News
Bill Would Boost Home-Loan Limits for Veterans
WASHINGTON — New legislation introduced in Congress Wednesday would expand opportunities for U.S. veterans to purchase, build, repair, or improve a home by increasing their access to low-interest loans through the VA Home Loan Guaranty program.
The NATIONAL ASSOCIATION OF REALTORS® is endorsing the legislation, named the 21st Century G.I. Bill of Rights Act, which was brought forth by Sen. Hillary Rodham Clinton (D-N.Y.) and Rep. Patrick Murphy (D-Pa.).
“As the leading advocates for homeownership and affordable housing, REALTORS® have long supported policies that make housing more accessible and affordable for America’s veterans,” said NAR President Pat V. Combs, who joined Clinton and others at Wednesday’s announcement. “We strongly support efforts to improve housing benefits for all veterans, no matter where they live.”
Under the 21st Century G.I. Bill of Rights Act, veterans will be exempt from paying loan fees and will be able to access to low-interest VA loans for homes valued up to $625,000. The current program caps loans at $417,000.
The bill will guarantee eligibility to all service members — Active Duty, National Guard and Reserves — who have served since September 11, 2001.
“The G.I. Bill has helped millions of soldiers transition successfully to civilian life,” Sen. Clinton said. “Now it is time to update and modernize the G.I. Bill for the 21st century to meet the needs of today’s soldiers, veterans, and their families — from education to housing and microloans to start small businesses.”
She said this legislation is the “right way to invest in the future of our service members and reward the service they have given to our country.”
Source: REALTOR® Magazine Online
2007-05-17
Insiders Give a Big Thumbs Up to Real Estate Plays
As the real estate market slows down in most of the country, some are taking advantage and re-investing in Real Estate Investment Trusts (REIT). Insiders at over a half dozen REITs bought tens of millions of dollars worth of their own stock in the past week or so. Some of these REITs are also buying back their own shares – a powerful signal in combination with insider buying.
Link to InvestorIdeas article
Source: InvestorIdeas.com (05/17/07)
2007-05-17
30-Year Mortgage Rates Dip Slightly
The 30-year fixed mortgage rate fell to 6.15 percent this week from 6.16 percent, marking the third weekly decline in four weeks.
The Freddie Mac report also shows a jump in the one-year adjustable mortgage rate to 5.48 percent from 5.42 percent, while the five-year adjustable rate climbed to 5.89 percent from 5.87 percent.
The 15-year fixed rate, however, held steady at 5.87 percent.
"Low employment growth in April — the slowest pace since November 2004 — and downward revisions to both February and March job growth tempered market concerns of future increases in the rate of inflation," says Freddie Mac Chief Economist Frank Nothaft.
Source: Baltimore Sun (05/11/07)
2007-05-11
Bank of America Rolls Out No-Fee Mortgage
Bank of America on Tuesday will begin offering nationally a no-fee mortgage, which will eliminate most of the charges that add a few thousand dollars to every closing.
Bank of America, which is the nation’s second largest lender by assets, has been offering this mortgage in Washington state since September. In February, it expanded the program to eight additional states. Tomorrow, it will begin advertising the “No Fee Mortgage Plus” nationally.
The loan also eliminates private mortgage insurance and the bank is guaranteeing its customers the best deal on interest rates and an on-time closing. Borrowers must put down at least 5 percent. The loans aren’t available to subprime customers.
Floyd Robinson, Bank of America's president of consumer real estate and insurance services, says the loan eliminates, on average, $3,350 in closing costs on a $200,000 loan.
No other major bank appears to be offering similar loans. Robinson says the bank is able to make money by cross-selling new products. "This is about a relationship more so than about a single product sell," he says.
Source: The Associated Press, Ieva M. Augstums (05/07/07)
2007-05-07
New Resource Articles to Download
Please take a look at the three new articles, free to download, have been added to our Resources page.
In the General section look for "Bathroom Renovation Ideas."
In the General section look for "What is Radon gas?"
In the Sellers section look for "Curb Appeal Landscape Ideas."
2007-05-04
$5 Ideas for Making a House More Appealing
Real estate professionals in Sacramento, Calif., say it only takes a $5 investment to do some quick makeovers to attract potential buyers. Here are five under $5 ideas:
1. Give the trim around the front door a fresh coat of paint, covering up fingerprints and dings.
2. Fertilize the grass so it looks bright green.
3. Hang a small flag that says “Welcome.”
4. Place a big pot of yellow marigolds in the foyer — yellow makes people feel comfortable.
5. Dribble a few drops of vanilla on the oven door and turn it to low (it’ll smell just like cookies are baking).
Source: The Sacramento Bee, Jim Wasserman (05/04/07)
2007-05-04
Economy at Its Slowest in 4 Years
Economic growth slowed to its weakest pace in four years during the first three months of 2007. In its first estimate of economic growth for the quarter, the Commerce Department said the nation’s gross domestic product, the most comprehensive measure of overall economic activity, expanded 1.3 percent for the quarter, barely over half the rate recorded in the final quarter of last year.
Link to N.Y.Times article
2007-04-28
Home Staging On Rise Due To Buyer's Market
Home staging is, as one local Realtor® put it, "the art of making a good first impression" and it is gaining popularity locally and nationally. In what's become a buyer's market, staging a home can help to shift some of the power back to the seller by creating a home that looks inviting and is in demand.
Link to article
2007-04-27
NC Existing Home Sales Dip in March, Though Some Areas Post Increase
North Carolina existing home sales dipped by 7 percent for March 2007 when compared to the same time period a year ago. However, when compared to last month, unit sales increased by 27 percent. Areas of the state with the strongest year to date sales growth include Jacksonville (19 percent), Charlotte (10 percent) and the Triangle (9 percent).
2007-04-25
Union County Home Sales up in March
As reported by the Charlotte Area Multiple Listing Service, Union County home sales were up in March. February saw 107 sales with an average sales price of $172,340. In March there were 163 sales with an average sales price of $196,634. These figures do not take into account all new construction or FSBO.
If you want to take advantage of the hot Union County market contact us, we are here to help with all your real estate needs.
2007-04-24
Property Taxes Up As House Prices Fall
Property taxes will keep rising nearly everywhere for homeowners even as house prices are falling in many parts of the country, according to a USA Today analysis of government data. A key reason: Despite the housing downturn, the market value of millions of homes still exceeds their assessed value used for tax purposes.
Link to USA Today article
2007-04-24
Pardon our dust
Moore & Associates is moving to a new location on the World Wide Web. We hope to have the move finalized by the end of April. Please come back to this site often to see the exciting new changes.
www.mooreassociatesrealestate.com
www.moorehomesales.com
2007-01-09