Saturday, September 24, 2005

Mortgages rise after Fed decision

St. Paul Pioneer Press | 09/23/2005 | Mortgages rise after Fed decision: " Rates on 30-year mortgages rose a second straight week as financial markets reacted to the decision by the Federal Reserve to keep pushing interest rates higher because of worries about inflation.
Mortgage giant Freddie Mac reported Thursday that the nationwide average for rates on 30-year, fixed-rate mortgages rose this week to 5.80 percent, up from 5.74 percent last week"
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Forecast cooler for home sales

MENAFN - Middle East North Africa . Financial Network News: Forecast cooler for home sales: "--Affordability is low, prices are high and Alan Greenspan keeps raising interest rates.
It may not be a perfect storm, but the combination of factors is expected to slow price increases and home sales in California next year, according to the California Association of Realtors' 2006 Housing Market Forecast released Thursday.
The state's median home price will increase 10 percent to $575,500 in 2006, compared with a projected median of $523,150 this year"
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Home Prices to Rise in 2006

RISMedia - Residential Real Estate's Largest Independent News & Information Service - Immediate access to industry news,top real estate professionals,and the nation's most respected product and service firms real estate referral,real estate tr: "Appleton-Young used an image of a pink, sudsy housing bubble bath to clean up any questions about whether California's sky-high home market is due for a crash.
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The only bubble out there, �has been a bubble in articles about the housing bubble,� said Appleton-Young, chief economist for the California Association of Realtors.

California home prices will go up 10 percent in 2006, Appleton-Young predicted at the association�s convention in San Diego.

At that rate, the median price of a California single-family home will hit $575,000 next year, with appreciation rates and sales slightly below 2005 levels. "

Owners staying on top of mortgage payments

Owners staying on top of mortgage payments: "You've probably seen the dire news reports:
American homeowners are becoming debt junkies, piling up record mortgage amounts, credit card bills, home equity credit lines. They are putting less down when they buy and borrowing a lot more.
Families in high-cost real estate markets are stretching their household budgets to the breaking point in order to buy even a modest home. Some families are devoting 40 to 50 percent of their monthly income just to hang on to their high-priced houses."
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Increased foreclosures expected in S. Florida as housing market cools

Increased foreclosures expected in S. Florida as housing market cools: South Florida Sun-Sentinel: "Florida's overheated housing market has had an unintended benefit: Foreclosures are way down because struggling owners can usually sell for a profit and get out from under their debt.

But experts expect that to change within a year as the rising cost of insurance, taxes, utilities and gasoline clobber large numbers of owners who used creative financing to buy homes they otherwise could not afford"
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Sell house or become a landlord?

St. Paul Pioneer Press | 09/23/2005 | Sell house or become a landlord?: "We have eight years left on our mortgage and a remaining debt of $127,000. The house is worth about $260,000. Now we're going to move into my father-in-law's $700,000 home. We'll only have to pay his property tax, about $8,000 a year. Should we sell our house and invest the profit? Or should we rent it for eight years and then decide whether to sell?"
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Find a Property - New Ways Of Living

Find a Property - New Ways Of Living: "A pristine blank canvas on which your family can make its mark, a brand new house is an option worth serious consideration for those in the market to move...
If the idea of a brand new house brings to mind rows of identical, boxy houses on estates located too far from the shops, then think again. These days, new homes take all kinds of forms, and are often designed with a much more thoughtful approach to how they will be lived in.
Whole estates and small tracts of new homes are still going up - in some cases, making good use of redundant 'brownfield' sites, thus avoiding incursions into the countryside.
Other modern dwellings, especially in urban areas, occupy the insides of previously industrial buildings - a phenomenon that has gone hand-in-hand with the decline of British industry."
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Business looking up in Livingston; home sales rise But market is slower for higher-priced homes

Business looking up in Livingston; home sales rise But market is slower for higher-priced homes: "Economic woes in much of Michigan haven't hastened the rate of growth in Livingston County, which continues to be one of the fastest-growing counties in Michigan.
Carol Kull, executive officer of the Home Builders Association of Livingston County, said that although the number of building permits is down from a year ago because of inflation and the jobless rate, business is starting to pick up.
'I have been talking to builders, lenders and suppliers, many of whom say that things are better now than at the beginning of the year,'' said Kull. 'A window supplier I know says he has already sold as much this year as in all of last year.'' "
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Local homebuilders are bullish in sluggish market

WOODTV.com & WOOD TV8 - Grand Rapids news and weather - Local homebuilders are bullish in sluggish market: " For the next couple of weeks, local homebuilders will be trying to nail more business. The annual Fall Parade of Homes kicks off in Grand Rapids Friday night and runs through October 8.
Selling new homes will be a tough go in a sluggish market. But 24 Hour News 8 found out that local builders are bullish.
Aaron Kitsman is one such builder. He is presenting home number one on the parade, a spec house for $640,000."
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Home Hunting

Roseville Press-Tribune : Top Stories: "Just a few months ago, the Roseville real estate market favored sellers in such one-sided fashion that home hunters had little if any leverage at the bargaining table.

But that's changing, say industry professionals, and the prevalence of bidding wars and quick-turnaround sales should continue to decrease in coming months as a combination of factors add inventory and give buyers more choices."
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Quick tips for home sellers

Quick tips for home sellers: "You can make your home more appealing to prospective buyers without spending a lot.
If you don't plan to move for years, you should make renovations based on whether they will increase your home's comfort and usability. But if you're likely to move in the near future or have listed your home for sale, skip major renovations in favor of smaller projects"
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Residential home selling cycle starting to slow

Residential home selling cycle starting to slow - Business - The Barnstable Patriot - Cape Cod & Islands: "Noticed more for sale signs as you drive down Route 6A in Barnstable? The hot cycle of selling of Cape Cod residential real estate is starting to cool down, though the first time homebuyer market is holding steady. Marcel Poyant, owner of Rene L. Poyant Realtors, Inc. in Hyannis, said homes in the middle range are on the market for a longer time."
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How Rising Property Values can Sometimes Hurt a Seller

: "Are you a homeowner so delighted with the continuing escalation of property values in your neighborhood that you're waiting for even higher prices before you move to a more upscale domain in the same area? Then perhaps you weren't the star of your high school math class"
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Breaking Through Failure to Home Buying Success

: "Emblazoned on the couple's credit report is that regrettable word: 'bankruptcy.' The pair resorted to a court-ordered discharge of their debts two years ago, after temporary financial problems threatened to sink their small family business. After many years of failed attempts to purchase a home, the couple assumed that their bankruptcy put the possibility of homeownership out of reach forever."
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When You Must Sell During the Upheaval of Renovation

: "Imagine this. For years, you've been dreaming of adding that glorious 'great room' with soaring ceilings, a place for your kids to enjoy a home theater without disturbing the tranquillity elsewhere in the house. Finally, you've amassed the capital and paid an architect to design the addition. A couple of weeks ago, cement trucks and loads of wood began arriving. At last, your contractor has started working."
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Financing gets 'downright elementary'

Bob Bruss Real Estate Center: "Whether you are buying or refinancing a home or investment property, William Bronchick's 'Financing Secrets of a Millionaire Real Estate Investor' provides insight on realty finance alternatives. The book begins very simply, explaining promissory notes, mortgages and deeds of trust. But it becomes more detailed and interesting.
The author, a successful real estate investor, understands real property financing very well. Toward the book's conclusion, he shares creative finance methods that would have been far too complex to understand at the book's beginning. "
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