Tuesday, July 31, 2012

Monday, July 30, 2012

5 questions every buyer should ask their agent

Mood of the Market

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Source: http://feedproxy.google.com/~r/inmannews/~3/ndxQzS3Vn8A/5-questions-every-buyer-should-ask-their-agent

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Mortgage Refinancing Activity Reaches 3-Year High

By Kerri Ann Panchuk

The number of mortgage applications filed in the U.S. edged up a slight 0.9 percent for the week ending July 20 as refinance activity hit a three-year high, an industry trade group said.

The Mortgage Bankers Association noted its refinance index grew 2 percent from the previous week, its highest level since April 2009. Meanwhile, home purchases slowed with the seasonally adjusted purchase index falling 3 percent from the previous week.

Refinance activity made up 81 percent of all mortgage applications, a slight increase from 80 percent a week earlier.

In addition, the 30-year, fixed-rate mortgage with a conforming loan balance held steady at 3.74 percent, its lowest rate in history. The 30-year, FRM for jumbo loans grew to 3.99 percent from 3.98 percent, while the 30-year, FRM backed by the FHA fell to 3.52 percent from 3.55 percent.

The 15-year, FRM fell to 3.07 percent from 3.12 percent, and the average contract interest rate for 5/1 ARMs declined to 2.68 percent from 2.71 percent.

See also:
Barbara Corcoran on Refinancing Do's and Don'ts

Despite Record Low Rates, Refinancing May Not Be Best Bet


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Source: http://realestate.aol.com/blog/2012/07/25/mortgage-refinancing-hits-three-year-high/

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Tuesday, July 24, 2012

Sales of Existing Homes Drop 5.4% to the Fewest Since October

US home sales dropBy Christopher S. Rugaber

WASHINGTON -- Americans bought fewer homes in June than May, indicating the weak economy could make a modest housing recovery choppy.

The National Association of Realtors said Thursday that sales of previously occupied homes fell 5.4 percent in June to a seasonally adjusted annual rate of 4.37 million homes. That's the fewest since October.

Sales are up 4.5 percent from a year ago, evidence that the market is still recovering. But the annual sales pace is below the 6 million that economists consider healthy.

The number of first-time buyers, critical to a housing recovery, made up just 32 percent of sales. That's down from 34 percent in May. In healthy markets, first-time buyers make up more than 40 percent of the market.

The median home price rose 5 percent to $189,400. That's mostly because sales of more expensive homes rose, while sales of cheaper homes fell, the Realtors group said.

Other recent reports have indicated that the housing market is slowly recovering, even as the broader economy struggles.

Bullish News for Builders

Builders broke ground last month on the most new homes and apartments in four years. And the number of new single-family homes, the bulk of the market, rose for the fourth straight month to the highest level since March 2010.

A report from the Federal Reserve on Wednesday found that home sales improved in all 12 of the bank's districts in June and early July.

More Americans are showing interest in buying homes, boosting builder confidence. The National Association of Home Builders/Wells Fargo builder sentiment index jumped to 35 this month, its highest level in five years. Builders said they are seeing more traffic from prospective customers.

Still, the index remains below 50, the level that indicates builder sentiment is in positive territory. It hasn't reached that level since April 2006, the height of the housing bubble.

There are also fewer homes for sale, which is spurring more homebuilding and raising the prices of those that are on the market.

Low Rates Are Not Enough

The housing market is also being supported by record-low mortgage rates. The average rate on the 30-year fixed mortgage fell this week to 3.53 percent, the lowest since long-term mortgages began in the 1950s.

But even with the low rates, many would-be buyers are having difficulty qualifying for home loans or can't afford the larger down payments being required by banks.

And the job market has weakened considerably in recent months, threatening the recovery in housing. Employers added just 80,000 jobs in June. Job gains averaged only 75,000 in the April-June quarter, after averaging 226,000 in the first three months of the year. The unemployment rate is stuck at 8.2 percent.

Without more job growth, consumers may feel less secure about their financial futures and delay purchasing a new home.

Copyright 2012 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

See also:
As Many as 90% of Foreclosed Homes Kept Off the Market
Selling Points: Don't Want Ghosts? This Home Is Perfect for You
A Hidden Room Is This Philly Mansion's Best-Kept Secret (VIDEO)

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Source: http://realestate.aol.com/blog/2012/07/19/u-s-home-sales-drop-5-4-to-the-fewest-since-october/

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Housing Supply Overview - May 2011

A thorough and detailed look at the current supply of homes for sale and absorption rates by price range, property type and construction status for the Twin Cities housing market.

Source: http://www.mplsrealtor.com/downloads/market/HSO/hso_2011_05.pdf

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WSJ Plans Friday Real Estate

The Wall Street Journal will introduce a weekly real-estate section targeting high-end buyers, as its parent company, News Corp., is preparing to spin off the paper and its other publishing assets.

Source: http://online.wsj.com/article/SB10000872396390444330904577537490218081710.html?mod=residential_real_estate

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Monday, July 23, 2012

Rent President Barack Obama's Former Apartment in New York City

Filed under:

Barack Obama New York apartment

Want to live like a president?

No, we're not suggesting you move into one of the many White House replicas around the country (also see this White House Replica and this gallery of even more White House replicas). We mean that you could be living where a president used to live -- specifically, President Barack Obama.

The apartment that Obama lived in as a Columbia University student in New York City is up for rent. Of course, you won't be paying what the prez did back in 1981. Obama's rental tab for the Manhattan pad was only $360 a month -- but if you want to move in today, you'll fork over $2,400 a month. (Hey, Bam, can't you do something about all this inflation?!)

Obama had a rough start in NYC. His autobiography mentions that he couldn't get into the apartment when he showed up to move in -- so he spent his first night in NYC sleeping outside. Supposedly, he crashed in this alleyway across the street from the apartment. But Obama was eventually able to move in and enjoy the proximity to 25-cent bagels.

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"Obviously, this is not a Mount Vernon or a Monticello," Zak Kneider, one of the apartment's listing agents, told The Wall Street Journal. "It's a typical New York City walk-up. A million other people in New York live in these type of apartments."

But as the listing points out, it does provide for "unbeatable dinner conversation."

Zak Kneider and Dalila Bella of CitiHabitats have the listing.

See also:
Lost Your Home? You Can Still Have a House -- Just Rent One
90% of Bank-Owned Homes Held Off Market, Estimates Suggest
Underwater Mortgages Keeping Housing Market Afloat?

More on AOL Real Estate:
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Not For Sale: Higher Rents, Lower Vacancies

 

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Source: http://realestate.aol.com/blog/2012/07/19/rent-president-barack-obamas-former-apartment-in-new-york-city/

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Foreclosures and Short Sales - June 2011

A comprehensive, monthly view of the foreclosure and short sales situation in the Twin Cities housing market.

Source: http://www.mplsrealtor.com/downloads/market/FSS/fss_2011-06.pdf

1200 On The Mall 1225 LaSalle 1300 On The Park

Sunday, July 22, 2012

enotes - April 11, 2011

MAAR's weekly electronic newsletter for the week of Apr 11, 2011.

Source: http://www.mplsrealtor.com/downloads/enotes/2011_04-11.htm

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Mortgage applications rise nearly 17% on refinancing activity

The Mortgage Bankers Association noted that the refinance index grew 22% over the prior week, reaching its highest level since mid-June. The seasonally-adjusted purchase index remained mostly the same, edging down a slight 0.1%.

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Source: http://feedproxy.google.com/~r/housingwire/uOVI/~3/rJh3B_8oBZ0/mortgage-applications-rise-nearly-17-refinancing-activity

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Homebuilder Confidence Posts Largest 1-Month Jump in a Decade

homebuilder confidence By Kerri Ann Panchuk

Homebuilder confidence rose six points in July, its steepest one-month increase in over a decade, according to a new report from the National Association of Home Builders.

The NAHB released the Housing Market Index that it compiled in tandem with Wells Fargo on Tuesday. The report shows the Home Price Index reaching its highest point since March 2007.

The key housing market index gained six points in July, increasing to 35. This is the largest one-month gain recorded by the index in nearly a decade, and brings the HMI to its highest point since March of 2007.

The index evaluates builders' perception of strength when it comes to single-family home sales in the United States.

Read the rest of this story at HousingWire.

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Source: http://realestate.aol.com/blog/2012/07/17/homebuilder-confidence-posts-largest-one-month-jump-in-a-decade/

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Wednesday, July 18, 2012

Apricot Lane boutique to open at West End

A boutique clothing and accessories store called Apricot Lane has signed a deal to open its first Twin Cities store in a 1,820-square-foot store at Shops at West End this fall. Apricot Lane "offers celebrity-inspired branded apparel, affordable fashion, jewelry, handbags, and accessories," according to a news release from Duke Realty Corp., which manages the West End. >Click to the right to see some images of the apparel Apricot Lane offers. >>>>> ?Our mix appeals to women?

Source: http://feeds.bizjournals.com/~r/twincities_blog_realestate/~3/PEL4Kx2-Jac/apricot-lane-boutique-to-open-at-west.html

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Reviving Old Charleston

A meticulously restored Charleston, S.C., home built around 1800, with six bedrooms and 5� bathrooms in about 10,000 square feet on 1� acres, is asking $13 million.

Source: http://online.wsj.com/article/SB10001424052702303919504577520821798223342.html?mod=residential_real_estate

Housing Market Condo Market Minneapolis

Monday, July 16, 2012

House of the Day: Battle Creek's Historic Penniman Castle Lists for $165,000

Filed under: ,

House of the Day Penniman Castle

We admit it, we're obsessed with castles. Ever since that dream Miami castle with a moat, we've been scouring the interwebs for similar royal properties. And though this one doesn't have a moat, it's just as grand.

Penniman Castle in Battle Creek, Mich., is a local landmark (it's on the National Register of Historic Places), and it's just hit the market. The majestic castle home boasts stunning crenulated towers and arched windows, and it's built in a traditional "H" pattern, flanked by octagonal towers that anchor each point. Inside the six-bedroom house, you'll find classic features, such as solid wooden door lintels, stony outdoor siding in the living rooms and antique wood-burning stoves. Adorned with vintage chandeliers and furnishings, the home boasts an Old World, romantic vibe.

Best of all, the home -- built in 1906 -- is only $165,000. Who says you can't live royally on a commoner's budget? Hat tip to our friends at Realtor for the tip.

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The Joy Brown Team has the listing.

Click on the images below to see more homes for sale in Battle Creek.



See more Houses of the Day on AOL Real Estate.

Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email harris.effron@teamaol.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to reply to each submission.)

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Visit the State of Michigan

 

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Source: http://realestate.aol.com/blog/2012/07/12/house-of-the-day-majestic-penniman-castle/

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Weekly Market Activity Report - April 25, 2011

MAAR's Weekly Market Activity Report for the Twin Cities ? Week of Apr 25, 2011.

Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_04-25.pdf

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Friday, July 13, 2012

Ranch With Horsepower in North Carolina

The 139-acre equestrian estate of Nascar driver Joe Nemechek is scheduled to go to auction with no minimum bid.

Source: http://online.wsj.com/article/SB10001424052702304373804577520781046794546.html?mod=residential_real_estate

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Streetscapes | West Ninth Street: West Ninth Street/Streetscapes ? Windows on Past Lives, Some Framed in Green

The precise age of the quartet of vines winding up the facades of Nos. 13, 15, and 17 West Ninth is unclear, although one resident dates hers to 1961. The block between Fifth and the Avenue of the Americas has an unusually potent mix of the herbaceous and the architectural.West Ninth Street from Fifth to the Avenue of the Americas offers flights of 19th-century fancy, punctuated by majestic old vines.

Source: http://feeds.nytimes.com/click.phdo?i=175fe09fbc7ade9f1ef760dc15d8c6be

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Thursday, July 12, 2012

Oxfordshire 'Ornamental' Castle

This six-bedroom property near Oxford, England, occupies half of an 18th century house described by the architectural historian Sir Nikolaus Pevsner as "an eccentric ornamental castle."

Source: http://online.wsj.com/article/SB10001424052702303567704577518521688018492.html?mod=residential_real_estate

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Ad agency Mono moving to larger offices at Uptown's MoZaic

Minneapolis advertising agency Mono has signed an eight-year lease for 20,320 square feet of office space at the MoZaic project in Minneapolis' Uptown area. That's double the size of the agency's current office, located in a second-floor space above the Magers & Quinn bookstore at 3036 Hennepin Ave., a couple blocks away from MoZaic. The new lease begins Nov. 1. "We've steadily been adding people the past couple of years, and we're finding that the lines at the bathrooms are starting to get longer,"?

Source: http://feeds.bizjournals.com/~r/twincities_blog_realestate/~3/gJiR2Ep8JQ4/advertising-agency-mono-mozaic.html

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Homeowner fraud outpacing mortgage origination fraud: LexisNexis

The firm's annual mortgage fraud report examines the current composition of residential mortgage fraud and misrepresentation involving industry professionals in the United States.

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Source: http://feedproxy.google.com/~r/housingwire/uOVI/~3/B4n9HDujEw0/homeowner-fraud-outpacing-mortgage-origination-fraud-lexisnexis

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Monday, July 9, 2012

Scottish Eco Home

This four-bedroom environmentally friendly house near Edinburgh was built by its current owners seven years ago on the site of the home they had lived in for more than 15 years.

Source: http://online.wsj.com/article/SB10001424052702304141204577508370899717622.html?mod=residential_real_estate

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HABITATS/Morris Park: A Bronx State of Mind

Tom Vasti and his wife, Rosemarie, live in the same house in Morris Park in the East Bronx that he grew up in. Mr. Vasti is consequently well steeped in the history of the Bronx.

Source: http://feeds.nytimes.com/click.phdo?i=6dcc383a0f1973e667ad64561b090e5f

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The 200+ - May 2011

MAAR's tracking tool for local housing market activity has been updated with data through May 2011.

Source: http://www.mplsrealtor.com/the200plus.aspx

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Friday, July 6, 2012

What You Should Know About Reverse Mortgages

A reverse mortgage is a type of loan that enables older borrowers to convert their home equity into cash, often serving as a source of supplemental income for retired homeowners.

Unlike all other mortgages, in which borrowers pay their lenders, reverse mortgages flip the money flow: They pay the borrower, either in the form of a credit line, monthly payments or a combination of the two.

The loan debt gets paid off with the proceeds of the sale of the home -- either when a borrower move out or passes away.

"You're leveraging the remaining equity in your home," said Jeff Corbett, a former mortgage broker and current consultant in the mortgage and real estate technology industries. He said the most "practical, prudent" reverse mortgage is probably one that pays you in monthly payments, rather than in a lump sum.

Different Loan Options

Home Equity Conversion Mortgages (HECM), which are insured by the Federal Housing Administration, are the most common form of reverse mortgages. To be eligible for an HECM, which may have a fixed or variable interest rate, you must be 62, own your home outright (or, in some cases, have a low primary mortgage balance) and live in your home full-time. A borrower with an HECM must pay property taxes, utilities and hazard and flood insurance premiums over the course of the loan, or otherwise face the possibility of foreclosure. HECMs may not exceed $625,500.

There are also single-purpose reverse mortgages, which are offered by state, local and non-profit organizations. These mortgages may only be used for one purpose, such as home renovations or property taxes. Usually, only low- or moderate-income borrowers qualify for them.

Proprietary reverse mortgages are a last option, which may have higher interest rates and upfront costs but have no income or medical requirements. These mortgages have all but vanished in the wake of the housing crisis.

The maximum loan amount a borrower may receive from a reverse mortgage is determined by the length of the loan, the loan's interest rate and the anticipated appreciation of the home's value over the course of the loan. This is in order to maximize the chances that the home's eventual sale will be enough to pay the accumulated debt.

For a home worth $400,000 that has no existing mortgage, that maximum amount -- known as the "net principal limit" -- could be around $193,000, according to Jack Guttentag, who gives mortgage advice on his website, The Mortgage Professor. Origination fees, mortgage insurance, closing costs and anticipated servicing fees are all tacked onto the balance of a reverse mortgage when it is originated, accounting for why your net principal limit may be smaller than you'd expect.

Know the Disadvantages of Reverse Mortgages

While a reverse mortgage may seem like a great deal at first, the loan type carries fees that are sometimes close to three times as much as those of a traditional mortgage.

CNNMoney reported that loan-origination fees on a $500,000 home may exceed $7,000. So selling your home and buying a less expensive one may be a better option for increasing your income.

And if you planned on leaving your house to family members, think again.

"The house doesn't go to your heirs," Corbett said. "It actually goes back to the bank" to settle the loan debt.

Most often, borrowers run into trouble with reverse mortgages when they choose to accept the loan in a lump sum.

"They'll do something frivolous with it," Corbett said, "like paying off all their debt or giving it to their children. They tend to blow their entire nest egg ... all in one big shebang, and now they're left with nothing."

The New York Times reported that this is increasingly becoming a problem for retiring baby boomers. Many more homeowners have been taking out reverse mortgages in lump sums than in the past, with an alarming percentage of them risking foreclosure by failing to pay their taxes and insurance.

A Reverse Mortgage

 

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Source: http://realestate.aol.com/blog/reverse-mortgages-loans-that-convert-home-equity-into-cash/what-you-should-know-about-reverse-mortgages/

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Weekly Market Activity Report - April 11, 2011

MAAR's Weekly Market Activity Report for the Twin Cities ? Week of Apr 11, 2011.

Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_04-11.pdf

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