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Archive for August, 2009
As a reminder, Fannie Mae is rolling out new lending guidelines Tuesday, September 1, 2009.
Starting next week, being approved for a home loan could be much more difficult.
The new rules mark the first major underwriting update since April of this year. The changes are mostly geared at fraud prevention.
Among the updates:
- Stock options are no longer eligible for “reserves”
- Relocating families can’t use the “trailing” spouse’s projected income
- “Tip” income must be documented and verified
- Lenders must call employers to verify employment
- Lenders must verify tax transcripts against IRS records
But there are other changes, too. As examples:
- Owners and buyers of 2-unit homes are subject to new minimum FICOs with larger downpayment and equity requirements.
- Only 70% of stock, bond and mutual values may be used as reserves
- Only 60% of retirement assets may be used as reserves
Consider this post to be your advance warning. Not everyone that qualifies for a mortgage on Monday, August 31 will qualify on Tuesday, September 1.
Therefore, if you have a pending need for a mortgage — for either a purchase or a refinance — it’s probably best to talk with a lender as soon as possible. The deadline is based on the date of application — not the date of closing.
Read the complete Fannie Mae announcement online.
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Today I have the pleasure of introducing both my Broker Robert Rogers, and our first newsletter written by him. Often times our customers and clients are just simply wanting to know what is going on in the North Georgia Real Estate Market. Robert is very experienced in the Real Estate Industry here in the North Georgia Mountains, but especially in the Blairsville area here in Union County. Robert was born and raised here in Blairsville, and has been in the Real Estate business in some form or fashion all of his adult life. He has a sincere and genuine concern for our customers and clients. I feel it is good for you to hear from his own words, What is Going On In The Market. So I introduce to you Blairsville Realty’s first Real Estate Report, written by Robert Rogers.
Blairsville Realty Newsletter Summer 2009 Volume 1; Issue 1
REAL ESTATE REPORT
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While there is some good news with Vacant Lot sales in and around the Blue Ridge area located in Fannin County, there is still good reason to be concerned. Median Sales Price is up 25%, up $8,000 dollars from $32,000. Now it is questionable to me whether or not it is good news that the Supply has dropped 37%. This is obviously not from sales or we would see that in these reports. So where did all of the lots go? Well, they could have been withdrawn from the MLS to simply wait out the market and be offered by the developer, however my fear is that they are probably going into Foreclosure, if not now in the very near future. It is a major concern of myself and that of my associates that if we see a major wave of Foreclosures on these developments, it could yet again be another devastating blow to our North Georgia Real Estate Market.
It seems so dramatic to report that Vacant Lot Sales were down 22%, whereas if I told you that there were only 7 Lot Sales this month compared to 9 that Sold last month it wouldn’t sound near as bad! There were 8 Vacant Lots under contract in the month of July, and that is a decrease of 11% from the previous year. We have seen a significant decrease in the amount of Vacant Lots available on the market. In July of 2008 there were 1,573 Active Listings in Fannin County, in July of 2009 there were only 994. That is a difference of 579 or 37%. What is comforting is that the number of new listings hitting the market is down a whopping 68%. There were only 32 new Vacant Lots that hit the market in Fannin County in July 2009.
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The average Days On Market (DOM) has climbed immensely to 344 Days, up 114% and still on the rise. As mentioned earlier with the decrease of Inventory, we have also experienced a decrease in our Month Supply of Inventory (MSI). MSI is down a change of 26%, from 158.6 to 118 months.
So as you can see, we are still experiencing a rough market for Vacant Lot Sales. It is so hard for these developers to hold on during these trying times. The biggest thing that I have experienced in talking with these developers is that they have suffered such significant depreciation in there developments, most more than 50%, that by the time that the market for Vacant Lots starts to come back around, they will have paid more interest than they will ever get out of the proceeds of the sale. That is a tough pill to swallow.
I you have any questions or concerns about this report or would like additional information, please Contact Me, or you can call me at 706.994.8686. I appreciate you taking the time to stop by The Front Porch View.
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Filing an official Change of Address form with the United States Postal Service is one of the most important steps in the moving process.
It’s how bills, letters and catalogs find you after your change of residence.
Strangely, though, a lot of people wait until the last-minute-before-moving before telling the post office that a Change of Address in needed. As a result, mail gets lost-in-transit as “undeliverable”.
It doesn’t have to be like that.
In addition to the USPS’ own online forms, there are third-party companies that combine secure online address changes with money-saving coupons for sure-to-be-needed utilities including cable, phone and electric.
If you’re moving or relocating, think about updatingyour USPS mailing address as soon as you have a move date. This will give the postal service enough lead time to process your order and, if the move doesn’t go through as planned, you can always cancel out.
They key is to make sure your mail delivery stays uninterrupted — from one home to the next.
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If you plan to use the First-Time Home Buyer Tax Credit program, time is running out. The program expires November 30, 2009 and closing on a home can take up to 60 days.
That leaves you 6 weeks from today to find a home and go under contract.
The First-Time Homebuyer Tax Credit program was passed as part of the 2009 economic stimulus plan. It credits up to $8,000 in tax payments to qualified buyers.
The qualification criteria are as follows:
- Buyer may not have owned a “main home” in the past 36 months
- The home may not be purchased from a parent, spouse, or child
- Adjusted gross income for the household must be below $95,000 for single tax filers and $170,000 for joint tax filers
Furthermore, not everyone who’s qualified will get the full $8,000. The credit can’t exceed 10 percent of a home’s purchase price, for example, and households with income approaching program limits get lesser benefits, too.
Meanwhile, an interesting note about the First-Time Home Buyer Tax Credit is that it’s a true tax credit and not a deduction. A person or couple claiming the $8,000 credit whose “normal” tax liability is $5,000 would get back $5,000 or whatever had been withheld for federal income taxes plus an additional $3,000.
Review the program’s criteria at your leisure, but don’t wait until October to start looking for homes. If you can’t close by November 30, 2009 for any reason whatsoever, you won’t qualify for the tax credit.
Better to be ahead of the deadline than chasing it.
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It looks like banks are less scared of mortgage loans these days.
In its quarterly survey to member banks, the Federal Reserve asked senior bank loan officers whether “prime” residential mortgage guidelines had tightened in the last 3 months.
Just one-fifth of banks said guidelines tightened last quarter, a dramatically lower figure versus last quarter — a signal that mortgage underwriting may get less restrictive in the months ahead.
It is worth noting, however, that not a single responding bank said its guidelines had eased. For now, getting through underwriting is still much tougher than it was 2 years ago.
Some of the changes today’s borrowers face include:
- Higher minimum FICOs
- Larger required downpayments and equity ownership
- Higher income levels versus monthly debts
- Larger reserve requirements
Furthermore, second mortgages are scarce when loan-to-values exceed 80 percent.
The underwriting changes of the last 24 months preclude many Americans from getting access to today’s low rates if the Fed’s reported trend continues, that could reverse before the end of the year.
Some analysts claim that credit tightening started the U.S. recession. Credit loosening, therefore, could help end it.
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Foreclosure-tracker RealtyTrac reports that the number of foreclosures nationwide rose 7 percent on a month-to-month basis last month.
However, 3 states dominated the foreclosure list, tallying more foreclosures between them than the rest of the country combined.
- California : 30.0 percent
- Florida : 15.7 percent
- Arizona : 5.4 percent
On a per-household basis, the states ranked 2, 3 and 4. Only Nevada’s foreclosure rate was higher.
Now, we point out these statistics for two reasons.
The first is to remind you that foreclosures can be highly local. For all of the foreclosure-related stories that run in the papers and on TV, defaults make a much larger impact on home values in some areas versus others.
And, second — foreclosures can represent a terrific buying opportunity. Not every foreclosed home is in pristine condition, but there is a plethora of affordable housing out there, suitable for first-time buyer, move-up buyers and investors, too.
Furthermore, as banks get better at disposing of foreclosed homes, the process of buying one isn’t as challenging as it was, say, 12 months ago.
As part of its research, RealtyTrac.com catalogues a lot of foreclosed homes and lists them online. However, you may find it better to start your search with a local real estate agent that knows the foreclosure market.
So long as buying foreclosures is a high-touch process — and it is a high-touch process — you may want to have a human face and agent to guide you through it.
The complete RealtyTrac report is available online.
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The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent.
It also reiterated plans to support the mortgage market to the tune of $1.5 trillion.
In its press release, the FOMC noted that the U.S. economy is ”leveling off” and that financial markets continue to improve.
The change in verbiage is the rosiest from the Fed since the start of the recession and it may signal that the downturn’s end is near.
That said, the Fed highlighted lingering economic soft spots that could still impact a recovery through the end of 2009 and into 2010.
- Ongoing job losses
- Reduced “housing wealth”
- Tight credit conditions
Furthermore, rising energy costs remain a threat to inflation.
Also in its statement, the Fed confirmed its plan to hold the Fed Funds Rate near zero percent “for an extended period” and to honor its $1.25 trillion commitment to the mortgage bond market.
Market reaction to the Fed’s press release is muted. With no real change in message and a basic confirmation of what most investors already knew, Wall Street sees no reason to panic. Mortgage rates are unchanged.
The FOMC’s next scheduled meeting is September 22-23, 2009.
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302 Brook Green Court - MLS# 180702
This traditional mountain home is located just a few miles from Blairsville, GA. in the Gated Community of The Sanctuary at Lake Nottely. The community is conveniently located to Lake Nottely. You can access a nearby public boat ramp and dock with a comfortable walk through the United States Forestry Service that adjoins the community, or simply jump in the car and drive less than 2 miles away. Also located near The Sanctuary at Lake Nottely is great Golf! Blairsville’s newest Golf Course Old Union at Owen Glen is less than 5 miles away, and Butternut Creek is located just over 7 miles in the city limits of Blairsville.
This home is nestled on a 1.12 acre lot with end of the road privacy. Nicely landscaped sodded front yard with a nice wooded area in the back yard. This home has a easily accessible 2 Car Garage with plenty of room for turn around or additional parking. In addition to the 2 Car Garage, this home also features a 3rd Garage Door in the Full Basement, great for boat storage or all your lawn and gardening storage needs. This home features vinyl siding, high efficiency vinyl clad windows with screens, and asphalt shingles offering virtually maintenance free living. You will also enjoy a covered front porch entry as well as a large open deck on the rear of the home. The home is heated and cooled by a Central Heat Pump.
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Stepping inside you will love the open and spacious feel of this ranch styled home. Just off of the foyer to the left you will find the Master Suite. A very large bedroom, walk-in closet, and a master bath featuring double vanities, jetted tub, and separate shower. The Great Room features cathedral ceilings, a beautiful stoned wood Fireplace, and is open to the Kitchen and Dining area. Just off of the Great Room are two additional Bedrooms, a Full Bath, as well as access to the Huge Bonus Room over the 2 Car Garage and additional storage with access to the attic. Down the hall behind the Kitchen you will find the Laundry/Mud Room with access to both the Full Finished Basement as well as inside entry from the 2 Car Garage. Downstairs in the Full Finished Basement you will have access to the Landing Foyer, Boat Garage, a spacious galley styled Kitchenette, as well as a very large Family Room as well as an additional roomy Bedroom with Private Full Bath making this Basement perfect for an In-Law Suite!
MLS# 180702 $199,900
This home is priced to sell! If you have any questions or concerns or would like to have any additional information about this property or any other property located in the North Georgia Mountains, please call me at 706.994.8686, or you can simply Contact Me through this post.
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