Whether you're throwing a holiday party or just want to sample something new, these festive holiday cocktails and mocktails are sure to please.
Enjoy a Peppermint Patty, Snowflake Martini or a Zipster!
Thoroughly tested by your friends at ZipRealty (it was a tough job, but someone had to do it!), these recipes are ready for you to enjoy and share. Cheers, and happy holidays from all of us!
For The Above Mentioned Cocktails and more, click on the following link...
http://www.ziprealty.com/holiday
Tuesday, December 21, 2010
Thursday, December 2, 2010
Housing Market Showing Life. Pending Home Sales up 10.4% in October
Strength Shown in Many Areas Across the Country
According to the National Association of Realtors, Contract signings were up in every region of the Country except the West. The Northeast showed a 19.6% increase while the the Midwest was up 27.3% and the South jumped 7.1%. The West showed a decrease of 0.4%.
Overall the Nation showed a 10.4% increase.
The increase can be credited to a return of somewhat normal loan underwriting procedures as well as the removal of some uneccessary fees in the underwriting process, according to some economists.
This past June marked the lowest level for contracts signings on record. Pending sales are now 18.3% above those June levels but still remain 20.5% below where the were October of 2009.
Still, all in all this is good news considering that most economists expected pending home sale to show an overall decrease for October. Most homebuilder stocks surged after the report was released.
According to the National Association of Realtors, Contract signings were up in every region of the Country except the West. The Northeast showed a 19.6% increase while the the Midwest was up 27.3% and the South jumped 7.1%. The West showed a decrease of 0.4%.
Overall the Nation showed a 10.4% increase.
The increase can be credited to a return of somewhat normal loan underwriting procedures as well as the removal of some uneccessary fees in the underwriting process, according to some economists.
This past June marked the lowest level for contracts signings on record. Pending sales are now 18.3% above those June levels but still remain 20.5% below where the were October of 2009.
Still, all in all this is good news considering that most economists expected pending home sale to show an overall decrease for October. Most homebuilder stocks surged after the report was released.
Tuesday, November 23, 2010
2.2% Decrease in Existing Home Sales for October
Housing Market Woes Continue
Tight lending restrictions and high unemployment as still affecting an already struggling housing market.
According to the National Association of Realtors, sales of existing homes fell 2.2% in October to a seasonally adjusted annual rate of 4.3mln units. The height of the Market was back in September 2005 with a peak of 7.25mln units sold. That is a decrease of 38.9% in the last 5 years.
The past July was the slowest pace for sales in the last 15 years. The market gained some momentum in August and September, but these latest numbers for October remind us that we are still not out of the woods.
Tight lending restrictions and high unemployment as still affecting an already struggling housing market.
According to the National Association of Realtors, sales of existing homes fell 2.2% in October to a seasonally adjusted annual rate of 4.3mln units. The height of the Market was back in September 2005 with a peak of 7.25mln units sold. That is a decrease of 38.9% in the last 5 years.
The past July was the slowest pace for sales in the last 15 years. The market gained some momentum in August and September, but these latest numbers for October remind us that we are still not out of the woods.
Friday, November 12, 2010
Bond Buying Drives Mortgage Rates to New Lows
30 yr falls to 4.17%, lowest on records dating back to 1971
Since the Fed announced that it would be pouring $600bln into Bonds, mortgage rates have been doing what they are supposed to be doing, heading down again and touching new lows.
This week the Fed stated it would be aggressive over the next 30 days and pound in $105bln. The extra demand signals that the yield on treasury bonds will go lower and mortgage rates tend to track those yields.
Is 4% or lower for a 30 year mortgage finally possible? I guess we will see over the next 30 days.
If you are thinking about buying a new home or investment property, there has never been a better time to do so. These low rates combined with lower proeprty value create a unique opportunity to own a home for a lot less than you would have paid 3-4 years ago.
If you are on the fence and are afraid in this market, here is your push to get it done. Always remember Real Estate and owning a home is a long term investment. In the long term, the property will always be worth more than you paid.
Since the Fed announced that it would be pouring $600bln into Bonds, mortgage rates have been doing what they are supposed to be doing, heading down again and touching new lows.
This week the Fed stated it would be aggressive over the next 30 days and pound in $105bln. The extra demand signals that the yield on treasury bonds will go lower and mortgage rates tend to track those yields.
Is 4% or lower for a 30 year mortgage finally possible? I guess we will see over the next 30 days.
If you are thinking about buying a new home or investment property, there has never been a better time to do so. These low rates combined with lower proeprty value create a unique opportunity to own a home for a lot less than you would have paid 3-4 years ago.
If you are on the fence and are afraid in this market, here is your push to get it done. Always remember Real Estate and owning a home is a long term investment. In the long term, the property will always be worth more than you paid.
Thursday, November 4, 2010
Feds Bold Move to Boost The Economy. Commits to Buy $600bln in Bonds
Fed Looks to Further Lower Borrowing Costs
In what some are calling a risky move, The Federal Reserve has agreed to buy $600 billion in Government Bonds in a move to drive interest rates lower. Their hopes are to create jobs and boost the economy out of the funk it is still in.
Two ways to stimulate economic growth are to encourage people to spend money and increase hiring.
Many say the plan will provide the boost, but will not solve our problems.
There are several risks associated with this move too. Some of these risks include further weakening the dollar, creating price bubbles on stocks and commodities and driving inflation to dangerous levels.
In what some are calling a risky move, The Federal Reserve has agreed to buy $600 billion in Government Bonds in a move to drive interest rates lower. Their hopes are to create jobs and boost the economy out of the funk it is still in.
Two ways to stimulate economic growth are to encourage people to spend money and increase hiring.
Many say the plan will provide the boost, but will not solve our problems.
There are several risks associated with this move too. Some of these risks include further weakening the dollar, creating price bubbles on stocks and commodities and driving inflation to dangerous levels.
Monday, November 1, 2010
Foreclosures in New York up 46% in Q3 2010
Most Cities are up YoY
According to a Report from Realty Trac, year over year foreclosure activity was up in 65% of all U.S Metro Areas including New York.
A total of 20,504 foreclosure filings on NY area properties were received. This includes notices of default, scheduled auctions and bank repossessions.
Even though filings were up 46% Q3 2010 vs Q3 2009, there was an 8% decrease in Q3 from Q2 this year.
Daren Blomquist, a spokesman for Realty Trac said New York has "avoided the worst of the foreclosure problems and continues to do so" despite the year over year increase in foreclosure activity.
According to a Report from Realty Trac, year over year foreclosure activity was up in 65% of all U.S Metro Areas including New York.
A total of 20,504 foreclosure filings on NY area properties were received. This includes notices of default, scheduled auctions and bank repossessions.
Even though filings were up 46% Q3 2010 vs Q3 2009, there was an 8% decrease in Q3 from Q2 this year.
Daren Blomquist, a spokesman for Realty Trac said New York has "avoided the worst of the foreclosure problems and continues to do so" despite the year over year increase in foreclosure activity.
Thursday, October 28, 2010
Mortgage Rates Inch Up from Record Lows
30 yr at 4.23% with 15 yr at 3.66%
Mortgage rates were up slightly this week but still near record lows.
Rates have been on a steady decline since April as investors have been pouring money into treasury bonds. The demand on the bonds lowers their yield and mortgage rates tend to following the yield down.
The low mortgage rates have helped the refinance market but have done little to spark the purchase market.
Rates on five-year adjustable-rate mortgages averaged 3.41%, up from 3.45% a week earlier. Rates on one-year adjustable-rate mortgages remained at an average of 3.3%.
Mortgage rates were up slightly this week but still near record lows.
Rates have been on a steady decline since April as investors have been pouring money into treasury bonds. The demand on the bonds lowers their yield and mortgage rates tend to following the yield down.
The low mortgage rates have helped the refinance market but have done little to spark the purchase market.
Rates on five-year adjustable-rate mortgages averaged 3.41%, up from 3.45% a week earlier. Rates on one-year adjustable-rate mortgages remained at an average of 3.3%.
Wednesday, October 27, 2010
Home Prices are Weaker Around The Country. NY Shows Small Increase
Home Prices Fall .2% according to S&P/Case Schiller Index
With tons of new foreclosures expected to hit the market over the next several years, many expect prices to come down even further. This will hurt some areas that may have seen some sort of recovery.
This week S&P/Case Schiller released it's index for home prices for 20 major cities. 15 of those 20 cities posted declining home prices.
New York, Washington and Chicago have shown consistent price increases since the spring time. Although these increases are small and have faded over the summer, New York has had less foreclosures than these other cities.
However, the foreclosure mess is far from over with 2.4 million homeowners behind at least 90 days on their mortgage. These folks represent the "shadow inventory" as there are already 2 million loans in foreclosure.
With tons of new foreclosures expected to hit the market over the next several years, many expect prices to come down even further. This will hurt some areas that may have seen some sort of recovery.
This week S&P/Case Schiller released it's index for home prices for 20 major cities. 15 of those 20 cities posted declining home prices.
New York, Washington and Chicago have shown consistent price increases since the spring time. Although these increases are small and have faded over the summer, New York has had less foreclosures than these other cities.
However, the foreclosure mess is far from over with 2.4 million homeowners behind at least 90 days on their mortgage. These folks represent the "shadow inventory" as there are already 2 million loans in foreclosure.
Friday, October 22, 2010
FBI Now Looking into Foreclosure Mess
Big Brother Checking to See if Any Laws Were Broken
This may get ugly everyone.
A foreclosure document crisis is the newest mess to hit the housing / lending industries. Now the FBI is in the beginning stages of checking in to see if any laws were broken or if violations have occured.
In the banking industry, things were so overwhelming when it came to foreclosures that some may have acted with criminal intent whether they knew it or not.
Althought most of the Bigger Banks feel their documents are now in order and accurate, they can't just say that the mess is over. The still face opposition in the following ways....
•Attorneys general in all 50 states are jointly investigating whether lenders violated state laws.
•Lawyers for evicted homeowners are preparing lawsuits against major lenders.
•State judges have signaled they will review the banks' foreclosure documents with skepticism.
•Lawmakers on Capitol Hill plan to hold hearings.
So long story short....this is not over
This may get ugly everyone.
A foreclosure document crisis is the newest mess to hit the housing / lending industries. Now the FBI is in the beginning stages of checking in to see if any laws were broken or if violations have occured.
In the banking industry, things were so overwhelming when it came to foreclosures that some may have acted with criminal intent whether they knew it or not.
Althought most of the Bigger Banks feel their documents are now in order and accurate, they can't just say that the mess is over. The still face opposition in the following ways....
•Attorneys general in all 50 states are jointly investigating whether lenders violated state laws.
•Lawyers for evicted homeowners are preparing lawsuits against major lenders.
•State judges have signaled they will review the banks' foreclosure documents with skepticism.
•Lawmakers on Capitol Hill plan to hold hearings.
So long story short....this is not over
Thursday, October 14, 2010
How Low Do Mortgage Rates Go?
30 year at 4.19% with 15 year at 3.62%
As attractive as rates have become over the last 3 months, home purchasing has not followed. We can blame this on the average buyer being flushed out of the market with all the tightening around lending conditions.
The Refinance Market has seen a great spike in activity and why not. In some cases depending on current loan amounts and current rates, someone who refis from a 6% loan to a 4% loan could save anywhere from $200 - $1000 a month.
The demand on treasury bonds lowers their yields and mortgage rates tend to track those yields. So with Investors putting money into these bonds since the spring, mortgage rates have followed.
At the beginning of April, 30 year rates were at 5.08% with 15 year at 4.39%. That means a $400,000 loan is now roughly $350 less a month than it was 6 months ago.
This could make the difference between not being able to buy then, and being able to get into that same property now.
How low will rates go? 4%? 3.75%? 3.50%
We may get there, but nothing is guaranteed.
So if you can buy the same house for $350 less a month now than you could have in the Spring, now is the time to make your move.
As attractive as rates have become over the last 3 months, home purchasing has not followed. We can blame this on the average buyer being flushed out of the market with all the tightening around lending conditions.
The Refinance Market has seen a great spike in activity and why not. In some cases depending on current loan amounts and current rates, someone who refis from a 6% loan to a 4% loan could save anywhere from $200 - $1000 a month.
The demand on treasury bonds lowers their yields and mortgage rates tend to track those yields. So with Investors putting money into these bonds since the spring, mortgage rates have followed.
At the beginning of April, 30 year rates were at 5.08% with 15 year at 4.39%. That means a $400,000 loan is now roughly $350 less a month than it was 6 months ago.
This could make the difference between not being able to buy then, and being able to get into that same property now.
How low will rates go? 4%? 3.75%? 3.50%
We may get there, but nothing is guaranteed.
So if you can buy the same house for $350 less a month now than you could have in the Spring, now is the time to make your move.
Wednesday, October 13, 2010
Foreclosure and REO Update
As you may be aware, on October 9, Bank of America extended its foreclosure process review to all fifty states. Consequently, the bank is halting foreclosure sales until this assessment has been satisfactorily completed.
Since BofA announced this review, there has been considerable confusion about the meaning of “foreclosure sale.” This term refers to the final step of the foreclosure process, upon which a delinquent borrower’s property becomes “Real Estate Owned” by the bank. Foreclosure sales are not transactions of REO property.
It’s important to recognize that at this time BofA does not anticipate taking actions to impede the sale or marketing of its current REO inventory. Barring other factors, current transactions may proceed normally. Moreover, any transactions where BofA is involved in financing the purchase of an REO property may continue as scheduled.
While the foreclosure process freeze does not directly impact current BofA REO listings and transactions, some banks are taking steps to suspend REO sales until corrective measures are taken. Agents and buyers should proceed with caution in any REO transaction by taking the following actions:
· Immediately contact the listing agent to obtain further information as to the status of the transaction.
· Confirm the intended lender will finance the sale. Banks have adopted various policies about foreclosures and REOs, and not all properties under affected lenders are impacted.
· Check with the title carrier to obtain a definitive understanding of whether title will continue to be issued. A few title insurers have noted they will not provide title insurance for REOs sold by some banks until these matters are corrected.
· Keep up to date about state-specific developments through your local DRE and Attorney General websites. Particularly in judicial review states, courts may determine that curtailing REO transactions is warranted given the alleged foreclosure process deficiencies.
This guidance is based on our best understanding of the situation as it stands of today, as reported to us by BofA and other sources. Keep in mind things can change quickly. We will keep you posted.
Tuesday, October 12, 2010
New Foreclosure Mess Could Last for Years
A lot of Investigations and Lawsuits will Follow Paperwork Mess.
Several companies were using robo-signers, so now some Banks have delayed the foreclosure process for some homeowners. The sale of Bank Owned properties has also been delayed. These banks include Bank of America, JP Morgan Chase and Ally's GMAC.
A GMAC employee said in a deposition in December 2009, that his team of 13 people signed about 10,000 documents a month without verifying accuracy. That's just one team for one bank.
The lawsuits that have been brought on by homeowners claim that lenders used falsified documents to foreclose on homes. In some cases the banks didn't even hold title to the property.
This is just the beginning of a very big mess. Stay Tuned
Several companies were using robo-signers, so now some Banks have delayed the foreclosure process for some homeowners. The sale of Bank Owned properties has also been delayed. These banks include Bank of America, JP Morgan Chase and Ally's GMAC.
A GMAC employee said in a deposition in December 2009, that his team of 13 people signed about 10,000 documents a month without verifying accuracy. That's just one team for one bank.
The lawsuits that have been brought on by homeowners claim that lenders used falsified documents to foreclose on homes. In some cases the banks didn't even hold title to the property.
This is just the beginning of a very big mess. Stay Tuned
Friday, October 8, 2010
Mortgage Rates Continue to Dive to Historic Lows
30 yr hits 4.27% with 15 yr at 3.72%
Rates on a 30 year loan fell for the 9th time in 12 weeks, hitting 4.27%. That is the lowest level on record dating back to 1971. Rates on a 15 year loan dropped to 3.72%, the lowest level for a 15 year since 1991.
Many investors have been shifting their money into the safety of treasury bonds lowering their yield and mortgage rates track those yields.
This proves a huge difference for buyers. For example, if you were taking a $400,000 loan at 6% your payment was upward of $3,000 with taxes and insurance. That same loan now at 4.3% is roughly $600 less a month with taxes and insurance.
It's a great time to buy with lower home prices and low rates. It is a rare combination in housing, take advantage!
Rates on a 30 year loan fell for the 9th time in 12 weeks, hitting 4.27%. That is the lowest level on record dating back to 1971. Rates on a 15 year loan dropped to 3.72%, the lowest level for a 15 year since 1991.
Many investors have been shifting their money into the safety of treasury bonds lowering their yield and mortgage rates track those yields.
This proves a huge difference for buyers. For example, if you were taking a $400,000 loan at 6% your payment was upward of $3,000 with taxes and insurance. That same loan now at 4.3% is roughly $600 less a month with taxes and insurance.
It's a great time to buy with lower home prices and low rates. It is a rare combination in housing, take advantage!
Thursday, October 7, 2010
New Agency Disclosure Law Goes into Effect on January 1, 2011
August 30, 2010, Gov. David Paterson signed a bill into law amending Real Property Law §443 to add two new components to the agency disclosure law relating to advanced consent to dual agency and agency disclosure for condominiums and cooperative apartments/units.
The new law and required forms do not take effect until January 1, 2011.
Under the new law, sellers, landlords, buyers and tenants are permitted to consent to dual agency or dual agency with designated sales agents in advance by indicating the same on a new revised agency disclosure form.
click here for the rest of the law
http://www.cnyrealtor.com/news/2010/sep/new-agency-disclosure-law-goes-effect-january-1-2011
The new law and required forms do not take effect until January 1, 2011.
Under the new law, sellers, landlords, buyers and tenants are permitted to consent to dual agency or dual agency with designated sales agents in advance by indicating the same on a new revised agency disclosure form.
click here for the rest of the law
http://www.cnyrealtor.com/news/2010/sep/new-agency-disclosure-law-goes-effect-january-1-2011
Tuesday, October 5, 2010
Senate Passes One-Year Extension on Higher GSE Loan Limits
Congress has voted to extend higher loan limits for the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. Approved by the U.S. House of Representatives and Senate, President Barack Obama is expected to sign the initiative into law that would keep a ceiling of $729,750 for single-family home mortgages in high-cost areas other than Hawaii and Alaska in place until October 2011
The Senate approved the measure by a vote of 69-30 on Wednesday. The bill, HR 3081: Department of State, Foreign Operations, and Related Programs Appropriations Act of 2010, would extend the current conforming loan limits through the new fiscal year and provide the Federal Housing Administration’s (FHA) multifamily programs with additional commitment authority by providing $20 billion in loan commitment authority for FHA’s General and Special Risk Insurance Funds.
“Extending the existing limits is essential to helping borrowers continue to have access to affordable long-term, fixed-rate mortgage credit in today’s struggling economy," said Robert E. Story Jr., CMB, chairman of the Mortgage Bankers Association (MBA) "The current limits have been a key component of keeping the mortgage market functioning, helping keep mortgage interest rates low for consumers who want to purchase a home or refinance an existing mortgage."
The loan limit cap was set to drop to $625,500 at the start of fiscal year 2011. The passage of HR 3081 will further prolong the higher limit and keep interest rates low in order to boost the homebuying market.
“Likewise, providing the FHA with additional multifamily commitment authority will help ensure funding for the continued development, renovation and mortgage refinancing necessary to preserve affordable rental housing in this country," said Story. "This sector has been crucial during the recent housing downturn and credit crisis, and FHA needs the additional authority in order to ensure the market remains liquid."
The Senate approved the measure by a vote of 69-30 on Wednesday. The bill, HR 3081: Department of State, Foreign Operations, and Related Programs Appropriations Act of 2010, would extend the current conforming loan limits through the new fiscal year and provide the Federal Housing Administration’s (FHA) multifamily programs with additional commitment authority by providing $20 billion in loan commitment authority for FHA’s General and Special Risk Insurance Funds.
“Extending the existing limits is essential to helping borrowers continue to have access to affordable long-term, fixed-rate mortgage credit in today’s struggling economy," said Robert E. Story Jr., CMB, chairman of the Mortgage Bankers Association (MBA) "The current limits have been a key component of keeping the mortgage market functioning, helping keep mortgage interest rates low for consumers who want to purchase a home or refinance an existing mortgage."
The loan limit cap was set to drop to $625,500 at the start of fiscal year 2011. The passage of HR 3081 will further prolong the higher limit and keep interest rates low in order to boost the homebuying market.
“Likewise, providing the FHA with additional multifamily commitment authority will help ensure funding for the continued development, renovation and mortgage refinancing necessary to preserve affordable rental housing in this country," said Story. "This sector has been crucial during the recent housing downturn and credit crisis, and FHA needs the additional authority in order to ensure the market remains liquid."
Monday, September 27, 2010
Fannie Offers Housing Help to Military Families
Source: Associated Press
Payments could be cut for those struggling after death of service member
Mortgage giant Fannie Mae plans to give military families a break on their home loan payments if they are struggling because of the death or injury of a service member.
The Washington-based company says it will reduce or suspend borrowers' monthly payments up to six months. Fannie Mae is the largest buyer and backer of U.S. home mortgages, owning or guaranteeing about $3.2 trillion in home loans.
Fannie Mae also says it would suspend reporting to credit bureaus for up to six months to minimize the impact on the borrower's credit score.
To determine whether they are eligible, military members or their surviving spouses should contact their mortgage company. Or, they can call a special military phone number: 1-877-MIL-4566.
Payments could be cut for those struggling after death of service member
Mortgage giant Fannie Mae plans to give military families a break on their home loan payments if they are struggling because of the death or injury of a service member.
The Washington-based company says it will reduce or suspend borrowers' monthly payments up to six months. Fannie Mae is the largest buyer and backer of U.S. home mortgages, owning or guaranteeing about $3.2 trillion in home loans.
Fannie Mae also says it would suspend reporting to credit bureaus for up to six months to minimize the impact on the borrower's credit score.
To determine whether they are eligible, military members or their surviving spouses should contact their mortgage company. Or, they can call a special military phone number: 1-877-MIL-4566.
Wednesday, September 22, 2010
The Fastest & Easiest Path to Loan Approval
Source: Bank of America
If you prepare carefully before you apply for a mortgage (ideally, before you have found the house you want to make an offer on), and are further prepared for requests for additional information after you apply for the mortgage, you can greatly increase the chances that your loan approval experience will go smoothly and well.
Here are several steps you should take before you apply for a loan.
1. Check Your Credit Report
Go to the website annualcreditreport.com for instant free reports. Check the reports very closely to make sure there are no factual errors, like data mistakenly imported from someone else who happens to have the same name, but a very different payment record. Did you know there are errors found in nearly one in four reports? Credit-reporting agencies will work with you to clear up any errors. It’s better to get this done before you apply for a loan, since it can result in better credit reports and scores. You can also check your credit score at various sites (including myfico.com and www.IdentityGuard.com but they do charge a fee.
2. Collect All Your Information
Pull together all the many documents that your lender will need for rapid processing of your application. These may include specific records for the past two years at your current address (employer name, address, phone number, W-2 statements, federal income tax returns, with all schedules); 30 days’ worth of pay stubs; written verification of any other income (such as social security, alimony, annuities, etc.); check and savings bank statements for the past two months or most recent quarter; and the names and addresses of all your creditors with account numbers, balance and monthly payments for all fixed, installment and revolving debts.
Our Mortgage Application Checklist provides a detailed list of all items which, depending on your personal situation you may need to have on hand when starting a loan application. Your Loan would be happy to review this checklist with you to make sure you understand the specific documents requested.
3. After You Have Applied For Your Loan
Having negotiated to purchase a home, you need to be prepared to put together any additional requested documentation as quickly as possible, such as a letter explaining a late payment. This is the main cause of delays in the qualification process.
An important reminder: DO NOT take out any other financing or make large purchases during the mortgage qualification process. These can result in changes in your credit reports and credit scores. The confusion could cause delays and any changes could impede your qualification.
For A List of Lenders in Your Area, Contact us Directly at nyrealestateinfo@gmail.com
If you prepare carefully before you apply for a mortgage (ideally, before you have found the house you want to make an offer on), and are further prepared for requests for additional information after you apply for the mortgage, you can greatly increase the chances that your loan approval experience will go smoothly and well.
Here are several steps you should take before you apply for a loan.
1. Check Your Credit Report
Go to the website annualcreditreport.com for instant free reports. Check the reports very closely to make sure there are no factual errors, like data mistakenly imported from someone else who happens to have the same name, but a very different payment record. Did you know there are errors found in nearly one in four reports? Credit-reporting agencies will work with you to clear up any errors. It’s better to get this done before you apply for a loan, since it can result in better credit reports and scores. You can also check your credit score at various sites (including myfico.com and www.IdentityGuard.com but they do charge a fee.
2. Collect All Your Information
Pull together all the many documents that your lender will need for rapid processing of your application. These may include specific records for the past two years at your current address (employer name, address, phone number, W-2 statements, federal income tax returns, with all schedules); 30 days’ worth of pay stubs; written verification of any other income (such as social security, alimony, annuities, etc.); check and savings bank statements for the past two months or most recent quarter; and the names and addresses of all your creditors with account numbers, balance and monthly payments for all fixed, installment and revolving debts.
Our Mortgage Application Checklist provides a detailed list of all items which, depending on your personal situation you may need to have on hand when starting a loan application. Your Loan would be happy to review this checklist with you to make sure you understand the specific documents requested.
3. After You Have Applied For Your Loan
Having negotiated to purchase a home, you need to be prepared to put together any additional requested documentation as quickly as possible, such as a letter explaining a late payment. This is the main cause of delays in the qualification process.
An important reminder: DO NOT take out any other financing or make large purchases during the mortgage qualification process. These can result in changes in your credit reports and credit scores. The confusion could cause delays and any changes could impede your qualification.
For A List of Lenders in Your Area, Contact us Directly at nyrealestateinfo@gmail.com
Tuesday, September 21, 2010
FHA Mortgage Insurance Premium Going Up
Lock in Before October 4th 2010
FHA is giving homebuyers until October 4 to lock in a low monthly insurance premium. After this date premiums will go up 63 percent. A homebuyer purchasing a $200,000 home using a $193,000 FHA mortgage before October 4 would pay an insurance premium of $88.46 per month. The same buyer waiting until after October 4 would pay $148.01. Although the upfront mortgage insurance premium is going down, there is an actual net increase in out of pocket costs because the monthly premium is going up by 63 percent.
FHA is giving homebuyers until October 4 to lock in a low monthly insurance premium. After this date premiums will go up 63 percent. A homebuyer purchasing a $200,000 home using a $193,000 FHA mortgage before October 4 would pay an insurance premium of $88.46 per month. The same buyer waiting until after October 4 would pay $148.01. Although the upfront mortgage insurance premium is going down, there is an actual net increase in out of pocket costs because the monthly premium is going up by 63 percent.
Friday, August 6, 2010
Is Now a Good Time To Sell?
Join The Discussion at Zip Community ForumsWelcome to ZipCommunity!
This is the place to be for answers to questions and to exchange ideas, info and opinions with other real estate buyers and sellers. Come join a conversation or start one of your own.
The ZipCommunity is a friendly discussion forum. As in any community, mutual respect and cooperation are keys to success. Remember that the ZipCommunity consists of people from different cultures, beliefs, and varying levels of expertise, and keep in mind that well-meaning people may make mistakes
Click on this Link To Access....
Tuesday, June 29, 2010
NYS Home Sales Rise For 3rd Straight Month
Source: New York State Association of Realtors (NYSAR)
Statewide sales of existing single-family homes in New York State increased nearly 5 percent in May from April and nearly 13 percent compared to May 2009, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The statewide median sales price also rose by more than 8 percent compared to May 2009.
“New York State’s housing market continues to show growth as we enter the typically active summer season,” said Duncan R. MacKenzie, NYSAR chief executive officer, noting that sales have increased from year-ago totals for five consecutive months, and from prior-month sales for the past three months. “The federal homebuyer tax credit continues to drive the monthly sales total as buyers close on homes placed under contract before the April deadline.
“We expect the June sales figure to be strong also as buyers taking advantage of the homebuyer tax credit must close before the final deadline of June 30,” MacKenzie said. He added that buyers who have missed the tax credit can still take advantage of historically low mortgage rates and a good selection of available inventory.
New York REALTORS sold 6,545 existing single-family homes in New York State during May 2010, a 12.8 percent increase compared to the May 2009 sales total of 5,801. May sales also increased from April 2010 when 6,285 homes were sold.
The May 2010 median sales price in New York State of $194,900 represents an increase of 8.3 percent compared to the May 2009 median of $180,000, and increased by 1 percent from the April 2010 median of $193,000.
Complete data is available at http://www.nysar.com/content/Press.htm
Statewide sales of existing single-family homes in New York State increased nearly 5 percent in May from April and nearly 13 percent compared to May 2009, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The statewide median sales price also rose by more than 8 percent compared to May 2009.
“New York State’s housing market continues to show growth as we enter the typically active summer season,” said Duncan R. MacKenzie, NYSAR chief executive officer, noting that sales have increased from year-ago totals for five consecutive months, and from prior-month sales for the past three months. “The federal homebuyer tax credit continues to drive the monthly sales total as buyers close on homes placed under contract before the April deadline.
“We expect the June sales figure to be strong also as buyers taking advantage of the homebuyer tax credit must close before the final deadline of June 30,” MacKenzie said. He added that buyers who have missed the tax credit can still take advantage of historically low mortgage rates and a good selection of available inventory.
New York REALTORS sold 6,545 existing single-family homes in New York State during May 2010, a 12.8 percent increase compared to the May 2009 sales total of 5,801. May sales also increased from April 2010 when 6,285 homes were sold.
The May 2010 median sales price in New York State of $194,900 represents an increase of 8.3 percent compared to the May 2009 median of $180,000, and increased by 1 percent from the April 2010 median of $193,000.
Complete data is available at http://www.nysar.com/content/Press.htm
Tuesday, June 8, 2010
Job Openings Rise to Highest Level in 16 Months
Private employers account for the entire gain as census bump is ending
Source: Associated Press
Job openings jumped in April to the highest level in 16 months, a sign that private employers may boost hiring in coming months.
The number of jobs advertised at the end of April rose to 3.1 million from 2.8 million in March, the Labor Department said Tuesday. That's the most openings since December 2008.
Private employers accounted for the entire net gain. The government's advertising for jobs decreased, despite the hiring of hundreds of thousands of census workers in May.
The department's report, known as the Job Openings and Labor Turnover survey, or JOLTS, follows a disappointing employment report Friday that found private employers added only 41,000 jobs in May. Temporary census hiring accounted for 411,000 jobs. The unemployment rate fell to 9.7 percent from 9.9 percent in April
For the Full Article, Click on this Link....
http://www.msnbc.msn.com/id/37571735/ns/business-eye_on_the_economy/
Source: Associated Press
Job openings jumped in April to the highest level in 16 months, a sign that private employers may boost hiring in coming months.
The number of jobs advertised at the end of April rose to 3.1 million from 2.8 million in March, the Labor Department said Tuesday. That's the most openings since December 2008.
Private employers accounted for the entire net gain. The government's advertising for jobs decreased, despite the hiring of hundreds of thousands of census workers in May.
The department's report, known as the Job Openings and Labor Turnover survey, or JOLTS, follows a disappointing employment report Friday that found private employers added only 41,000 jobs in May. Temporary census hiring accounted for 411,000 jobs. The unemployment rate fell to 9.7 percent from 9.9 percent in April
For the Full Article, Click on this Link....
http://www.msnbc.msn.com/id/37571735/ns/business-eye_on_the_economy/
Gas Prices Appear to be Leveling Off
Down 20 Cents in Past Month to Average $2.72 a Gallon Nationwide
Source: Associated Press
After dropping 20 cents in the past month, gasoline pump prices are leveling off.
Retail gasoline prices fell 0.3 cent Monday to a national average of $2.724 per gallon, according to AAA, Wright Express and Oil Price Information Service.
Lower gasoline prices reflect a steep drop in oil prices over the past month. Gas prices topped off at $2.93 per gallon on May 6, three days after oil prices reached an 18-month high of $87.15 per barrel.
Prices may drop a few more pennies at the pump, but the big drops are over unless worries that the country is falling back into recession gain steam, said OPIS' Tom Kloza. Still, by the time summer officially arrives later this month, gas likely will be below where it was a year ago. Right now gasoline prices are 11.3 cents higher than last year.
For the Full Article, click on this link.....
http://www.msnbc.msn.com/id/37555882/ns/business-oil_and_energy/
Source: Associated Press
After dropping 20 cents in the past month, gasoline pump prices are leveling off.
Retail gasoline prices fell 0.3 cent Monday to a national average of $2.724 per gallon, according to AAA, Wright Express and Oil Price Information Service.
Lower gasoline prices reflect a steep drop in oil prices over the past month. Gas prices topped off at $2.93 per gallon on May 6, three days after oil prices reached an 18-month high of $87.15 per barrel.
Prices may drop a few more pennies at the pump, but the big drops are over unless worries that the country is falling back into recession gain steam, said OPIS' Tom Kloza. Still, by the time summer officially arrives later this month, gas likely will be below where it was a year ago. Right now gasoline prices are 11.3 cents higher than last year.
For the Full Article, click on this link.....
http://www.msnbc.msn.com/id/37555882/ns/business-oil_and_energy/
Monday, May 24, 2010
Tax Credit Fuels Surge in April Home Sales
7.6% jump in resales is best showing in 5 months
Source: Associated Press
Homebuyers rushed to take advantage of government incentives and low mortgage rates in April, giving the housing market its biggest boost in five months.
But now that a homebuyer tax credit has expired, any improvement will depend mainly on the lure of historically low mortgage rates.
Some economists say that won't be enough. "Although mortgage rates have fallen sharply, the combination of high unemployment, heavy indebtedness and tight credit suggest to us that demand will stumble," said Paul Dales, an economist at Capital Economics.
Sales of previously owned homes rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million, the National Association of Realtors said Monday.
For the Full Article, click on this link....
http://www.msnbc.msn.com/id/37303800/ns/business-real_estate
Source: Associated Press
Homebuyers rushed to take advantage of government incentives and low mortgage rates in April, giving the housing market its biggest boost in five months.
But now that a homebuyer tax credit has expired, any improvement will depend mainly on the lure of historically low mortgage rates.
Some economists say that won't be enough. "Although mortgage rates have fallen sharply, the combination of high unemployment, heavy indebtedness and tight credit suggest to us that demand will stumble," said Paul Dales, an economist at Capital Economics.
Sales of previously owned homes rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million, the National Association of Realtors said Monday.
For the Full Article, click on this link....
http://www.msnbc.msn.com/id/37303800/ns/business-real_estate
Thursday, May 20, 2010
Mortgage Rates Fall to Lowest Level of The Year
National average for a 30-year fixed loan is slips slightly to 4.84 percent
Source: Associated Press
Mortgage rates fell to the lowest level of the year this week, as rates fell on U.S. government securities. Fixed mortgage rates tend to be influenced by movements in the yield of 10-year Treasury notes.
The average rate on a 30-year fixed rate mortgage dipped to 4.84 percent this week from 4.93 percent a week earlier, Freddie Mac said Thursday. It was the lowest level since mid-December, when rates averaged 4.81 percent.
For the Full Article Click on this Link.....
http://www.msnbc.msn.com/id/7148582/ns/business-real_estate/
Source: Associated Press
Mortgage rates fell to the lowest level of the year this week, as rates fell on U.S. government securities. Fixed mortgage rates tend to be influenced by movements in the yield of 10-year Treasury notes.
The average rate on a 30-year fixed rate mortgage dipped to 4.84 percent this week from 4.93 percent a week earlier, Freddie Mac said Thursday. It was the lowest level since mid-December, when rates averaged 4.81 percent.
For the Full Article Click on this Link.....
http://www.msnbc.msn.com/id/7148582/ns/business-real_estate/
Tuesday, May 18, 2010
Top 25 Largest Brokerages in the U.S
Most of biggest brokers see sales volume drop in '09
Inman News, Tuesday, May 18, 2010.
ZipRealty completed 34.6% more transaction sides in 2009 than in 2008, bumping it up to the fifth-largest brokerage ranked by real estate publishing and communications company Real Trends. ZipRealty had previously ranked ninth in transaction sides.
ZipRealty completed 23,100 sides in 2009 compared with 17,156 in 2008. ZipRealty also rose in the rankings for closed sales volume -- to seventh in 2009 from 10th in 2008 -- with the highest growth rate in that category. ZipRealty's closed sales volume rose to $5.3 billion in 2009 from $4.6 billion in 2008, a 14.1 percent gain, according to the report
For the full Article click on the following link....
http://www.inman.com/news/2010/05/18/top-25-largest-brokerages-in-us
Inman News, Tuesday, May 18, 2010.
ZipRealty completed 34.6% more transaction sides in 2009 than in 2008, bumping it up to the fifth-largest brokerage ranked by real estate publishing and communications company Real Trends. ZipRealty had previously ranked ninth in transaction sides.
ZipRealty completed 23,100 sides in 2009 compared with 17,156 in 2008. ZipRealty also rose in the rankings for closed sales volume -- to seventh in 2009 from 10th in 2008 -- with the highest growth rate in that category. ZipRealty's closed sales volume rose to $5.3 billion in 2009 from $4.6 billion in 2008, a 14.1 percent gain, according to the report
For the full Article click on the following link....
http://www.inman.com/news/2010/05/18/top-25-largest-brokerages-in-us
Monday, May 10, 2010
Fannie Mae Seeks $8.4 Billion More in Aid
Mortgage giant reports Q1 loss of more than $13 billion
Source: Associated Press
Fannie Mae has again asked taxpayers for more money — this time $8.4 billion — after reporting another steep loss for the first quarter. The taxpayer bill for rescuing Fannie and its sibling Freddie Mac has grown to $145 billion — and the final tally could be much higher.
The rescue of Fannie and Freddie is turning out to be one of the most expensive aftereffects of the financial meltdown, and Fannie Mae's first-quarter financial report on Monday made clear that there is no end in sight.
"The losses are not going to stop" soon, said Anthony Sanders, a finance professor at George Mason University, who warns that the housing market is likely to turn sharply downward again later this year.
For the Full Article Click on this Link...
http://www.msnbc.msn.com/id/37060487/ns/business-real_estate/
Source: Associated Press
Fannie Mae has again asked taxpayers for more money — this time $8.4 billion — after reporting another steep loss for the first quarter. The taxpayer bill for rescuing Fannie and its sibling Freddie Mac has grown to $145 billion — and the final tally could be much higher.
The rescue of Fannie and Freddie is turning out to be one of the most expensive aftereffects of the financial meltdown, and Fannie Mae's first-quarter financial report on Monday made clear that there is no end in sight.
"The losses are not going to stop" soon, said Anthony Sanders, a finance professor at George Mason University, who warns that the housing market is likely to turn sharply downward again later this year.
For the Full Article Click on this Link...
http://www.msnbc.msn.com/id/37060487/ns/business-real_estate/
Friday, May 7, 2010
U.S. Economy Added 290,000 Jobs in April
Jobless rate rises to 9.9 percent as size of labor force increased
Source: Reuters
U.S. employment grew at the fastest pace in four years in April as private sector businesses ramped up hiring, showing the labor market recovery gaining steam.
President Barack Obama called the news "very encouraging."
Employers added 290,000 jobs in April, the Labor Department said Friday, far more than analysts had expected. The department also revised figures for February and March to show 121,000 more jobs were added than previously estimated.
For the full Article, click on the following link
http://www.msnbc.msn.com/id/37014475/ns/business-stocks_and_economy/
Source: Reuters
U.S. employment grew at the fastest pace in four years in April as private sector businesses ramped up hiring, showing the labor market recovery gaining steam.
President Barack Obama called the news "very encouraging."
Employers added 290,000 jobs in April, the Labor Department said Friday, far more than analysts had expected. The department also revised figures for February and March to show 121,000 more jobs were added than previously estimated.
For the full Article, click on the following link
http://www.msnbc.msn.com/id/37014475/ns/business-stocks_and_economy/
Thursday, May 6, 2010
Tuesday, May 4, 2010
Pending Home Sales Rise 5.3% in March
Highest level since Oct. and a 21 percent rise from same month a year ago
Source: Associated Press
The number of buyers who signed contracts to purchase homes surged more than expected in March, another sign that government incentives are propelling the housing market this spring.
The National Association of Realtors said Tuesday its seasonally adjusted index of sales agreements for previously occupied homes rose 5.3 percent from a month earlier to a reading of 102.9.
It was the highest level since October and a 21 percent increase from the same month a year earlier. February's reading was revised upward slightly to 97.7. Economists surveyed by Thomson Reuters had expected the index would rise 4 percent to 101.5
For the full Article Click on this Link....
http://www.msnbc.msn.com/id/36937609/ns/business-real_estate/
Source: Associated Press
The number of buyers who signed contracts to purchase homes surged more than expected in March, another sign that government incentives are propelling the housing market this spring.
The National Association of Realtors said Tuesday its seasonally adjusted index of sales agreements for previously occupied homes rose 5.3 percent from a month earlier to a reading of 102.9.
It was the highest level since October and a 21 percent increase from the same month a year earlier. February's reading was revised upward slightly to 97.7. Economists surveyed by Thomson Reuters had expected the index would rise 4 percent to 101.5
For the full Article Click on this Link....
http://www.msnbc.msn.com/id/36937609/ns/business-real_estate/
Friday, April 23, 2010
New Home Sales See Biggest Jump in 47 Years
Sales surge 27 percent, the strongest month since July
Source: Associated Press
Sales of new homes surged 27 percent last month, bouncing off the previous month's record low and blowing past expectations as government incentives and better weather boosted sales.
The Commerce Department said Friday that new-home sales rose in March to a seasonally adjusted annual sales pace of 411,000. It was the strongest month since last July and the biggest monthly increase in 47 years.
Economists surveyed by Thomson Reuters had expected a sales pace of 330,000. February's results were revised upward to 324,000, but remained an all-time low. Sales had been especially weak over the winter, partly due to bad weather in much of the country.
For the full article, click on the link below...
http://www.msnbc.msn.com/id/36735173/ns/business-real_estate/
Source: Associated Press
Sales of new homes surged 27 percent last month, bouncing off the previous month's record low and blowing past expectations as government incentives and better weather boosted sales.
The Commerce Department said Friday that new-home sales rose in March to a seasonally adjusted annual sales pace of 411,000. It was the strongest month since last July and the biggest monthly increase in 47 years.
Economists surveyed by Thomson Reuters had expected a sales pace of 330,000. February's results were revised upward to 324,000, but remained an all-time low. Sales had been especially weak over the winter, partly due to bad weather in much of the country.
For the full article, click on the link below...
http://www.msnbc.msn.com/id/36735173/ns/business-real_estate/
Thursday, April 1, 2010
New York State Home Sales Continue to Post Gains Compared to 2009
Source: New York State Association of Realtors
The New York state housing market continued to post double-digit sales gains compared to a year ago as February 2010 sales jumped 13.2 percent compared to February 2009, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The statewide median sales price rose by more than 12 percent compared to February 2009.
New York REALTORS sold 4,016 existing single-family homes in New York State during February 2010, a 13.2-percent increase compared to the February 2009 sales total of 3,548. February sales did lag behind the January 2010, when 4,555 homes were sold.
The February 2010 median sales price in New York State of $225,000 represents an increase of 12.5 percent compared to the February 2009 median of $199,950, but fell off by 4.3 percent from the January 2010 median of $235,000.
Click here to learn more.
The New York state housing market continued to post double-digit sales gains compared to a year ago as February 2010 sales jumped 13.2 percent compared to February 2009, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The statewide median sales price rose by more than 12 percent compared to February 2009.
New York REALTORS sold 4,016 existing single-family homes in New York State during February 2010, a 13.2-percent increase compared to the February 2009 sales total of 3,548. February sales did lag behind the January 2010, when 4,555 homes were sold.
The February 2010 median sales price in New York State of $225,000 represents an increase of 12.5 percent compared to the February 2009 median of $199,950, but fell off by 4.3 percent from the January 2010 median of $235,000.
Click here to learn more.
Friday, February 26, 2010
Tuesday, January 26, 2010
Hurry! Tax Credit Expires 4/30/10
Quick reminder to buyers:
You must be in contract by April 30 to get tax credit of up to $8,000!
*First-time buyers are still eligible.
*Repeat buyers are also eligible.
*Income limits have been raised!
*This tax credit only applies to properties that are in contract by April 30, 2010, so if you're thinking about buying a home, it's important to act quickly.
A few key points about this NEW tax credit:
*Extends the $8,000 credit for first-time home buyers.
*Includes new $6,500 credit for owners of existing homes who have lived in their principal residence for five consecutive years out of the last eight.
*Increased income limits of $125,000 for single filers, and $225,000 for joint.
*Qualified home purchases must be in contract April 30, 2010 and closed by June 30, 2010.
*Available on homes priced up to $800,000
Combined with ZipRealty's rebate and historically low interest rates, you could be looking at some serious savings on your home purchase if you buy before April, 2010.
Everybody's tax situation is different and we strongly encourage you to speak with your personal tax or financial professional to decide if this program is right for you.
You must be in contract by April 30 to get tax credit of up to $8,000!
*First-time buyers are still eligible.
*Repeat buyers are also eligible.
*Income limits have been raised!
*This tax credit only applies to properties that are in contract by April 30, 2010, so if you're thinking about buying a home, it's important to act quickly.
A few key points about this NEW tax credit:
*Extends the $8,000 credit for first-time home buyers.
*Includes new $6,500 credit for owners of existing homes who have lived in their principal residence for five consecutive years out of the last eight.
*Increased income limits of $125,000 for single filers, and $225,000 for joint.
*Qualified home purchases must be in contract April 30, 2010 and closed by June 30, 2010.
*Available on homes priced up to $800,000
Combined with ZipRealty's rebate and historically low interest rates, you could be looking at some serious savings on your home purchase if you buy before April, 2010.
Everybody's tax situation is different and we strongly encourage you to speak with your personal tax or financial professional to decide if this program is right for you.
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AVERAGE SALE PRICE LAST 3 YEARS
AVERAGE DAYS ON MARKET LAST 3 YEARS
UNITS SOLD LAST 3 YEARS
AVERAGE SOLD PRICE TO ASKING PRICE RATIO LAST 3 YEARS
AVERAGE SALE PRICE LAST 3 YEARS
AVERAGE DAYS ON MARKET LAST 3 YEARS
UNITS SOLD LAST 3 YEARS
AVERAGE SOLD PRICE TO ASKING PRICE RATIO LAST 3 YEARS