Monthly Archives: February 2012

FHA to announce premium changes soon

The Federal Housing Administration will announce additional premium changes to its mortgage business and streamlined refinance programs in the coming days.

FHA Acting Commissioner Carol Galante said in a speech at the Mortgage Bankers Association servicing conference in Orlando, Fla., Wednesday that the changes are on their way.

As part of the payroll tax extension agreed to last fall, the FHA will raise premiums on its forward mortgages by 10 basis points and by 25 bps for jumbo loans.

Galante said Wednesday the FHA would make additional increases soon to further protect its mutual mortgage insurance fund.

She said lenders have shown some reluctance to give streamlined refinances under the FHA program.

From October 2011, the FHA endorsed $15.3 billion in refinanced government-insured loans, down more than 53% from the $36.2 billion in refinances done in the previous 12 months, according to its December book of business report.

“I wish I could make this announcement today, but we will be making changes to the streamline refinance program structure of premiums soon to achieve greater use of the program,” Galante said.

She said changes affect loans written prior to May 2009, when the insurance premium structure was very different from what it is today.

Shaun Donovan, secretary of the Department of Housing and Urban Development, said earlier in February that additional changes would be coming to strengthen the fund. The fund would have needed an unprecedented bailout from the Treasury Department at some point over the coming year, according to White House budget analysis.

But the FHA settled with Bank of America ($8.13 0.015%) over previous Countrywide origination issues for roughly $1 billion. Half of that, along with other settlements to be announced soon will send more than $900 million to sure up the FHA fund.

Meanwhile, the FHA aims to reduce its elevated market share of more than 32%, which it achieved as private insurers struggled under capital problems following the crisis.

In fiscal 2009, the FHA endorsed $360 billion in new mortgages, which declined to $236 billion by 2011 and will drop to $150 billion in fiscal 2013, according to the agency.

“We’ll continue working on ways to allow the private sector to pick up market share,” Galante said.

 

The author of this article is: Jon Prior

 See the original post at: http://www.housingwire.com/article/fha-announce-premium-changes-soon

At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.

            Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.


If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at:
manager@gayrealestate.com

Posted on February 29, 2012 in Housing

Existing home sales jump 4.3% in January, inventory level dips

Blurred House Sale

Existing home sales on all single-family homes, townhomes, condos and co-ops rose 4.3% during the month of January, making it the third sales increase in the past four months, the National Association of Realtors said Wednesday.

In January, home sales hit a seasonally adjusted annual rate of 4.57 million units, compared to a pace of 4.38 million units in December and 4.54 million units in the year-ago period.

As sales increased, inventory levels declined 0.4% from December with only 2.31 million existing homes on the market last month, representing a 6.1-month supply, down from the December inventory hold rate of 6.4 months.

“The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers,” said Lawrence Yun, chief economist for NAR. “Foreclosure sales are moving swiftly with ready homebuyers and investors competing in nearly all markets. A government proposal to turn bank-owned properties into rentals on a large scale does not appear to be needed at this time.”

NAR said buying power — driven by lower prices and cheap interest rates — are pulling more buyers into the market, creating a dose of optimism before the spring homebuying season.

NAR remains cautiously optimistic as the real estate industry heads into the warm-weather selling season.

Meanwhile, sales prices are down 2% from January 2011, with the median existing home-price hitting $154,700 last month. Distressed homes made up of short sales and foreclosures accounted for 35% of January sales, up from 32% in December.

NAR also highlighted the role of investors, with investment-related buyers purchasing 23% of homes sold in January. That’s up from 21% in December.

First-time homebuyer activity also rose to 33% of all activity, compared to 29% a year ago and 31% in December, NAR said.

 

The author of this article is: Kerri Panchuk

 See the original post at: http://www.housingwire.com/article/existing-home-sales-jump-43-january-inventory-level-dips

At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.

            Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.


If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at:
manager@gayrealestate.com

Posted on February 29, 2012 in Home Sales

Featured Gay Realtor: Dennis Mellor, Prudential Fox & Roach, Brandywine, Claymont, PA

Gay Realtor Dennis Mellor

Forget what you think of when you think “Realtor”. I am not a salesman. I am a trusted advisor, a resource for local market conditions, and an expert negotiator. It is my goal to meet YOUR goals and I approach each client with their specific needs in mind.

Put my years of experience and proven results to work for you whether you need to sell a home quickly or search for your dream home for years. I work with buyers and sellers in all price ranges and I am Licensed in Delaware and Pennsylvania.

Real Estate with a difference. Call me to discuss YOUR Real Estate goals.

Click here to search for a gay or lesbian real estate agent anywhere in the country.

Professional/Personal Distinctions:

Realtors Specialties:

Residential sales in New Castle County, Delaware and surrounding Pennsylvania Counties.

 

View Dennis’s Complete Profile & Contact them Immediately by Clicking Here

Occasionally we’ll feature one of our top gay real estate professionals here to let our readers know about some of the great Gay Realtors, Lesbian Realtors, Gay Friendly Realtors, and other Real Estate Professionals at GayRealEstate.com

At Gay Real Estate, we keep you posted about all the residential real estate news, gay real estate news and Gay Realtor stories affecting the gay and lesbian home buying and selling community coast to coast, and in your neighborhood!

Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.

If you have a real estate story that you’d like to share with us with the LGBT community, please contact us at:
manager@gayrealestate.com

Posted on February 29, 2012 in Gay Realtors

Mortgage applications down 4.5% on slower home sales, refinancings

Mortgage applications fell 4.5% for the week ending Feb. 17 on lower refinance activity and fewer home purchases, an industry trade group said.

The Mortgage Bankers Association said its market composite index — a measure of mortgage application loan volume — fell 4.5% from the previous week, while the refinance index fell 4.8%.

In addition, the seasonally adjusted purchase index declined 2.9% from a week earlier.

The refinance share of mortgage activity also declined to 80.1% of total applications, down from 81.1% the previous week.

MBA says 57.2% of applications in January were for fixed-rate, 30-year loans, while 24.4% were for 15-year fixed loans and 5.5% for ARMs.

Meanwhile, the average contract interest rate for 30-year FRM’s with conforming loan balances of $417,500 or less grew from 4.08% a week earlier to 4.09% in the most recent report.

The average 30-year FRM jumbo loan grew from 4.30% to 4.32%, while the 30-year backed by the FHA remained unchanged at 3.87%.

The 15-year FRM increased to 3.38% from 3.33%.

The average contract interest rate for 5/1 ARMs also grew to 2.94% from 2.83%.

 

The author of this article is: Kerri Panchuk

See the original post at: http://www.housingwire.com/article/mortgage-applications-down-45-slower-home-sales-refinancings

At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.

Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.

If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at: manager@gayrealestate.com

Posted on February 28, 2012 in Mortgages

Home Depot profits rise 32% in 4Q

Home Depot ($47.30 0.37%) reported a 32% increase in fourth-quarter earnings, boosted by the warm weather, which drove demand for building projects.

Fourth-quarter income rose to $774 million, or 50 cents a share, from $587 million, or 36 cents a share, and sales were up 5.9% to $16 billion.

The company saw positive same-store sales during the final three months of 2011 in all of its top 40 markets, including those in hard-hit California and Florida, Chief Executive Frank Blake said. The company’s stores in Canada and Mexico also saw an increase in sales.

While Blake said the home improvenment store’s results may suggest a strengthening yet still uncertain market, pointing out that private, fixed-residential investment as a percent of gross domestic product remains near its 60-year low of 2.26%.

“We think it is too early to say that there has been a significant improvement in our overall market, but we continue to build a strong business on the basic repair and remodel needs of our customers, recognizing that we have a base of over 130 million aging homes,” he said. “In this environment, we think our growth will be consistent with US GDP, making some adjustments for positive weather impacts in 2011.”

The author of this article is: Jessica Huseman

See the original post at: http://www.housingwire.com/article/home-depot-profits-rise-32-4q

At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.

Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.

If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at: manager@gayrealestate.com

Posted on February 28, 2012 in Home Buyers

Featured Gay Realtor: Heather Braden-Medina, REMAX Alliance, Windsor, CO

Gay Realtor Heather Braden Medina

I am a full time realtor in Northern Colorado – I love my job and most of all I love helping people find homes.

I have worked with numerous gay/lesbian couples, have many references of such and would love to assit you in buying or seling a home.

I am married and have 6 children (2 have 4 legs but they are my children) and am a strong believer in equality for all!

Click here to search for a gay or lesbian real estate agent anywhere in the country.

Professional/Personal Distinctions:

GRI, E-PRO, Realtor

Realtors Specialties:

Relocation, First Time Home Buyers, Foreclosures/short sales, New Construction, Re-sale, All Homes

View Heather’s Complete Profile & Contact them Immediately by Clicking Here

Occasionally we’ll feature one of our top gay real estate professionals here to let our readers know about some of the great Gay Realtors, Lesbian Realtors, Gay Friendly Realtors, and other Real Estate Professionals at GayRealEstate.com

At Gay Real Estate, we keep you posted about all the residential real estate news, gay real estate news and Gay Realtor stories affecting the gay and lesbian home buying and selling community coast to coast, and in your neighborhood!

Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.

If you have a real estate story that you’d like to share with us with the LGBT community, please contact us at:
manager@gayrealestate.com

Posted on February 27, 2012 in Gay Realtors

Fannie Mae says housing to boost GDP for first time in seven years

Rowof Houses Spring

The housing market is expected to make a positive contribution to gross domestic product for the first time in seven years in 2012, albeit a very modest one, Fannie Maesaid Tuesday.

The government-sponsored enterprise reported GDP growth of 2.8% in the fourth quarter of 2011 and predicted a growth rate of 2.3% in 2012, up from 1.6% last year. Fannie said any contributions from the housing sector will be modest.

Housing also showed signs of improvement late last year with existing home sales rising in December for the third consecutive month. Improvements in home sales going forward are expected to be tepid, considering the weak sales levels and the persistent belief that home prices will continue to decline, challenging demand in the housing market, the report said.

The economy was buoyed by business inventory increases and modest consumer spending improvements in the final three months of 2011, Fannie said. In addition, the economy benefited from higher performances in the manufacturing and services segments late last year.

Fannie says economic indicators suggest a pickup in construction of apartment buildings and a modest uptick in single-family construction. Still, there are challenges that could emerge derailing 2012 growth projections.

“Risks to the forecast are more balanced between the upside and downside since our January forecast,” said Fannie Mae Chief Economist Doug Duncan. “The economy appears to be more resilient than in previous months, and should be less vulnerable to shocks, including any spillover from the European sovereign debt crisis.”

“However, economic growth will remain constrained by various headwinds, such as a potential spike in oil prices due to tension in the Middle East; an expected decline in net exports from the global slowdown; and an expected increase in fiscal drag, including the fading of federal spending from the stimulus and a decline in defense spending for operations in Iraq and Afghanistan,” according to Duncan.

 

The author of this article is: Kerri Panchuk

 See the original post at: http://www.housingwire.com/article/fannie-mae-says-housing-boost-gdp-first-time-seven-years

At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.

            Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.


If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at:
manager@gayrealestate.com

Posted on February 27, 2012 in Housing

Delinquency rate falls in January but foreclosure starts rise: LPS

The delinquency rate on U.S. mortgages monitored by Lender Processing Services ($22.54 0%) fell in January but foreclosure starts rose.

The delinquency rate fell to 7.97% in January 2012, representing a 10.5% annual decline. The rate dropped 2.2% from December, according to LPS’ its first look at January mortgage performance statistics based on its loan-level data of nearly 40 million loans.

The total U.S. foreclosure presale inventory rate hit 4.15%, up 1.1% from December and down slightly from a year earlier. About 2.08 million homes were in pre-sale foreclosure inventory as of January.

Just under 4 million properties have mortgages more than 30 days past due, while 1.77 million have loans that are at least 90 days delinquent but not in foreclosure.

The number of properties with loans that are more than 30 days delinquent or in foreclosure totals more than 6.08 million.

The states with the highest percentage of noncurrent loans include Florida, Mississippi, Nevada, New Jersey and Illinois. States with the lowest amount of noncurrent loans include Montana, Wyoming, South Dakota, Alaska and Nevada.

LPS will provide a more in-depth review of this data in its monthly Mortgage Monitor report on March 6.

 

The author of this article is: Justin T. Hilley

 See the original post at:  http://www.housingwire.com/article/delinquency-rate-falls-january-foreclosure-starts-rise-lps

At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.

            Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.


If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at:
manager@gayrealestate.com

Posted on February 27, 2012 in Foreclosures

Chicago Fed report shows housing still a drag on economy

House For Sale By Owner

The Federal Reserve Bank of Chicagosaid its national activity index, which reflects inflationary pressures and economic growth, remained in positive territory in January for the second straight month, while housing issues continue to stifle overall growth.

The survey gives a score of zero and above when the economy is expanding, while negative values show a decline in growth. Overall, the index fell to 0.22 in January from 0.54 in December, indicating the economy is growing but at a slower pace.

Data from consumption and housing contributed a negative 0.27 to the January index, narrower than negative 0.3 in December and suggesting housing still remains a drag on the overall economy.

Out of all the categories measured to gauge economic activity — housing, consumption, production, income, employment, sales, orders and inventory — only housing and consumption had negative growth index scores in January.

Recent jobs reports are generally more optimistic than housing forecasts.

The Labor Department recently said the seasonally adjusted figure of initial job claims for the week ending Feb. 11 declined to 348,000, down from 361,000 the previous week.

In addition, the Bureau of Labor Statistics said in February that jobless rates fell in 329 of the nation’s 372 metro areas in December.

 

The author of this article is: Kerri Panchuk

 See the original post at: http://www.housingwire.com/article/chicago-fed-report-shows-housing-still-drag-economy

At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.

            Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.


If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at:
manager@gayrealestate.com

Posted on February 27, 2012 in Housing

Featured Gay Realtor: Lionel Laday, Keller Williams Realty, Austin TX

Lionel Laday has been active in the real estate industry since 2000 were he began his career working in Southeast Texas for Coldwell Banker Southern Homes in the Relocation Department learning a wealth of knowledge about corporate relocation, referrals and managing inventory property. In March 2005 Lionel worked with a top producing agent of Coldwell Banker Southern Homes where they closed over 14 million in sales a year. In April 2008 Lionel relocated to Austin, TX and became associated with Keller Williams Realty, the third largest residential real estate company in the U.S. In April 2010, Lionel joined Regent Property Group, LLC to expand his business opportunities. After two successful years at Regent Property Group, LLC, In January 2012 Lionel decided to return to Keller Williams Realty Lake Travis Market Center to serve as Realtor and Contract to Close Manager.

Lionel is currently a member of the Austin Board of Realtors, Texas Association of Realtors and National Association of Realtors. Lionel is an active member of the community by volunteering his time at church helping with many teams and ministries that provide a loving atmosphere for worship.

If you are looking for a positive and friendly Realtor to help you buy or sell your home then look no more! It is Lionel’s personal goal to make each transaction fun and simple for all his clients. Lionel has 11 years of experience in residential real estate sales. Let his real estate knowledge go to work for you today!

Click here to search for a gay or lesbian real estate agent anywhere in the country.

Professional/Personal Distinctions:

Licensed Texas Real Estate Agent: #0479747 Member of the National Association of Realtors Member of the Texas Association of Realtors Member of the Austin Board of Realtors Member of MCC Austin (Metropolitan Community Church)

Realtors Specialties:

* Residential home sales in the Greater Austin area. * First Time Home Buyers * New Construction * Condo/Townhomes * Leases * Buyer Brokerage

View Lionel’s Complete Profile & Contact them Immediately by Clicking Here

Occasionally we’ll feature one of our top gay real estate professionals here to let our readers know about some of the great Gay Realtors, Lesbian Realtors, Gay Friendly Realtors, and other Real Estate Professionals at GayRealEstate.com

At Gay Real Estate, we keep you posted about all the residential real estate news, gay real estate news and Gay Realtor stories affecting the gay and lesbian home buying and selling community coast to coast, and in your neighborhood!

Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.

If you have a real estate story that you’d like to share with us with the LGBT community, please contact us at:
manager@gayrealestate.com

Posted on February 24, 2012 in Gay Realtors