Mortgage Refinancings Soar to Highest Level Since May 2009

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The Mortgage Bankers Association said Wednesday its refinancing index jumped 17% to 4676.70 in the week to Wednesday, soaring to the highest since May 2009. The four-week average increase rose to 3.2%. This abrupt spike is a sign that mortgage rates have fallen far enough to incentivize a new wave of refinancing from homeowners. According for Freddie Mac, the average rate for a 30- year home loan dropped to 4.4A% last week.
This wave could also be a great sign for the U.S. economy as a whole, not just the housing market. Morgan Stanley estimates that if 50% of mortgages in mortgage-backed bonds are refinanced, it would free up $46 billion a year for consumers. $46 billion is more money than the last extension of unemployment benefits.
Housing Market Boast Brilliant Numbers
August 4, 2010 by admin
Filed under Home Resales, Investors, Mortgages, Positive Real Estate, Real Estate Articles

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New home sales jumped 23.6% in June to an annual rate of 330k compared to market expectations for a somewhat smaller increase to a rate of 320k. Also, the S&P/Case-Shiller 20-city home price index increased 0.5% in May from April and 4.6% from May one year ago. This was the second monthly increase and the fourth year-over-year gain in home prices. 15 of the 20 metro areas tracked by this index showed monthly price gains.
Miami-Dade Pending Home Sales Increase 40.5 Percent from a Year Ago
August 4, 2010 by admin
Filed under Florida, Home Resales, Mortgages, Pending Home Sales, Positive Real Estate, Positive Real Estate Brokerages, Real Estate Articles, new homes

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Total pending home sales in the Miami-Dade County increased 40.5 percent in July 2010, when compared to the July 2009 numbers. This real estate includes single-family style homes and condominiums. Even though the tax credit, which helped boost the South Florida real estate market, expired, Miamia-Dade Couny has shown impressive signs as it continues to strengthen.
NAR Supports the Growth of Small Businesses
August 2, 2010 by admin
Filed under Home Resales, Investors, Mortgages, NAR, Pending Home Sales, Positive Real Estate, Positive Real Estate Brokerages, Real Estate Articles

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“As the leading advocate for private property rights, NAR believes it is critical for Congress to act soon and to get capital flowing to small businesses and to the commercial real estate market,” Jim Helsel, treasurer of the National Association of Realtors, told the House Committee on Financial Services. He explained that raising the SBA loan limits and allowing the SBA 504 loans to be used to refinance property can help ease the liquidity crisis in the commercial sector. He went on to articulate that the NAR strongly supports the H.R. 3380 because it is projected to raise the credit union member business lending cap from 12.25 percent to 25 percent of total assets. Small regional and community banks make up for close to half of the small business loans issued in the United States. Needless to say, available credit unions increase the credit accessible by small businesses.
Source: NAR
Great Numbers Give Great Message
August 2, 2010 by admin
Filed under Home Resales, Mortgages, Pending Home Sales, Positive Real Estate, Positive Real Estate Brokerages, Real Estate Articles
The 30-year fixed mortgage rate dropped to 4.54 percent, almost a full percent lower than the 5.25 percent of last year. Other positive signs prevail in the 15-year fixed rate which also hit a record low of 4 percent, smaller than the 4.69 percent from last year. Also, the five-year adjustable rate mortgage averaged 3.76 percent, better than the 4.75 percent from last year. To add, the one-year ARMs average 3.64 percent compared to 4.8 percent of last year.
Source: The Wall Street Journal, Nathan Becker (07/30/10)
Reinsurance Group of America Reports Second-Quarter Results
July 27, 2010 by admin
Filed under Mortgages, Positive Real Estate, Real Estate Articles
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Recent statistics reveal that Reinsurance Group’s net income grew substantially from 176 million to 249 million dollars. Consolidated premiums also grew 15% to 1,582.0 million. A. Greig Woodring, president and chief executive officer, commented, “We are pleased to report a solid quarter with good premium growth and operating earnings in line with our expectations. Our book value continues to rise with stable earnings contributions and a strengthening investment portfolio. During the quarter, our net unrealized gain position improved by $217.5 million and our book value increased $277.3 million, up 7 percent on a per-share basis, to $60.73 per share.”
Strong Gains in Home Sales in all Counties of The Metro Chicago Real Estate Market
July 27, 2010 by admin
Filed under Home Resales, Mortgages, Pending Home Sales, Positive Real Estate, Positive Real Estate Brokerages, Real Estate Articles

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The first half of 2010 yielded substantial gains in home sales activity in nearly every portion of the seven-county metropolitan Chicago real estate market, with Kane County leading the way, according to an analysis of sales data by RE/MAX. Sales of detached and attached homes in the metro area rose to a combined total of 38,053 units, a 35 percent increase over the 27,757 sales recorded in first half of 2009. Home sales in Kane County increased 61 percent, with 2,523 homes changing hands, compared to 1,564 sales during the first six months last year. Sales of detached homes in Kane rose 62 percent to 2,058 units and sales of attached homes climbed 59 percent to 465 units from the same period in 2009.
Impressive June Numbers
July 26, 2010 by admin
Filed under Florida, Home Resales, Mortgages, Positive Real Estate, Real Estate Articles

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Tampa Bay area homes sales have increased significantly in June 2010. 3,226 homes were closed, four hundred more than this time last year. Condo sales have grown, as well. In the Tampa Bay area, condos ha sales have gone up 38% compared to a year ago.
Four Consecutive Quarters of Profit and Growth – 1st Capital Bank Announces its Unaudited Financial Results
July 23, 2010 by admin
Filed under Investors, Mortgages, Positive Real Estate, Positive Real Estate Brokerages, Real Estate Articles, california
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1st Capital Bank announced its impressive fourth consecutive quarter of profit and growth today. The bank has continued to grow in asset size and has expanded its market share in Monterey County. “The three months ended June 30, 2010 represent the fourth consecutive quarter of profitable operations for 1st Capital Bank,” said Fred Rowden, President and CEO of 1st Capital Bank. In addition, net income recorded for the quarter ended June 30, 2010 increased $187,000 (1169%) to $203,000, compared to $16,000 for the trailing quarter ended March 31, 2010.
OceanFirst Financial Corp. Announces Growth in Deposits, Loans, Revenue and Earnings Per Share
July 23, 2010 by admin
Filed under Investors, Mortgages, Positive Real Estate, Positive Real Estate Brokerages, Real Estate Articles

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OceanFirst Financial Corporation announced that their diluted earnings per share increased 3 cents from $.24 to $.27. To add, deposits increased $158.9 million during the last quarter, of which $156.6 million was in growth core deposits. Furthermore, total revenue increased to $23.3 million for the quarter.











