News for Prescott AZ - AmericanTowns.com
Friday, January 22, 2010
No new thoughts of my own Just passing along great information.
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Tuesday, January 19, 2010
In an effort to stabilize home values and improve conditions in communities
where foreclosure activity is high, HUD Secretary Shaun Donovan today
announced a temporary policy that will expand access to FHA mortgage
insurance and allow for the quick resale of foreclosed properties. The
announcement is part of the Obama administration commitment to addressing
The waiver will take effect on February 1, 2010 and is effective for one
year, unless otherwise extended or withdrawn by the FHA Commissioner.
To protect FHA borrowers against predatory practices of "flipping" where
properties are quickly resold at inflated prices to unsuspecting borrowers,
this waiver is limited to those sales meeting the following general
* All transactions must be arms-length, with no identity of interest between
the buyer and seller or other parties participating in the sales
* In cases in which the sales price of the property is 20 percent or more
above the seller's acquisition cost, the waiver will only apply if the
lender meets specific conditions.
* The waiver is limited to forward mortgages, and does not apply to the Home
Equity Conversion Mortgage (HECM - Reverse Mortgages) for purchase program.
Specific conditions and other details of this new temporary policy are in
the text of the waiver, available on HUD's website at:
Monday, January 04, 2010
Interesting News today form Kathleen Gillis, MBA She is a Prescott Arizona Mortgage pro that is great to work with.
The final two weeks of December have not been kind to mortgage rates. Stronger than expected economic data, comments from Fed officials, and a stock market rally all were negative for mortgage markets, and mortgage rates moved higher during the period.
Heading into December, mortgage rates were close to record low levels, but a combination of factors caused them to increase throughout the month. First, an improving economic outlook, which is good news for the country, is negative for mortgage markets because it generally leads to higher inflation. Second, the government already will need to issue an enormous amount of debt to pay for its spending, and it now looks more likely that additional expenditures are on the way for job creation and health care bills. Higher yields are required to attract investors to purchase the extra debt, pushing up yields for competing investments such as mortgage-backed securities (MBS). Finally, the Fed is winding down its $1.25 trillion MBS purchase program, reducing demand for mortgage investments.
With mortgage rates that are still historically low, high levels of affordability, and the homebuyer tax credit, the housing sector outlook for 2010 is for improvement from 2009. According to projections from the Mortgage Bankers Association (MBA), sales of existing homes are expected to increase by more than 10% next year. In addition, housing starts will rebound sharply from extremely low levels, and median home prices will move a little higher. Forecasts from the National Association of Realtors (NAR) and from Fannie Mae are generally consistent with the outlook from the MBA.
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The biggest economic event next week will be the important Employment report on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Before the employment data, the ISM manufacturing index will be released on Monday. Pending Home Sales, a leading indicator for the housing market, will come out on Tuesday. ISM Services and the minutes from the December 16 Fed meeting will be released on Wednesday. Construction Spending and Factory Orders will round out the schedule. In addition, the Treasury will announce the size of upcoming auctions on Thursday.
Kathleen Gillis, MBA CNN Mortgage, Inc. AZ BK #0901814
This is not the opinion of Brad Bergamini, Realty Executives Northern Arizona or any of its affiliates. This post is for informational purpose only and is not guaranteed and does not render as legal advice. Buying and selling Real Estate in Arizona or Prescott Arizona is a serious task and should be consulted with personally with Realtor or Real Estate Attorney. Please visit my website for contact information