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Archive for the ‘Statistics’ Category

handoffHandoffIn an earlier post, I wrote about why it is in the best interest of home sellers and buyers to work with a full-time Realtor who is focused on real estate only; not “double-dipping” by acting as a dual duty  real estate agent and mortgage loan broker. However, as a Realtor, I understand the importance of knowing what is happening with mortgage interest rates and keeping current with the latest mortgage news, loan products and trends. After all, mortgage loans are an integral part of completing most real estate transactions.

Since I am not a mortgage expert, I look to those who are to keep me abreast of their industry. I thought I would share some of the exceptional mortgage blogs that I subscribe to for expert advice.

Rhonda Porter, of The Mortgage Porter blog and also a contributor to the Rain City Guide Real Estate blog, recently wrote a very informative post on preserving your credit standings when going through a divorce or separation. Another relevant post of Rhonda’s addresses mortgage loan options for writing a contingent offer on a home; a way to purchase another home prior to selling your existing home without the risk of paying two mortgages. You’ll find these posts and much, much more on Rhonda’s blog.

A current phenomenon that many homeowners are experiencing is adjustable rate mortgages (ARMs) going up. Morgan Brown of Blown Mortgage blog has strong advice for what steps you can take now and options that are available to those in this situation. Morgan’s blog covers a wide array of industry news including: Wall Street the Economy and Consumer Mortgage Tips. He also writes about why he hates the mortgage industry. Fun stuff!

Both Rhonda and Morgan have been blogging for quite some time. In this handoff from Realtor to Mortgage Lender, you’ll be in good hands in the company of their blog posts and mortgage industry musings!

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Here is the latest real estate market trend report from June 8, 2007:

Long beach currently has 1,920 active listings for single family homes and condos, an increase of 23% over last year this time and 433 properties in escrow, constituting a 4% decrease as compared to last year.

The current statistics by zip code as of today’s date, June 8, 2007, are as follows:

Single-Family & Condo

Zip Code      Active     Pending       Sold (2 mos)    Attrition Rate

90803              184            47                   64                6 mos.

90804              181            37                   32               11 mos.

90807              192            37                   53                 7 mos.

90815              153            47                   46                 7 mos.

90802              343            72                   66               10 mos.

Residential Income (2 units or more) – combined totals for zip codes above:

                         179             32                  28                 6 mos.

*This information provided by the SOCAL MLS

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sold-available.jpg  As of April 4, 2007 – The City of Long Beach had 1591 Active single-family homes and condominiums for sale and 428 sales pending. In the past month the number of listings has crept up by approximately 100, while the number of escrows opened has remained relatively the same. Currently, Long Beach has roughly 20% more inventory than the same time period in 2006 and 14% fewer pending sales.

 The current numbers of Active Listings, Peding Sales and Closed Sales (within the last month) are as follows by Zip Code:

 90803 – 145 Active – 50 Pending – 27 Closed

90804 – 141 Active – 27 Pending – 23 Closed

90807 – 155 Active – 40 Pending – 27 Closed

90815 – 118 Active – 46 Pending – 34 Closed

90802 – 261 Active – 76 Pending – 32 Closed

*This information was taken from the SOCAL MLS

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In the midst of the sub-prime loan debacle, Inman News reports that the Secretary of Housing and Urban Development (HUD) has put before Congress a plan for modernizing FHA loans. In recent years FHA loans have been all but extinct in states with high housing costs, due to their maximum loan limits. Buyers turned to riskier adjustable-rate loans as a means to get into home ownership without, in some cases, as illustrated by the increase of mortgage defaults, full knowledge of how high their payments could reach when the loan adjusted.The proposed plan would allow for higher loan amounts, eliminate the mandatory 3% down-payment and would be flexible with more options. Californians looking to purchase a home with little or no down-payment would certainly benefit from this new FHA loan over-haul; as would home-sellers by having a bigger pool of qualified buyers that are able to purchase their homes.

This important update to FHA home loans, could be a very vital component in keeping our housing market healthy by allowing more buyers safer loans that they can afford. Let your CA State Senator know that you think this is of importance to you. Look for updates in future posts.

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