New Home Mortgage : New York, New Orleans, Arizona, Florida & Texas

Number of new mortgages up less than 1% last week, survey says. Mortgage application volume rose less than 1% during the week ended Aug. 22, according to the Mortgage Bankers Association’s weekly application survey.

The trade group’s application index rose to 421.6 during the week, from 419.3 a week earlier, which had been the lowest index level in nearly eight years. Refinance volume rose 0.3%, while purchase volume increased 0.6% during the week. Refinance volume accounted for 35.2% of all applications.
Read the rest of this entry »

In this buyer’s market, many are taking advantage of sellers’ desperation, demanding major home repairs, warranties on appliances, and even tax rebates.
A rock-bottom price just isn’t enough for buyers these days - it’s a starting point. If the furnace is out of date, they’ll demand a new one. Cracked driveways have to be repaved, and dirty carpeting torn out and replaced. All at the seller’s expense.

Type	Overnight avgs

Read the rest of this entry »

Want to retire near the water, but without paying premium prices for a home? Residents who buy real estate in these towns see their incomes go the furthest.

Median home price (2007): $124,900
Median family income: $65,744

If the thought of freezing winters gives you the chills, head for North Augusta, where winter temperatures hover at a relatively balmy 40°F, and summers are warm but not scorching. Residents stay healthy by jogging along the Savannah River. Horse-lovers can take in barrel racing and other equestrian competitions at the Hippodrome event complex. Read the rest of this entry »

Many empty-nesters assumed the grass will be greener in a smaller home. Not necessarily. Last year Rick and Suzanne Pepin moved from the four-bedroom 3,400-square-foot house in Minneapolis where they lived with their three (now grown) kids to a luxury condo that’s a third smaller and offers only a Murphy bed for guests. Still, the couple couldn’t be happier. Downsize home downsize expenses

Here’s what a family of four could save annually by moving from a 2,800-square-foot home to a 1,800-square-foot one.

Utilities savings Property tax savings Atlanta $1,217 $983 Boston 1,922 3,962 Chicago 1,281 4,545 Denver 1,179 1,779 Houston 1,755 6,162 L.A. 1,153 4,958 Miami 1,243 9,089 Philadelphia 1,665 1,159 U.S. Avg. $1,300 $2,597

Read the rest of this entry »

The takeover of Fannie and Freddie may make mortgage borrowing cheaper - but it won’t make getting a loan any easier. Mortgage rates have plummeted, but that hasn’t made getting a home loan any easier for most borrowers.

In the wake of the government’s takeover of Fannie Mae and Freddie Mac last weekend, the 30-year fixed rate has dropped from 6.26% last Friday to 5.79%. But only buyers with a credit score of 740 of above - and a 20% down payment - can qualify for such a low rate. During the boom, borrowers only needed scores of 640 to land the lowest rates available. Even a 580 score would get them very close to the best rate. Read the rest of this entry »

Bailout of Fannie and Freddie might lower mortgage rates but it’s unlikely to lead to a quick turnaround for the troubled housing market.

The federal government’s takeover of Fannie Mae and Freddie Mac may save the battered real estate market from a complete meltdown. But financial experts say the bailout won’t lead to a housing recovery just yet. Instead, some on Wall Street said the housing sector is in as tough shape today as it was before Sunday’s rescue by the Treasury Department. Read the rest of this entry »

July decline of 3.2%, reversing prior month gain, shows housing market remains in ‘malaise.’ Pending home sales fell 3.2% in July after gaining in June, according to a real estate group’s report released Tuesday, in the latest in a series of gloomy housing reports.

The Pending Home Sales Index fell to 86.5, after gaining 5.8% in June, according to the National Association of Realtors (NAR). It now stands 6.7% below July 2007’s reading of 92.8. Read the rest of this entry »

Residential Capital LLC - a money losing mortgage lender - borrowed $468 million from a new $750 million credit facility arranged by its parent GMAC LLC. GMAC has been trying to prop up ResCap after defaults soared and credit markets tightened, leading to a $4.35 billion loss at ResCap in 2007. Residential Capital, LLC, an indirect wholly owned subsidiary of GMAC Financial Services, is a leading real estate finance company, focused primarily on the residential real estate market in the United States, Canada, Europe, Latin America and Australia.

Inflation fears pushed U.S. 30-year mortgage rates up after being unchanged for three weeks according to Freddie Mac. 30-year fixed-rate mortgages averaged 6.03 percent this week after three straight weeks at 5.88 percent. Rates on 30-year mortgages were last above 6 percent the week of March 16 when they averaged 6.13 percent. One-year adjustable rate mortgages, or ARMs, climbed to an average of 5.29 percent from 5.10 percent. The 15-year fixed-rate mortgage averaged 5.62% this week, up from last week’s 5.40% average. The mortgage averaged 5.87% a year ago. And one-year Treasury-indexed ARMs averaged 5.29% this week, up from last week’s 5.10% average. The ARM averaged 5.43% a year ago. A separate survey released Wednesday by the Mortgage Bankers Association showed that the volume of mortgage applications filed last week fell 14.2% compared with the week before. Lenders charged an average of 0.3 percent in fees and points on 30- and 15-year mortgages, down from 0.4 percent and 0.5 percent last week, respectively.

Bank of America Corp., seeking approval of its Countrywide Financial Corp. takeover, plans to modify at least $40 billion of mortgages during the next two years to keep customers in their homes. Bank of America said that it will locate its national consumer mortgage headquarters in Calabasas, Calif., once it completes its acquisition of Countrywide Financial Corp. Bank of America also plans to double its community development lending, which focuses on affordable housing, small businesses and people in low-income and minority neighborhoods, to $1.5 trillion over 10 years. To accomplish this, the company will offer borrowers several options, including loan modifications and payment forbearance. It will not charge borrowers in foreclosure new late charges, and, in some cases, will waive prepayment penalties. Critics have said that BofA needs to make a strong commitment to working with troubled borrowers and minority communities in the wake of the proposed acquisition, which would ostensibly create the nation’s largest mortgage banking operation.