Mella Pool's Real Estate Blog | NW Raleigh, NC | First Time Home Buyers, Community, Foreclosures, Housing Market, Tax Credit

Inside Real Estate
Let Me Help You!
(919) 874-7531
Follow My Blog
RSS
mellapool
Mella Pool
REALTORĀ®

    25 Years Experience

Direct: (919) 874-7531



Company Info

Fonville Morisey a long & Foster Company


Real Estate Tools

Schoolsschools

Communitiescommunities

Calculatorscalculators

Buy House

USDA Update – GOOD NEWS

Monday, May 17th, 2010

USDA announced this afternoon that going forward they will continue to
accept loan applications from approved lenders and issue conditional
loan commitments.

However, once existing funds run out (expected by tomorrow 5/12), the
loans will be “subject to the availability of funds and Congressional
authority to charge a 3.5% guarantee fee ………”.

Essentially, USDA expects current legislation authorizing the extension
and self funding of the program to be passed and they are willing to
continue issuing conditional commitments under what they expect to be
new terms.

Our investor for USDA, Chase Home Loans, has already told us they will
continue to accept and close these loans moving forward. NOTE: in the
past, other lenders who have stopped accepting these loans when funding
has run out tended to wait until full legislation or funding is
reinstated. Our investor, Chase, will likely still be the only investor
accepting these loans RIGHT NOW until funding is actually reinstated.

For USDA Purchase Loans, the maximum loan now when the guarantee fee is
financed will be equal to the Appraised Value of the property DIVIDED by
96.5%. If the guarantee fee is paid in cash, the maximum loan is 100%
of the Appraised Value.

Example:

$150,000 Sales Price (and Appraised Value) will equal a maximum loan
amount of $155,440 with the guarantee fee equal to 3.5% of that loan
amount or $5,440.

Contact Don or I with any questions.

Hugh W. Page, M.B.A.
Sr. Mortgage Consultant, NMLS# 93420

The Triangle housing market began 2010 by recording its fifth consecutive month of strengthening sales.

Tuesday, March 9th, 2010

There were 841 homes sold during January in Durham, Johnston, Orange and
Wake counties, up 7.5 percent from January 2009, Triangle Multiple
Listing Services data show. Pending sales and monthly showings were down
slightly compared to a year ago, while the average sales price was up 3
percent.

Residential real estate is a key economic engine in this region.
Although the Triangle didn’t experience the boom and bust felt by some
markets, it has suffered.

It is important that the market continue to record year-over-year
increases given how bad the first half of 2009 was, said Stacey
Anfindsen, a Cary appraiser who analyzes MLS data for the Triangle.

But he said it’s hard to infer much from the January numbers given that
it’s typically among the slowest months for home sales.

Most of the homes sold in January would have been put under contract in
November, Anfindsen said, meaning the numbers likely do not include
people who had been rushing to take advantage of the first-time buyer
tax credit.

“The fact that there was still people out there willing to buy houses at
the end of the year was pretty good,” he said.

The first-time buyer tax credit was set to expire Dec.1 until the
government agreed to extend it and expand it. The credit allows buyers
to reduce their federal income taxes by 10 percent of the price of a
home, up to a maximum of $8,000.

It also allows repeat buyers who have lived in their houses at least
five years to get a tax credit of up to $6,500.

The new deadline for both tax credits is April 30 to put a home under
contract and June 30 to close.

The looming expiration of the tax credits, combined with favorable
interest rates for mortgages, has many Triangle real estate agents
optimistic about the spring.

“Not only are the prices the best they’re going to be, the interest
rates are the best they can be, and they’re giving a tax credit,” said
Beth McKinney, a Re/Max United agent in Cary. “How can you go wrong? I
think there’s going to be a huge spring rush for that.”

david.bracken@newsobserver.com or 919-829-4548

Best Regards,

Corey Bauer

Home Mortgage Consultant

Wells Fargo Home Mortgage

M5609-011

7721 Six Forks Road, Suite 116

Raleigh, NC 27615

(Office: 919-841-5305

4 Fax: 866-709-6842

8* corey.d.bauer@wellsfargo.com

Apply Online @ www.cdbauer.com

Now is the Time to Buy a House in Raleigh!

Thursday, July 2nd, 2009

Need another reason to ensure buyers that they are in the right place and they need to buy while they still can???

10 Fastest Growing Cities Where the Rate of Gain is Highest:

City Pop. 2008 Gain (%)
New Orleans La. 311,853 8.2%
Round Rock Tex. 104,446 8.2%
Cary N.C. 129,545 6.9%
Gilbert Ariz. 216,449 5.0%
McKinney Tex. 121,211 4.8%
Roseville Calif. 112,660 3.8%
Irvine Calif. 207,500 3.8%
Raleigh N.C. 392,552 3.8%
Killeen Tex. 116,934 3.8%
Fort Worth Tex. 703,073 3.6%

(CNNMoney.com) — The Big Easy is making a big comeback. New Orleans has steadily won back some of the population it lost in the wake of Hurricane Katrina in 2005, according to a government report released Wednesday.

New Orleans lost more than half its residents during the deluge. Few large U.S. cities have ever had to cope with a disaster on that scale. Since then, it has been one of the country’s fastest growing cities.

Only a couple of instances can compare. Galveston, Texas, was also devastated by a hurricane in 1900, a storm that remains the most lethal natural disaster in U.S. history with a toll of about 6,000 deaths. And San Francisco was almost leveled by the earthquake and fire of 1906.

New Orleans is now growing rapidly. Its population is up 8.2% in the 12 months that ended July 1, 2008, gaining 23,740 people to 311,853, according to the Census Bureau. That still leaves it well below its pre-storm population of 484,674.

For sheer numerical increase, New York City trumped the birthplace of jazz. During the same 12-month period, Gotham added nearly 53,500 residents, more than any other city. That represented a growth rate of only 0.6%.

Following New York City were Phoenix, which added 33,184 residents (2.1%) to a total of 1,567,924, and Houston, up 33,063 to 2,242,193 (1.5%).

The top percentage winners, after New Orleans, were Round Rock, Texas, part of the Austin metropolitan area, which grew by 8.2% to 104,446; Cary, N.C., which gained 6.9% to 129,545; and Gilbert, Ariz., which swelled by 5% to 216,449.

New York retained its position as the largest U.S. city by far. Its nearly 8.4 million folks crammed into 303 square miles is more than twice the number of people who live in sprawling Los Angeles, the nation’s second biggest city with 3,833,995 people.

Chicago, once the nation’s second city, has fallen nearly a million behind Los Angeles with 2,853,114.

Most old Midwestern and Northeastern cities have shrunk in population since World War II as heavy industry waned in importance to the overall economy. Much of the growth in these areas occurred in suburban towns and were not counted in central city population figures.

Meanwhile, many Sun Belt towns exploded with growth as job opportunities in new technology industries proliferated. Northerners, including retirees, also moved south and west, lured by the warmer winters and relaxed life styles.

Among old-line cities, New York has been one of the few to buck this trend. In the years since the last census in 2000, it has gained 355,056 residents, a substantial gain and more than the total number of people who live in St. Louis.

The highest rate of growth since 2000 was reported by McKinney, Texas, which more than doubled to 121,211 from 54,369. Gilbert, Ariz., was second with an 88.7% jump to 216,449.

Few losers Of the 25 largest cities, only a handful experienced population loss.

Detroit, suffering from the turmoil in the auto industry, fell 0.5% to 912,062. The population of Philadelphia dipped slightly to 1,447,395 from 1.446,631. Baltimore dropped 0.5% to 636,919 and Memphis fell at about the same percentage rate to 660,651.

There have been some changes this year to the 25 largest cities.

For one thing, Denver moved into 24th place with 598,707 residents. It replaced Nashville, which dropped out of the top 25.

In addition, Dallas (1,279,910) edged past San Diego (1,279,329) to eighth place from ninth. San Francisco also moved up to 12th place; its population (808,976) surpassed Jacksonville (807,815).

And Austin (757,688) blew past Columbus (754,885) to 15th. Charlotte (687,456) leapfrogged Memphis (669,651) to 18th and El Paso (613,190) passed Boston (609,023) to 21st.

- Copyright © 2010 Inside Real Estate, LLC

Inside Real Estate does not endorse the agents on this site, and does not guarantee the content submitted by the site's members. Blog and page entries, content, and other information contributed by agents that are members of the site are accountable to the particular agent. Inside Real Estate and Omnia Alliance LLC take no accountability for the content contributed by members to the site.