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Thursday, April 29, 2010

CMBS activity lifted by new bond issuances

Evidences suggest that the recent pace of new commercial mortgage-backed securities issuances may be faster than initially believed.

Banks have stepped up efforts to bundle together loans in multi-loan CMBS issues in recent weeks. Since borrowers of maturing loans have few options for refinancing, the efforts would be a plus for a market in which hundreds of defaults are still possible. However, many commercial properties are saddled with too much debt or are too short on revenue to qualify.

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Extra year for service members to claim tax credit

Members of the U.S. military, Foreign Service and intelligence communities have another year to purchase a home and claim the home buyer tax credit.

Any service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010, has until April 30, 2011, to sign a sales contract. The member has until June 30, 2011, to close on the property. Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included in the extension.

Moreover for qualified service members, the rule that requires buyers to repay the credit if they move out of their home within three years has also been waived. This is sanctioned only if they receive government orders to move.

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Tuesday, April 27, 2010

States offer helping hands to stressed owners

It is good news for struggling borrowers. Arizona, Florida, and Michigan have been offering helping hands for them as they have proposed using federal funds to pay down loan balances and to subsidize mortgage payments for those who remain out of work.

The plans are in response to a foreclosure-prevention effort championed by the White House. The plan has allocated $1.5 billion for Arizona, California, Florida, Michigan and Nevada. The proposals would be finalized next month after the Treasury Department.

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Monday, April 26, 2010

New home sales indicate rise in March

The U.S. Commerce Department had announced Friday that the Sales of new homes rose 27 percent in March compared to February. It was the largest monthly increase since April 1963, when sales jumped 31.2 percent. Besides the National Association of REALTORS® reported last week that sales of previously owned homes rose 6.8 percent.

The buyers are taking advantage of the $8,000 tax credit scheduled to expire at the end of this month, say the economists. Michael D. Larson, a real estate and interest rate analyst at Weiss Research, wrote in a research note that in simple terms, housing is a bargain again, and buyers are responding. "That is unambiguously good news for the market going forward", he added.

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Sunday, April 25, 2010

Home buyers tend to lower closing costs

For home buyers it is a good time to push for lower closing costs which includes lending charges, local tax and transfer fees, and expenses for such things as title insurance, appraisal costs, and other third-party services. The rule of thumb used to be about 3 percent of the cost of the property.

According to Guy Cecala, publisher of industry newsletter Inside Mortgage Finance, Fees that buyers shouldn't have much trouble negotiating away include wire-transfer fees, loan application-processing fees, and high FedEx charges. Today, most buyers should be able to do better than that, added Guy Cecala.

Cary Pearce, production manager at Provident Bank Mortgage in Riverside, Calif says that it all boils down to what a lender will work for.

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Friday, April 23, 2010

New hope shines for home sales in Hamptons

It is a returning phase for New York's big-buck buyers as they retreat to Long Island's seashore getaway.

According to a report released by Prudential Douglas Elliman Real Estate the first-quarter home sales in the Hamptons were up 173 percent over the first quarter of 2009 and median sales prices rose 35 percent to $908,500 compared to the same time period last year. The report was released on Thursday.

Prudential Douglas Elliman said prices were higher closer to the Atlantic, rising 86 percent for homes south of Montauk Highway. This would run east west a few blocks from the shoreline.

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Thursday, April 22, 2010

Tax credit deadline hastens buyers

According to a survey of more than 1,500 real estate practitioners by Campbell/Inside Mortgage Finance, nearly half the homes sold in March were purchased by first-time buyers. This would come up to 48.2 percent.

Thomas Popik, research director for Campbell Surveys, said in a statement that many observers had felt that the pool of first time home buyers had been depleted last fall. "Instead, the normal spring-summer buying season is combining with the tax credit to produce blow-out results for first-time home buyers", he added.

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Jonas & Kate:

We would genuinely like to thank you and your staff for all your assistance in the purchase of our new real estate property in California. The closing process went on extremely smoothly and we are very thrilled to be called as “homeowners”. Thanks Jeff once again for all your patience and expert advice.

Chris & Joe Fish:

Thank you so much for serving us in purchasing our new home! We want to let you know how very happy we are to have used your group to locate and help us to purchase our new home. We were very impressed by the way you kept us state-of-the-art, and swiftly sent us any required information. We were so satisfied at how your team investigated all, and followed every detail to the end. We value all the work you did for us.

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