Dave Thurman's Real Estate Blog

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Interest rates continue to remain near their historic lows. Thirty-year, fixed-mortgage interest rates averaged 4.88 percent during November 2009, compared with 6.09 percent in November 2008, according to Freddie Mac.

Adjustable-mortgage interest rates averaged 4.41 percent in November 2009, compared with 5.26 percent in November 2008.

Platinum Home Mortgage Corporation

Realty World Corporate Update.

Last week we signed a one-year deal with Zillow.com to feature your listings on their website above your competitors. What this means is that when buyers and sellers are searching properties on Zillow, all Realty World listings show up first. This delivers five times the amount of buyer traffic for your listings and huge exposure. We already feature your listings on Trulia.com, and with this new Zillow contract, you have the highest amount of exposure for your listings on two of the biggest real estate sites in the world.

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• Trulia Also Experiences Record Growth, Shift Towards Mobile in 2009  searchenginewatch.com)
• Zillow Wants a Home on Wall Street  gigaom.com)

Good Faith Estimate form effective January 1st.

Under the new rules, lenders and mortgage brokers are required to give consumers the standard estimate form within three days of receiving a loan application. The Good Faith Estimate form requires lenders to combine all of the bank’s fees into one “origination charge,” enabling consumers to compare one lender’s fees with another’s. Lenders also are prohibited from increasing the origination fee from the estimate.

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• The new standardized mortgage estimate  blogs.reuters.com)
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• Home Buyer says dealing with the new Good Faith Estimate is “Close to Living Hell”  raincityguide.com)
• New Rules Help Home Buyers Understand Loan Costs  abcnews.go.com)

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 Tiger Woods is the greatest golfer in the world. Most serious golfers enjoy watching him play the game and don’t really give a damn about his personal life. Come back soon…Tiger!

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• Tiger ‘Lover’ Speaks As Gillette Cuts Links  news.sky.com)
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I found this on my CAR website…

Testifying before the Housing Financial Services Committee yesterday, Secretary of Housing and Urban Development (HUD) Shaun Donovan announced possible policy changes for Federal Housing Administration’s (FHA) borrowers.

Rising defaults on FHA loans have led to the FHA’s cash reserves falling below federally mandated levels. FHA officials hope that policy changes will ensure borrowers have a stronger equity position and are less likely to default.

Proposed changes include:
· Raising the minimum credit scores requirements: Currently borrowers with FICO scores as low as 500 may qualify for an FHA-insured loan. The new minimum credit score has yet to be determined.

· Increasing down payment requirements: FHA borrowers currently can put down as little as 3.5 percent. A proposed change would raise that amount to a minimum of 5 percent.

· Limiting the amount sellers can provide as concessions: The agency is considering lowering the maximum permissible level to 3 percent from its current 6 percent limit.

· Raising up-front insurance premiums: Agency staff is reviewing whether to increase the monthly insurance premiums charged to borrowers, which come on top of insurance paid up front. The current up-front premium is set at 1.75 percent of the value of the loan. The FHA may decide to increase that premium. The amount has yet to be determined.

According to Donovan, the rules will not be finalized until the FHA determines how to craft them in a way that weeds out the most problematic borrowers while ensuring that qualified borrowers will not be inadvertently shut out, thereby derailing the housing market’s recovery.

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Thank you to all the buyers and sellers this past year who managed to have faith in our real estate profession in such difficult times. Please have a wonderful, safe and happy Thanksgiving .

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The Stockton, CA real estate market is sooo… crazy. Approximately 50% or more of the home buyers are pre-approved for FHA financing for the very low priced inventory available. They find homes for sale on the Internet, but become frustrated due to the fierce competition from other buyers. Most buyers have made offers 5-10 times before finally getting a chance to close. Many home buyers just give up after a while, but in my opinion, expect the market to stay very active right through the winter holiday season due to the extension of the tax credits from uncle Sam.

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The landlord dropped by to collect the rent and now knows all about Sam, the family pet!  He said, ” you better look for another house or get rid of that dog before next month.” 

Why not get rid of your landlord!!! I understand that President Obama was to sign the extension to the $8000 tax credit for first-time home buyers last Friday and also the bill included a tax credit to many other home buyers. Read more…

I found this fascinating quote today:

Congress must have been paying attention (or I tripped on something that other people agreed with!) and the $8,000 Tax Credit was extended this week. In addition, people who have owned their homes for 5 consecutive years (out of the last 8 years) can now get a $6,500 tax credit when they buy a new home.Bill Lublin, MOVEPHILLY, Nov 2009

You should read the whole article.