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Mortgage Application Fall

by Leslie Edwards

Mortgage applications fell last week for the third week in a row, even as interest rates edged lower, an industry group said Wednesday.

The Mortgage Bankers Association (MBA) said its index of mortgage application volume fell 12.3% in the week ended Oct. 23 from the prior week.

The drop in activity came as a popular tax credit for first-time homebuyers faced an uncertain future. The credit, which can be worth up to $8,000 for eligible buyers, is set to expire at the end of next month.

The MBA said refinancing applications also fell, by 16.2% from the previous week. The purchase index, a measure of applications at mortgage lenders, declined 5.2% last week.

Meanwhile, interest rates on the widely-used 30-year fixed mortgage eased to 5.04% from 5.07%, according to the MBA.

The MBA report also showed the average rate for 15-year fixed-rate mortgages rose to 4.53% from 4.51%.

Rates for one-year adjustable rate mortgages, or ARMs, slid to 6.79% from 6.86%.

Government figures are expected to show Wednesday that sales of newly built homes rose at an annual rate of 440,000 units in September. That would be an increase of 2.6% versus the previous month.

On Tuesday, the S&P Case-Shiller home price index showed home prices rose for the fourth month in a row during August. Prices were down 11.3% versus August 2008, but that drop was less severe than the 11.9% year-over-year drop economists had forecast.

Home-Sales Rebound

by Leslie Edwards

Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®.

 

Existing-home sales – including single-family, townhomes, condominiums and co-ops – jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.09 million in August, and are 9.2 percent higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007.

Lawrence Yun, NAR chief economist, said favorable conditions matched with a tax credit are boosting home sales. “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home,” he said. “We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery.”

Regionally, existing-home sales in the Northeast increased 4.4 percent to an annual level of 950,000 in September, and are 11.8 percent higher than September 2008. The median price in the Northeast was $234,700, down 7.0 percent from a year ago.

Existing-home sales in the Midwest jumped 9.6 percent in September to a pace of 1.25 million and are 7.8 percent above a year ago. The median price in the Midwest was $147,600, which is 1.0 percent below September 2008.

In the South, existing-home sales rose 9.0 percent to an annual level of 2.06 million in September and are 10.8 percent higher than September 2008. The median price in the South was $153,500, down 7.6 percent from a year ago.

Existing-home sales in the West surged 13.0 percent to an annual rate of 1.30 million in September and are 5.7 percent above a year ago. The median price in the West was $219,000, which is 15.0 percent below September 2008.

 

Neighborhood Stabilization Program

by Leslie Edwards

Clayton County has just recieved a HUD grant of 9,732,126!

For the Neighborhood Stabilization Program. The money will be used to:

  • Purchase foreclosed homes
  • Rehabilitate those homes
  • Sell those homes to qualified, income eligible buyers
  • provide downpayment & closing cost assistance  

If you are thinking of buying a home this is an opportunity you must consider!

You must have:

  • Stable income
  • limited debt
  • decent credit
  • eligible income by family size
  • $500 toward purchase  
  • Desire to own a home

  Next you will:

  • Select NSP or other approved house
  • qualify for standard loan with NSP certified lender
  • Contract to buy house
  • Complete Housing Counseling
  • Close on house
  • Celebrate!

NSP will: 

  • Complete work write up
  • if approved buy house
  • complete rehabilitation
  • conduct inspection of rehab
  • work with real estate agent
  • Provide down payment Assistance if qualified

If your TOTAL family income does not exceed the amount by family size:

  • 1 person   60,250
  • 2 persons  68,850
  • 3 persons  77,450
  • 4 persons  86,040
  • 5 persons  92,900
  • 6 persons  99,800
  • 7 persons 106,700
  • 8 persons 113,550

Leslie has been chosen to sell these houses if you fit the requirements and are interested. Please call 770-460-9448 or email leslie@leslieedwards.com

Leslie and Dave Ramsey

by Leslie Edwards

Amazing Investment Plan

by Leslie Edwards

What is a Short Sale and Why You Might Want One

by Leslie Edwards

A Short Sale is when homeowners have to sell but cannot sell for the amount they owe on their mortgage.  More and more homeowners are faced with being upside down in their mortgage because prices have continued to fall.  Their choices if they can't sell and they can't pay, include Foreclosure, Deed in Lieu of Foreclosure, or Short Sale. 

In a Foreclosure, the bank advertises for four weeks in the public notices of the local newspaper.  The advertisement includes the name of the homeowner, their address and how much they borrowed.  After four weeks, the home is then sold to the highest bidder on the courthouse steps on the first Tuesday, following the first Monday jof each month. Typically, if the seller owes more than the value, there will be no other bidders, so the mortgage company will bid the amount of the mortgage.  

A Deed In Lieu of Foreclosure is where a homeowner signs the home over to the mortgage company prior to the foreclosure.

Banks and Mortgage Companies do not want to take homes through Foreclosure or Deed In Lieu, because of the costs involved in the legal process, holding costs and costs to sell. It has been proven that when a lender accepts a payoff that is less than the mortage, it is less expensive than Forelosure.  Many lenders have specific departments to handle Short Sale negotiations. 

Currently Short Sales show up on the credit report as late payments and the loan shows paid.  According to Fannie Mae guidelines, if homeowners maintain great credit after the Short Sale and can qualify, they can buy using another Fannie Mae backed loan in 24 months. 

A foreclosure stays on the credit report for 10 years as a foreclosure.  Many employers check potential employees' credit before hiring.  If the homeowner has a security clearance, some employers will terminate the employee who has a foreclosure.

A Certified Distressed Property Expert CDPE has received extensive training in the Short Sale process and helps people avoid foreclosure.  If you are considering a Short Sale, be aware that most agents do not know how to navigate the process. 

If you need help with a Short Sale or anything real estate, call me.  I have been selling real estate since 1978 and have moved thousands of families. 

leslie edwards                                                                     770.460.9448 direct                                                             RE/MAX Around Atlanta

Advanced real estate educaton and Professional Designations:       CDPE Certified Distressed Property Expert, CRS Certified Residential Specialist, ABR Accredited Buyer Representative, EPro Internet Professional, GRI Graduate of the Realtors Institute.  Let my experience work for you.

Selling South Metro Atlanta including Clayton, Coweta, Fayette, Henry, South Fulton, Spalding and Pike Counties

 

Market Absorbtion Rates/Fayette County

by Leslie Edwards

 

 

Market Absorption Rate Results

Search Criteria

 

 

Fayette County

Closed Transactions Over:            12 Months 6 Months 3 Months

Number of Closed Transactions:             990        591           298

Average Properties Sold Per Month:       82.5        98.5        99.3

Current Number of Actives:                     1,082     1,082       1,082

Months Supply on Market:                      13.1        11.0        10.9

 

 

 

 

 

 

Displaying blog entries 1-7 of 7

If you hear of anyone who wants to buy or sell in any of these areas, please mention me and then call me so I can contact them. I appreciate your referrals!