Showing posts with label Raleigh Real Estate. Show all posts
Showing posts with label Raleigh Real Estate. Show all posts
Thursday, March 4, 2010
Existing-Home Sales Down in January 2010 but Higher Than Year Ago
9:35 AM | 
Posted by
RaleighCaryNCNewHomes
Posted by
RaleighCaryNCNewHomes
Existing-Home Sales Down in January 2010 but Higher Than Year Ago
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RISMEDIA, March 4, 2010—Existing-home sales fell in January 2010 but are above year-ago levels, according to the National Association of Realtors. Existing-home sales- including single-family, townhomes, condominiums and co-ops- dropped 7.2% to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5% above the 4.53 million-unit level in January 2009.
Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”
Total housing inventory at the end of January fell 0.5% to 3.27 million existing homes available for sale, which represents a 7.8-month supply at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6% below a year ago, and is at the lowest level since March 2006.
“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”
The national median existing-home price for all housing types was $164,700 in January, unchanged from a year earlier. Distressed homes, which accounted for 38% of sales last month, continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area.
A parallel NAR practitioner survey shows first-time buyers purchased 40% of homes in January, down from 43% in December. Investors accounted for 17% of transactions in January, up from 15% in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4% in January.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying a home in the current environment has become more challenging. “First-time buyers and others who need a mortgage are increasingly losing out to all-cash investors for the best bargains in many areas, particularly for foreclosed homes where cash is king,” she said. “Inventory conditions vary by price range, and of course there are major differences depending on location. Realtors are the best buyer resource for strategies on winning bids in increasingly competitive markets,” Golder said. “The bidding for more desirable homes will only accelerate between now and the April 30 contract deadline to qualify for a tax credit of up to $8,000.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 5.03% in January from 4.93% in December; the rate was 5.05% in January 2009.
Single-family home sales fell 6.9% to a seasonally adjusted annual rate of 4.43 million in January from a level of 4.76 million in December, but are 8.6% above the 4.08 million pace in January 2009. The median existing single-family home price was $163,600 in January, down 0.4% from a year ago.
Existing condominium and co-op sales dropped 8.1% to a seasonally adjusted annual rate of 620,000 in January from 675,000 in December, but are 38.1% above the 449,000-unit level a year ago. The median existing condo price was $172,400 in January, which is 1.4 % higher than January 2009.
Northeast
Regionally, existing-home sales in the Northeast fell 10.9% to an annual pace of 820,000 in January but are 22.4% above a year ago. The median price in the Northeast was $245,300, a gain of 8.8% from January 2009.
Midwest
Existing-home sales in the Midwest declined 6.9% in January to a level of 1.08 million but are 8.0% higher than January 2009. The median price in the Midwest was $130,300, which is 1.0% below a year ago.
South
In the South, existing-home sales dropped 7.4% to an annual pace of 1.87 million in January but are 12.0% above a year ago. The median price in the South was $140,200, down 2.0% from January 2009.
West
Existing-home sales in the West declined 5.2% to an annual rate of 1.28 million in January but are 7.6% higher than January 2009. The median price in the West was $203,400, down 5.8% from a year ago.
Print Article
RISMEDIA, March 4, 2010—Existing-home sales fell in January 2010 but are above year-ago levels, according to the National Association of Realtors. Existing-home sales- including single-family, townhomes, condominiums and co-ops- dropped 7.2% to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5% above the 4.53 million-unit level in January 2009.
Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”
Total housing inventory at the end of January fell 0.5% to 3.27 million existing homes available for sale, which represents a 7.8-month supply at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6% below a year ago, and is at the lowest level since March 2006.
“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”
The national median existing-home price for all housing types was $164,700 in January, unchanged from a year earlier. Distressed homes, which accounted for 38% of sales last month, continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area.
A parallel NAR practitioner survey shows first-time buyers purchased 40% of homes in January, down from 43% in December. Investors accounted for 17% of transactions in January, up from 15% in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4% in January.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying a home in the current environment has become more challenging. “First-time buyers and others who need a mortgage are increasingly losing out to all-cash investors for the best bargains in many areas, particularly for foreclosed homes where cash is king,” she said. “Inventory conditions vary by price range, and of course there are major differences depending on location. Realtors are the best buyer resource for strategies on winning bids in increasingly competitive markets,” Golder said. “The bidding for more desirable homes will only accelerate between now and the April 30 contract deadline to qualify for a tax credit of up to $8,000.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 5.03% in January from 4.93% in December; the rate was 5.05% in January 2009.
Single-family home sales fell 6.9% to a seasonally adjusted annual rate of 4.43 million in January from a level of 4.76 million in December, but are 8.6% above the 4.08 million pace in January 2009. The median existing single-family home price was $163,600 in January, down 0.4% from a year ago.
Existing condominium and co-op sales dropped 8.1% to a seasonally adjusted annual rate of 620,000 in January from 675,000 in December, but are 38.1% above the 449,000-unit level a year ago. The median existing condo price was $172,400 in January, which is 1.4 % higher than January 2009.
Northeast
Regionally, existing-home sales in the Northeast fell 10.9% to an annual pace of 820,000 in January but are 22.4% above a year ago. The median price in the Northeast was $245,300, a gain of 8.8% from January 2009.
Midwest
Existing-home sales in the Midwest declined 6.9% in January to a level of 1.08 million but are 8.0% higher than January 2009. The median price in the Midwest was $130,300, which is 1.0% below a year ago.
South
In the South, existing-home sales dropped 7.4% to an annual pace of 1.87 million in January but are 12.0% above a year ago. The median price in the South was $140,200, down 2.0% from January 2009.
West
Existing-home sales in the West declined 5.2% to an annual rate of 1.28 million in January but are 7.6% higher than January 2009. The median price in the West was $203,400, down 5.8% from a year ago.
Friday, March 13, 2009
Obama Plan.....New Refinancing Program
12:02 PM |
Posted by
RaleighCaryNCNewHomes
Posted by
RaleighCaryNCNewHomes
Obama Plan ............... New Refinancing Program.
Yesterday I wrote the first of two parts on the Homeowner Affordability & Stability plan that was released by the Obama administration on Wed March 4th. Which contained two major parts they hoped would have an impact on assisting homeowners with troubled mortgage. The first part of the plan which I blogged about yesterday is a modification program that Servicers will offer to borrowers with high debt-to-income ratios or who are at risk of foreclosure. The second part of the plan which I am blogging about today, a refinance program for existing Fannie Mae or Freddie Mac loans.
As I stated yesterday our Executive Vice President at McCue Mortgage, Kim Neilson and others are still assessing the details of the Homeowner Affordability & Stability plan to determine our next steps, but in the mean time we are trying to provide a summary of its major points so that it might help other to better understandable it. So here we go:
The second part of the plan is a refinance program for existing Fannie Mae or Freddie Mac loans. Fannie Mae is offering two different programs:
The Refi Plus Program that requires the servicer of the loan to be the originating lender.
The DU Refi Plus Program (DU is the Automated Underwriting System for Fannie Mae) that allows any lender using DU to originate the loan as long as the existing loan is a Fannie Mae loan.
Freddie Mac requires the servicer of the loan to be the originating lender. Some specifics of the program are:
Existing mortgage must currently be a Fannie or Freddie loan.
Existing loan may not be considered ineligible (must get an Approved/Eligible from DU). Ineligible loans include existing mortgage loans that received a DU Expanded approval (EA).
Maximum LTV for 1-2 unit properties is 105% and require an appraisal.
Maximum LTV for 3-4 unit properties is 80% and also require an appraisal.
No maximum CLTV.
Existing mortgage must be current and have acceptable mortgage payment history. No minimum FICO score is required although borrower must meet bankruptcy and foreclosure requirements. In addition, borrower must demonstrate credit worthiness.
Rate and term refinance only (No Cash Out) - purchase money seconds MAY Not be included.
Loan level price adjustments (points) will apply (determined by credit score on credit report)
MI required (same coverage factor of existing loan) for mortgage loans that had original LTV’s greater than 80%.
DU Refi Plus must receive Approve/Eligible and will not be available until April 4. Income and employment verification is required.
Refi Plus is a manual underwrite and requires verbal verification of employment. Lender must determine that the borrower has a reasonable ability to repay the mortgage based on current information provided by borrower.
There it is in a nut shell. I actually have higher expectations for this part of the plan then I do for the Loan Modification part. This part of the plan stands a chance to actually help those who have good credit and have little to no equity in their property. But I do not see it doing anything for those who are in areas that property values have taken a noticeable hit, and 105% LTV is not going to do anything for them. Also this does offer a second option to FHA which will allow a borrower to go to a 96.5% LTV on a No Cash Out Refi.
While I think that this plan might actually help a few people, but it will be a source of false hope for many more. As I ended my last post, the purpose for providing this information is so that those who read it may have a better understanding of the "Homeowner Affordability & Stability Plan", and help them come to their own conclusion.
Yesterday I wrote the first of two parts on the Homeowner Affordability & Stability plan that was released by the Obama administration on Wed March 4th. Which contained two major parts they hoped would have an impact on assisting homeowners with troubled mortgage. The first part of the plan which I blogged about yesterday is a modification program that Servicers will offer to borrowers with high debt-to-income ratios or who are at risk of foreclosure. The second part of the plan which I am blogging about today, a refinance program for existing Fannie Mae or Freddie Mac loans.
As I stated yesterday our Executive Vice President at McCue Mortgage, Kim Neilson and others are still assessing the details of the Homeowner Affordability & Stability plan to determine our next steps, but in the mean time we are trying to provide a summary of its major points so that it might help other to better understandable it. So here we go:
The second part of the plan is a refinance program for existing Fannie Mae or Freddie Mac loans. Fannie Mae is offering two different programs:
The Refi Plus Program that requires the servicer of the loan to be the originating lender.
The DU Refi Plus Program (DU is the Automated Underwriting System for Fannie Mae) that allows any lender using DU to originate the loan as long as the existing loan is a Fannie Mae loan.
Freddie Mac requires the servicer of the loan to be the originating lender. Some specifics of the program are:
Existing mortgage must currently be a Fannie or Freddie loan.
Existing loan may not be considered ineligible (must get an Approved/Eligible from DU). Ineligible loans include existing mortgage loans that received a DU Expanded approval (EA).
Maximum LTV for 1-2 unit properties is 105% and require an appraisal.
Maximum LTV for 3-4 unit properties is 80% and also require an appraisal.
No maximum CLTV.
Existing mortgage must be current and have acceptable mortgage payment history. No minimum FICO score is required although borrower must meet bankruptcy and foreclosure requirements. In addition, borrower must demonstrate credit worthiness.
Rate and term refinance only (No Cash Out) - purchase money seconds MAY Not be included.
Loan level price adjustments (points) will apply (determined by credit score on credit report)
MI required (same coverage factor of existing loan) for mortgage loans that had original LTV’s greater than 80%.
DU Refi Plus must receive Approve/Eligible and will not be available until April 4. Income and employment verification is required.
Refi Plus is a manual underwrite and requires verbal verification of employment. Lender must determine that the borrower has a reasonable ability to repay the mortgage based on current information provided by borrower.
There it is in a nut shell. I actually have higher expectations for this part of the plan then I do for the Loan Modification part. This part of the plan stands a chance to actually help those who have good credit and have little to no equity in their property. But I do not see it doing anything for those who are in areas that property values have taken a noticeable hit, and 105% LTV is not going to do anything for them. Also this does offer a second option to FHA which will allow a borrower to go to a 96.5% LTV on a No Cash Out Refi.
While I think that this plan might actually help a few people, but it will be a source of false hope for many more. As I ended my last post, the purpose for providing this information is so that those who read it may have a better understanding of the "Homeowner Affordability & Stability Plan", and help them come to their own conclusion.
Monday, March 2, 2009
Heritage Wake Forest Golf Community still Great Value
6:15 PM |
Posted by
RaleighCaryNCNewHomes
Posted by
RaleighCaryNCNewHomes
Heritage Wake Forest is Still a Great Value with Wonderful Small Town Setting. The long shadows of sunset blanket the fairways and trees surrounding the 15th, 16th and 17th holes of the award-winning Heritage golf course as you make the turn into the Overlook; coming home just became sweeter. Luxurious, elegant residences grace its low-maintenance home sites (some with water views)! A tastefully designed and situated play area, complete with picnic tables and park benches, will delight all ages. Take the adjoining walking bridge to the clubhouse, home to 1250 Heritage restaurant, where exceptional dining awaits. Neighborhood- Heritage Overlook- Price Range for Neighborhood- 590,000's
The Amentities of this Great Golf Course Neighborhood are:
Heritage Wake Forest offers a wide variety of recreational opportunities for all ages. Within the community, an award-winning golf club, a swim & tennis club and numerous parks and playgrounds provide hours of family fun. Nearby, and within the beautiful Wake Forest township, you'll find endless choices of activities and entertainment, including a 12-screen multi-plex movie theatre, a sports complex, and lots of shopping.
Heritage Heights
"On top of the world..." a pretty nice state of mind; at Heritage Heights, it's an even nicer state of everyday living. With the greenways of our golf course to one side and a panoramic vista of the gently rolling expanse of the greater Heritage community to the other, each custom home stands against a pleasing backdrop. The collection of single-family home designs offered here have been described as casually elegant, already anticipating your family's desire for livability (indoors and outdoors) along with an unmistakable sense of style. Price Range in the $400's
Why Heritage?
"On top of the world..." a pretty nice state of mind; at Heritage Heights, it's an even nicer state of everyday living. With the greenways of our golf course to one side and a panoramic vista of the gently rolling expanse of the greater Heritage community to the other, each custom home stands against a pleasing backdrop. The collection of single-family home designs offered here have been described as casually elegant, already anticipating your family's desire for livability (indoors and outdoors) along with an unmistakable sense of style. Price Range in the $400's
Why Heritage?
This is why
Proximity to major roads: I-540 (6 miles), US-1 (1 mile) and NC-401 (2 miles). Stoplights in place at major intersections.
Adjacent to high growth residential areas in Wake Forest, Raleigh and the unincorporated North Wake County.
Adjacent to Wake County Public School Campus (3 schools).
Adjacent to 160 acres public park/greenway complex.
Utilities in place: Town of Wake Forest water and sewer. Town of Wake Forest or EMC electric facilities, high speed telecommunications lines to each lot. Natural gas to each lot.
Pre-developed sites: Balanced grading and clearing complete.
Environmental certainty: Pre-approved, delineated wetlands, Neuse Buffers and Phase I Audits.
Utility Capacity Guarantee: Through town of Wake Forest contract.
Collection-road improvements in place.
Protective covenants in place.
Proximity to major roads: I-540 (6 miles), US-1 (1 mile) and NC-401 (2 miles). Stoplights in place at major intersections.
Adjacent to high growth residential areas in Wake Forest, Raleigh and the unincorporated North Wake County.
Adjacent to Wake County Public School Campus (3 schools).
Adjacent to 160 acres public park/greenway complex.
Utilities in place: Town of Wake Forest water and sewer. Town of Wake Forest or EMC electric facilities, high speed telecommunications lines to each lot. Natural gas to each lot.
Pre-developed sites: Balanced grading and clearing complete.
Environmental certainty: Pre-approved, delineated wetlands, Neuse Buffers and Phase I Audits.
Utility Capacity Guarantee: Through town of Wake Forest contract.
Collection-road improvements in place.
Protective covenants in place.
Dear JoAnne,
Thanks so much for directing us to the Heritage Wake Forest Community. Everyday we wake up here we are so thankful to be in such a great community. You listened and heard our hearts! Thanks for your Professional assistance in every detail.
See you soon,
Richard & Kathleen
Thanks so much for directing us to the Heritage Wake Forest Community. Everyday we wake up here we are so thankful to be in such a great community. You listened and heard our hearts! Thanks for your Professional assistance in every detail.
See you soon,
Richard & Kathleen
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