Altos: Critics Are Wrong About Where Housing Is Headed

In Pinellas County, specifically the beaches along the barrier islands from Clearwater Beach, St Pete Beach, the housing market is strong and prices continue to rise.

Altos: Critics Are Wrong About Where Housing Is Headed.

FHA Program Puts Ex-Home Owners on Track to Buy Again Sooner

Start searching for your next home, you may be able to buy now, before prices and/or interest rates go up.

FHA Program Puts Ex-Home Owners on Track to Buy Again Sooner.

Tax Reform Proposal Would Impact Every Single American

Tax Reform Proposal Would Dramatically Alter Housing Landscape.

Buyers of Foreclosures Need to Act Fast

Some Buyers of Real Estate feel that if there is a lot of interest on the house they rather pass on it because they “don’t to get in a bidding war”.  That might be a mistake. The best properties, listed at competitive prices generate a lot of interest, and you might be passing out on a home that you like, that you could possibly get at a bargain price.

I don’t know what your experience is, but I have to strongly and passionately pursue  everything I really want out of life.  The attitude of “it will be if it’s meant to be” has never worked for me. Sure I have faith, and I pray, but I also go for it. It is fine if something does not work out as I planned, but at least I know I gave it my best shot.

Now that the market is changing, it is very important to go after the good deals, act fast, and yes, get into the bidding wars. I’ll help you “fight for it”.

Read more……

Buyers of Foreclosures Need to Act Fast.

I love what I do. You’ll love the results.

Where Are the First-time Home Buyers?

Fewer first-time home buyers are jumping into the housing market nowadays, accounting for 34 percent of all buyers in July. While that percentage has inched up slightly as of late, it still remains far from the 40 percent levels first-time home buyers generally account for in the housing market, according to the National Association of REALTORS®.

With ultra low mortgage rates and high housing affordability, first-time home buyers may never have a better time to jump into the housing market. But several factors are keeping them on the sidelines.

One of the biggest obstacles? Saving for the down payment, according to recent home buyer surveys. The second-biggest hurdle cited was poor credit history, which was making it difficult for first-timers to qualify for a mortgage. A high unemployment rate among younger adults — who often make up the biggest group of first-timers — is also holding many back. Also, first-time home buyers, who need financing for their home purchase, are increasingly losing out to investors who are willing to pay entirely in cash.

Housing experts say that first-time home buyers are a critical component for a sustainable housing recovery.

“First-time buyers are vital to boosting sales, especially during downturns, since when they buy a home, they aren’t also selling a previous home to finance the purchase,” according to MarketWatch.

Source: “Fewer Home Buyers Are First-Timers,” MarketWatch (Aug. 22, 2012)

2 Ways to Become Mortgage-Free Faster

Many home owners dream of one day being able to pay off their mortgage, but is it really possible?

Home owners will need to take into account a variety of factors when deciding whether paying off their mortgage makes the most sense for them in their current financial situation But for those who’ve made it their goal, the following are the two most common ways to paying down the mortgage faster:

1. Arrange a bi-weekly mortgage payment structure: These bi-weekly payment structures — paying the mortgage partially twice a month instead of all at once at the end of the month — ultimately make it so the home owner ends up making one extra payment per year. And just one extra payment a year can actually take a big chunk out of the time to pay off your mortgage.

2. Make extra principal payments: This can trim your principal balance on your mortgage. Some may do this by making one big extra payment at the end of the year or other borrowers may choose to make extra principal payments monthly. Columnist Justin McHood says that the “faster is better” approach when making extra principal payments. “Because the monthly interest expense on a mortgage is calculated on the loan balance … the sooner you can get a lower loan balance, the lower your monthly interest expenses will be,” he writes.

Source: “Paying Down Your Mortgage: How to Do it the Right Way,” Zillow (Aug. 15, 2012)

For Third Week, Mortgage Rates Inch Higher

Fixed-rate mortgages once again inched up this week, the third consecutive week of increases after reaching all-time lows, Freddie Mac reports in its weekly mortgage market survey.

“The latest economic indicators point toward low inflation but gradually stronger economic activity which placed further upward pressure on long-term Treasury yields and, in turn, fixed mortgage rates,” Frank Nothaft, Freddie Mac’s chief economist, said about why mortgage rates have been reversing course in recent weeks.

Here’s a closer look at mortgage rates for the week ending Aug. 16:

  • 30-year fixed-rate mortgages: averaged 3.62 percent, with an average 0.6 point, this week, increasing from last week’s 3.59 percent average. A year ago at this time, 30-year rates averaged 4.15 percent.
  • 15-year fixed-rate mortgages: averaged 2.88 percent, with an average 0.6 point, rising from last week’s 2.84 percent average. Last year at this time, 15-year rates averaged 3.36 percent.
  • 5-year adjustable-rate mortgages: averaged 2.76 percent, with an average 0.6 point, falling slightly from last week’s 2.77 percent average. Last year at this time, 5-year ARMs averaged 3.08 percent.
  • 1-year ARMs: averaged 2.69 percent, with an average 0.4 point, rising from last week’s 2.65 percent average. A year ago at this time, 1-year ARMs averaged 2.86 percent.

Source: Freddie Mac/Realtor Mag