Fran Rizzuto
Broker-Associate
email: nyfraninflorida@aol.com
- Wellington/ West Palm Beach
- 2335 S State Road 7 Suite 500
- Wellington, FL 33414
- Tel: 561-868-2644
- Fax: 561-868-2645
- Dir: 561-307-0471
Rates on 30-year mortgages tie record low WASHINGTON (AP) – May 1, 2009 – Rates on 30-year mortgages tied a record low this week, spurring refinancing activity as the troubled housing market moves closer to possibly hitting the bottom, Freddie Mac said Thursday.
Average rates on 30-year fixed mortgages, the most popular loan among home buyers, slid to 4.78 percent from 4.8 percent last week, Freddie Mac said. Last year at this time, the average rate on a 30-year mortgage was 6.06 percent. The all-time low of 4.78 percent was recorded the week of April 2. Freddie Mac’s annual survey dates back to 1971.
Low mortgage rates have led to more refinancing activity since rates first fell dramatically in the winter. Rates slid again after the Federal Reserve said last month it would buy $1.2 trillion in mortgage-backed securities and $300 billion in long-term government debt, which traditionally influences rates on 30-year home loans.
Frank Nothaft, Freddie Mac’s chief economist, said the low rate means that those who refinance a $200,000 loan would save almost $212 in monthly mortgage payments and more than $2,500 per year.
Read the full story...
Average rates on 30-year fixed mortgages, the most popular loan among home buyers, slid to 4.78 percent from 4.8 percent last week, Freddie Mac said. Last year at this time, the average rate on a 30-year mortgage was 6.06 percent. The all-time low of 4.78 percent was recorded the week of April 2. Freddie Mac’s annual survey dates back to 1971.
Low mortgage rates have led to more refinancing activity since rates first fell dramatically in the winter. Rates slid again after the Federal Reserve said last month it would buy $1.2 trillion in mortgage-backed securities and $300 billion in long-term government debt, which traditionally influences rates on 30-year home loans.
Frank Nothaft, Freddie Mac’s chief economist, said the low rate means that those who refinance a $200,000 loan would save almost $212 in monthly mortgage payments and more than $2,500 per year.
Read the full story...
Recession May be Over Early, Some Forecasters Say WASHINGTON – May 11, 2009 – The jobless rate is expected to tick up and continue climbing for months, a crisis in commercial real estate looms and the latest survey of bank lending suggests that it’s still pretty hard to get a new mortgage. So it may sound surprising that some forecasters see an imminent end to the recession. Read the full story...
A Comfortable Mortgage During the real estate boom, many homebuyers were surprised at the amount of money a bank was willing to lend - and many who took the full amount now face foreclosure. As banks struggle to reinvent lending, Bank of America has debuted www.BankOfAmerica.com/HomeLoans. Web site not only includes a calculator to determine the maximum amount of money a buyer can borrow, it also includes calculators to help buyers determine how much debt they can comfortably take on. Bank of America says it designed the site to be easily understood and to help consumers face a variety of contingencies, including the maximum payment that an ARM could potentially cost. The new site includes BofA products, such as the Flat Fee Mortgage Plus, which has no application fee and a single closing fee; it doesn't always include some standard costs of homeownership, such as property taxes, homeowners' insurance or prepaid interest. Source: The New York Times, Bob Tedeschi (05/08/2009)
Families move during drywall work BOYNTON BEACH, Fla. – May 12, 2009 – Home builder G.L. Homes has begun temporarily relocating homeowners in its Canyon Isles community near Boynton Beach, where homes have been found to have defective Chinese drywall. The Sunrise-based home builder began investigating homes in the development more than a month ago, homeowners said.
In a statement, G.L. Homes Division President Marcie DePlaza said the company did an investigation and discovered that independent contractors installed tainted Chinese drywall in a limited number of homes built between April and November of 2006. Read the full story...
March 2009 Home Sales. ORLANDO, Fla. – April 23, 2009 – Florida’s existing home sales increased in March, making it the seventh month in a row that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). March’s statewide sales also increased over the previous month’s sales level in both the existing home and existing condo markets.
Existing home sales rose 30 percent last month with a total of 13,085 homes sold statewide compared to 10,080 homes sold in March 2008, according to FAR. Statewide existing home sales in March were 32.7 percent higher than February’s statewide sales.
Florida Realtors also reported a 25 percent rise in statewide sales of existing condominiums in March, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 37.2 percent over the total units sold in February. Read the full story...
Families move during drywall work BOYNTON BEACH, Fla. – May 12, 2009 – Home builder G.L. Homes has begun temporarily relocating homeowners in its Canyon Isles community near Boynton Beach, where homes have been found to have defective Chinese drywall. The Sunrise-based home builder began investigating homes in the development more than a month ago, homeowners said.
In a statement, G.L. Homes Division President Marcie DePlaza said the company did an investigation and discovered that independent contractors installed tainted Chinese drywall in a limited number of homes built between April and November of 2006. Read the full story...
March 2009 Home Sales. ORLANDO, Fla. – April 23, 2009 – Florida’s existing home sales increased in March, making it the seventh month in a row that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). March’s statewide sales also increased over the previous month’s sales level in both the existing home and existing condo markets.
Existing home sales rose 30 percent last month with a total of 13,085 homes sold statewide compared to 10,080 homes sold in March 2008, according to FAR. Statewide existing home sales in March were 32.7 percent higher than February’s statewide sales.
Florida Realtors also reported a 25 percent rise in statewide sales of existing condominiums in March, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 37.2 percent over the total units sold in February. Read the full story...
First-Time Homebuyers $8,000 Tax Credit. The homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act signed by President Obama into law on Feb. 17, 2009. The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. Read the full story...
Chinese Drywall It is alleged that as many as 36,000 homes in Florida
Most of the complaints come from homeowners who own homes built between 2003 and 2007, although it is now coming to light that homes dating back as far as 2001 may also have this product! The cause and effect of this problem has not been finalized, but it is believed that humidity causes the sulfur in the drywall of off gas, which in turn is the prime reason for noxious odors and corrosive action on the metal products and materials within homes. If you believe you have this product you should not steam clean carpets, walls, floors etc. until you have had your home inspected and analyzed. Read the full story...
Most of the complaints come from homeowners who own homes built between 2003 and 2007, although it is now coming to light that homes dating back as far as 2001 may also have this product! The cause and effect of this problem has not been finalized, but it is believed that humidity causes the sulfur in the drywall of off gas, which in turn is the prime reason for noxious odors and corrosive action on the metal products and materials within homes. If you believe you have this product you should not steam clean carpets, walls, floors etc. until you have had your home inspected and analyzed. Read the full story...
Foreclosure Help - Help is Available for At-Risk Homeowners. Click here for more info...
From the White House... Homeowner Affordability and Stability Plan. The Plan has three main components:
1. Refinancing for Responsible Homeowners Suffering From Falling Home Prices;
2. A Comprehensive $75 Billion Homeowner Stability Initiative:
3. Support Low Mortgage Rates by Strengthening Confidence in Fannie Mae and Freddie Mac. The first section is a detailed summary of the provisions outlined by the administration on February 18, 2009. The second section gives examples of how the plan will help three different "families" facing foreclosure. The third section is a very helpful question and answer series. Read more...
