In an article dated Oct 28, 2010, when Forbes magazine considered where your money would go further in the United States, they discovered what we already know... Oklahoma City is #1!!
Several factors were used to consider what makes Oklahoma City so exceptional and affordable. For instance, Oklahoma City's unemployment rate (currently 6.3%) consistently ranks lower than the national average (currently 9.5%). Our local housing market continues to be stable. The quality of living in combination with the actual costs of living have long been staples of what makes OKC so great. "Just because you can get by on the cheap doesn't mean these places are backwaters," says Forbes. We have a balance of nice homes, good jobs, inexpensive products and services, fantastic schools, as well as friendly people.
Aren't you glad you're in Oklahoma!
Like this article?
(Resource: Forbes Magazine Article)
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
Tuesday, November 2, 2010
Thursday, October 21, 2010
OKC in top 5 of Fastest Growing Cities
This according to Forbes magazine article dated Oct. 11, 2010
"Oklahoma City, Okla.
Oklahoma City-- with its business-friendly environment and abundant oil and natural gas reserves--ranked No. 11 in Forbes' list of the best big cities for jobs. A KPMG study named it the least costly metro area to do business among U.S. cities with populations between 1 million and 2 million, and according to the Census Bureau Community Survey, it has the third-shortest commute time among the 52 largest cities. Such factors--plus its exciting new basketball star, Kevin Durant--have definitely attracted plenty of new residents. An article in the Sacramento Bee reported that many Californians were migrating to the former Dust Bowl town in search of jobs and more stable housing prices, and its population, at 1.2 million, is expected to grow 9.8% in the next 10 years, according to the Greater Oklahoma City Partnership. "
To see the rest of the article go to: The Fastest Growing Cities in the US
Like this update?
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
"Oklahoma City, Okla.
Oklahoma City-- with its business-friendly environment and abundant oil and natural gas reserves--ranked No. 11 in Forbes' list of the best big cities for jobs. A KPMG study named it the least costly metro area to do business among U.S. cities with populations between 1 million and 2 million, and according to the Census Bureau Community Survey, it has the third-shortest commute time among the 52 largest cities. Such factors--plus its exciting new basketball star, Kevin Durant--have definitely attracted plenty of new residents. An article in the Sacramento Bee reported that many Californians were migrating to the former Dust Bowl town in search of jobs and more stable housing prices, and its population, at 1.2 million, is expected to grow 9.8% in the next 10 years, according to the Greater Oklahoma City Partnership. "
To see the rest of the article go to: The Fastest Growing Cities in the US
Like this update?
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
Friday, October 8, 2010
Bank of America Halts ALL Foreclosures Nationwide
...An update to my previous blog Oct 5th "Foreclosures Screach to a Halt"
The foreclosure mess threatens to become full-blown chaos today as Bank of America, the nation's largest bank, halts all foreclosure procedures nationwide and raises the pressure on other lenders to do the same. For those in the real estate industry, this doesn't come as a surprise. Bank of America spokesperson Dan Frahm declined to disclose how many foreclosures would be affected by the move.
As animosity grows about how lenders have prepared documents to support thousands of evictions, Bank of America is the first U.S. bank to institute a nationwide moratorium on foreclosures. The freeze on foreclosures will take effect on Saturday and will also include current sales of their foreclosed property.
The Senate Banking Committee will hold hearings after the Nov elections (on Nov 16th) to look into allegations that the nation's largest lenders have foreclosed on struggling borrowers without following lawful & correct procedures. You can expect this situation to be long lasting as Democrats are expected to face heavy losses at the polls in Nov, therefor not giving new members their official positions in office until January.
Like this update?
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
The foreclosure mess threatens to become full-blown chaos today as Bank of America, the nation's largest bank, halts all foreclosure procedures nationwide and raises the pressure on other lenders to do the same. For those in the real estate industry, this doesn't come as a surprise. Bank of America spokesperson Dan Frahm declined to disclose how many foreclosures would be affected by the move. 
As animosity grows about how lenders have prepared documents to support thousands of evictions, Bank of America is the first U.S. bank to institute a nationwide moratorium on foreclosures. The freeze on foreclosures will take effect on Saturday and will also include current sales of their foreclosed property.The Senate Banking Committee will hold hearings after the Nov elections (on Nov 16th) to look into allegations that the nation's largest lenders have foreclosed on struggling borrowers without following lawful & correct procedures. You can expect this situation to be long lasting as Democrats are expected to face heavy losses at the polls in Nov, therefor not giving new members their official positions in office until January.
Like this update?
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
Tuesday, October 5, 2010
Foreclosures Screach to a Halt
It's like watching a big, bad old-fashioned train wreck. If you haven't already heard, several big banks across the US have suspended all foreclosures in 23 states due to inpropper procedures. The contorversy is over "robo-signing", where employees did not follow required legal procedures to read and verify all documentation relating to each foreclosure case. One Bank of Amercia employee acknowledged in a legal deposition that she had signed 7,000 - 8,000 documents relating to foreclosures every month without reviewing the documents. A GMAC employee admitted in depositions that he authorized up to 10,000 foreclosures a month without seeing the files associated with them. At Chase, a "robo-signer" in Ohio, stated that she signed off on about 18,000 foreclosure affidavits and other documents a month without reviewing all the files.
The 23 states are: Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.The Office of Comptroller of the Currency last week ordered the nation's largest loan servicers to review their foreclosure processes. They directed Bank of America, J.P. Morgan Chase, Citibank, HSBC, PNC Bank, U.S. Bank, Wells Fargo and GMAC Mortgage to verify that they are following proper procedures, and that their practices haven't harmed borrowers in the past.
To add to the dilema, all major Title Insurer's such as Old Republic, First American, and Stewart Title have all indicated they will no longer write policies for the banks involved until the issue has been resolved. This could bring Real Estate sales themselves to an even louder screaching halt.
Like this article?
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
Wednesday, September 22, 2010
NAR Pushes Bill for Quicker Response on Short Sales
NAR pushes bill for quicker response on Short Sales
Inside a professional Realtor's mind on Short Sales...
Short sales have been on the rise in the real estate marketplace over the last couple of years. The biggest problem that we Realtors have faced is that the banks have not been prepared to handle these transactions efficiently. Now, when I say "we Realtors", understand that "we Realtors" are in the business of serving buyers and sellers. Without consistency and standards, it is nearly impossible to assist our clients in the expert manner that they deserve. Though most clients understand that certain things are beyond our professional control, we are continuously striving to better our industry and so our ability to serve our clients (whether they know it or not).
There have been many improvements to the Short Sale process as of late, but the biggest problem still remains... response time.
Why is that a problem?
Well, when a seller is in a position to NEED to sell, time is not exactly on their side. More often than not, sellers who seek a Short Sale are doing so in an effort to avoid a forclosure. What ends up happening is that the banks take too long to approve each aspect of the transaction. The main example being the offer to purchase. It is not unusual for lenders to recieve an offer to purchase and not respond to it for 6 months or longer. As you can imagine, this results in the frustration of both buyers and sellers. Many buyers walk away simply over the lack of any kind of timely response.
NAR (The National Association of Realtors) represents over 1.1 million members and is by far the loudest "voice of real estate". It's members, myself included, can tell you how important it becomes to sellers that they be able to sell their properties in these already stresfull situations. Homeowners may now find that relief could be on its' way thanks to the efforts of our National Association. The legislation, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010,” was offered yesterday in Congress by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.). The bill would require lenders to respond to consumer short sale requests within 45 days... something Realtors have been advocating for their clients for quite some time.
I'll let you know how it turns out...
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
Inside a professional Realtor's mind on Short Sales...
Short sales have been on the rise in the real estate marketplace over the last couple of years. The biggest problem that we Realtors have faced is that the banks have not been prepared to handle these transactions efficiently. Now, when I say "we Realtors", understand that "we Realtors" are in the business of serving buyers and sellers. Without consistency and standards, it is nearly impossible to assist our clients in the expert manner that they deserve. Though most clients understand that certain things are beyond our professional control, we are continuously striving to better our industry and so our ability to serve our clients (whether they know it or not).
There have been many improvements to the Short Sale process as of late, but the biggest problem still remains... response time.
Why is that a problem?
Well, when a seller is in a position to NEED to sell, time is not exactly on their side. More often than not, sellers who seek a Short Sale are doing so in an effort to avoid a forclosure. What ends up happening is that the banks take too long to approve each aspect of the transaction. The main example being the offer to purchase. It is not unusual for lenders to recieve an offer to purchase and not respond to it for 6 months or longer. As you can imagine, this results in the frustration of both buyers and sellers. Many buyers walk away simply over the lack of any kind of timely response.
NAR (The National Association of Realtors) represents over 1.1 million members and is by far the loudest "voice of real estate". It's members, myself included, can tell you how important it becomes to sellers that they be able to sell their properties in these already stresfull situations. Homeowners may now find that relief could be on its' way thanks to the efforts of our National Association. The legislation, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010,” was offered yesterday in Congress by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.). The bill would require lenders to respond to consumer short sale requests within 45 days... something Realtors have been advocating for their clients for quite some time.
I'll let you know how it turns out...
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
Tuesday, September 14, 2010
Changes for Reverse Mortgages
Housing Regulator Prepares Changes for Reverse Mortgages
By Mary Ellen Podmolik Print Article
RISMEDIA, September 14, 2010—(MCT)—The Federal Housing Administration isn’t talking publicly about it, but the agency may be getting ready to lessen the upfront costs of reverse mortgages for some borrowers. The agency also, however, may be reducing the amount seniors can borrow from their homes.
In a recent conference call with industry participants, FHA officials said they were finalizing plans to offer a home-equity conversion mortgage with almost no upfront mortgage insurance premium attached, according to the National Reverse Mortgage Lenders Association. The FHA may also tinker with the traditional product in a way that increases the overall borrowing costs.
“HUD is looking at options to provide a lower-priced home-equity conversion mortgage option,” said Lemar Wooley, a spokesman for the U.S. Department of Housing and Urban Development. “We are still working out the details. Our basic plan is to make the product more attractive, while limiting FHA’s exposure to risk.”
A home-equity conversion mortgage is a federally guaranteed reverse mortgage designed to let homeowners 62 or older tap into the equity in their homes. The loans and accrued interest don’t have to be repaid until the owner sells the home, dies or fails to live there for one year, but the loans have traditionally carried significant upfront and annual expenses.
According to participants on the conference call, home-equity conversion mortgages would be split into two products this fall: a “standard” loan and a “saver” loan.
The saver loan would have an upfront mortgage insurance premium of 0.01% of a home’s value, but the amount of funds that could be borrowed, known as the principal limit, would be reduced by at least 10%, lowering the risk to the FHA, which guarantees the loans. Because a smaller amount could be borrowed, the saver loan could be marketed as an alternative to a home equity line of credit to seniors on fixed incomes who can’t make the monthly minimum interest payments required on such lines of credit.
Under the standard loan, the upfront mortgage insurance premium charged by the FHA would remain 2% of the property value (or a max of 2% of the FHA maximum loan limit of $625,500), and the principal limit would be cut by 1-5% of a home’s value, depending on the borrower’s age. The upfront mortgage insurance premium would remain 2%, said industry participants briefed on the plan.
For both loans, the monthly mortgage insurance premium, which is 0.5% of the mortgage balance for a traditional home equity conversion mortgage, would increase to 1.25%.
“For someone who needs a chunk of money, but not a huge chunk, we believe this will significantly broaden the appeal,” said Peter Bell, president of the National Reverse Mortgage Lenders Association. “They’re very smart changes.”
In the past few months, several reverse mortgage lenders decreased origination fees and closing costs, partly in a bid to increase demand for the product and partly to pass along some of the profit they’ve made as investors scooped up the loans on the secondary market. The saver product would further reduce the upfront borrowing costs.
The National Council on Aging, which has advocated the development of a more flexible reverse mortgage product for some time, views the coming changes as welcome news that the industry is moving past the one-size-fits-all mentality.
However, the advocacy group also sees potential pitfalls.
“The more flexibility there is, the more chance there is to be talked into something that doesn’t make sense,” said Barbara Stucki, vice president of home equity initiatives for the National Council on Aging.
In the past year, consumer advocates have voiced concerns about the marketing techniques used to tout reverse mortgages to seniors, a potentially vulnerable class of consumers.
Beginning Sept. 11, consumers interested in home equity conversion mortgage will have to undergo expanded counseling to better understand their options.
Stucki urges seniors to take full advantage of those expanded counseling efforts.
“Go talk to a counselor before you talk with a lender,” she said. “Don’t wait until you’ve talked with a lender and been talked into something. This counseling is something that can be an extraordinary teachable moment.”
(c) 2010, Chicago Tribune.
Distributed by McClatchy-Tribune Information Services.
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
By Mary Ellen Podmolik Print Article
RISMEDIA, September 14, 2010—(MCT)—The Federal Housing Administration isn’t talking publicly about it, but the agency may be getting ready to lessen the upfront costs of reverse mortgages for some borrowers. The agency also, however, may be reducing the amount seniors can borrow from their homes.
In a recent conference call with industry participants, FHA officials said they were finalizing plans to offer a home-equity conversion mortgage with almost no upfront mortgage insurance premium attached, according to the National Reverse Mortgage Lenders Association. The FHA may also tinker with the traditional product in a way that increases the overall borrowing costs.
“HUD is looking at options to provide a lower-priced home-equity conversion mortgage option,” said Lemar Wooley, a spokesman for the U.S. Department of Housing and Urban Development. “We are still working out the details. Our basic plan is to make the product more attractive, while limiting FHA’s exposure to risk.”A home-equity conversion mortgage is a federally guaranteed reverse mortgage designed to let homeowners 62 or older tap into the equity in their homes. The loans and accrued interest don’t have to be repaid until the owner sells the home, dies or fails to live there for one year, but the loans have traditionally carried significant upfront and annual expenses.
According to participants on the conference call, home-equity conversion mortgages would be split into two products this fall: a “standard” loan and a “saver” loan.
The saver loan would have an upfront mortgage insurance premium of 0.01% of a home’s value, but the amount of funds that could be borrowed, known as the principal limit, would be reduced by at least 10%, lowering the risk to the FHA, which guarantees the loans. Because a smaller amount could be borrowed, the saver loan could be marketed as an alternative to a home equity line of credit to seniors on fixed incomes who can’t make the monthly minimum interest payments required on such lines of credit.
Under the standard loan, the upfront mortgage insurance premium charged by the FHA would remain 2% of the property value (or a max of 2% of the FHA maximum loan limit of $625,500), and the principal limit would be cut by 1-5% of a home’s value, depending on the borrower’s age. The upfront mortgage insurance premium would remain 2%, said industry participants briefed on the plan.
For both loans, the monthly mortgage insurance premium, which is 0.5% of the mortgage balance for a traditional home equity conversion mortgage, would increase to 1.25%.
“For someone who needs a chunk of money, but not a huge chunk, we believe this will significantly broaden the appeal,” said Peter Bell, president of the National Reverse Mortgage Lenders Association. “They’re very smart changes.”
In the past few months, several reverse mortgage lenders decreased origination fees and closing costs, partly in a bid to increase demand for the product and partly to pass along some of the profit they’ve made as investors scooped up the loans on the secondary market. The saver product would further reduce the upfront borrowing costs.
The National Council on Aging, which has advocated the development of a more flexible reverse mortgage product for some time, views the coming changes as welcome news that the industry is moving past the one-size-fits-all mentality.
However, the advocacy group also sees potential pitfalls.
“The more flexibility there is, the more chance there is to be talked into something that doesn’t make sense,” said Barbara Stucki, vice president of home equity initiatives for the National Council on Aging.
In the past year, consumer advocates have voiced concerns about the marketing techniques used to tout reverse mortgages to seniors, a potentially vulnerable class of consumers.
Beginning Sept. 11, consumers interested in home equity conversion mortgage will have to undergo expanded counseling to better understand their options.
Stucki urges seniors to take full advantage of those expanded counseling efforts.
“Go talk to a counselor before you talk with a lender,” she said. “Don’t wait until you’ve talked with a lender and been talked into something. This counseling is something that can be an extraordinary teachable moment.”
(c) 2010, Chicago Tribune.
Distributed by McClatchy-Tribune Information Services.
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
Friday, September 10, 2010
9 Things to do to Prepare for Fall
Whether you're preparing a home for sale, holidays, or just the cold winter months, here's your punch list!
9 Things to do to get your Home ready for Fall
Consider taking some time now to prepare and you won't be caught off guard when you have unexpected guests or find yourself working outdoors during the colder Oklahoma months.
1.) The Yard/Garden:
•· Prepare your lawns and gardens now for below-freezing temperatures. Pull weeds, seed and fertilize the lawn, and plant any spring-blooming bulbs. In areas where the ground is likely to freeze, you should consider mulching flower beds. The mulch will help to insulate the roots, protecting them when the weather gets cold. Potted plants and container gardens should be moved indoors or you can protect them outdoors by wrapping them in burlap. Cover or wrap outdoor faucets.
2.) The Patio:
•· Clean outdoor patio furniture and equipment with mild soap and water. If possible, bring them indoors for the winter. If you don't have the storage space, wrap them tightly with a tarp or other cover that will protect them from harsh weather and the damaging rays of the sun.
3.) Storage Areas:
•· Store outdoor fun and camping gear in the back (since they won't be needed again until next year) and move the fall sporting (footballs, etc) and yard equipment (rakes & leaf blowers) to the more accessible areas of the storage space. This way you won't have to fight with unnecessary items when you're getting ready to run off to football practice or to rake leaves.
4.) Entry Areas:
•· In the cooler temperatures you'll need warmer jackets and heavier shoes. Don't let these items clutter up the entryway. Organize a space near the doorway to store them. If you don't have a coat closet nearby, consider hanging coat hooks and setting out baskets for shoes, scarves, hats & gloves.
5.) Clothes Closets:
•· Go through your family's closets. Store summer dresses and tops to make room for fall wardrobes. Make sure school clothes are organized and ready for the children to grab on mornings when they're hurrying to school.
6.) In the Kitchen:
•· Things can get pretty hectic during the school weeks. Be sure to stock the cabinets and pantries with healthy afternoon snacks and ingredients for quick & easy meals so that you can quickly make dinners that are good for your family.
7.) In the Living Room:
•· Give the living room a quick mini-makeover for fall with just a few simple changes. Pillows, throws and slipcovers in rich fall fabrics or colors are easy ways to give it a new look. Consider an arrangement of autumn flowers to bring the mood of the seasonal changes indoors.
8.) In the Bedrooms:
•· Falling temperatures also mean cool autumn nights. It's time to pull out the heavier blankets that you stored away in the spring. Give your bed a new seasonal look with a throw at the end of the bed in an autumnal color or rich fabric.
9.) In the Bathrooms:
•· As everyone is rushing to get to school or work, the bathroom becomes one of the busiest rooms in the house. Streamline the process and avoid headaches by assigning everyone a shelf, drawer, or other storage spot where they can keep their morning essentials. No more hunting around for someone's hairbrush. Everything they need is in their assigned place and easy to reach.
Get more tips like these on The VIP Team website.
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
405.412.5452
Natalie@TheVIPofOKC.com
www.TheVIPofOKC.com
9 Things to do to get your Home ready for Fall
Consider taking some time now to prepare and you won't be caught off guard when you have unexpected guests or find yourself working outdoors during the colder Oklahoma months.
1.) The Yard/Garden:
•· Prepare your lawns and gardens now for below-freezing temperatures. Pull weeds, seed and fertilize the lawn, and plant any spring-blooming bulbs. In areas where the ground is likely to freeze, you should consider mulching flower beds. The mulch will help to insulate the roots, protecting them when the weather gets cold. Potted plants and container gardens should be moved indoors or you can protect them outdoors by wrapping them in burlap. Cover or wrap outdoor faucets.
2.) The Patio:
•· Clean outdoor patio furniture and equipment with mild soap and water. If possible, bring them indoors for the winter. If you don't have the storage space, wrap them tightly with a tarp or other cover that will protect them from harsh weather and the damaging rays of the sun.
3.) Storage Areas:
•· Store outdoor fun and camping gear in the back (since they won't be needed again until next year) and move the fall sporting (footballs, etc) and yard equipment (rakes & leaf blowers) to the more accessible areas of the storage space. This way you won't have to fight with unnecessary items when you're getting ready to run off to football practice or to rake leaves.
4.) Entry Areas:
•· In the cooler temperatures you'll need warmer jackets and heavier shoes. Don't let these items clutter up the entryway. Organize a space near the doorway to store them. If you don't have a coat closet nearby, consider hanging coat hooks and setting out baskets for shoes, scarves, hats & gloves.
5.) Clothes Closets:
•· Go through your family's closets. Store summer dresses and tops to make room for fall wardrobes. Make sure school clothes are organized and ready for the children to grab on mornings when they're hurrying to school.
6.) In the Kitchen:
•· Things can get pretty hectic during the school weeks. Be sure to stock the cabinets and pantries with healthy afternoon snacks and ingredients for quick & easy meals so that you can quickly make dinners that are good for your family.
7.) In the Living Room:
•· Give the living room a quick mini-makeover for fall with just a few simple changes. Pillows, throws and slipcovers in rich fall fabrics or colors are easy ways to give it a new look. Consider an arrangement of autumn flowers to bring the mood of the seasonal changes indoors.
8.) In the Bedrooms:
•· Falling temperatures also mean cool autumn nights. It's time to pull out the heavier blankets that you stored away in the spring. Give your bed a new seasonal look with a throw at the end of the bed in an autumnal color or rich fabric.
9.) In the Bathrooms:
•· As everyone is rushing to get to school or work, the bathroom becomes one of the busiest rooms in the house. Streamline the process and avoid headaches by assigning everyone a shelf, drawer, or other storage spot where they can keep their morning essentials. No more hunting around for someone's hairbrush. Everything they need is in their assigned place and easy to reach.
Get more tips like these on The VIP Team website.
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
405.412.5452
Natalie@TheVIPofOKC.com
www.TheVIPofOKC.com
Thursday, September 9, 2010
Market & Interest Rates Updates
Applications to purchase homes increased 6.3 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.
On an unadjusted basis, purchases rose 4 percent compared to the previous week, but were down 38.8 percent from the same week a year ago.
Mortgage rates rose slightly last week:
30-year fixed-rate mortgages increased to 4.5 percent (from 4.43 percent).
15-year fixed-rate mortgages increased to 4 percent (from 3.88 percent).
1-year ARMs increased to 7 percent (from 6.95 percent).
What will the economy and the real estate market be like a month from now?
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Natalie@TheVIPofOKC.com
www.TheVIPofOKC.com
On an unadjusted basis, purchases rose 4 percent compared to the previous week, but were down 38.8 percent from the same week a year ago.
Mortgage rates rose slightly last week:
30-year fixed-rate mortgages increased to 4.5 percent (from 4.43 percent).
15-year fixed-rate mortgages increased to 4 percent (from 3.88 percent).
1-year ARMs increased to 7 percent (from 6.95 percent).
What will the economy and the real estate market be like a month from now?
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Natalie@TheVIPofOKC.com
www.TheVIPofOKC.com
Wednesday, September 8, 2010
The Value of a Buyer's Agent
The value of a Buyer's Agent
Buyer Myth #1:
"If I call the Realtor off the sign, he has more information about the property and will be able to negotiate a better price for me."
The truth:
"That simply isn't true. First of all, any adverse conditions about the property are REQUIRED to be disclosed by the Seller upfront. Then you can have inspections to tell you what the seller didn't know. As for other information, ALL Realtors have tools and resources at their disposal to obtain additional information. A Realtor who is representing you should use these tools to put you in a good bargaining position. If you are talking about a seller's motivation, Realtors are required NOT to disclose motivation without a sellers written permission, which means the Realtor representing you could just as easily obtain that information... if not moreso, because your expert will know the right types of questions to ask to determine the sellers LEVEL of motivation. Which takes us to a 'better price'... No, as a matter of fact, you will obtain the best deal by using the best negotiator. Take into consideration, the listing Realtor is representing the Seller and will have an obligation at the very least to be 'fair' to both you and the seller. On the other other hand, by utilizing a Realtor that specifically represents you and your interests, you are allowing for a more assertive negotiation on your behalf."
- There is no better motivation than doing the right thing. That doesn't always result in a commission check , but the Karma is priceless. I am a Real Estate geek and I would have to say that one of my favorite aspects of being a Realtor is negotiating. I get pumped up about it and just love it! When I negotiate for my clients, I am often underestimated, which plays to our advantage. It's almost like a David & Goliath scene. The other side ends up scratching their head and saying "What happened?". No wonder car salesmen don't like me! It's a gift.
Natalie Flaming
Realtor - Broker Associate
405.412.5452
The VIP Team
Metro First Realty
www.TheVIPofOKC.com
Serving Buyers and Sellers of Oklahoma City, Edmond, Bethany, and Warr Acres for over 10 years.
Buyer Myth #1:
"If I call the Realtor off the sign, he has more information about the property and will be able to negotiate a better price for me."
The truth:
"That simply isn't true. First of all, any adverse conditions about the property are REQUIRED to be disclosed by the Seller upfront. Then you can have inspections to tell you what the seller didn't know. As for other information, ALL Realtors have tools and resources at their disposal to obtain additional information. A Realtor who is representing you should use these tools to put you in a good bargaining position. If you are talking about a seller's motivation, Realtors are required NOT to disclose motivation without a sellers written permission, which means the Realtor representing you could just as easily obtain that information... if not moreso, because your expert will know the right types of questions to ask to determine the sellers LEVEL of motivation. Which takes us to a 'better price'... No, as a matter of fact, you will obtain the best deal by using the best negotiator. Take into consideration, the listing Realtor is representing the Seller and will have an obligation at the very least to be 'fair' to both you and the seller. On the other other hand, by utilizing a Realtor that specifically represents you and your interests, you are allowing for a more assertive negotiation on your behalf."
- There is no better motivation than doing the right thing. That doesn't always result in a commission check , but the Karma is priceless. I am a Real Estate geek and I would have to say that one of my favorite aspects of being a Realtor is negotiating. I get pumped up about it and just love it! When I negotiate for my clients, I am often underestimated, which plays to our advantage. It's almost like a David & Goliath scene. The other side ends up scratching their head and saying "What happened?". No wonder car salesmen don't like me! It's a gift.
Natalie Flaming
Realtor - Broker Associate
405.412.5452
The VIP Team
Metro First Realty
www.TheVIPofOKC.com
Serving Buyers and Sellers of Oklahoma City, Edmond, Bethany, and Warr Acres for over 10 years.
Tuesday, September 7, 2010
The VIP News - OK 2nd Qtr Sales Stats
In parts of the country, home values have fallen as much as 57%. Yes, the bubble has burst, but Oklahoma boasts a stable economy with some of the lowest unemployment rates in the US which are reflected in a minor loss in home values. The proof is in the numbers.
Currently, the bulk of the Buyers in the Oklahoma City and surrounding areas are the "2nd-time Homebuyers" or those upgrading from the sale of their previous home to those first-time Homebuyers that sought the tax credit incentives that ended in April. Now is the time to sell if you have a home in the value range of $150,000 - $300,000. Those experienced buyers are savvy enough to know the interest rates combined with home prices are the only incentive they need to buy.
Keep up the good work Oklahoma!
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
www.TheVIPofOKC.com
The OK State Fair is here!
The Oklahoma State Fair this year will be Sept 16th - 26th.
Regular Gate Admission will be $8.
Ages 6-11 will be $5.
Children 5 and under are FREE.
On opening day (Sept 16th), Gate Admission will be $1!
On Tues, Gate Admission will be $2, except for members of the Armed Forces & their Spouses - which will get in FREE!
Enjoy the fun & the food at the Fairgrounds in Oklahoma City!
You can get more info on the upcoming State Fair, the shows, and attractions here:
OK STATE FAIR
Take a break and have a great time!
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
www.TheVIPofOKC.com
Regular Gate Admission will be $8.
Ages 6-11 will be $5.
Children 5 and under are FREE.
On opening day (Sept 16th), Gate Admission will be $1!
On Tues, Gate Admission will be $2, except for members of the Armed Forces & their Spouses - which will get in FREE!
Enjoy the fun & the food at the Fairgrounds in Oklahoma City!
You can get more info on the upcoming State Fair, the shows, and attractions here:
OK STATE FAIR
Take a break and have a great time!
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
www.TheVIPofOKC.com
Thursday, August 26, 2010
Oklahoma City Home Sales Didn't Stop With the Tax Credit
Oklahoma City home sales have not stopped by the end of the federal tax credit.
When the home buyer tax credit incentive ended on April 30th, for most parts of the country, that meant home sales ended with it, but not in OKLAHOMA! Although real estate sales slowed some, Realtors and Builders are both reporting that the buyer enthusiasm that was sparked is still lingering through the summer. And the numbers show they're right.
In this second quarter of the year, homes have been spending approximately 2 weeks less time on the market. The average days on market in June was 75 days, compared to 86 days in June 2009.
Another sign of strength is the average sales price. The average sales price this second quarter hovered around $138,000. In June of 2009 it was $135,000. This is about a 2.2% increase.
In construction of new homes, OKLAHOMA has been steadily rebounding from 2009 levels all year. So far, we are at a 25.3% increase for building as compared to 2009.
Now, we are seeing an influx in home sales in the higher brackets, between $200,000 - $300,000. This may be due in part to the Sellers that sold to their homes to first time homebuyers making a move up and buying in those ranges.
Aren't you glad you're in Oklahoma!
(Contributing sources from NEWSOK.com)
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Visit The VIP Team website for everything Real Estate.
When the home buyer tax credit incentive ended on April 30th, for most parts of the country, that meant home sales ended with it, but not in OKLAHOMA! Although real estate sales slowed some, Realtors and Builders are both reporting that the buyer enthusiasm that was sparked is still lingering through the summer. And the numbers show they're right.
In this second quarter of the year, homes have been spending approximately 2 weeks less time on the market. The average days on market in June was 75 days, compared to 86 days in June 2009.
Another sign of strength is the average sales price. The average sales price this second quarter hovered around $138,000. In June of 2009 it was $135,000. This is about a 2.2% increase.
In construction of new homes, OKLAHOMA has been steadily rebounding from 2009 levels all year. So far, we are at a 25.3% increase for building as compared to 2009.
Now, we are seeing an influx in home sales in the higher brackets, between $200,000 - $300,000. This may be due in part to the Sellers that sold to their homes to first time homebuyers making a move up and buying in those ranges.
Aren't you glad you're in Oklahoma!
(Contributing sources from NEWSOK.com)
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Visit The VIP Team website for everything Real Estate.
Monday, August 23, 2010
Nearly 50% have left the Obama mortgage-aid program.
Of the 1.3 million homeowners that enrolled in the Obama administration's mortgage-relief program, nearlt half of them have dropped out.
The program was designed to assist those owners who were at risk for foreclosure by lowering their monthly mortgage payments. In a report last Friday by the Treasury Department, they indicate that the $75 billion designated to help slow the pace of foreclosures is failing. Approximately 32% of those homeowners that started the program have received permanent loan modifications and are making their payments on time.
You can also read more about this topic here:
Nearly 50% leave Obama mortgage-aid program
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
For everything Real Estate....
www.TheVIPofOKC.com
The program was designed to assist those owners who were at risk for foreclosure by lowering their monthly mortgage payments. In a report last Friday by the Treasury Department, they indicate that the $75 billion designated to help slow the pace of foreclosures is failing. Approximately 32% of those homeowners that started the program have received permanent loan modifications and are making their payments on time.
You can also read more about this topic here:
Nearly 50% leave Obama mortgage-aid program
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
For everything Real Estate....
www.TheVIPofOKC.com
Thursday, August 19, 2010
Cities at Risk for Double-Dip Recession
In a report on Tuesday by economist Andrew Gledhill at Moody’s Economy.com, 22 markets were identified to have the biggest chance of a double-dip recession, mostly because of the national decline in manufuacturing which primarily holds up their industrial economies.
"With chances of a national double-dip recession now estimated at about one in four, several metro areas will probably experience their own downturns in the first half of 2011," said Gledhill.
The 22 cities identified:
1. Missoula, Mont.
2. Salem, Ore.
3. Idaho Falls, Idaho
4. Lake County-Kenosha County, Ill.-Wisc.
5. Lafayette, Ind.
6. Wichita, Kan.
7. Hot Springs, Ark.
8. Pine Bluff, Ark.
9. Little Rock, Ark.
10. Wichita Falls, Texas
11. Akron, Ohio
12. Charleston, W.Va.
13. Macon, Ga.
14. Gadsden, Ala.
15. Gulfport-Biloxi, Miss.
16. Mobile, Ala.
17. Utica-Rome, N.Y.
18. Lebanon, Pa.
19. Springfield, Ohio
20. Wilmington, N.C.
21. Anderson, S.C.
22. Athens-Clark County Ga.
Aren't you glad you're in Oklahoma?!
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
www.TheVIPofOKC.com
"With chances of a national double-dip recession now estimated at about one in four, several metro areas will probably experience their own downturns in the first half of 2011," said Gledhill.
The 22 cities identified:
1. Missoula, Mont.
2. Salem, Ore.
3. Idaho Falls, Idaho
4. Lake County-Kenosha County, Ill.-Wisc.
5. Lafayette, Ind.
6. Wichita, Kan.
7. Hot Springs, Ark.
8. Pine Bluff, Ark.
9. Little Rock, Ark.
10. Wichita Falls, Texas
11. Akron, Ohio
12. Charleston, W.Va.
13. Macon, Ga.
14. Gadsden, Ala.
15. Gulfport-Biloxi, Miss.
16. Mobile, Ala.
17. Utica-Rome, N.Y.
18. Lebanon, Pa.
19. Springfield, Ohio
20. Wilmington, N.C.
21. Anderson, S.C.
22. Athens-Clark County Ga.
Aren't you glad you're in Oklahoma?!
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
www.TheVIPofOKC.com
Monday, August 16, 2010
Government rethinks homeownership policies
For 70 years (and especially the last 15) the government has stepped in to help Americans buy their own homes, doing "Whatever it takes". Now, policymakers are reconsidering their role. Over the next few months, they'll weigh whether there can be too much of a good thing, when it comes to helping families finance the American Dream. What do you think? Read the article and give your opinion...
http://www.usatoday.com/money/economy/housing/2010-08-11-housing11_cv_N.htm
(If the link is not working, please copy & paste it into your browser.)
Natalie Flaming
Realtor- Broker Associate
The VIP Team
Metro First Realty
www.TheVIPofOKC.com
http://www.usatoday.com/money/economy/housing/2010-08-11-housing11_cv_N.htm
(If the link is not working, please copy & paste it into your browser.)
Natalie Flaming
Realtor- Broker Associate
The VIP Team
Metro First Realty
www.TheVIPofOKC.com
Monday, August 9, 2010
Fannie Mae launches New Website
Fannie Mae has launched a new website that explains in lamens terms (or so they say) the alternatives to foreclosure and how to pursue those alternatives.
KnowYourOptions.com™, is a new consumer education Web site that outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.
They say the online resource will offer reliable and easy-to-understand information in both English and Spanish, and expands on Fannie Mae's ongoing efforts to help struggling borrowers find alternatives to foreclosure. Key features of the website include:
-an interactive Options Finder to help homeowners identify options that might be right for their situation;
-calculators to help borrowers understand how many of the options work, including refinance, repayment, forbearance, and modification;
-videos featuring real homeowners discussing how they received help and housing counselors providing advice;
-a virtual assistant to walk homeowners through key areas of the site; and
-next steps and helpful forms, including a financial checklist and contact log to help borrowers be prepared when contacting their mortgage company or housing counselor (The VIP Team).
The VIP Team provides homeowners who are having trouble paying or recognize they can no longer afford their mortgages with detailed information on:
-refinancing,
-repayment plans,
-forbearance,
-loan modifications,
-short sales,
-deeds-in-lieu; and more.
Please do not let foreclosure happen to you! It will ruin your credit! You are not alone. In this economy, thousands of families are struggling. Don't put it off another day. Explore your options by consulting with The VIP Team today!
For more information or to consult a real estate expert today about your alternatives to forclosure, call or email us directly. As always, your privacy is guaranteed.
Natalie Flaming
Reator - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
Email: Natalie@TheVIPofOKC.com
www.TheVIPofOKC.com
KnowYourOptions.com™, is a new consumer education Web site that outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.
They say the online resource will offer reliable and easy-to-understand information in both English and Spanish, and expands on Fannie Mae's ongoing efforts to help struggling borrowers find alternatives to foreclosure. Key features of the website include:
-an interactive Options Finder to help homeowners identify options that might be right for their situation;
-calculators to help borrowers understand how many of the options work, including refinance, repayment, forbearance, and modification;
-videos featuring real homeowners discussing how they received help and housing counselors providing advice;
-a virtual assistant to walk homeowners through key areas of the site; and
-next steps and helpful forms, including a financial checklist and contact log to help borrowers be prepared when contacting their mortgage company or housing counselor (The VIP Team).
The VIP Team provides homeowners who are having trouble paying or recognize they can no longer afford their mortgages with detailed information on:
-refinancing,
-repayment plans,
-forbearance,
-loan modifications,
-short sales,
-deeds-in-lieu; and more.
Please do not let foreclosure happen to you! It will ruin your credit! You are not alone. In this economy, thousands of families are struggling. Don't put it off another day. Explore your options by consulting with The VIP Team today!
For more information or to consult a real estate expert today about your alternatives to forclosure, call or email us directly. As always, your privacy is guaranteed.
Natalie Flaming
Reator - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
Email: Natalie@TheVIPofOKC.com
www.TheVIPofOKC.com
Friday, August 6, 2010
Absolutely FREE Fall 2010 Football Schedule
While they last and for a limited time only...
As a way of saying, "Thank you for visiting out site!", we'd like to give you a
FREE Fall 2010 OU, OSU, Tulsa, and Dallas magnetic football schedule!
(No registration. No surveys. No further obligation.....NOTHING1)
Simly go to http://www.thevipofokc.com/FREE2010FootballSchedules and tell us where to send it!
Thanks for making www.TheVIPofOKC.com your #1 source for Real Estate in the Oklahoma City, Edmond, Bethany, Warr Acres and surrounding areas!
[ Don't forget to become a fan of The VIP Team on on FACEBOOK at: http://www.facebook.com/home.php?sk=lf#!/pages/Oklahoma-City-OK/Oklahoma-City-Real-Estate-by-The-VIP-Team/114864628559177?ref=mf&__a=62&ajaxpipe=1 so you can share your best of the best homes and areas of OKC and to be the first to get freebies! ]
As a way of saying, "Thank you for visiting out site!", we'd like to give you a
FREE Fall 2010 OU, OSU, Tulsa, and Dallas magnetic football schedule!
(No registration. No surveys. No further obligation.....NOTHING1)
Simly go to http://www.thevipofokc.com/FREE2010FootballSchedules and tell us where to send it!
Thanks for making www.TheVIPofOKC.com your #1 source for Real Estate in the Oklahoma City, Edmond, Bethany, Warr Acres and surrounding areas!
[ Don't forget to become a fan of The VIP Team on on FACEBOOK at: http://www.facebook.com/home.php?sk=lf#!/pages/Oklahoma-City-OK/Oklahoma-City-Real-Estate-by-The-VIP-Team/114864628559177?ref=mf&__a=62&ajaxpipe=1 so you can share your best of the best homes and areas of OKC and to be the first to get freebies! ]
Saturday, July 31, 2010
RECORD LOW interest rates
Record Lows for Mortgage Interest Rates
Have we reached the bottom?
The reason why Donald Trump is so successful and has made millions in real estate is because he has followed one simple mantra throughout his life, "Buy LOW. Sell HIGH." As for Buyer purchasing power, this IS the bottom of the Real Estate market. And, yes, I'm aware that you may have heard this before, but please read on...
The 30-year fixed mortgage rate fell to a new low of 4.54% this week. Last week at this time it was at 4.56%. On average over the last year, it has been hovering around 5.25%.
The 15-year fixed loan rate also hit a record low to 4%. A week ago at this time it was 4.03%, compared to this time last year, which was 4.69%.
The five-year adjustable-rate mortgage is averaging 3.76%. It was at 3.79% last week and 4.75% a year ago. One-year ARMs averaged around 3.64%, which was down from 3.7% last week and was 4.80% a year ago.
Everyone who is studying the economy is saying the same thing, "Interest rates are getting ready to climb." I realize the public has been desensitized by the media's constant declaration that "With interest rates at historic lows, NOW is the best time to buy!". However; I will tell you that in my expert opinion, I also believe that interest rates will soon be on the rise (within the next 3 months or so - just enough time to find your perfect home & lock in your interest rate) and will rise quickly. I also believe they will not come back down for quite some time.
So, these are the facts Mr. & Mrs. potential Buyer's:
1. Lending regulations are getting tighter, requiring more and more of your money up front and out of pocket as the days go by. The ability to even qualify is getting tougher as well.
2. With foreclosures, short sales, and REO's at an all time high, properties are selling cheaper than ever before. You can buy an amazing house for less than you've been able to in years.
3. Interest rates ARE at their lowest TODAY and will soon be upward bound.
You may not have the first-time buyer incentives anymore, but with the reasons I've stated above, you don't need them. (Besides of which, I offer a guarantee to my Buyers anyway: "I'll save you AT LEAST $8,000 or I'll GIVE you my commission!")
I would strongly urge you, if you have been considering a home purchase, for your sake, get off the fence my friend. If you don't, you may still have some advantages to your home purchase later but NOTHING LIKE YOU COULD TODAY. We all want our money to go as far as it possibly can. Now is the time to invest in your economic future - for yourself and/or your family. If you don't purchase a home within the next couple of months, you will be kicking yourself that you missed "The Bottom" for Buyers and now you can't afford the car you wanted too or the size of house you really needed.
If you have questions about this or any other Real Estate matter, feel free to contact me. You can also find great resources, tools and information on our website.
Natalie Flaming
Realtor - Broker Associate
Email: Natalie@TheVIPofOKC.com
http://www.TheVIPofOKC.com
Have we reached the bottom?
The reason why Donald Trump is so successful and has made millions in real estate is because he has followed one simple mantra throughout his life, "Buy LOW. Sell HIGH." As for Buyer purchasing power, this IS the bottom of the Real Estate market. And, yes, I'm aware that you may have heard this before, but please read on...
The 30-year fixed mortgage rate fell to a new low of 4.54% this week. Last week at this time it was at 4.56%. On average over the last year, it has been hovering around 5.25%.
The 15-year fixed loan rate also hit a record low to 4%. A week ago at this time it was 4.03%, compared to this time last year, which was 4.69%.
The five-year adjustable-rate mortgage is averaging 3.76%. It was at 3.79% last week and 4.75% a year ago. One-year ARMs averaged around 3.64%, which was down from 3.7% last week and was 4.80% a year ago.
Everyone who is studying the economy is saying the same thing, "Interest rates are getting ready to climb." I realize the public has been desensitized by the media's constant declaration that "With interest rates at historic lows, NOW is the best time to buy!". However; I will tell you that in my expert opinion, I also believe that interest rates will soon be on the rise (within the next 3 months or so - just enough time to find your perfect home & lock in your interest rate) and will rise quickly. I also believe they will not come back down for quite some time.
So, these are the facts Mr. & Mrs. potential Buyer's:
1. Lending regulations are getting tighter, requiring more and more of your money up front and out of pocket as the days go by. The ability to even qualify is getting tougher as well.2. With foreclosures, short sales, and REO's at an all time high, properties are selling cheaper than ever before. You can buy an amazing house for less than you've been able to in years.
3. Interest rates ARE at their lowest TODAY and will soon be upward bound.
You may not have the first-time buyer incentives anymore, but with the reasons I've stated above, you don't need them. (Besides of which, I offer a guarantee to my Buyers anyway: "I'll save you AT LEAST $8,000 or I'll GIVE you my commission!")
I would strongly urge you, if you have been considering a home purchase, for your sake, get off the fence my friend. If you don't, you may still have some advantages to your home purchase later but NOTHING LIKE YOU COULD TODAY. We all want our money to go as far as it possibly can. Now is the time to invest in your economic future - for yourself and/or your family. If you don't purchase a home within the next couple of months, you will be kicking yourself that you missed "The Bottom" for Buyers and now you can't afford the car you wanted too or the size of house you really needed.
If you have questions about this or any other Real Estate matter, feel free to contact me. You can also find great resources, tools and information on our website.
Natalie Flaming
Realtor - Broker Associate
Email: Natalie@TheVIPofOKC.com
http://www.TheVIPofOKC.com
Monday, July 19, 2010
HUD Proposes to Reduce Seller Concessions
HUD is proposing to lower the seller concessions to an FHA buyer from 6% to 3%. This will adversely affect buyers and an already struggling Real Estate housing recovery effort.
What is a seller concession? On an FHA loan of say $150,000 a buyer can request that a seller pay up to 6% of their allowable closing costs, which equates to $9,000. Now, of course, a seller is not required to pay 6% of a buyers closing costs but it is a negotiable part of the contract that often times determines if a buyer will in fact be able to afford all of the upfront costs. To reduce this to 3% means a buyer may request only up to $4,500. On the larger loans, this may be enough to cover all of the closing costs a buyer has. Where it will affect consumers most are the smaller sales prices. For example, on an $80,000 sales price, 3% would be $2,400, which will not be enough to cover everything.
The "typical" first time home buyer will now have to come up with not only the 3.5% down payment that FHA now requires (this was recently increased by HUD from 3% to 3.5% in an effort to strengthen the FHA loans), which on the same $150,000 sales price would be $5,250, but now will have to have the additional that would not be covered. A lot of times a thousand dollars is the difference between a buyer being able to buy a home and a seller being able to sell. The closing costs being paid do not even affect the terms of the loan. If the home value is there to make the concession, should the buyer be allowed to negotiate for it and should the seller be able to make the choice to concede to it?
The following is HUD's proposal in full.
HUD No. 10-150
Lemar Wooley
(202) 708-0685 FOR RELEASE
Thursday
July 15, 2010
HUD SEEKS PUBLIC COMMENT ON THREE INITIATIVES TO BOOST FHA CAPITAL RESERVES
New measures will help FHA control risk, continue supporting housing recovery
WASHINGTON – Federal Housing Administration (FHA) Commissioner David Stevens today unveiled three specific policy changes to strengthen the FHA’s capital reserves while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The U.S. Department of Housing and Urban Development today published a Notice, seeking public comment on three specific measures to reduce financial risk and preserve affordable mortgage financing for responsible consumers.
In addition to earlier steps taken to manage its risks and to boost reserves, FHA is proposing to update the combination of credit and down payment requirements for new borrowers; reduce seller concessions from six to three percent; and tighten underwriting standards for manually underwritten mortgage loans.
“These are the latest in a series of changes to allow the FHA to manage its risk better while continuing to support the nation’s housing recovery,” said Stevens. “By protecting FHA’s capital reserves, we can continue providing affordable, responsible mortgage products and will remain the nation’s largest source of home purchase financing for underserved communities.”
For the next 30 days, HUD is seeking public comment on the following policy changes, each of which are designed to mitigate risk to the Mutual Mortgage Insurance Fund while promoting sustainable homeownership for FHA borrowers:
1. Update the combination of credit and down payment requirements for new borrowers. New borrowers seeking FHA-insured financing will be required to have a minimum FICO score of 580 to qualify for FHA’s flagship 3.5 percent down payment program. New borrowers with credit scores of less than a 580 will be required to make a cash investment of at least 10 percent. Borrowers with credit scores of less than 500 will no longer qualify for an FHA-insured mortgage.
2. Reduce allowable seller concessions from six to three percent. Allowing sellers to contribute up to six percent of the home’s sales price to offset a buyer’s costs exposes the FHA to excess risk by potentially driving up the cost of the home beyond its appraised value. Reducing seller concessions to three percent will bring FHA into conformity with industry standards.
3. Tighten underwriting standards for manually underwritten loans. When using compensating factors in the underwriting process, lenders will be required to consider those factors which are the best predictive indicators of loan performance, such as the borrower’s credit history, loan-to-value (LTV) percentage, debt-to income ratio, and cash reserves.
To submit your thoughts on what reducing seller concessions will do to a housing industry that doesn’t seem to have enough buyers go to: HUD Seller Concession Feedback
(If the link above does not open properly, copy and paste this address into your browser: http://www.regulations.gov/search/Regs/home.html#documentDetail?R=0900006480b1a605)
You can also call your elected “representatives” to let them know how parts of this proposed rule will have a negative impact for the consumer and small business.
If you have any questions about this or any other Real Estate matter, feel free to call or email me.
Natalie Flaming
Realtor - Broker Associate
Metro First Realty
Direct: 405.412.5452
Natalie@TheVIPofOKC.com
www.TheVIPofOKC.com
Friday, May 14, 2010
The scoop on Short Sales
Sometimes a homeowner may need to sell their home because they are relocating, their financial status has changed and they can no longer afford their home, or for other various reasons. Short sales can be an alternative to foreclosure. In the case of a short sale, the seller is allowed to sell the home for less than they owe on it because the bank has agreed to take a certain loss on their loan. The stipulation; however, is that the bank has final say on the terms of the sale. So, when a buyer makes an offer to purchase, not only will the seller have to accept the offer but the bank will as well. In these economic times, many banks are not prepared to handle them. Sure short sales have been around for a long time, but these days there are unprecidented amounts of owners seeking this remedy. The average time it can take just to get a bank to accept an offer for purchase ranges from 3 to 6 months, and sometimes even longer. Then, of course, a buyer will still need to go through the process of inspections, any repair requests, etc. Any changes to the contract that affect the bottom line will then also need to be approved by the bank. It can be a very long and difficult process. For those who are willing to wait it out, most times it can result in a staisfying investment. Whether buying or selling, navigating through a successful short sale is no easy task. This is definately a scenario in which you need an experienced Realtor capable of handling all of the paperwork and communication to get the job done. If you are considering a short sale, send us an email or give us a call. We'll be happy to walk you through the process and answer any questions you may have.
The VIP Team
Natalie Flaming
Realtor - Broker Associate
Metro First Realty
405.412.5452
www.TheVIPofOKC.com
The VIP Team
Natalie Flaming
Realtor - Broker Associate
Metro First Realty
405.412.5452
www.TheVIPofOKC.com
Tuesday, May 11, 2010
Recovery In Process, But Challenges Remain
,
According to David H. Stevens, assistant secretary of the U.S. Department of Housing and Urban Development and FHA commissioner, we can credit increased home buyer demand, brought about by the home buyer tax credits, and the federal government’s purchase of mortgage-backed securities for helping to restore consumer confidence and get the economy moving.
“Home prices and sales are beginning to recover, inventories are down, private capital is beginning to re-emerge, investor confidence is coming back, and the job market is showing signs of improvement. These all show renewed confidence in the housing market. We need to finish the job now and make the housing recovery sustainable and keep the economy on the right track,” Stevens said.
Despite the signs of improving stability, Stevens said that the housing market continues to face challenges, mainly from unemployment and home owners with negative equity. “These issues need to be dealt with responsibly, we need solutions to help the most severely distressed home owners—those most in need and at risk—and when we can’t help them we need to make the transition as smooth as possible.”
For more expert Real Estate advice, resources, and tools, visit our no-hassle website at: www.TheVIPofOKC.com
According to David H. Stevens, assistant secretary of the U.S. Department of Housing and Urban Development and FHA commissioner, we can credit increased home buyer demand, brought about by the home buyer tax credits, and the federal government’s purchase of mortgage-backed securities for helping to restore consumer confidence and get the economy moving.
“Home prices and sales are beginning to recover, inventories are down, private capital is beginning to re-emerge, investor confidence is coming back, and the job market is showing signs of improvement. These all show renewed confidence in the housing market. We need to finish the job now and make the housing recovery sustainable and keep the economy on the right track,” Stevens said.
Despite the signs of improving stability, Stevens said that the housing market continues to face challenges, mainly from unemployment and home owners with negative equity. “These issues need to be dealt with responsibly, we need solutions to help the most severely distressed home owners—those most in need and at risk—and when we can’t help them we need to make the transition as smooth as possible.”
For more expert Real Estate advice, resources, and tools, visit our no-hassle website at: www.TheVIPofOKC.com
Wednesday, April 28, 2010
Tax Credits Have Been Expensive and Effective
As the home buyer tax credits near their end on April 30th, National analysts are surmising that the incentive program was both expensive and successful.
The Treasury Department estimates that the tax credits helped 1.8 million people buy homes, however critics point out that two-thirds of the $12.6 billion in credits through the end of February went to people who would have purchased a home anyway.
Sen. Johnny Isakson, a Republican from Georgia, who worked as a real estate practitioner for 30 years and pushed through the 2010 extension and expansion of the program, says: “It’s true that a lot of people who got the credit might have bought without it, but they might have bought in 2012 or 2013. This got them to buy in 2009 and 2010, when we needed to shore things up.” So, where does that leave us for the 2011, 2012 & 2013 markets? Hopefully, with the improvement in the overall economy and unemployment on the decline there will be a whole new set of buyers in the marketplace.
Economist Mark Zandi agrees. “The tax credit helped to stanch the price declines, which had substantial benefit for the entire economy," he says. "The home is still the largest asset on most people’s balance sheet, so when prices are falling, nothing works for most families.”
Contributing Sources: The New York Times, David Kocieniewski (04/26/2010)
For more information on previous entries for "Today's Market", please visit The VIP Blog on the official site: http://www.TheVIPofOKC.com/myblog.
The Treasury Department estimates that the tax credits helped 1.8 million people buy homes, however critics point out that two-thirds of the $12.6 billion in credits through the end of February went to people who would have purchased a home anyway.
Sen. Johnny Isakson, a Republican from Georgia, who worked as a real estate practitioner for 30 years and pushed through the 2010 extension and expansion of the program, says: “It’s true that a lot of people who got the credit might have bought without it, but they might have bought in 2012 or 2013. This got them to buy in 2009 and 2010, when we needed to shore things up.” So, where does that leave us for the 2011, 2012 & 2013 markets? Hopefully, with the improvement in the overall economy and unemployment on the decline there will be a whole new set of buyers in the marketplace.
Economist Mark Zandi agrees. “The tax credit helped to stanch the price declines, which had substantial benefit for the entire economy," he says. "The home is still the largest asset on most people’s balance sheet, so when prices are falling, nothing works for most families.”
Contributing Sources: The New York Times, David Kocieniewski (04/26/2010)
For more information on previous entries for "Today's Market", please visit The VIP Blog on the official site: http://www.TheVIPofOKC.com/myblog.
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