Turf Town Real Estate Blog 
Pending Home Sales Up for Three Months in a Row
Wednesday, June 3rd, 2009 at 10:05pm. 156 Views, 0 Comments.
RISMEDIA, June 2, 2009-Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7% to 90.3 from a reading of 84.6 in March, and is 3.2% above April 2008 when it was 87.5.
Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the…
Mortgage Rates Surge Late Last Week; 30-Year Fixed Rates Peak Near 5.40% But Fall Over Weekend
Wednesday, June 3rd, 2009 at 10:02pm. 222 Views, 0 Comments.
RISMEDIA, June 3, 2009-The weekly average mortgage rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased last week to 5.25%, up from 5.02% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com(R). Meanwhile, rates for 15-year fixed mortgages rose to 4.78% from 4.60%, and 5-1 adjustable rate mortgages rose to 4.48% from 4.27% the week prior.
Mortgage Type Average Rate Average Rate % Change
Week ending 5/31/09 Week ending 5/24/09
30-year fixed 5.25% 5.02% 4.6%
15-year fixed 4.78% 4.60% 3.7%
5-1 ARM 4.48% 4.27% 4.8%
Rates dipped slightly over the weekend, but were expected to climb again during the week. The rate for a 30-year fixed purchase mortgage was…
Tax Credit, Low Interest, and Big Inventory Lure Rookies into Housing Market
Tuesday, June 2nd, 2009 at 7:11pm. 126 Views, 0 Comments.
By Steve Campbell
RISMEDIA, June 2, 2009-(MCT)-Even in a sputtering economy, one segment of the U.S. housing market is feeling a bounce. First-time home buyers-loaded for bear with a new $8,000 tax credit, historically low interest rates and a big inventory to choose from-are happily diving into domestic life, according to real estate agents, economists and mortgage lenders.
Craig Brown, a 26-year-old marketing developer for an online sales company, feels as if he were getting a free, federally funded fresh start.
“The tax credit was what brought me into the house hunt. I could pay off my debt and get an extremely low loan rate. I couldn’t pass it up,” he said.
The $8,000 tax credit for first-time buyers, passed by Congress as part of its plan to…
A Growing Sense of Community - Front Porches Make a Comeback
Monday, June 1st, 2009 at 5:57pm. 77 Views, 0 Comments.
By Mary Beth Breckenridge
RISMEDIA, June 1, 2009-(MCT)-A front porch is more than a shelter from the elements. It’s a friendly face on a home, a comfortable bridge between our private lives and our public selves. And almost by its very presence, it conveys neighborliness.
Is it any wonder, then, that in a country where families are often scattered and relocations common, we’d crave a return to the community-building powers of the porch?
That’s a big part of the reason housing experts believe the front porch is regaining its importance in home construction.
Increasing demand for front porches in new homes was projected by most of the 60 builders, architects, designers and other specialists who were surveyed for the National Association of Home…
Strong Buyer Activity in Lower Price Ranges Allows Existing-Home Sales to Rise in April
Friday, May 29th, 2009 at 10:59am. 131 Views, 0 Comments.
RISMEDIA, May 29, 2009-Existing-home sales rose in April with strong buyer activity in lower price ranges, according to the National Association of Realtors®. Existing-home sales-including single-family, townhomes, condominiums and co-ops-increased 2.9% to a seasonally adjusted annual rate of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March, but were 3.5% below the 4.85 million-unit level in April 2008. Lawrence Yun, NAR chief economist, said first-time buyers continue to influence the market but there also is a seasonal rise of repeat buyers. “Most of the sales are taking place in lower price ranges and activity is beginning to pick up in the midprice ranges, but high-end home sales remain sluggish,” he…
Will Downpayment Assistance Help the U.S. Housing Market?
Thursday, May 28th, 2009 at 1:33pm. 124 Views, 0 Comments.
RISMEDIA, May 28, 2009-With home prices falling nearly 20% in the first quarter of 2009, Ann Ashburn, president of AmeriDream outlined four reasons why the U.S. economy and the next generation of homeowners would benefit from downpayment assistance funded in part by sellers (DPA). Congress is currently considering H.R. 600, bipartisan legislation that would make DPA an allowable gift source for creditworthy borrowers of Federal Housing Administration loans.
“AmeriDream continues to provide full support to H.R. 600, which will stabilize home values, protect taxpayers, encourage responsible homeownership, and create jobs,” said Ashburn. “These are four compelling reasons to make DPA an important part of our national economic recovery strategy.”
1.…
Consumer Confidence Index Increases to Highest Level in Eight Months
Wednesday, May 27th, 2009 at 9:02pm. 137 Views, 0 Comments.
RISMEDIA, May 27, 2009-The Conference Board Consumer Confidence Index, which had improved considerably in April, posted another large gain in May. The Index now stands at 54.9 (1985=100), up from 40.8 in April. The Present Situation Index increased to 28.9 from 25.5 last month. The Expectations Index rose to 72.3 from 51.0 in April. The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS- one of the world’s largest custom research companies. The cutoff date for May’s preliminary results was May 19th.
Says Lynn Franco, Director of The Conference Board Consumer Research Center stated: “After two months of significant improvements, the Consumer Confidence…
Single-Family Starts and Permits Edge Higher in April
Monday, May 25th, 2009 at 6:41pm. 139 Views, 0 Comments.
RISMEDIA, May 21, 2009-Production of single-family homes edged upward in April 2009 as builders responded to improving conditions for new-home buyers, according to newly released figures by the U.S. Commerce Department. While overall starts fell 12.8% to a record-low seasonally adjusted annual pace of 458,000 units, the decline was entirely confined to the multifamily sector, where production fell 46% to a 90,000-unit pace for the month, while single-family starts posted a 2.8% gain to 368,000 units.
“With some of the best home-buying conditions of a lifetime now in place-including historically low mortgage rates, affordable prices and a first-time home buyer tax credit-single-family builders are starting to see the light on the horizon as more…
University of Kentucky Live Where you Work Program
Sunday, May 10th, 2009 at 7:47pm. 242 Views, 0 Comments.
For eligible employees, this program provides:
- “Forgivable loans” of up to $15,000 in the designated neighborhood revitalization areas to eligible employees for down payment and closing cost, rehabilitation and renovation assistance for the purchase of houses, condominiums, town houses and duplexes.
- The loans will be secured by a lien on the property.
- Each employee agrees to live in the home purchased through this program for at least five (5) years, after which the lien will be removed.
- New Regular Full-Time Faculty at the rank of instructor or assistant professor without tenure or non-tenured immediately upon receiving a contract for the academic year.
- Regular Full-Time…
Kentucky Offers Down Payment Assistance for First Time Buyers
Sunday, May 10th, 2009 at 7:43pm. 226 Views, 0 Comments.
Down Payment and Closing Cost Assistance
Your down payment, closing costs (costs and fees that are part of receiving a home loan) and prepaids (set-up of escrow accounts for future payment of taxes and insurance) are three different costs generally associated with buying a home.
Kentucky Housing recognizes that these costs are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your needs.
Down Payment Assistance Programs for Mortgage Revenue Bond (MRB) Programs
- Regular Down payment Assistance Program (DAP)
- Purchase price up to $258,000.
- Assistance in the form of a loan up to $4,500.
- Available to all KHC first mortgage loan recipients…
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