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Recently Published: Rent Vs Buy Today Marcus & Millichap just completed a study and found the gap between monthly rents and mortgage payments are at their lowest level in 20 years. Years of declining prices and mortgage rates have created a buyer's market The longer term outlook for apartments remains good. The big banks are beginning to loosen up and the insurance companies have become active lenders again, but at a fraction of the earlier activity. Investment homes constituted 17 percent of all home sales in 2009 compared to 21 percent in 2008. The apartment sector is optimistic, partly because of capital provided by Fannie Mae and Freddie Mac. Its political...read more Who's Lending Now Signaling that big banks are healthier and no longer need extraordinary lending practices. Many of the large banks have surplus capital now and can self fund as necessary. Other big banks, responsible for 60% of all mortgage loans before the crises, cant be far behind. Expect Mortgage rates To Rise The Federal Reserve yesterday plans to remove its support from the financial marketplace. You can take the view that this is a nod towards the ability of the economy to lift itself. But the timing of this move has increased nervousness for housing. Commercial Property: Money Becoming Available Lenders may be beginning to open up as they see some signs of an economy that is stabilizing. Data released by the Mortgage Bankers Association (MBA) notes commercial and multifamily mortgage originations rose 12%. read more... FHA Financing Now Available For REO Properties Buyers of REO property will now have access to FHA mortgage insurance. HUD will allow FHA financing for buyers of REO property. This is a temporary waiver of policy, good for one year...read more Extend The Home Buyers Tax Credit The tax credit has been a significant boost to sales. NAR reports that sales have jump to 5.1 million from about 4.5 million annualized home sold..There are more problems to come and we need buyer support to help soak up the excess inventory still in the pipeline FHA has New Rules !If you didnt have a 20% down then the FHA was likely on your short list of lenders. FHA as well as Freddie Mac and Fannie Mae had an unspoken political mandate to make home ownership affordable to those with less than perfect credit or resources. For the first time in 75 years FHA will tighten up its lending structure...Read More FHA Has New Rules If you didnt have a 20% down then the FHA was likely on your short list of lenders. FHA as well as Freddie Mac and Fannie Mae had an unspoken political mandate to make home ownership affordable to those with less than perfect credit or resources. For the first time in 75 years FHA will tighten up its lending structure...Read More Congress Creates a New Liquid Market You can purchase a principal residence without a mortgage payment using a Federally Insured Purchase Reverse Mortgage. For those individuals with cash who want to move closer to family or buy into a senior housing community, its an option. For Realtors, its a market.
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