Weekly Mortgage Update – January 28, 2012: Mortgage 101 (Top 5 Factors that affect your Credit Score) Presented by Annie and Bob Pacieznik, REMAX Results, featuring Liz Peter Waterstone Mortgage.
Mortgage Video – What affects your credit score?
February 4, 2012 By Leave a Comment
Mortgage Video –
January 17, 2012 By Leave a Comment
How’s the Market?
January 6, 2012 By Leave a Comment
There are a number of tools that are at our disposal to help us sort through the befuddling, and sometimes misleading statistics out there. One resource is The Thing, sponsored by MAAR (The Minneapolis Area Association of Realtors). It is an interactive analytic tool that can narrow in on specifics you want to know about: a great “thing” to have in your arsenal of market information. Here you can manipulate geographical region by city, zip code, neighborhood, etc., and choose up to 2 break-outs (price range, foreclosure, property type, new construction) for comparison. There are 10 variables to choose from (new listings,pending sales, closed sales, average sales price, median sales price,average price per square foot, % of original price, days on market, months supply, home sales).
I think that this analytic tool is easy to use, self-explanatory and comprehensive. It will answer your question, “How’s the Market?,” no matter what your interest.
For example, if you are a potential buyer, the price per square foot stat might be of particular interest. If large home tops your list of “must haves,” comparing neighborhoods of interest based upon price per square foot could help to determine where you can get the biggest home for your buck.
If you are a contemplating selling your home, average price, % of original sales price, and days on market would be valuable stats to look at. They will give you a realistic expectation of what homes sell for, and how long it might take to sell,based upon real market data in your particular neighborhood.
In any case, I think one very important break-out is the foreclosure, short sale, traditional sale distinction. By separating the traditional from the distressed properties, you can get a more accurate picture of what is happening in the market…you might even find encouraging news!!!
VIDEO – What is PMI?
January 6, 2012 By Leave a Comment
VIDEO WEEKLY MORTGAGE UPDATE Mortgage 101: PMI (Private Mortgage Insurance), Mortgage NEWS: Changes coming in FHA PMI fees Hosted by Annie Pacieznik and featuring Liz Peter of Waterstone Mortgage.Weekly Mortgage Update 3
December 23, 2011 By Leave a Comment
Weekly Mortgage Update 2
December 17, 2011 By Leave a Comment
Weekly Mortgage Update 1
December 9, 2011 By Leave a Comment
Distressed Property and Real Estate: Missing mortgage payments (it’s not a secret)
March 5, 2011 By Leave a Comment
www.ssaa.org pre-NOD heat map
Wondering why you’re getting a bunch of solicitations in the mail after you’ve missed a mortgage payment? How do these real estate companies know you’re in trouble and why are they talking about short sales? Typically, when you miss a mortgage payment, the bank’s first step is NOT starting foreclosure proceeding. The first step is to report your late payment to the credit bureaus. What do the credit bureaus do with that information. Well, they use it to lower your credit score, but they also sell the information to marketers. 30-60-90-120 days late data is available for purchase by short sale real estate professionals. That’s why you’re getting the postcards, letters and phone calls (hopefully not if you’re on the National Do-Not-Call list).
www.ssaa.org Heat Spot pre-NOD map
As an increasing number of home owners have become affected by the downturn in the economy and real estate market, an ever growing segment of real estate professionals have incorporated short sales marketing into their business model. If you’re having problems making your mortgage payment, they probably know who you are and will be targeting you soon.
So, what’s your first step? EDUCATION! Before someone tries to convince you of what to do next, you owe it yourself to become better informed about your options and the whole process itself. Knowing terms like notice of default, short sale, foreclosure, sheriff’s sale, deed in lieu of foreclosure, deficiency judgments along with acronyms like HAMP, REO, CDPE, BPO and others will help you take the next step that is right for YOU.
Minneapolis area real estate market:Way behind last year, because…
March 1, 2011 By Leave a Comment
If you look at this past week, you’ll see we’re way off last year’s sales numbers. But there’s reason for it…last year, the First Time Home Buyer Tax Credit was expiring and wasn’t going to be renewed. So, almost everyone who was going to buy in 2010, bought in the spring…and then…BOOM! sales crashed. Take a look at this graph…over the last 5 or so years, from the real estate market’s peak to it’s current state, each year had a similarly shaped graph…going up in the spring-peaking in the summer-ending low during the holidays and winter. But look at 2010. A very different shape due to the Tax Credit. So what will 2011′s shape look like…certainly not like 2010. How how will 2011 compare to 2009 or 2008? (click play or next to watch presentation).
Here’s what the Minneapolis Area Association of Realtors says:
Weekly Market Activity Report The gap between current and year-ago listing activity continues to widen, as anticipated. Expect the supply-side numbers to show sizable year-over-year declines due to the high baseline set during the spring 2010 tax credit. It should be noted that we are now approaching a period where we’ll be comparing the 2011 non-tax credit market to the 2010 tax credit market at its peak level.
For the week ending February 19, there were 690 signed purchase agreements, which made for a 12.1 percent decline from the same week last year. There were 1,367 New Listings for the week, representing a 25.4 percent decline from a year ago. Active Listings, at 21,642, have been holding steady since the beginning of the year due to subdued seller activity coupled with fairly reliable sales volumes. That marked a 3.3 percent decline from year-ago inventory levels.
A more meaningful comparison is to look back at 2009 and 2008 and avoid tax credit stimulated activity. This week’s 690 Pending Sales fall right in between 2008 and 2009 numbers. While that is less buyer activity than we would like, it does provide hope for the future. If you’d like to see the full report, visit the Minneapolis Area Association of Realtors.
Real Estate Mortgage News:Expect volatility
February 28, 2011 By Leave a Comment
The latest from our trusted mortgage advisor, Kathy Harrison of Bell Mortgage: “Over the last week we gradually saw long term rates move into the 5% range again. While investors have been happy with all of the Stock market gains we have seen, remember this will typically have an adverse affect on the Bond market and thus the long term rate environment. Our Fed Chairman, Mr. Bernanke, is in Paris currently defending the QE2 initiative. Many foreign leaders were critical that the Fed helped cause some of their runaway inflation issues. This week the Treasury will auction a hefty 99B in Notes so expect some volatility in the market. For now sentiment in the “new” buying consumer appears to be positive. Inquiries are up, home prices while challenged, are offering buyers continued affordability. Overall consumer confidence appears to be moving slowing in the right direction.”
