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)
More related Positive News
Reinsurance Group of America Reports Second-Quarter Results
July 27, 2010 by admin
Filed under Mortgages, Positive Real Estate, Real Estate Articles
- Image via Wikipedia
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.”
More related Positive News
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
- Image via Wikipedia
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.
More related Positive News
Impressive June Numbers
July 26, 2010 by admin
Filed under Florida, Home Resales, Mortgages, Positive Real Estate, Real Estate Articles
- Image by the_tahoe_guy via Flickr
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.
More related Positive News
Four Consecutive Quarters of Profit and Growth – 1st Capital Bank Announces its Unaudited Financial Results
July 23, 2010 by admin
Filed under california, Investors, Mortgages, Positive Real Estate, Positive Real Estate Brokerages, Real Estate Articles
- Image via Wikipedia
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.
More related Positive News
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
- Image via Wikipedia
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.
More related Positive News
EXPAND HOME AFFORDABLE REFINANCE PROGRAM TO 125 PERCENT LOAN-TO-VALUE
The Federal Housing Finance Agency has authorized Fannie Mae and Freddie Mac to expand the Home Affordable Refinance Program (HARP) to homeowners who are current on their mortgage payments from the present loan-to-value ratio ceiling of 105 to 125 percent. With these expanded refinance opportunities, qualified borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will be allowed to refinance those loans according to the terms of the Home Affordable Refinance Program established earlier this year.
“I am pleased to join Secretaries Donovan and Geithner in announcing this expansion of the Obama Administration’s Making Home Affordable program,” said FHFA Director James Lockhart. “The higher LTV refinancings will allow more homeowners to strengthen their finances by taking advantage of lower mortgage rates. The Enterprises are also incenting these borrowers to combine a lower mortgage rate with a faster amortization schedule, which will enable them to get ‘above water’ on their mortgages more quickly. This program could assist many homeowners who otherwise would have difficulty refinancing due to declining house prices,” Lockhart said.
More related Positive News
Monthly Payments Lowered by 67%
April 14, 2009 by admin
Filed under Mortgages, Positive Real Estate
If you you could buy a valuable asset for what once cost 44% of your income now costs 25%, wouldn’t you buy? That is the line I can hear agents across the Country singing to their home buyer prospects.
According to the John Burns letter,the median-income household, which earns $52,800 per year, only needs 25% of their income to buy the median-priced single-family home of $164,600. In July 2006, that ratio was 44%.
Sell the payment as they say.
As Burns points out in other areas of the country the payment is even better. In Oakland, CA housing costs have declined 67% for the monthly payment.
http://www.realestateconsulting.com/
More related Positive News
Builders Take the Rates Even Lower
Some home builders are offering lower mortgage interest interest rates than the prevailing rate. While the averaxe fixed rate is somewhere just below 5%. These new home builders have “lowered” the bar even more.
- Lennar Corp. is offering a fixed 3.625% rate over the life of a 30-year fixed rate mortgage.
- Honanian recent offer is 3.99%
- Toll Brothers offered a 3.99% interest rate in many of its luxury developments earlier this year. But has since pulled the offer.
More related Positive News
Marin County Prices and Mortgages
Bob Ravasio reports over at his Marin real estate blog that mortgages are as low 4.85% in the Bay Area. Bob also rips into the sensationalization of a recent SF Chronicle article that said Marin County homes are down 26%. Which is a twisting of the facts.
As Bob tells it:
Thank goodness it’s not true.
While there was more information in the body of the article, for those who read that far, it made it clear that the reason average sale price has gone down so dramatically is that more low priced condos are selling relative to single family homes. These tend to be much lower value, driving the average down on a much smaller base.Average sale price is a terrible barometer of what is going on in the short term, yet because it is the easiest to explain or analyze, it is the statistic that gets used all of the time.
