmed at ‘RPS2-’;
–Primary-Specialty servicer rating for Second Lien product upgraded to ‘RPS2′ from ‘RPS2-’;
–Primary servicer rating for HELOC product assigned at ‘RPS2′;
–Special servicer rating upgraded to ‘RSS2′ from ‘RSS2-’;
The rating actions are based on Green Tree’s experienced management and staff, effective default management, strong internal controls and robust servicing technology. In addition, the rating actions reflect Green Tree’s focused training and leadership programs and expanding product services.
Fitch does not publicly rate the credit and financial strength of Green Tree. However, Fitch’s financial institutions group reviewed Green Tree’s financial statements to provide an internal assessment, as a company’s financial condition is an important component of Fitch’s servicer rating analysis.
As of June 30, 2009, Green Tree’s servicing portfolio totaled 647,261 loans for $24.2 billion, including 29,028 subprime loans for $11.9 billion; 12,112 HLTV loans for $306,5 million; 5,895 HELOC loans for $288.6 million, 90,372 closed-end second loans for $3.8 billion; and 506,570 manufactured housing loans for $15.2 billion.
On Oct. 17, 2007, Green Tree servicing was acquired by a consortium lead by Centerbridge Partners, L.P. Green Tree’s servicing operations are headquartered in Tempe, AZ with three other servicing centers located in Saint Paul, MN; Rapid City, SD; and Fort Worth, TX. Green Tree also has one origination (refinance) center in Tustin, CA and 31 regional offices throughout the U.S. Green Tree’s senior management is well-seasoned, averaging over 25 years of industry experience and 10 years of company tenure.
Green Tree continues to grow its residential servicing business by expanding its back-up servicing, adding products such as HELOC and deficiency collections, adding new strategic partners and adding a new channel of growth as Trustee. In the last 18 months Green Tree has added $14.2 billion in servicing to its portfolio. Green Tree is currently servicing deficiency collections for 240 securitizations.
Fitch’s review confirmed that Green Tree has the requisite management, training, technology and controls necessary to manage its primary subprime, HLTV, HELOC and closed-end second lien products as well as special servicing. However, Fitch will continue to monitor Green Tree’s residential servicing platform and performance in the current high delinquency environment.
Fitch rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within some of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information on Fitch’s residential servicer rating program, please see Fitch’s report ‘Rating U.S. Residential Mortgage Servicers’, dated Nov. 29, 2006, which is available on the Fitch Ratings web site at ‘www.fitchratings.com’.
Fitch’s rating definitions and the terms of use of such ratings are available on the agency’s public site, ‘www.fitchratings.com’. Published ratings, criteria and methodologies are available from this site, at all times. Fitch’s code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the ‘Code of Conduct’ section of this site.
Contacts
Fitch Ratings, New York
Margaret Sweeney, +1-212-908-0712
Diane Pendley, +1-212-908-0777
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com
Share on Facebook
Credit Crunch Constrains International Home Buyers in U.S. Market
Thursday, 17 September 2009
Interest in U.S. real estate by international buyers declined due to the worldwide recession and severe credit crunch, according to the “2009 National Association of Realtors® Profile of International Home Buying Activity.”
The share of Realtor® clientele who are foreign buyers is smaller than in previous years, but among those purchasing nearly half paid all cash — bypassing the mortgage process. Twenty-three percent of survey respondents served at least one international client in the 12-month period between the end of May 2008 and the end of May 2009, down from 26 percent in the 2008 study. During this period an estimated 154,000 homes were sold to foreign nationals, which is down from approximately 170,000 international transactions during the previous 12 months.
The median price for a home paid by foreign buyers for the year ending in May 2009 was $247,100, higher than the overall national price of $198,100 in 2008. A significant number, 45.8 percent of foreign buyers, paid cash for their property, in part because obtaining a mortgage was more difficult than in prior years. The total dollar volume was $38.7 billion.
Lawrence Yun, NAR chief economist, said recent improvements in the credit market will help reverse the slide in foreign buyers. “Stock market gains and improving bank balance sheets will permit a greater amount of lending for second home purchases,” he said. “In addition, expanding foreign economies for international buyers and favorable exchange rates give them more purchasing power, particularly in a period of record high affordability conditions in the United States. Property investment here generally builds wealth over the long term.”
U.S. laws do not restrict or scrutinize most property purchases by foreign nationals. There are few barriers to owning property here, unlike transactions in many other countries, although immigration laws prohibit foreigners from remaining in the U.S. continuously for more than six months without a special visa. In addition, international investors are afforded the same property rights as those enjoyed by U.S. citizens.
The top five countries of origin for foreign buyers were Canada, with 17.6 percent of buyers; the United Kingdom, 10.5 percent; Mexico, 9.8 percent; India, 8.5 percent; and China, 5.4 percent. The percentage of buyers from Canada, the U.K. and China declined from the previous study, while purchasers from Mexico and India increased.
Although most buyers were from North America, Europe and Asia, buyers from Latin America, Africa and Oceania also purchased U.S. real estate.
Foreign buyers were active in every state and the District of Columbia, with the most popular states being Florida, which accounted for 23.0 percent of all foreign purchases; California, 13.0 percent; Texas, 10.7 percent; and Arizona, 7.1 percent. These states are major gateways into the U.S. from other countries and also offer relatively mild climate.
California saw a notable rise in foreign interest as affordability conditions improved markedly in the state last year. “Florida is the most popular state for European and Latin American buyers, while Asian buyers are drawn to California,” Yun said.
The study shows 69 percent of international purchases were single-family homes, while condos accounted for 18 percent. Townhomes made up 8 percent of transactions, with commercial property at 4 percent. Nearly 46 percent of properties were in suburban areas and 25 percent in urban environments. The rest were evenly split between resorts and small towns or rural areas.
The prime purpose for purchasing a property in the U.S. is to use it for a vacation home, cited by 33.9 percent of respondents; for both investment and vacations, 23.5 percent; as a residential rental property for investment, 18.3 percent; and commercial property for investment, 3.5 percent.
The “2009 NAR Profile of International Home Buying Activity” is based on responses from 3,785 Realtors® and describes international home buying activity in the U.S. over the 12-month period from the end of May 2008 to May 2009. The full report is available at www.realtor.org/research/research/reportsintl.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, charts and surveys also may be found by clicking on Research.
REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS®. All REALTORS® are members of NAR.
Share on Facebook
First-Time Buyers Race to Beat the Clock, Qualify for $8,000 Federal Tax Credit
Realtor.com Experts Share Secrets of Efficient House Hunting, Financing, Closing
LOS ANGELES, Sept. 10 — First-time home buyers have just 12 weeks to find and close on a home to qualify for the $8,000 Federal tax credit before the November 30th deadline. Those just beginning the process today will have to beat the average time it takes to buy a home, a challenge smart buyers can meet even though it’s taking longer today to close most transactions.(1)
Two significant challenges first-time buyers face today include the potential for a lengthy process related to search and closing if not managed carefully at every step, and intensified competition.
On average, first-time buyers search 12 weeks to find a home(2), while closing can take up to 60 days, depending on individual circumstances and local regulations. Additionally, the tax credit has proved to be extremely popular this year, since taking advantage of the first-time homebuyer’s Federal tax credit and relevant state incentives is the most important reason motivating 10.8 percent(3) of buyers today. In fact, approximately 1.14 million buyers have already filed for the credit. Many more are expected to file for the credit when income taxes are due April 2010.(4)
Still, while time is short and competition high, historically high affordability is a major factor driving first-time home buyers today, a growing group(10) accounting for one third of all purchases in July 2009.(5) The National Association of Realtors’ affordability index in July 2009 was 36.0 percentage points higher than July 2008. Under these conditions the typical median-income family can allocate 15.8 percent of their gross income to mortgage payments, well below the traditional allowance of 25 percent. Interest rates, which play a major factor in affordability, remain low, at 5.22 percent in July for a 30-year fixed rate loan.(6)
Realtor.com President Errol Samuelson explains, “The national median home today costs approximately 174,100.(7) By moving quickly to find and close on a home by November 30, first-time buyers qualifying for the $8,000 tax credit can actually purchase this same home for only $166,100, an almost four and a half percent discount off of the price of a typical new home. Because affordability this year is at its highest level in 28 years(8), and the market offers an incredible selection of homes within reach of most first-time buyers, we expect their numbers to grow as they pursue today’s once in a generation opportunity to become homeowners.”
Samuelson suggests that by combining effective use of technology and the greater access to information it delivers with expert advice from local Realtors, today’s first-time home buyers can beat the clock and use the $8,000 Federal tax credit along with any available state-level credits to purchase a home under the November 30 deadline.
“By moving quickly, being prepared to make decisions in the face of increased competition, and taking the learnings from others to reduce time without cutting corners, first-time home buyers starting today can close on time and qualify for the $8,000 Federal tax credit,” added Samuelson. “To help this important group trying to enter today’s market, Realtor.com will offer tips and expert advice in the next eight weeks that can help expedite the search, negotiation, finance and closing processes so they can beat the clock.”
Tips for the first time home buyer starting their search today:
Searching – Search While You Sleep – Since 87 percent of all buyers start online(9), you probably will too. On Realtor.com it’s easy to sign up for email alerts and create personal portfolios for homes of interest. Soon you’ll be searching while you sleep, at the office or even while you’re at an open house. You’ll be the first to know if a home you want comes up for sale or receives a price reduction.
Negotiating – Freshness counts. You don’t have time to look at unavailable homes. Stale data on prices, time on market, features, or property values puts you at a disadvantage when negotiating. Most listings on Realtor.com are updated every 15-minutes, giving first timers an advantage.
Appraisals – Appraisals can be a problem today; make sure the lender can deliver the appraisal on time. Your loan will not be approved if it doesn’t appraise for the agreed price, so don’t delay. If the property doesn’t appraise for the bid price, ask for a desk appraisal; you’ll receive a second look.
Finance – Don’t let the financing process slow you down; 35 percent of first-time buyers find the mortgage application and approval process more difficult than what they expected.(10) Start saving pay stubs and bank statements now. Collect your tax returns; anything proving your income qualifies you for the home you want. If you don’t have a lender, ask your Realtor or look online. Pre-qualify now!
Closing – Get your insurance company and the home owner association, if applicable, to forward a cost estimate to the escrow company early. This will make it easier for them to more accurately estimate your closing costs, which in many states must be paid in cash at closing.
ABOUT REALTOR.COM(R)
Realtor.com(R), where the world shops for real estate online, is operated by Move, Inc., (Nasdaq: MOVE) and is the official Web site of the National Association of REALTORS(R). Ranked as the #1 homes-for-sale site, Realtor.com(R) currently offers potential home buyers access to over four million property listings, as well as the most brokers and agents. It also provides REALTORS(R) and the home sellers they represent with the Internet’s largest real estate marketplace, reaching more than 8.3 million(11) consumers in July 2009. Agents and companies have the power to customize Realtor.com(R) resources to maximize their brand and productivity.
REALTOR(R) and Realtor.com(R) are registered trademarks of the NATIONAL ASSOCIATION OF REALTORS(R). REALTOR(R) is a federally registered collective membership mark, which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS(R) and subscribes to its strict Code of Ethics. All other trademarks appearing above are the property of Move, Inc., or of their other respective owners.
This press release may contain forward-looking statements, including information about management’s view of Move’s future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Move, its subsidiaries, divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Move files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Move’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Move cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Move expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.
(1) NAR President Charles McMillan, quoted in existing home sales news
release, August 12
(2) National Association of REALTORS(R) 2008 Profile of Buyers and Sellers,
P. 45
(3) Realtor.com Homeownership Survey, July 2009
(4) “Tax Credit Gives Nudge to First-time Homebuyers.” Raleigh News &
Observer, August 9, 2009
(5) “2nd Quarter Existing-Home Sales Rise in Most States, Helped by
Affordable Metro Prices,” NAR news release, August 12
(6) Freddie Mac Mortgage tables
(7) “2nd Quarter Existing-Home Sales Rise in Most States, Helped by
Affordable Metro Prices,” NAR news release, August 12
(8) “National Association of REALTORS(R), Affordable Housing Real Estate
Resource: Housing Affordability Index, April 2009
(9) NAR 2008 Profile of Home buyers’ and Sellers, pg 67
(10) NAR 2008 Profile of Home Buyers and Sellers, pg 42
(11) ComScore Media Metrics, July 2009
SOURCE Realtor.com
Share on Facebook
Beat the Tax Credit Deadline with Real Estate Closing Tips for First-Time Buyers – $8,000 Tax Credit Expires November 30
With just three months remaining until the first-time home buyers tax credit expires, buyers looking to close before the November 30 deadline could use some tips from the experts to reduce the 40 to 60 days it currently takes most transactions to close. Here are some ideas from Closing.com, the most comprehensive source for real estate closing services on the Web.
San Diego September 10, 2009 — With just three months remaining until the first-time home buyers tax credit expires, buyers looking to close before the November 30 deadline could use some tips from the experts to reduce the 40 to 60 days it currently takes most transactions to close. Here are some ideas from Closing.com (http://www.closing.com), the most comprehensive source for real estate closing services on the Web.
Learn about the closing process and save time and money. Homebuyers spend two to seven percent of the cost of their home on closing costs. Most are not clear about what closing costs include, who they are hiring, how much they are spending or why. Closing.com’s Learning Zone (http://www.closing.com/community/learning-zone) contains an extensive interactive library and information about real estate closing services that help demystify the process. Consumers can find how-to advice from experts and tips on how to save money as they get ready to close their transaction. In the ClosingTalk forum (http://www.closing.com/community/), consumers can ask questions and get answers from real estate experts on such topics as closing on foreclosures, working with appraisers when refinancing, and reducing closing costs on investment properties.
Get an accurate estimate of all your closing costs up front. You don’t have to wait until a buyer accepts an offer to know what your closing costs will be. Today you can get a head start on the closing process by estimating your closing costs and evaluating local providers for required and optional closing services. The ClosingWizard (http://www.closing.com/) uses a sophisticated system that determines which services, based on the location of the property and the nature of the transaction, are required to complete the transaction and instructs the company’s dynamic rate engines to assemble a custom closing estimate for fees and services. The estimate is presented in the traditional HUD-1 settlement statement format that shows detailed closing fees as well as monthly payments including mortgage, home insurance and property tax payments.
Find vendors who will meet your deadline. Inspectors, title companies and appraisers in your market may be booked as the tax credit deadline approaches. Shop early for the real estate closing services you will need and find providers who will meet your deadline. Consumers and real estate professionals can choose from a database of some 140,000 companies providing real estate services in eleven categories ranging from title insurance (http://www.closing.com/search/TitleInsurance) and settlement services to home and pest inspections (http://www.closing.com/search/PestInspection) on Closing.com. At a glance, consumers can see a provider’s rates and fees, office locations, credentials, services, and other information. Users can find, compare and contact providers directly through the site.
“First-time buyers pushing to make the deadline to qualify for the tax credit have a lot at stake. They should take advantage of technological advances in the closing process to save time and money just as they are using the Internet to expedite the search phase of buying a new home,” said Anthony Farwell, CEO of ClosingCorp.
About ClosingCorp
ClosingCorp (http://www.closingcorp.com/), an independent real estate information services company based in La Jolla, CA, owns and operates Closing.com, the most comprehensive source for real estate closing services on the Web. The site empowers consumers and real estate professionals to shop, compare and evaluate real estate closing services in their area. Visitors to Closing.com can estimate their closing costs, learn more about a real estate provider’s products, services and rates and make inquiries online.
###
Share on Facebook
ReadyPrice brings powerful new mortgage inventory tool to market and forms strategic relationship with California Association of Mortgage Brokers. The system delivers virtually the entire California mortgage marketplace straight to the broker’s desktop.
10-September-2009 – Residential mortgage finance entrepreneur Rick Soukoulis today announced a strategic alliance of ReadyPrice (www.readyprice.com), and the California Association of Mortgage Brokers (CAMB, www.camweb.org).
“For nearly 20 years, CAMB has worked hard to deliver on its mission of excellence and integrity in lending. We do this in large part by our strong focus on providing access to education and emerging technologies that help members better serve their customers,” said Dale Di Gennaro, CAMB Vice President. “The ReadyPrice mission lines up well with the standards of our association and our members.”
ReadyPrice offers a powerful new solution for California mortgage professionals that exponentially improves productivity and quality of service by solving an age-old industry problem: mortgage inventory management.
The ReadyPrice system delivers virtually the entire California mortgage marketplace straight to the broker’s desktop. According to founder Rick Soukoulis, “Our goal is to give mortgage professionals real-time access to every loan program from every major lender in the state—pricing, adjusters and underwriting guidelines—so that what used to take hours, now takes seconds.”
“We call it ‘inventory management;’ an evolutionary leap forward from the ‘product pricing and eligibility engine’ (PPE) most brokers and loan officers use today. We are creating the mortgage broker equivalent to the MLS, which changed the face of Real Estate. There really is no other product on the market that can deliver the breadth of our offering combined with the speed and accuracy of ReadyPrice. The problem has always been harnessing all that information. Until ReadyPrice.”
Soukoulis launched the industry’s first high-speed multi-lender proprietary loan search engine in the early ‘90s. In his nearly 30 years of real estate finance experience, his award-winning technologies have long supported the mortgage professional as the most cost-effective and efficient way to finance a home.
“For nearly 20 years, CAMB has worked hard to deliver on its mission of excellence and integrity in lending. We do this in large part by our strong focus on providing access to education and emerging technologies that help members better serve their customers,””Brokers offer broad lender and product choices, a deep understanding of the local market and closing process, and they are the consumer’s advocate—which is extremely important in today’s challenge mortgage climate,” stated Soukoulis.
“ReadyPrice is the ultimate win-win for mortgage experts and their customers because we make it easier to find the best loan for each borrower in a fraction of the time,” Soukoulis continued. “We are delighted to be working closely with CAMB in its efforts to set a very high standard of excellence in the home-finance process.”
About the California Association of Mortgage Brokers (CAMB)
Established in 1990, the California Association of Mortgage Brokers supports the mortgage professional and has worked for the industry to provide high quality member benefits and education that prepares its members for the challenges of the future.
Today, CAMB’s members total more than 4,000 mortgage brokers and affiliated service providers across California. Mortgage brokers are consumer advocates in the mortgage selection process, helping home buyers to pre-qualify, select a mortgage loan, and complete escrow. By linking with banks, other financial institutions, and private lenders, mortgage brokers offer consumers access to a wide range of choices as they select the right mortgage for their needs.
The CAMB mission is to drive excellence and integrity in lending.
About ReadyPrice
Headquartered in San Jose, California, ReadyPrice LLC (www.readyprice.com) offers a subscription-based loan pricing and inventory management service for mortgage professionals. Founded by a team of mortgage and technology experts in the heart of Silicon Valley, the ReadyPrice team brings a proven history of developing solutions that deliver powerful results.
The Company’s intelligent pricing and inventory management engine delivers real-time rates, guidelines and adjusters for the universe of California mortgage programs. This enables mortgage professionals to know the full breadth of their program inventory instantly and accurately, thus exponentially improving their productivity and quality of service, making them the resource of choice for mortgage consumers.
For more information about ReadyPrice, please visit www.readyprice.com or contact Carol Phelan-Marsh.
Share on Facebook
Crye-Leike. Realtors Takes Agent Marketing to New Heights
September 2, 2009—Crye-Leike, Realtors announced a major advancement in the way the company and its sales associates are now marketing and promoting real estate listings and sales activity across the MidSouth.
According to the company, the “marketing breakthrough” for Crye-Leike comes with its recently signed agreement with Austin, Texas based QuantumDigital to partner with the nation’s 6th largest real estate firm on its direct mail and on-demand printing. Crye-Leike will be moving the bulk of its direct mail and print marketing collateral from an “in-house” direct fulfillment facility to QuantumDigital’s Web-to-print online portal for processing, production and mailing.
“QuantumDigital’s technology will provide our agents the ability to go online to order ‘Just Listed’ and ‘Just Sold’ cards and other pieces and have them in the mail stream the very next business day,” said Keith Sullivan, Crye-Leike, Realtors Senior Marketing Director. “We’re confident that the flexibility to order online 24/7 and have the system integrated with the MLS for agent’s listing data and photos will be a great advantage for all of our agents, putting them a step ahead of competitors.”
“The technology that has come out within the past three years is making it more difficult for real estate companies to execute direct mail fulfillment internally,” explained Gurtej Sodhi, Crye-Leike, Realtors CIO & Corporate Executive Vice President. “We’re in the real estate, mortgage, title and insurance businesses. By turning the mail process over to QuantumDigital, Crye-Leike will be able to focus on our core businesses.”
For more information, visit www.quantumdigital.com
Share on Facebook
ClosersConnect.com The new way to search for Notary Closing Agents
NEW YORK, NEW YORK September 02, 2009 — Title Companies can now post closings daily and search for Notary Closing Agents that are registered with our network closersconnect.com.
Closers Connect is a single portal and resource to help the industry streamline and simplify the task to find the most qualified Notary Closing Agents in the Country. Closing professionals now have a reliable network to help expand their business by searching for opportunities in their area
Title Companies
These days contacting NCA’s can be a tedious task. Whether you search last minute or in advance the preferred results are not always met.
Searching for Agents who are reliable experienced and available is time consuming. Closers Connect will be your new and guaranteed way to find qualified closer’s who service the areas that you request.
As a member you will be able to evaluate credentials of prospective agents and choose according to experience.
Are you concerned about Errors and Omissions?
Being a part of our network will also provide you with the option of hiring a Closer with E & O Insurance.
You can post closings daily 24/7 in your private member space and watch NCA’s apply for those jobs. You will have the option to either approve or deny them.
Notary Closings Agents (NCA)
Closing professionals now have a reliable network to help expand their business by searching for opportunities in their area.
What is Title Insurance?
Title insurance in the United States is indemnity insurance against financial loss from defects in title to real property and from the invalidity …
What is an NCA?
A Notary Signing Agent is a Notary specifically trained to facilitate mortgage closings. Mortgage lenders, title firms and escrow companies are paying Notary Signing Agent professionals to make loan closings as convenient as possible for borrowers by couriering loan documents, collecting and notarizing signatures and delivering settlement checks.And that means Notaries are being offered an opportunity to make a good living as an independent entrepreneur.
Closers Connect is the direct link between Notary Closing Agents and Mortgage lenders,title firms and escrow companies.
REGISTER TODAY!
www.closersconnect.com
Share on Facebook
