tag:blogger.com,1999:blog-69251008210356777982024-02-06T23:29:40.906-08:00Instant Home InfoShannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.comBlogger407125tag:blogger.com,1999:blog-6925100821035677798.post-27433624948548054622012-06-15T06:26:00.001-07:002012-06-15T06:26:53.243-07:00Georgia Takes Top Foreclosure Spot For First Time Since 2006<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border: 1px solid black;" title="Foreclosure concentration June 2012" src="http://bringtheblog.com/i/foreclosure-concentration-201206.jpg" alt="Foreclosure concentration June 2012" width="200" height="370" /></p> <p>According to foreclosure data firm RealtyTrac, the number of foreclosure filings nationwide <a title="RealtyTrac foreclosure data May 2012" href="http://www.realtytrac.com/content/foreclosure-market-report/may-2012-us-foreclosure-market-report-7238" target="_blank">rose 9 percent</a> in May as compared to April 2012. Filing topped 200,000 units for the first time in 3 months.</p> <p>The term "foreclosure filing" is a catch-all term comprising default notices, scheduled auctions, and bank repossessions. On average, 1 in every 639 U.S. homes receiving a foreclosure filing in May.</p> <p>As in most months, foreclosure activity was concentrated by state. Just 6 states accounted for more than half of the nation's total filings.</p> <p>Those six states were :</p> <ol> <li>California : 13.6% of all repossessions</li> <li>Florida : 11.0% of all repossessions</li> <li>Georgia : 9.8% of all repossessions</li> <li>Illinois : 6.6% of all repossessions</li> <li>Michigan : 6.5% of all repossessions</li> <li>Arizona : 6.3% of all repossessions</li> </ol> <p>An interesting note, though, is that for the first time since February 2006, Georgia was the country's most foreclosure-heavy state, displacing Nevada, which has dominated the foreclosure landscape for the last 5 years.</p> <p>1 in 300 Georgia homes received a foreclosure filing in May. The national average last month was 1 in 639 homes.</p> <p>At the other end of the foreclosure spectrum is Vermont. There was just 1 foreclosure filing for every 15,539 homes in The Green Mountain State last month.</p> <p>Meanwhile, distressed homes remain in high demand with today's home buyers, <a title="Existing Home Sales April 2012" href="http://www.realtor.org/news-releases/2012/05/april-existing-home-sales-up-prices-rise-again" target="_blank">accounting for 28 percent</a> of April's overall existing home sales based on data from the National Association of REALTORS®. However, if your home purchase plans call for buying a foreclosed or bank-owned home, make sure you do your research first.</p> <p>Buying bank-owned property is a different process as compared to buying a non-distressed home. The purchase contracts are different, the buyer-seller negotiations are different, and the homes are sometimes sold with defects. This can make it difficult to get a mortgage -- or even impossible.</p> <p>Before buying "distressed", therefore, be sure to with a real estate agent. It's good to have an experienced agent on your side to coach you through the process.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-66129519709136084152012-06-14T06:28:00.001-07:002012-06-14T06:28:12.855-07:0031 States Represented In June's Improving Market Index<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border: 1px solid black;" title="Improving Markets Index June 2012" src="http://bringtheblog.com/i/improving-market-index-201206.jpg" alt="Improving Markets Index June 2012" width="250" height="261" />The number of U.S. housing markets showing "measurable and sustained growth" slipped by 20 in June, according to the National Association of Homebuilders.</p> <p>The Improving Market Index is meant to identify housing markets in which economic growth is occurring as a whole -- not just in the real estate space.</p> <p>By using three separate, independently-collected data series, each tied to local economic conditions, the Improving Market Index takes a broader view of the housing market than other housing market indicators -- the Case-Shiller Index, for example -- which are often singularly tied to housing contracts.</p> <p>The Improving Market Index tracks three distinct data series :</p> <ol> <li>From the Bureau of Labor Statistics : Employment statistics</li> <li>From Freddie Mac : Home price growth</li> <li>From the Census Bureau : Single-family housing growth</li> </ol> <p>A given metropolitan area is categorized as "improving" by the National Association of Homebuilders if all three data series indicate growth at least six months after that area's most recent economic trough.</p> <p>In other words, the Improving Market Index looks past head-fakes of recovery, instead in search of long-term, sustainable growth.</p> <p>This is one reason why its list of included cities is so fluid. It's difficult for a metropolitan area to meet the Improving Market Index's inclusion requirements month-after-month in a post-recession economy.</p> <p>The Improving Market Index dropped to 80 in June, says the home builder trade group.</p> <p>The list includes 28 new entrants, with forty-eight markets removed as compared to May. 31 states are represented nationwide.</p> <p>For home buyers in California , the Improving Markets Index is a non-actionable report but it does do a good job of highlighting the local nature of real estate. For example, Columbus, Indiana was added as an Improving Market in June. Yet, Indianapolis, Indiana -- located just 46 miles away -- was downgraded from the same list. </p> <p>Economies vary by locale.</p> <p>The complete Improving Markets Index is available for download <a title="Improving Market Index June 2012" href="http://www.nahb.org/fileUpload_details.aspx?contentID=166615" target="_blank">at the NAHB website</a>. For a better gauge of what's happening on the local level , though, talk to a local real estate agent.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-74580184173256130012012-06-13T06:37:00.001-07:002012-06-13T06:37:23.199-07:00Before Moving, Check Your New Cost Of Living Estimates<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border: 1px solid black;" title="Cost of Living adjustments in a new town" src="http://bringtheblog.com/i/cost-of-living-new-town.jpg" alt="Cost of Living adjustments in a new town" width="180" height="270" />With home values slow to rise and mortgage rates at all-time lows, there's never been a more affordable time to own a home.</p> <p>However, there is more to the cost of living than just a mortgage payment. There's the cost of groceries, gasoline and routine medical care, too.</p> <p>Not surprisingly, where we live affects our costs.</p> <p>Big cities are often more expensive in which to live, for example, and local tax laws influence daily costs, too. </p> <p>For home buyers moving across state borders, therefore -- or even for those moving long distances intra-state -- it's important to know the relative costs in your new hometown as compared to your current one. Your household cash flow depends on it. You can't know your budget for a home if you don't know what life in a new town will cost you.</p> <p>Enter Bankrate.com's <a title="Cost of Living Comparison Calculator" href="http://www.bankrate.com/calculators/savings/moving-cost-of-living-calculator.aspx" target="_blank">Cost of Living Comparison Calculator</a>.</p> <p>In comparing the costs of 60 mundane, everyday items, the Cost of Living Comparison calculator can show you how common costs in your current home town compare to costs in your soon-to-be new home town.</p> <p>The calculator asks for just three inputs -- (1) In what city do you live now, (2) To what city are you moving, and (3) What is your current salary -- then uses that information to produce a detailed cost comparison.</p> <p>Some of the Cost of Living items compared include :</p> <ul> <li>Ground beef costs</li> <li>Veterinary services costs</li> <li>Dozen egg costs</li> <li>Doctor visit costs</li> <li>Hair care costs</li> </ul> <p>The calculator also includes local mortgage rate differences to help plan for housing, and accounts for median home prices, too.</p> <p>The online Cost of Living calculator is based on data from <a title="ACCRA website " onclick="javascript:pageTracker._trackPageview('/outbound/article/http://www.coli.org/');" href="http://www.coli.org/" target="_blank">the ACCRA</a>. On the ACCRA website, a similar cost comparison report sells for $5. At Bankrate.com, you can get the data for free.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-14608542980678011472012-06-12T06:25:00.001-07:002012-06-12T06:25:13.714-07:00Mortgage Payments Fall To All-Time Lows<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="border: 1px solid black;" title="Mortgage payments" src="http://bringtheblog.com/i/mortgage-payments-monthly-20120607.png" alt="Mortgage payments" width="450" height="302" /></p> <p>It's a money-saving time to be a home buyer. Historically, mortgage rates of all types -- conventional, FHA, VA and USDA -- have never been lower and low mortgage rates make for low monthly payments. </p> <p>According to Freddie Mac's weekly mortgage rate survey, the average 30-year fixed rate mortgage <a title="Freddie Mac PMMS June 7 2012" href="http://freddiemac.mediaroom.com/index.php?s=12329&item=129284" target="_blank">fell to 3.67% nationwide</a> last week for borrowers willing to pay 0.7 discount points at closing, plus a full set of closing costs. 0.7 discount points is a one-time closing cost equal to 0.7 percent of your loan size, or $700 per $100,000 borrowed.</p> <p>Today's mortgage rates are a bargain as compared to just 1 year ago.</p> <p>In early-June 2011, the average 30-year fixed rate mortgage nationwide was higher by 88 basis points, or 0.88%. If you are among the many U.S. homeowners who bought or refinanced a home around that time, refinancing to today's mortgage rates could save you 10% or more on your payment. </p> <p>Home buyers have measurably more buying power, too.</p> <p>Here is how mortgage payments on a typical 30-year fixed rate mortgage have changed in 12 months :</p> <ul> <li>June 2011 : $509.66 principal + interest per $100,000 borrowed</li> <li>June 2012 : $458.59 principal + interest per $100,000 borrowed</li> </ul> <p>Setting the math to a real-life example, a homeowner whose $350,000, 30-year fixed rate mortgage dates to last June would recognize monthly savings of at least $179 per month just by refinancing into a new 30-year fixed rate mortgage at today's current levels. That's more than $2,145 in payment savings per year.</p> <p>Even after accounting for the required loan discount points and closing costs, the "break-even point" on a refinance like that can come quickly.</p> <p>Mortgage rates have been dropping but there's no promise they'll fall forever. Once rates reverse higher, they're expected to rise sharply. Therefore, if you're planning to buy a home or refinance one in California , consider locking in a mortgage rate while mortgage rates are low.</p> <p>The market looks good for that today.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-4510971862699465542012-06-11T06:25:00.001-07:002012-06-11T06:25:27.837-07:00How To Keep A Clean Refrigerator<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border: 1px solid black;" title="Clean refrigerator" src="http://bringtheblog.com/i/refrigerator-clean.jpg" alt="Clean refrigerator" width="180" height="248" />Do you clean your refrigerator regularly, or only after you've run out of space? If your answer is the latter, your refrigerator may be harboring dangerous bacteria that can make you, your family, and your house guests ill.</p> <p>Refrigerators should be cleaned monthly, inside and out, ideally. The process involves removing all foods, cleaning all shelves, and wiping down drawers. Spoiled food is removed and old containers reclaimed.</p> <p>The process takes 20 minutes. Here's how to do it.</p> <p>First, prepare your cleaning stations, including filling a sink with soapy water, and having drying towels handy. Complete this step before you start to remove food from the refrigerator. This limits the amount of time that food has available to reach room temperature.</p> <p>Next, remove all food from the appliance. Throw out old food past its expiration, and leftovers which have been in containers for more than a few days. Check dairy products for expiration dates -- especially cheeses and creams. Toss fruits and vegetables that have spoiled. Wipe down condiment jars and bottles with a damp towel.</p> <p>Next, with the refrigerator empty, remove all shelves and drawers and wash them in the water-filled sink. Scrub to remove any caked-on foods and spills. Rinse off the soapy water and dry the part on your drying towels.</p> <p>Then, while the shelves and drawers are drying, using a mixture of baking soda and water, wipe down the interior surfaces of your appliance. The mixture should be roughly 2 tablespoons of baking soda for every 1 gallon of water. Wipe the mixture off with a clean towel.</p> <p>Lastly, move the shelves and drawers back into the refrigerator and replace all of the food that's "good".</p> <p>Refrigerators can be a dirty place. We rarely wash our hands before handling food in a refrigerator and that can contribute to a bacteria-heavy environment. A good cleaning, though, can keep our foods -- and our home -- healthy.</p> <p>Clean your refrigerator regularly.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-87124449822664321082012-06-07T06:32:00.001-07:002012-06-07T06:32:55.998-07:00FHA To Change Its Mortgage Insurance Premium Schedule Monday, June 11, 2012<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border: 1px solid black;" title="New FHA MIP" src="http://bringtheblog.com/i/fha-mip-2012-2.jpg" alt="New FHA MIP" width="220" height="165" />Beginning Monday, June 11, the FHA is changing its mortgage insurance premium schedule for the second time this year.</p> <p>Some FHA mortgage applicants will pay lower mortgage insurance premiums going forward. Others will pay more. The new premiums apply to all FHA mortgages, both purchase and refinance.</p> <p>The MIP update will be the <a title="New FHA MIP" href="http://portal.hud.gov/hudportal/documents/huddoc?id=12-04ml.pdf" target="_blank">5th time in four years</a> that the FHA has changed its mortgage insurance premium schedule.</p> <p>FHA-backed homeowners who have not refinanced within the last 3 years will benefit from the new MIP. This is because, beginning with all FHA Case Numbers assigned on, or after, June 11, 2012, homeowners whose current FHA mortgage pre-dates June 1, 2009 will be entitled to dramatically reduced annual mortgage insurance premiums and almost zero upfront MIP via the FHA Streamline Refinance program.</p> <p>Whereas new FHA applicants may pay up to 1.25% per year for annual mortgage insurance plus 175 basis points at closing for upfront MIP, the "grandfathered" FHA applicants will pay just 0.55% per year for mortgage insurance and 1 basis point at closing.</p> <p>Assuming an FHA loan size of $200,000, the savings are large :</p> <ul> <li>New FHA applicant : $208 per month for annual MIP; $3,500 due at closing for upfront MIP.</li> <li>Pre-June 2009 FHA applicant : $92 per month for annual MIP; $20 due at closing for upfront MIP.</li> </ul> <p>The premiums apply to all FHA mortgage applicants, regardless of loan product or term. For example, 15-year FHA mortgage will follow the same mortgage insurance premium schedule as a 30-year FHA mortgages.</p> <p>Another class of FHA-backed homeowners won't get so lucky. For homeowners in high-cost areas whose mortgages are between $625,500 and the local FHA loan limit, annual mortgage insurance premiums will be raised by 0.25% for all 15-year and 30-year loan terms.</p> <p>For loan sizes above $625,500, the new annual FHA mortgage insurance premiums are as follows :</p> <ul> <li>Loan term of 15 years or fewer, loan-to-value of 90% or less : 0.35% per year</li> <li>Loan term of 15 years or fewer, loan-to-value greater than 90% : 0.60% per year</li> <li>Loan term of more than 15 years, loan-to-value of 95% or less : 1.45% per year</li> <li>Loan term of more than 15 years, loan-to-value greater than 95% : 1.50% per year</li> </ul> <p>FHA-backed homeowners with loan terms of 15 years or fewer, and with loan-to-values below 78%, are exempt from annual MIP. Upfront MIP payments, however, remain mandatory.</p> <p>The FHA continues to tinker with its mortgage insurance premiums, attempting to strike a balance between affordability for its homeowners and solvency for its program. Experts expect the FHA to change its premiums again. And, when it does, it's likely that premiums will rise.</p> <p>If your FHA mortgage will be for more than $625,000, and you plan to make a purchase or refinance application soon, it's best to get your FHA Case Number prior to Monday, June 11. Otherwise, you'll pay higher annual MIP.</p> <p>Against a $700,000 mortgage, the extra 0.25% in MIP per year will add $1,750 to your annual housing payment.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-85060834119758747532012-06-06T06:22:00.001-07:002012-06-06T06:22:29.819-07:00Simple Real Estate Definitions : Home Inspection<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border: 1px solid black;" title="Get a home inspection" src="http://bringtheblog.com/i/home-inspections-2.jpg" alt="Get a home inspection" width="180" height="250" />When you preview homes as a home buyer, you can get a good feel for the home's visible traits -- its finishes, its room counts, and its landscaping, for example. What you <em>can't</em> get a feel for, though, is the home's "bones".</p> <p>It's for this reason that real estate professionals recommend that you have a property formally inspected immediately after going into contract for it.</p> <p>A home inspection is a thorough, top-to-bottom check-up of a property's structure and systems. It is not the same as a home appraisal, which is a valuation of the property. By contrast, home inspections are an objective report on a home's physical condition.</p> <p>Home inspections are performed by home inspectors who will typically do the following :</p> <ul> <li>Check heating and cooling systems for leaks and efficiency </li> <li>Check electrical systems for safety and soundness of design </li> <li>Check plumbing systems for venting, distribution, and drainage</li> </ul> <p>In addition, a home inspector will review a home's roofing system; its doors, windows and garages; plus, any attic spaces and basements, where appropriate.</p> <p>A home inspection may also uncover out-of-code electrical work that municipalities required to be fixed by law.</p> <p>Meanwhile, it's not just home buyers who can order inspections. Sellers can order them, too.</p> <p>One recommended tactic is for a home seller to have the home inspected prior to listing for sale so that all required repairs can be made in advance of showing the home. This can speed up and simplify the sales process, and may help your home sell at a higher price. Buyers often prefer homes in "move-in" ready condition.</p> <p>A thorough home inspection can take up to 6 hours to complete, depending on the size of the home.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-31534607807566053632012-06-05T06:26:00.001-07:002012-06-05T06:26:48.339-07:00U.S. Posts Its 20th Straight Month Of Job Growth<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border: 0px;" title="Non-Farm Payrolls 2010-2012" src="http://bringtheblog.com/i/net-nfp-201205.png" alt="Non-Farm Payrolls 2010-2012" width="216" height="302" />For the second straight year, the jobs market looks to be slowing into the summer.</p> <p>Last Friday, in its monthly Non-Farm Payrolls report for May 2012, the Bureau of Labor Statistics reported <a title="Non-Farm Payrolls report" href="http://www.bls.gov/news.release/empsit.nr0.htm" target="_blank">69,000 net new jobs created</a>, plus a one-tick rise in the national Unemployment Rate to 8.2%.</p> <p>2012 is shaping up like 2011, it appears.</p> <p>Last year, between May and August, the jobs market was decidedly worse as compared to the rest of the year, adding just 80,000 jobs on average per month as compared to 190,000 new jobs created on average during each of the other 8 months.</p> <p>This year, a similar slowdown may be in store. </p> <p>Although the May jobs report marks the 20th consecutive month during which the U.S. economy added new jobs, the reported figure fell well short of analyst expectations, which called for 150,000 net new jobs last month.</p> <p>In addition, it was found that the previously-reported tallies for new jobs created in March and April were overstated by a total of forty-seven thousand jobs. This lowered the overall net new jobs created last month to 22,000.</p> <p>Mortgage rates are falling on the news.</p> <p>Since the jobs report's release, 30-year fixed rate mortgage rates have dropped below Freddie Mac's reported 3.75% mortgage rate for borrowers willing to pay <a title="Freddie Mac PMMS" href="http://freddiemac.com/pmms" target="_blank">0.7 discount points plus closing costs</a>; and, the 15-year fixed rate mortgage has dropped farther below 3.00%.</p> <p>The weaker-than-expected data has moved Wall Street investors away from stock markets in favor of the relative safety of bond markets, a market which includes the one for mortgage-backed bonds. When mortgage-backed bonds are in demand like this, it helps to push down mortgage rates nationwide.</p> <p>That's exactly what we're seeing.</p> <p>Mortgage rates are expected to make new lows this week, in part, because of U.S. employment weakness. Should this year's jobs market rebound like in 2011, though, look for mortgage rates to climb back shortly.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-7273668525224312842012-06-04T05:58:00.001-07:002012-06-04T05:58:25.582-07:00How To Keep Your Home House Fly Free<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border: 1px solid black;" title="Keep your home house-fly free" src="http://bringtheblog.com/i/house-fly.jpg" alt="Keep your home house-fly free" width="250" height="205" />As the calendar turns to June and the temperatures start to rise in California and nationwide, we begin to spot more bugs, insects and pests as compared to during the winter.</p> <p>Hiring an exterminator is one way to limit the number of ground-based bugs in your home. For example, periodic treatments can help to keep ants, beetles and termites at bay.</p> <p>For airborne pests, however, prevention can be more difficult.</p> <p>House flies can be especially nagging. They often enter through open doors and windows, then buzz through kitchen and bedrooms, spreading germs and general annoyance.</p> <p>If your home is battling house flies, the good news is that there are a number of chemical-free, environmentally-friendly ways to reduce or eliminate house flies; solutions that are safe for homes with children and pets.</p> <p>First, make sure your screen doors and screened-in windows are all in working order. Tears, rips and holes should be repaired or replaced. This is often a house fly's easiest point of entry into your home.</p> <p>Next, remember that house flies are attracted to surfaces with sugar or protein. Therefore, it's important to keep kitchen surfaces and non-carpeted floors clean because these are probable "hot spots" for a house fly. Clean once or multiple times per day, and try to use products containing orange, clove or lemon oil. These oils often repel flies.</p> <p>Then, examine all trash cans. Lids should remain tightly closed and garbage bags should be changed frequently. Garbage is a breeding ground for house flies and, because flies can hatch from eggs in a matter of hours, the sooner your garbage is sealed and moved to a garage or outdoor dumpster, the better.</p> <p>Lastly, consider placing 2-3 dozen cloves into an apple and leaving it in a room in which flies are bothersome. The smell of the cloves repels flies and, although it won't prevent flies from returning, the method is helpful for temporary fly relief.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-48506008055241151892012-06-01T06:21:00.001-07:002012-06-01T06:21:25.441-07:00Insurance Policies : Which Do You Need, Which Should You Skip?<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p> <object id="msnbc3c88be" width="420" height="245" data="http://www.msnbc.msn.com/id/32545640" type="application/x-shockwave-flash"> <param name="FlashVars" value="launch=47428641&width=420&height=245" /> <param name="allowScriptAccess" value="always" /> <param name="allowFullScreen" value="true" /> <param name="wmode" value="transparent" /> <param name="src" value="http://www.msnbc.msn.com/id/32545640" /> <param name="name" value="msnbc3c88be" /> <param name="flashvars" value="launch=47428641&width=420&height=245" /> <param name="allowfullscreen" value="true" /> </object> </p> <p>Insurance is protection against unexpected expenses and insurance policies are available for nearly any scenario you can envision -- even your own ransom. But just because an insurance policy is available, that doesn't mean you should buy it.</p> <p>Some insurance policies give you good bang for the buck. Others are plain wasteful.</p> <p>In this <a title="NBC The Today Show" href="http://today.msnbc.msn.com/id/26184891/#47428641" target="_blank">3-minute segment</a> from NBC's The Today Show, you'll hear of several common insurance policies and their relative merits to people of California who purchase them.</p> <p>For example, Americans will spend an estimated $450 million on pet insurance this year. Because of the policies' restrictions and deductibles, though, it's an insurance policy that rarely pays off. This is one reason why financial experts often recommend that you pass on purchasing pet insurance.</p> <p>Within the segment, other reviewed insurance policies include :</p> <ul> <li>Mobile phone insurance</li> <li>Flight and travel insurance</li> <li>Extended warranties for electronics</li> <li>Umbrella policies</li> <li>Renters insurance</li> </ul> <p>There's also discussion about home warranties, and why you should avoid policies that last longer than one year.</p> <p>Insurance should be an important part of your overall financial plan. However, the key is to have the proper policies in place, with an appropriate amount of coverage. Review your policies annually and keep your coverage current. </p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-73148536205295339812012-05-31T06:33:00.001-07:002012-05-31T06:33:11.045-07:00Pending Home Sales Slip In May<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border: 0px;" title="Pending Home Sales Index" src="http://bringtheblog.com/i/pending-home-sales-201204.png" alt="Pending Home Sales Index" width="216" height="302" />The housing market took a breather in April.</p> <p>After forging past its benchmark value of 100 in March, April's Pending Home Sales Index dropped back to 95.5, its lowest <a title="Pending Home Sales Index data" href="http://www.realtor.org/sites/default/files/reports/2012/embargoes/2012-04-phs-063012716b05c569557c06e81063a0d0/phs-04-2012-pending-home-sales-05-30-2012.pdf" target="_blank">reading of the year</a>. The data suggests fewer home resales throughout California and nationwide in the months ahead.</p> <p>A "pending home" is a home under contract to sell, but not yet closed. The Pending Home Sales Index is tracked and published monthly by the National Association of REALTORS®.</p> <p>As a housing market indicator, the Pending Home Sales Index is fundamentally different from other housing metrics which often make headline news.</p> <p>Unlike the Existing Home Sales report, for example; or the New Home Sales report, the Pending Home Sales Index is purported to be predictor of future housing market performance. It measures the number of homes newly under contract in a given month and, because we know that <a title="PHSI methodology" href="http://www.realtor.org/topics/pending-home-sales/background" target="_blank">80% of homes</a> under contract close within 60 days, the Pending Home Sales Index can foreshadow what's next for housing.</p> <p>Other housing market metrics report on events which have already occurred.</p> <p>Based on April Pending Home Sales Index, therefore, buyers and sellers should expect to see a pull-back in closed home sales through May and June. However, like everything in real estate, home sales remain a local market.</p> <p>Even by region, performance varied : </p> <ul> <li>Northeast Region : +0.9% from March 2012</li> <li>Midwest Region : -0.3% from March 2012</li> <li>South Region : -6.8% from March 2012</li> <li>West Region : -12.0% from March 2012</li> </ul> <p>Despite three regions posting losses, it's worth noting that, on an <em>annual</em> basis, all four regions showed gains, led by the Midwest at 23 percent. </p> <p>If you're shopping for homes right now, the Pending Home Sales Index suggests that the current market may be "soft", a scenario which can create ideal home-buying conditions. With mortgage rates low, home affordability has never been higher.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-32910829111135182522012-05-30T06:24:00.001-07:002012-05-30T06:24:20.702-07:00Foreclosures Fall To 5-Year Low<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="border: 1px solid black;" title="Foreclosures April 2012" src="http://bringtheblog.com/i/foreclosures-per-capita-201204.png" alt="Foreclosures April 2012" width="450" height="239" /></p> <p>Foreclosures filings fell 5 percent between March and April of this year, and by 11 percent as compared to one year ago. The data comes from RealtyTrac. The foreclosure-tracking firm tallied <a title="RealtyTrac data April 2012" href="http://www.realtytrac.com/content/foreclosure-market-report/foreclosure-rates--us-foreclosure-trends-april-2012-7194" target="_blank">fewer than 189,000</a> foreclosure-related actions last month -- the fewest number since July 2007.</p> <p>Rapidly-declining foreclosure figures are another signal that the U.S. housing market may already be in recovery.</p> <p>According to RealtyTrac's methodology, a "foreclosure filing" is any one of the following foreclosure-related events : (1) A default notice on a home; (2) A scheduled auction for a home; or, (3) A bank repossession of a home.</p> <p>All three showed improvement in April :</p> <ul> <li>Default Notices were down 4% from March 2012</li> <li>Scheduled Auctions were down 4% from March 2012</li> <li>Bank Repossessions were down 7% from March 2012</li> </ul> <p>Furthermore, April's bank repossessions figure is notable. With just 51,415 homes reclaimed by banks, last month's total represents a 26 percent drop from April 2011, and is the 18th consecutive month during which bank repossessions fell. This figure suggests that banks are seeking alternatives to foreclosure, including loan modifications and short sales, when appropriate.</p> <p>Indeed, the National Association of REALTORS® reports that <a title="Existing Home Sales report April 2012" href="http://www.realtor.org/news-releases/2012/05/april-existing-home-sales-up-prices-rise-again" target="_blank">11 percent</a> of April's home resales were short sales.</p> <p>Whether you're a first-time home buyer or an experienced one, homes in various stages of foreclosure can be alluring. They're readily available and often come cheap as compared to non-distressed properties. However, make sure to look beyond just the "list price". Foreclosed homes are often sold as-is. This means that the property could be run-down or rife with defects that render it uninhabitable and/or un-lendable. </p> <p>If you plan to buy a foreclosed property , therefore, engage an experienced real estate professional. You can learn a lot about how foreclosures work by doing research on the internet, but when it comes to writing contracts and checking homes for defects, you'll want an experienced agent on your side.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-38449259985615970962012-05-29T06:27:00.001-07:002012-05-29T06:27:31.254-07:00Save Energy For Summer : Flip Your Ceiling Fan Rotation<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border: 1px solid black;" title="Ceiling fans lower your energy bill" src="http://bringtheblog.com/i/ceiling-fan-porch.jpg" alt="Ceiling fans lower your energy bill" width="200" height="299" /></p> <p>Memorial Day marks the unofficial start of summer and, in many parts of the country, weekend weather was indistinguishable from what one might expect in August.</p> <p>Temperatures climbed into the 90s throughout the Southwest, South Central, Midwest and Southeast and even crossed 100 degrees in parts of Kansas.</p> <p>For homeowners with ceiling fans, the change of season offers a timely reminder to change the direction in which ceiling fan blades rotate. Properly-rotating ceiling fan blades not only cool your home more efficiently, but can lower your energy bill, too.</p> <p>Ceiling fans are meant to amplify your home's natural heating and cooling systems. Using the equivalent energy of a 100-watt light bulb, on a cool day, a ceiling fan will recirculate warmer air, making a room feel up to 6 degrees warmer.</p> <p>On a warm day, a ceiling fan can reduce a room's effective temperature by 4 degrees. It accomplishes this by pushing colder air back into a room, creating a "windchill effect" on the skin. This is a far more economical way to regulate temperature as compared setting a home thermostat up or down by 4 degrees.</p> <p>The key is to have the ceiling fan blades running in the proper direction.</p> <ul> <li>When your home's heating system is on, rotate fan blades clockwise</li> <li>When your home's cooling system is on, rotate fan blades counter-clockwise</li> </ul> <p>For additional cost savings with a ceiling fan, remember to turn it off when you're not in the room. Ceiling fans don't cool the air; neither do they warm it. Rather, ceiling fans <em>move</em> air which gives the sensation of a room being cooler or warmer. With nobody in the room, there's no need to run the fan.</p> <p>If your home is without ceiling fans, and you'd like to install one or many, the process is inexpensive and easy. There are videos online which <a title="How to install a ceiling fan " href="http://www.youtube.com/user/Lowes#p/search/2/BlMM3rZN0ac" target="_blank">walk you through the steps</a>, or you can call a qualified electrician. Need an electricians name? Call or email me -- I'm happy to offer a referral.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-61733165436999265332012-05-25T06:26:00.001-07:002012-05-25T06:26:32.519-07:0030-Year Fixed Rate Mortgage Rates Fall To 3.78% Nationwide<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="border: 1px solid black;" title="Freddie Mac mortgage rates" src="http://bringtheblog.com/i/freddie-mac-weekly-20120524.jpg" alt="Freddie Mac mortgage rates" width="450" height="323" /></p> <p>For the fifth consecutive week, conforming 30-year fixed rate mortgage rates have dropped to new all-time lows.</p> <p>According to this week's Primary Mortgage Market Survey from Freddie Mac, "prime" mortgage applicants willing to pay 0.8 discount points plus closing costs can secure a <a title="Freddie Mac PMMS" href="http://freddiemac.com/pmms" target="_blank">mortgage rate of 3.78%</a>, on average.</p> <p>This is a small improvement in rate over last week when the average 30-year fixed rate mortgage rate was 3.79% with 0.7 discount points.</p> <p>1 discount point is equal to 1 percent of your loan size.</p> <p>Like everything in real estate, though, mortgage rates are local. Freddie Mac reports that the mortgage rates available to consumers <a title="Freddie Mac PMMS" href="http://freddiemac.com/pmms" target="_blank">varied by region</a>.</p> <ul> <li>Northeast Region : 3.78% with 0.7 discount points </li> <li>West Region : 3.74% with 0.9 discount points</li> <li>Southeast Region : 3.79% with 0.7 discount points</li> <li>North Central Region : 3.83% with 0.6 discount points</li> <li>Southwest Region : 3.81% with 0.7 discount points</li> </ul> <p>North Central Region residents currently pay the lowest fees and get the highest rates. For residents of the West, it's the opposite. Everywhere, however,mortgage rates are down. As compared to one year ago, today's monthly carrying cost for a conforming, 30-year fixed rate mortgage is lower by $50 per $100,000 mortgaged, or $600 per year.</p> <p>A $300,000 mortgage would save $1,800 annually.</p> <p>Mortgage rates have been dropping because Wall Street remains concerned for the futures of Greece, Spain, Italy and the European Union. Several European nations are at-risk for a sovereign debt default and Greece remains a threat to leave the EU. To protect against potential loss, investors have been moving money away from risky holdings toward safer ones -- a class that includes U.S. mortgage-backed bonds.</p> <p>As demand for the bonds rise, prices do, too. This leads mortgage rates lower and so long as economic uncertainty remains, mortgage rates are expected to stay low.</p> <p>Low mortgage rates make this a good time to buy or refinance a home. Talk to your loan officer to review your mortgage options.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-29128827796725427962012-05-24T06:27:00.001-07:002012-05-24T06:27:32.745-07:00New Home Sales Rise For 7th Month Out Of 8<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border: 0px;" title="New Home Supply (2011-2012)" src="http://bringtheblog.com/i/new-home-supply-201204.png" alt="New Home Supply (2011-2012)" width="216" height="302" />The April New Home Sales report suggests that the market for newly-built homes is as strong as the market for existing ones. </p> <p>According to the U.S. Census Bureau, the number of new homes sold <a title="New Home Sales data" href="http://www.census.gov/construction/nrs/pdf/newressales.pdf" target="_blank">rose 3.3 percent in April</a> to a seasonally-adjusted, annualized 343,000 units sold -- its second-highest reading since April 2010.</p> <p>April 2010 marked the last month of that year's federal home buyer tax credit program.</p> <p>April's New Home Sales data also marks the 7th of eight consecutive months during which the number of new homes sold climbed nationwide, a streak unequaled in recent history. During this period, the supply of new homes for sale has dropped 13%. </p> <p>The complete new home inventory is down to <a title="New Home Sales" href="http://www.census.gov/construction/nrs/pdf/newressales.pdf" target="_blank">146,000 homes nationwide.</a></p> <p>At the current pace of sales, home buyers across the county would exhaust the complete supply of newly-built homes in 5.1 months.</p> <p>This, too, is a significant figure.</p> <p>When home supplies fall below 6 months of inventory, it's widely believed to indicate a "seller's market" and there hasn't been more than 6 months of a new home supply since October 2011. This has placed upward pressure on new home prices and helps to explain why the average home sale price is up 9% from just 6 months ago.</p> <p>Homes are selling, and they're rising in price -- a trend that today's buyers should expect to continue through the summer and fall months.</p> <p>Record-low mortgage rates have moved home affordability to an all-time high with home builders now reporting the highest levels of buyer foot traffic at any time <a title="Homebuilder Confidence rising" href="http://www.nahb.org/news_details.aspx?newsID=15296" target="_blank">since 2007</a>. As builder confidence grows, buyers can expect to find fewer "great deals" -- especially as demand for homes outpaces supply. </p> <p>If you're a home buyer in search of new construction, therefore, the best new construction "deals" of 2012 may be the ones you find today. By 2013, the deals may be gone.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-15814649595367448422012-05-23T06:28:00.001-07:002012-05-23T06:28:24.710-07:00Existing Home Sales Climb 3.4 Percent In April<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="border: 1px solid black;" title="Existing Home Supply" src="https://bringtheblog.com/i/existing-home-supply-wide-201204.png" alt="Existing Home Supply" width="450" height="282" /></p> <p>Low mortgage rates are helping to make homes more affordable. It appears home buyers have taken notice.</p> <p>According to the National Association of REALTORS®, Existing Home Sales <a title="Existing Home Sales April 2012" href="http://www.realtor.org/sites/default/files/reports/2012/embargoes/2012-04-ehs-fbcc4d807bffe1c0b82cf6c0155f411d/ehs-04-2012-overview-2012-05-22.pdf" target="_blank">rose 3.4% in April</a> from the month prior, registering 4.62 million homes sold on a seasonally-adjusted, annualized basis.</p> <p>An "existing home" is a home that's been previously occupied. April's sales volume represents a 10 percent jump from April of last year.</p> <p>For buyers and sellers , the April Existing Home Sales report supports the notion that the housing market may be improving; that the "bottom" occurred sometime in late-2011. Home values have been rising in many U.S. markets and home builders now report the highest levels of foot traffic through models <a title="Builder confidence rises" href="http://www.nahb.org/news_details.aspx?newsID=15296" target="_blank">since 2007</a>.</p> <p>Demand for U.S. housing is growing.</p> <p>It also helps that home affordability is at <a title="Home Affordability Q12012" href="http://www.nahb.org/news_details.aspx?newsID=15306" target="_blank">an all-time high</a>. Not in recorded history have this many homes for sale been affordable to buyers earning a moderate household income, on a percentage basis. Additionally, there is now a larger stock of homes from which buyers can choose. </p> <p>In April, the number of homes for sale nationwide jumped 9.5 percent to 2.54 million -- the largest home resale inventory of the year.</p> <p>At the current pace of sales, it would take 6.6 months for the complete home inventory to sell. Analysts consider a 6.0-month supply to be a market in balance. Anything less than a 6-month supply suggests a "buyer's market".</p> <p>Home values peaked nationwide in April 2007. Since then, it's been an uneven recovery. Some markets came back quickly, while others did not. On a neighborhood-by-neighborhood basis, even, there's signifcant variance in how home values have fared.</p> <p>In other words, although the April Existing Home Sales report indicates housing strength nationally, it's the local data that matters most to today's buyers and sellers. To get real-time real estate data for a particular street or area, talk with a local real estate agent.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-36822612192092934672012-05-22T06:26:00.001-07:002012-05-22T06:26:04.507-07:00Home Affordability Reaches New High In Q1 2012<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border: 0px;" title="Home Affordability 2005-2012" src="http://bringtheblog.com/i/home-opportunity-index-2012q1.png" alt="Home Affordability 2005-2012" width="216" height="302" />Falling mortgage rates and stagnant home prices are making a positive effect on home affordability nationwide. Never before in recorded history have so many homes been affordable to households earning a moderate annual income.</p> <p>Last week, the National Association of Home Builders reported the <a title="NAHB HOI Q1 2012" href="http://www.nahb.org/news_details.aspx?newsID=15306" target="_blank">Home Opportunity Index</a> at 77.5 -- its highest reading of all-time. The index indicates that more than 3 of every 4 homes sold last quarter were affordable to households earning the national median income of $65,000.</p> <p>Last quarter marks the 12th straight quarter -- dating back to 2009 -- in which the index surpassed 70. Prior to this run, the index had never crossed 70 even once.</p> <p>That said, like most real estate statistics, the Home Affordability Index has a national purview. National data is of little value to homeowners in specific cities , or in specific neighborhoods.</p> <p>Last quarter, home affordability varied by region.</p> <p>In the Midwest, for example, affordability was highest. 7 of the top 10 most affordable markets nationwide were spread throughout Ohio, Michigan, Illinois and Indiana. The top two spots, however, went to an East Region town (Cumberland) and a Pacific Northwest Region city (Fairbanks, Alaska), respectively.</p> <p>The top 5 most affordable cities for home buyers in Q1 2012 were:</p> <ol> <li>Cumberland, MD (99.0%)</li> <li>Fairbanks, AK (98.9%)</li> <li>Wheeling, WV (97.0%)</li> <li>Kokomo, IN (95.8%)</li> <li>Indianapolis, IN (95.8%)</li> </ol> <p>At #17, the Lakeland/Winter Haven, Florida area was the top-ranked South Region city last quarter.</p> <p>By contrast, the Northeast Region and Southern California ranked among the least affordable housing markets -- again. Led by the New York-White Plains, NY-Wayne, NJ area, 8 of the 10 least affordable areas were in the Mid-Atlantic and California, and for the 16th consecutive quarter the New York metro area was ranked "Least Affordable".</p> <p>Just 31.5 percent of homes were affordable to households earning the area median income there, up from 25.2 percent six months ago.</p> <p>The rankings for <a title="Complete Home Affordability Index listing Q1 2012" href="http://www.nahb.org/fileUpload_details.aspx?contentID=535" target="_blank">all 225 metro areas</a> are available for download on the NAHB website.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-12903826565519552012012-05-21T05:58:00.001-07:002012-05-21T05:58:59.491-07:00America's 10 Richest Counties<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border-image: initial; border: 1px solid black;" title="America's Richest Counties" src="http://bringtheblog.com/i/richest-counties.jpg" alt="America's Richest Counties" width="220" height="187" />There are 3,033 counties in the United States. Which 10 are the richest in terms of median household income? Not surprisingly, those near major economic centers rank high.</p> <p>In a study based on household income estimates from the Census Bureau's American Community Survey, Loudoun County, Virginia captures the number one spot in America's Richest Counties.</p> <p>Loudoun County is a Washington, D.C. suburb and is home to Dulles International Airport, as well as a well-educated workforce.</p> <p>The complete Top 10 list of <a title="America's Richest Counties" href="http://www.forbes.com/sites/nathanvardi/2012/04/24/americas-richest-counties/" target="_blank">America's Richest Counties</a> :</p> <ol> <li>Loudoun County, Virginia ($115,574)</li> <li>Falls Church City, Virginia ($114,409)</li> <li>Fairfax County, Virginia ($105,416)</li> <li>Los Alamos County, New Mexico ($103,643)</li> <li>Howard County, Maryland ($103,273)</li> <li>Hunterdon County, New Jersey ($100,980)</li> <li>Douglas County, Colorado ($99,198)</li> <li>Fairfax City, Virginia ($97,900)</li> <li>Somerset County, New Jersey ($97,440)</li> <li>Morris County, New Jersey ($96,747)</li> </ol> <p>As a region, it's estimated that 40% of the Washington, D.C. metro area economy can be attributed to federal spending. This helps explain why Falls Church City, Virginia; Fairfax County, Virginia; and Howard County, Maryland all scored high on the list. It's also why Los Alamos ranked 4 -- the largest employer in Los Alamos is the Los Alamos National Laboratory, one of the largest science and technology institutes in the world.</p> <p>The New Jersey counties are popular commuter areas for homeowners who work in New York City.</p> <p>As a home buyer , the wealth of particular area may matter to you, but it won't be the sole reason you purchase. You may have interest in a quality school district, or a vibrant nightlife, or a a high walkability factor, for example.</p> <p>For more detailed statistics about the 10 counties at top or other local markets, be sure to ask your real estate agent. </p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-3642087550461413722012-05-18T06:23:00.001-07:002012-05-18T06:23:43.370-07:00Is More Fed-Led Stimulus On Its Way?<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px;" title="FOMC minutes" src="http://bringtheblog.com/i/fomc-minutes-201204.jpg" alt="FOMC minutes" width="200" height="296" />The Federal Open Market Committee released its April 2012 meeting minutes this week, revealing a Federal Reserve in the ready in the event additional monetary stimulus is needed.</p> <p>The Fed Minutes function much like the minutes from a business meeting; or, condominium association meeting, for example. It's a detailed review of the conversations and debates between FOMC members, and is typically published 3 weeks after a Federal Reserve meeting. </p> <p>The Fed Minutes is a follow-up statement on the FOMC's more well-known, post-meeting press release. It's also much more lengthy.</p> <p>Whereas the April 25, 2012 press release totaled <a title="FOMC statement April 2012" href="http://www.federalreserve.gov/newsevents/press/monetary/20120425a.htm" target="_blank">444 words</a>, the Fed Minutes <a title="Fed Minutes November 2011" href="http://www.federalreserve.gov/monetarypolicy/fomcminutes20111102.htm" target="_blank">spanned 6,618</a>. </p> <p>Those extra words are important, too, because the detail offered within the Fed Minutes lends insight into how our nation's central bank views the U.S. economy, its strengths and weaknesses, and its threats.</p> <p>From the Fed Minutes, some of the Fed's comments includes :</p> <ul> <li>On employment : Unemployment may remain elevated through 2014</li> <li>On housing : Tight underwriting is "holding down" the housing market</li> <li>On rates : The Fed Funds Rate should remain low until late-2014</li> </ul> <p>There was also substantial talk about Europe and its role in the U.S. economy. Notably, U.S. financial institutions have been actively reducing their European exposure to contain damage in the event of a full-blown economic crisis abroad.</p> <p>This has had the net effect of lowering mortgage rates in California. Mortgage bonds often benefit from economic uncertainty.</p> <p>In addition, because several Fed members acknowledged a willingness to add new stimulus to the U.S. economy, mortgage markets are accounting for the possibility it could happen. It's unclear whether stimulus would be added after the Fed's next meeting, or at some point later in the year, or at all.</p> <p>The FOMC has its next scheduled meeting June 19-20, 2012.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-70803012889839257782012-05-17T06:25:00.001-07:002012-05-17T06:25:22.941-07:00Single-Family Housing Starts Powers Ahead<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="margin-left: 10px; margin-right: 10px; border-image: initial; float: right;" title="Housing Starts" src="http://bringtheblog.com/i/housing-starts-201204.png" alt="Housing Starts" width="216" height="302" />The new construction housing market continues to improve.</p> <p>One day after the National Association of Homebuilders reported <a title="Homebuilder Confidence Survey" href="http://www.nahb.org/news_details.aspx?newsID=15296" target="_blank">a 5-year high</a> in homebuilder confidence, the U.S. Census Bureau reports that single-family housing starts rose 2 percent for the second straight month last month.</p> <p>In April, on a seasonally-adjusted, annualized basis, the government reports 492,000 single-family housing starts. A "housing start" is a home on which ground has broken.</p> <p>In addition, March's single-family housing starts were revised higher. What was previously reported as a three percent loss was re-measured and changed to a 0.2% gain.</p> <p>The April tally marks a six percent increase over the one-year moving average and, along with the March revision, suggests that the springtime housing market may have just been seasonal. </p> <p>In March, a number of reports suggested a housing retreat :</p> <ul> <li>Existing Home Sales <a title="Existing Home Sales data" href="http://www.realtor.org/sites/default/files/reports/2012/embargoes/2012-03-ehs-abe0d17be30816ab5d4c729a47c08ead/ehs-03-2012-overview-2012-04-19.pdf" target="_blank">slipped 3%</a></li> <li>New Home Sales <a title="New Home Sales data" href="http://www.census.gov/construction/nrs/pdf/newressales.pdf" target="_blank">slipped 7%</a></li> <li>Homebuilder Confidence fell 4 points</li> </ul> <p>Since then, though, low mortgage rates and affordable home prices appear to have sustained the new construction market, which now appears poised for a strong 2012. </p> <p>As one mark of proof, active buyers of newly-built homes nationwide are scheduling "model home" showings at the fastest pace since 2007. The burst of foot traffic high has builders upping their sales expectations for the next 6 months.</p> <p>A scenario like this would normally lead new home prices higher, but the pressure for prices to rise may be offset by the amount of new home supply coming online.</p> <p>In addition to a rise in Housing Starts, the Census Bureau also reports that, in April, the number of Building Permits for single-family homes rose 2 percent to move to its second-highest level since March 2010 -- the month preceding the end of the 2010 federal Home buyer tax credit.</p> <p>86 percent of homes break ground <a title="How long from permit to ground-breaking" href="http://www.census.gov/construction/nrc/lengthoftime.html" target="_blank">within one month of permit issuance</a>.</p> <p>It's unclear whether housing is on a steady path higher, but there's a growing body of evidence that suggests the market bottom has already passed.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-45939466416245103202012-05-16T06:29:00.001-07:002012-05-16T06:29:56.858-07:00Homebuilder Confidence Moves To 5-Year High<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border-image: initial; border: 0px initial initial;" title="NAHB HMI " src="http://bringtheblog.com/i/nahb-hmi-201205.png" alt="NAHB HMI " width="216" height="302" />Homebuilder Confidence is on the rise once again.</p> <p>After a brief dip in April, the National Association of Homebuilders reports that the Housing Market Index <a title="NAHB HMI release" href="http://www.nahb.org/news_details.aspx?sectionID=134&newsID=15296" target="_blank">rose 5 points in May</a> to 29. The increase marks the sharpest climb in homebuilder confidence on a month-to-month basis in 10 years, and raises the index to a 5-year high.</p> <p>The Housing Market Index is scored from 1-100. Readings above 50 indicate favorable conditions in the single-family new home market overall. Readings below 50 indicate poor conditions.</p> <p>The HMI has not been above 50 since April 2006.</p> <p>The Housing Market Index itself is a composite reading as opposed to a straight-up homebuilder survey. The published HMI figure is a compilation of the results of three specific questionnaires sent to NAHB members monthly.</p> <p>The survey questions are basic :</p> <ol> <li>How are market conditions for the sale of new homes today?</li> <li>How are market conditions for the sale of new homes in 6 months?</li> <li>How is prospective buyer foot traffic?</li> </ol> <p>This month, builders are reporting <a title="NAHB components" href="http://www.nahb.org/fileUpload_details.aspx?contentID=134907" target="_blank">strong improvement</a> across all three surveyed areas. Current home sales are up 5 points; sales expectations for the next six months are up 3 points; and buyer foot traffic is up 5 points to its highest point since 2007.</p> <p>With mortgage rates low and home prices suppressed, the market for new homes is gaining momentum, a conclusion supported by the New Home Sales report which shows rising sales volume and a shrinking new home inventory nationwide.</p> <p>The basics of supply-and-demand portend higher new home prices later this year -- a potentially bad development for buyers of new homes in California and nationwide. With demand for new homes rising, builders may be less likely to make sale price concessions or to offer "upgrade packages" to buyers of new homes.</p> <p>If you're shopping for new construction , therefore, consider moving up your time frame. Home affordability is high today. It may not be tomorrow.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-54748998366513338952012-05-15T06:28:00.001-07:002012-05-15T06:28:15.301-07:00Home Affordability Getting A Springtime Boost From Greece<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border-image: initial; border: 1px solid black;" title="Greece affects U.S. mortgage rates" src="http://bringtheblog.com/i/greece-affect-us-economy.jpg" alt="Greece affects U.S. mortgage rates" width="200" height="285" />Home affordability is receiving a boost from across the Atlantic Ocean this spring.</p> <p>For the third time in as many years, <a title="Greece Election Standoff" href="http://www.latimes.com/news/nationworld/world/la-fg-greece-europe-standoff-20120515,0,1606219.story" target="_blank">a weakening Eurozone</a> is pushing May mortgage rates to new lows throughout California and nationwide.</p> <p>The story centers in Greece and begins in 2010.</p> <p>2 years ago, it was uncovered that successive Greece governments had purposefully misreported the nation-state's economic statistics in order to meet European Union standards. The fraudulent data had permitted Greek governments to spend beyond their means while hiding deficits from EU auditors.</p> <p>The realization that Greece was heavy in debt with little means to repay its creditors resulted in a massive bailout from the IMF and the rest of the Eurozone nations. The terms for Greece said that, in order to receive its €110 billion aid package, Greece would be required to enact strict spending controls.</p> <p>This is known as "austerity" and the deal was met with outrage by the Greek public. There's been general social unrest ever since and, on May 6 of this year, Greece held a special "early election" to elect all 300 members to its legislature.</p> <p>No party won majority in the elections.</p> <p>7 different groups garnered seats in the parliament last week with anti-austerity groups faring well. It's spurred concern that Greece will end its bid for fiscal restraint, and that Greece may choose to leave the <a title="Eurozone" href="http://en.wikipedia.org/wiki/Eurozone" target="_blank">17-nation Eurozone</a>.</p> <p>The uncertainty surrounding Greece is helping U.S. mortgage rates to make new lows. As concerns mount for the future of Greece -- and the Eurozone, in general -- global investors seek safer markets for their money.</p> <p>The U.S. mortgage-backed bond market is one such market.</p> <p>With the implied backing of the U.S. government, mortgage-backed bonds are viewed as nearly risk-less and investors clamor for safety of principal during uncertain times. The boost in demand drives bond prices up and bond yields down, resulting in lower mortgage rates for home buyers and refinancing households.</p> <p>So long as Greece struggles to form its government and flirts with a sovereign debt default, mortgage rates should continue to face downward pressure. U.S. rates may not fall week after week, but analysts expect any rise in rates to be muted.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-4659125505071070132012-05-14T05:56:00.001-07:002012-05-14T05:56:41.131-07:00How To Seal A Granite Countertop<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border-image: initial; border: 1px solid black;" title="Seal granite countertops" src="http://bringtheblog.com/i/granite-seal.jpg" alt="Seal granite countertops" width="220" height="156" />Among homeowners, granite countertops remain a popular kitchen and bathroom finishing choice. Granite boasts a combination of natural beauty and durability that's unmatched among most commercial options.</p> <p>But different from many other countertops choices, granite is a natural material; mined from the Earth. It is porous and highly absorbent.</p> <p>To protect the granite in your home, therefore, and to ensure its quality over time, you'll want to seal your countertops at least once annually. A proper granite sealing will prevent stains and damage that can ruin your countertops' appearances.</p> <p>Sealing your granite countertops is a simple job, but one that requires a little bit elbow grease.</p> <p>First, you should make sure your granite is actually ready to be re-sealed. To do this, soak a white cotton cloth in water and leave it on the corner of your countertop for a 10 minutes. Lift the towel and check whether the area under the towel is discolored, or dark. This will indicate that your granite is absorbing liquid and needs sealing.</p> <p>If the area is not disclored, your granite is already sufficiently sealed.</p> <p>If your countertops do need to be sealed, here's how to do it :</p> <ol> <li>With a spray cleaner, wipe down the entire surface and allow to dry</li> <li>Using a clean white rag, apply granite sealer to the surface uniformly</li> <li>Allow 30 minutes for the granite to absorb the sealer, or longer</li> <li>When dry, re-apply a second coat of sealer</li> </ol> <p>Depending on the thickness and quality of your home's granite, it may need to dry overnight so allow yourself the proper time to finish the job.</p> <p>Once sealed, use preventative maintenance to keep your granite countertops looking great. Place coasters under beverages, hot plates under dishes and clean up spills immediately.</p> <p>A well-cared for granite countertop will last for years.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-11223952613414946992012-05-11T06:22:00.001-07:002012-05-11T06:22:34.741-07:00Mortgage Rates Make New All-Time Lows (Again)<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="border-image: initial; border: 1px solid black;" title="Mortgage rates" src="http://bringtheblog.com/i/freddie-mac-weekly-bars-20120510.jpg" alt="Mortgage rates" width="450" height="315" /></p> <p>Conforming mortgage rates continue to drop.</p> <p>For the second straight week, the 30-year fixed rate mortgage fell to a new, all-time low nationwide. According to Freddie Mac's weekly mortgage rate survey, the average 30-year fixed rate mortgage rate <a title="Freddie Mac PMMS" href="http://freddiemac.com/pmms" target="_blank">dropped 1 basis point</a> to 3.83% this week for borrowers willing to pay 0.7 discount points plus a full set of closing costs.</p> <p>The 15-year fixed rate mortgage also set a mortgage rate record, registering 3.05% with an accompanying 0.7 discount plus closing costs.</p> <p>Discount points are a one-time, up-front closing cost, based on loan size. 0.7 discount points is equal to 0.7% of the borrowed amount. A home buyer opening a $200,000 mortgage and paying 0.7 discount points, therefore, would be subject to a one-time $1,400 fee paid at closing.</p> <p>Borrowers wanting to avoid paying discount points can expect higher mortgage rates than Freddie Mac's reported national average.</p> <p>Falling mortgage rates are nothing new throughout California. Since peaking in February 2011, mortgage rates of all types have been in steady decline. The 30-year fixed rate mortgage has shed 122 basis points since that date, falling from 5.05%; the 15-year fixed rate mortgage has shed 124 basis points, falling from 4.29%.</p> <p>Low mortgage rates give today's home buyers additional purchasing power, stretching home affordability to new heights.</p> <p>Low rates also help existing homeowners to lower monthly mortgage payments. For example, as compared to mortgage rates just 15 months ago, homeowners refinancing into today's 30-year fixed rate mortgage stand to save 13.4 percent on their respective mortgage payments. </p> <p>A comparison :</p> <ul> <li>February 2011 : $539.88 principal + interest per $100,000 borrowed</li> <li>May 2012 : $467.67 principal + interest per $100,000 borrowed</li> </ul> <p>A homeowner with a $300,000 mortgage at February 2011 30-year fixed rate mortgage rates would save $2,600 annually with a refinance to this week's low rates. Even accounting for discount points and closing costs, the "break-even point" on savings like that comes relatively quickly.</p> <p>Mortgage rates can't be predicted so there's no guarantee of low rates forever. If today's rates meet your budget, consider locking something in. Speak with your loan officer about your options.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0tag:blogger.com,1999:blog-6925100821035677798.post-4102344535216914582012-05-10T06:22:00.001-07:002012-05-10T06:22:15.821-07:008-Fold Increase In "Improving Markets" Since September<!-- This material is non-exclusively licensed to Shannon Rose and may not be copied, reproduced, or sold in any form whatsoever.--><p><img style="float: right; margin-left: 10px; margin-right: 10px; border-image: initial; border: 1px solid black;" title="Improving Markets Index" src="http://bringtheblog.com/i/improving-market-index-201205.jpg" alt="Improving Markets Index" width="250" height="261" />The economic recovery continues nationwide, but the recovery's an uneven one.</p> <p>Some metropolitan areas are faring very well this year, posting measurable gains in both employment and housing. Other metropolitan areas, by contrast, are struggling.</p> <p>To help identify those markets in which growth is occurring, the National Association of Homebuilders created the Improving Market Index, a metric analyzing three separate, independently-collected data series "indicative of improving economic health".</p> <p>The IMI's three collected data series are :</p> <ol> <li>Employment Growth (as published by the Bureau of Labor Statistics)</li> <li>Home Price Growth (as published by Freddie Mac)</li> <li>Single-Family Housing Growth (as published by the Census Bureau)</li> </ol> <p>A metropolitan area is considered to be "improving" if all three indicators show growth at least six months after the respective area's most recent trough, or "bottoming out".</p> <p>In May, there are exactly 100 U.S. markets that qualify for the NAHB's Improving Market Index, down from 101 last month but higher by more than 800% from the reading in September 2011, the index's inaugural release.</p> <p>17 areas were added to the Improving Market Index list this month including Phoenix, Arizona; Ann Arbor, Michigan; and Bend, Oregon. 18 areas were removed from the May IMI.</p> <p>83 metropolitan areas remained from April.</p> <p>There is little actionable information in the Improving Markets Index but the report does a good job of highlighting how "real estate markets" can't be summarized on a national level and remain relevant to everyday home buyers and sellers across California and nationwide. For example, Fort Collins, Colorado is listed as an Improving Market. However, Greeley, Colorado -- located just 30 miles away -- was just downgraded from the same list. </p> <p>Home values and economies vary by region, by state, by city, by neighborhood, and even by street.</p> <p>The complete Improving Markets Index can be viewed <a title="Improving Market Index" href="http://www.nahb.org/fileUpload_details.aspx?contentID=166615" target="_blank">at the NAHB website</a> but for the best read of what's happening in <em>your </em>neighborhood, talk to a local real estate agent.</p>Shannon Rosehttp://www.blogger.com/profile/05644979183764283036noreply@blogger.com0