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National City Mortgage Corp – National real estate values dropped in January large percentage

Foreclosure victim speaks at Fannie Mae & Freddie Mac principal reduction demand rally – CityLife/Vida Urbana action, September 1st, 2011.

National real estate values dropped in January large percentage

Article by Marco Nix

The S&P/Case-Shiller index of property values in 20 cities fell 3.1% from January 2010, the biggest year-over-year decrease since December 2009, researchers said in a report last week. Somewhat surprisingly, Phoenix, Minneapolis and Chicago were three of the cities with the largest drops.Rising foreclosures are swelling the number of houses on the market, which may put additional pressure on prices in coming months. At the same time, a further decline in home values may keep potential buyers on the sidelines as they foresee better deals, hurting construction and consumer spending as owners’ equity evaporates.”Prices will continue to move downward, probably for the rest of the year,” said David Semmens, an economist at Standard Chartered Bank, who correctly forecasted the drop. “They won’t turn around until you have consumers feel that housing is genuinely cheap and until they feel a lot more secure in their labor market position.”Another report showed that consumer confidence dropped in March as Americans grew more concerned about the economic outlook. The Conference Board’s sentiment index fell to 63.4 last month, from 72 in February, the research group said.Home prices fell 0.2% in January from the previous month after adjusting for seasonal variations, following a 0.4% December decrease. Unadjusted prices dropped 1% from December as 19 of 20 cities showed declines.The Case-Shiller index is based on a three-month average, which means that the January data were influenced by transactions in December and November. Year-over-year comparisons are considered more indicative.Eighteen of the 20 cities in the index showed a year-over-year decline, led by a 9.1% drop in Phoenix. In January, prices in 11 markets dropped to fresh lows from their peaks in 2006 and 2007, the same as in December.”The housing market recession is not yet over,” David Blitzer, chairman of the index committee at Standard & Poor’s, said in a statement. “At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing.”Washington showed the biggest year-over-year increase, with prices rising 3.6% in January.Unemployment, at 8.9%, indicates that the number of distressed properties may increase, leading to more price declines as homeowners struggle to make mortgage payments. About 8.2% of loans outstanding were delinquent in the fourth quarter, according to data from the Mortgage Bankers Association.Foreclosure filings may climb about 20% this year, reaching a peak for the housing crisis, according to RealtyTrac Inc. The data seller said that foreclosures dropped in February to a three-year low as lenders under legal scrutiny struggled to process a backlog of defaults and put new systems in place for home seizures.A filing influx could add to the surplus of unsold properties and lead to more declines in home values. Other measures released last week showed home prices fell to the lowest levels since the previous expansion’s early stages.The median price of existing homes, which make up more than 95% of the market, slid 5.2% from a year earlier, erasing all gains made after February 2002, the National Association of Realtors said. New-home prices dropped to the lowest level since December 2003, a Commerce Department report showed.Bank of America Corp. chief executive Brian T. Moynihan said that the housing slump is the biggest challenge limiting the U.S. economic recovery.”The problem of delinquent mortgages and falling home values is the most stubborn, entrenched and damaging economic problem our country faces today,” he said March 23 in Detroit at a meeting of the city’s Economic Club.Faced with declining home prices and the growing glut of unsold homes, residential real estate developers are reluctant to boost construction. Housing starts in the U.S. dropped more than forecast in February to the slowest pace since April 2009, and building permits slumped to a record low, the Commerce Department reported March 16.”Builders just can’t make a profit by competing in this market where prices are dropping,” said Patrick Newport, an economist at IHS Global Insight. “The pickup in housing starts that we were expecting to happen this year may be delayed by quite a while, maybe a year or so.”

Marco Nix is a real estate investor in Falls Church Virginia.

National City Mortgage Corp

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Sunday, January 29th, 2012 mortgage No Comments

Best Buy Mortgages For First Time Buyers – Understanding First Time Buyer Mortgages

Understanding First Time Buyer Mortgages

A lot has been written recently about how the current property market is making it difficult for first time buyers to get on the property ladder. Although this is true, there is no shortage of people looking to take their first step into home ownership. If you fall into this category, there is a lot of consider. So much in fact, it pays to invest in first time buyer mortgage advice.

Depending on what mortgage you get, first time buyer mortgage rates can vary and will be based on many different factors. A qualified mortgage adviser who specialises in first time buyer mortgage advice will show you a range of products which suit your situation perfectly.

There are a range of first time buyer mortgages which include:

Graduate and first time buyer mortgage: If you have a degree or a professional career, you could be offered a higher lending amount through a graduate mortgage deal.

Graduate first time buyer mortgages can vary so make sure you seek advice before deciding on this option.

Rent to Buy first time buyer mortgage: These mortgages look at the amount you’ve been paying for rent and use this as a yardstick for how much you could afford to pay back with a mortgage. This is particularly appealing to those who have been renting for a long time and wish to make the step into home ownership.

Joint first time buyer mortgage: It is not uncommon for people to buy a home with a friend or family member. If you want to share the cost of a mortgage you can with joint first time buyer mortgages.

Whatever your specific situation, make sure you get the best first time buyer mortgage rates by taking advice from a qualified mortgage broker.

They will be able to assess your situation and offer first time buyer mortgage advice on all of the specialist mortgages on the market.

Make sure they are a whole of market independent mortgage adviser so that they source deals from the whole market – improving your chances of finding a mortgage which is a perfect fit.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

Bower Mortgage Company: FSA regulated UK-wide mortgage advice from friendly, qualified, experienced mortgage planning specialists.

Barry Smart is a qualified Mortgage and Protection Consultant working for Bower Mortgage Company: FSA regulated UK-wide friendly, experienced mortgage planning specialists. Quality, face to face advice and a strong focus on building long term customer relationships is guaranteed. For money saving mortgage and mortgage protection advice, contact Bower on 0800 411 8668; e-mail info@bowermortgagecompany.co.uk or visit http://www.bowermortgagecompany.co.uk/

Best Buy Mortgages For First Time Buyers

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Saturday, January 28th, 2012 mortgage No Comments

Growing Mortgage Lifter Tomatoes – Tips For Growing Tomato

This video was taken on July 16, 2011. It is our first tomato of the season, the Mortgage Lifter! On the inside the tomato was quite fleshy with few seeds, and it was absolutely delicious, very sweet with a little bit of pleasant acidity.
Video Rating: 5 / 5

Tips For Growing Tomato
It is very fun to possess a garden at home. Owning a successful garden at home can also alleviate spending at the grocery store. Let’s start with tomatoes because they can bring you a good crop. All you need to do is use basic knowledge to procure a healthy set of tomatoes from the garden. Tomato growing tips aid new farmers in producing healthy plants.

The first tip is an old one but a good one: Location, location, location. When starting a garden, it is imperative to the survival of the tomato crop that a good spot is picked for procurement. Prospective farmers should choose a spot that has both a deep, healthy layer of top soil and is in plenty of sunlight. Soil condition and sunlight are the most important factors in growing
healthy tomatoes.

Another good tip for growing tomatoes is to spread out the seeds to ensure plants have as much room as possible to take root and grow. Development of a plant’s roots sets the foundation for the adult plant. Without strong roots, plants cannot reach their full potential. A new farmer can foster solid and healthy growth by ensuring the plants have their own spaces to branch out.

When plants grow to full size, another helpful tip in growing ripe tomatoes is plant upkeep. Keep the soil around the plant in good condition by watering regularly. Pruning unnecessary old leaves from below the fruit can help nutrients flow quickly to the fruit. By removing leaves from choke points on the plant, the fruit will grow to be much fuller and riper.

There are many other tips that go into creating a successful tomato crop. Basic knowledge of different diseases and treatments can arm a farmer with the know how to save infected plants. Also putting down a layer of mulch can aid in keeping plants warmer and help hold water on the roots longer. These are just some extra tips to help get a home garden off the ground.

Garden placement, seed planting, and pruning are all good tomato growing tips. These tips are the most important things to remember when trying to grow a tomato garden. Growing this garden can give a home an uplifting look in the backyard and can reduce food expenses. When sitting down and enjoying home grown tomatoes, cultivators have a sense of satisfaction while enjoying the fruits of their labor.

Eric is a tomato growing expert. For more great tomato growing tips, visit http://www.toptomatogrowingtips.com.

Growing Mortgage Lifter Tomatoes

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Saturday, January 28th, 2012 mortgage 2 Comments

30 Year Mortgage Interest Rates – Lowest Interest Rates – 10 Year Mortgage Rates

Mortgage loan interest rate trends.

Lowest Interest Rates – 10 Year Mortgage Rates

You can find very low mortgage interest rates in today’s economic climate. Having a stellar credit rating, low debt to income ratio, and good verifiable income are all important factors in securing you the lowest rates. However, there are other steps you can take to ensure receiving a low percentage for your new home loan or refinance.

One option that many people dismiss too quickly is the 10 year mortgage. 10 year mortgage rates are the lowest being offered for any fixed mortgage loan. The reason most people do not even consider them is because they assume their monthly payment will be too high due to the shortened pay back period. This is not necessarily the case, especially if you consider certain factors.

1) Down payment. Many people choose to put less money down when purchasing a new home. They want to save their money to either have a nest egg, invest it in other ventures, or just to have laying around for various reasons.

While this is often a good move, many of these borrowers never realize that if this money were to be put into the home, a 10 year fixed mortgage would have made sense for them. They could have gotten a much lower rate and had a manageable monthly payment, saving them thousands in interest payments.

2) Impact of lower interest rates. Many borrowers underestimate the impact a lower interest rate will have on their monthly payment. While the best 30 year mortgage rates are at about 4.15 %, many lenders are offering rates as low as 3.25% for 10 year loans. Your monthly payment will be more than it would be for a 30 year loan, but in many cases, not much higher.

3) Savings on closing costs and other fees. Many people choose to roll the fees associated with acquiring their loan into the principle, causing their APR to increase.

The 10 year fixed mortgage will give you the lowest APR possible.

Many borrowers overpay or settle for a mortgage rate that is not the best they could have gotten, costing them thousands of dollars. Make sure you secure the best loan terms and lowest interest rate for your loan. To learn more, visit the Online Home Loan Directory. It is a free online resource to help you because the banks are looking for the best deal for them.

30 Year Mortgage Interest Rates

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Thursday, January 5th, 2012 mortgage No Comments

Countrywide Mortgage News – The Real Story on Countrywide Home Loan Modification

The Real Story on Countrywide Home Loan Modification

Article by Lindsy Emery

Countrywide, one of the nation’s largest housing lenders, became notorious due to its unethical lending policies and practices. Some of the main complaints about Countrywide have been due to poor communication among its staff, which often resulted in borrowers’ hearing conflicting information every time they spoke with a different customer service representative. So complaints about Countrywide’s clerical errors and dispensing misleading information have been commonplace on message boards and the like.

Bank of America acquired Countrywide in July 2008. In October, the company announced a new set of policies intended to right the wrongs that many homeowners suffered as a result of its older ways of doing business. The bottom line is that the company wants to help more homeowners pay their mortgages and keep their homes.

Since a class action lawsuit was brought against Countrywide, the company, in conjunction with Bank of America, has released a statement detailing their policy for helping struggling borrowers a consistent way with their home mortgage modification. Many of Countrywide’s borrowers have heard of this new set of policies, yet may not understand how the company has changed its ways, and more importantly, how to benefit from Countrywide home loan modification.

In the case of unreachable monthly payments, the new debt to income ratio is a simple 34%. Loans, once modified, will utilize a step-rate program to gradually bring the interest rate down to a manageable level. The stipulation is that only owner-occupied homes are eligible for this modification program.

There are a few different choices available via Countrywide’s new plan. HOPE for Homeowners, an FHA loan refinancing program, allows borrowers who were ineligible for traditional refinancing to take advantage of more open entry points. The motivation for HOPE was that so many borrowers had lost substantial home equity due to the housing market bust. The catch with HOPE is that if you sell your home, then at that point, the FHA gets a cut of any accrued equity. And if you are ineligible for HOPE, there are other loan modification plans available, including reductions in interest rate, and principal forbearance on the part of Countrywide.

If you are struggling to pay your Countrywide mortgage, then by all means look into for their loan modification program. Bank of America may well have improved the situation at Countrywide, in accordance with its 2008 news release. There is a solution to help homeowners modify their existing loans, and by applying, you will learn whether you qualify. Also, Countrywide is in the process of reviewing many of its mortgages and mailing letters to borrowers who are two months delinquent, or in danger of delinquency.

For essential information on Countrywide’s loan modification program – Visit my simple, no nonsense loan modification guide and resource: http://home-loan-modifications.info

Countrywide Mortgage News

6-26-09: Fox News
Video Rating: 5 / 5

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Tuesday, January 3rd, 2012 mortgage No Comments

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