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Dallas Foreclosure Rate Up in September 2011 but Still Well Below National Average

Posted by John Jones on 9 December 2011, 11:24 am

A report recently released by CoreLogic, a provider of consumer and financial analytical information that tracks foreclosure rates across the U.S., shows that foreclosure rates in the Dallas-Plano-Irving area for September of 2011 were slightly higher than in September of 2010.   Despite the slight increase, foreclosure rates in the area remained lower than national averages but higher than statewide averages for other metro areas in Texas.   The Sept 2011 rate for Dallas-Plano-Irving was reported to be 1.6% while the national rate is more than double at 3.5%.   The rate for Texas is 1.53%. 

Also noted in the report was the decrease in local mortgage delinquencies, which is close to 5%.  This could indicate a future decrease in foreclosure rates may be coming for the Dallas area sooner than later. 

Article from NBCDFW.com

Filed under D/FW Foreclosure News, D/FW Real Estate News, U.S. Real Estate News. Tagged 
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Rockwall Family Targeted by Craigslist Rental Home Scam

Posted by John Jones on 5 December 2011, 1:10 pm

Renters need to beware when renting homes on Craigslist:  A single mother recently lost close to $2,000 in a rental scam where they were rented a home that was in foreclosure by a company in Dallas.   At first, they assumed everything was legitimate but were stunned two weeks later when a constable showed up at their front door with eviction papers.  Fannie Mae responded that they believe the home was illegally rented out and have launched an investigation.

Consumers can avoid scams like this by working with a Realtor who will assist with researching ownership of the property to make sure the landlord on the lease is the owner of record and has proper authority to rent the house. 

Article from WFAA.com

Filed under D/FW Real Estate News. Tagged 
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Average Foreclosure Time in U.S. Sets New Record

Posted by John Jones on 1 December 2011, 8:07 am

Florida-based Lender Processing Services reported today that the average U.S. loan in foreclosure has been delinquent a record 631 days.  After-effects of the robosigning scandal coupeled with additional red tape in judicial-foreclosure states have reportedly pushed this to the highest level on record.   Ineffective loan modifications were also noted as a factor contributing to both the increase in foreclosures for October of 2011 as well as the increase in length of time it takes to repossess a property.

Texas is a non-judicial foreclosure state and foreclosure times are typically way below the national average. 

Article from CNBC.com

Filed under D/FW Foreclosure News, D/FW Real Estate News, Foreclosure News, U.S. Real Estate News. Tagged 
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October Pending Home Sales Hit Highest Level in Over A Year

Posted by John Jones on 30 November 2011, 1:44 pm

The National Association of Realtors reported that national pending home sales for October 2011 rose to their highest level in over a year.  The sales agreement index was reported to be its highest since April of 2010 which was the last month buyers could secure contracts to qualify for the now expired homebuyer tax credit.  This is a good sign for the market in many respects, although it was noted that many homebuyers are having to cancel contracts because of appraisal issues. 

Article from WFAA.com

Filed under D/FW Real Estate News, U.S. Real Estate News. Tagged 
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Mortgage Guideline Changes on the Horizon for Fannie, Freddie, VA and USDA

Posted by John Jones on 10 November 2011, 12:03 pm

Some mortgage guideline changes are on the way for some Fannie Mae, Freddie Mac, VA and USDA loans:\

  • Freddie Mac is loosening their income documentation guidelines for social security, retirement, survivor and dependent benefits, long-term disability, and public assistance.  They are now only requiring proof of receiving the income for two months.  Alimony and child support will only require the most recent six months of verification, although they will still require proof that the income will continue for the next three years in order to be counted.
  • VA is tightening their credit guidelines.  Although no specific guidelines were given in terms of credit score, it appears the system will “refer” more loans on borrowers with less than 680 credit scores.  The changes are scheduled to take place in automated underwriting on or around Dec 17, 2011.  Loans run through automated underwriting after that date may receive a “refer” status even if the loan was approved prior to that date. 
  • USDA has apparently added an automated underwriting condition into their algorithm that’s not in their written guidelines that may cause borrowers with authorized user accounts to “refer”. 

For complete details, check out the full article:

Article at MLImplode.com

Filed under Advice for Home Buyers, Advice For Home Buyers and Sellers, Conventional (Fannie/Freddie), D/FW Real Estate News, Mortgage Guidelines, Mortgage News, USDA, VA. Tagged 
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Proposed Legislation Could Make Energy Costs Factor Into Both Home Value and Underwriting Mortgage Borrowers

Posted by John Jones on 3 November 2011, 4:50 pm

A new bill recently introduced on Capital Hill could fundamentally affect mortgage underwriting and home valuation based on a home’s energy efficiency.  The bill, called the SAVE Act (Sensible Accounting to Value Energy) is a bipartisan piece of legislation that would require Fannie Mae, Freddie Mac and FHA to factor a home’s energy efficiency into their underwriting calculations as well as into appraisal valutations.

The way the bill is currently structured, energy costs would be factored into a buyer’s debt-to-income ratios for qualification purposes and documented energy-efficency savings for homes could be used to adjust the value of a home upwards. 

The bill will have to undergo the normal legislative procedures before having a chance to be passed into law, which could easily result in significant changes, assuming it were to pass. 

Article from Ken Harney

Filed under Advice For Home Buyers and Sellers, D/FW Real Estate News, FHA, Legislative Changes, Mortgage Guidelines, Mortgage News, U.S. Real Estate News.
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Texas Home Sales Up 18% In Third Quarter of 2011 Compared To Third Quarter of 2010

Posted by John Jones on 1 November 2011, 11:53 am

Home sales in the State of Texas were up in the third quarter of 2011 compared to the third quarter of 2010 by almost 18% according to the Texas Quarterly Housing Report issued by the Texas Association of Realtors.

The total volume of home sales in the third quarter of 2011 was reported to be 58,019.  Median home prices remained essentially unchanged at $151,800.

And because of the higher sales volume as well as fewer distressed properties on the market, inventories dropped from 8 mos to 7.4 mos.

Article at TexasRealEstate.com

Filed under D/FW Real Estate News, Texas Real Estate News. Tagged 
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September Sales Figures Slide Compared To August But Show Gains Over Last Year

Posted by John Jones on 23 October 2011, 2:18 pm

The rate of existing-home sales nationwide was down 3% in September of 2001 compared to August 2011, although September sales were a brisk 11.3% above September of last year according to a recent report from the Realty Times.

One significant factor noted in the report that is likely a large contributor to the weaker numbers is the increase in contracts that failed to close.  This is likely the result of many factors, including tougher underwriting guidelines imposed by many lenders and possibly even the inability of some lenders to close transactions in a timely manner due to heavy refinance volume relative to the number of staff they have available to handle their pipelines.

Cash sales accounted for 30% of all purchase activity in September of 2010, the majority of which were likely cash-investors taking advantage of lower home prices coupeled with strong demand for rental properties in many markets.

REGIONAL STATS:

  • The only region in the United States that was a gain in existing sales of homes was the Northeast, which saw a 2.6% increase despite a drop of 3.3% in median home prices.
  • The Midwestern region dropped by a slim margin of 0.9 % compared to August, but still saw an increase of 17.2% over the September 2010 figures.
  • The South region declined by 2.6% compared to August but still saw a 10.5% increase over last September.  Median prices were reported to have dropped by 3.0% in the South.
  • The largest decline was in the West, which was down 8.8 percent in August, altough it also saw an increase in volume over last September despite median prices falling to $207,400, which was a decrease of 4.5% over last year.  

One significant factor that wasn’t mentioned in the article but is likely a huge contributor to the increase in sales figures from September 2010-September 2011 is the absence of the homebuyer tax credits, which expired in June 2010.  Many experts agree that the homebuyer tax credits caused many home buyers to adjust the timing of their purchase decisions last year in order to qualify for the up to $8,000 offered to new buyers.  Many buyers who closed by June would likely have purchased in the third and fourth quarters of last year, which made the second quarter numbers seem higher than normal.

Article from Realty Times

Filed under D/FW Real Estate News, U.S. Real Estate News, U.S. Real Estate Values. Tagged 
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The Regions Bank 100% Mortgage Loan for Doctors | Dallas Real Estate and Mortgage Information

Posted by John Jones on 3 August 2011, 7:06 pm

If you are a doctor/physician or other eligible professional and are in the market to purchase a new home or refinance an existing mortgage, the Regions Bank 100% Financing Doctor Loan may be the mortgage option you’ve been looking for!  The Regions Bank 100% Financing Program for Doctors features flexible underwriting guidelines and is available on many different types of properties, including:

  • Single Family Homes
  • Town Homes
  • Duplexes
  • Triplexes
  • Four Plexes
  • Condos (some restrictions on owner-occupancy and location)

Other program highlights of the Regions Bank 100% Financing Program for Doctors:

  • 100% Mortgage Financing for stable markets (at this time, Dallas and Fort Worth Texas are considered stable markets).
  • Valid employment agreement or contract is required – If self-employed, must have three year history (tax returns) of self-employement.
  • No upfront or monthly PMI (mortgage insurance)
  • Taxes and insurance are escrowed for all loans greater than 80% loan-to-value ratio.  Escrows may be waived for loans with less than or equal to an 80% loan to value ratio.
  • Owner occupied properties only up to 100%.
  • Regions has other programs available for second homes 90% LTV with no PMI up to 1.5 Million.
  • Student loans excluded from debt-to-income ratio calculation if currently in deferment. 

Loan Terms available from Regions Bank on the 100% Mortgage Loan for Doctors:

  • 3/1 ARM
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM
  • 15 and 30 Year Fixed Rates

Is The Regions Bank Doctor Program Available in other areas besides Dallas?

Yes!  Regions services 16 different states in the US:

  • Texas
  • Arkansas
  • Louisiana
  • Missouri
  • Iowa
  • Illinois
  • Indiana
  • Kentucky
  • Tennessee
  • Mississippi
  • Alabama
  • Georgia
  • Virginia
  • North Carolina
  • South Carolina
  • Florida

If you are a doctor and would like to find out if you qualify for the Regions Bank 100% Mortgage Program for Doctors, contact John Olson for a free consultation and pre-approval. 

Obtaining pre-approval from a competent and knowledgeable loan officer should always be the first step of the homebuying process.  John is a veteran mortgage loan officer and has many other specialty programs to fit your needs!

 Contact John Olson at 214-678-2541 or 214-563-0171 or email him at john.olson@regions.com.   You may also complete the contact form below for priority processing:

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Filed under Advice For Home Buyers and Sellers, D/FW Real Estate News, DFW Real Estate News Exclusive Content, Mortgage News, Specialty Mortgage Products.
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Dallas Year over Year Home Values Decline in May 2011 Case Shiller Report

Posted by John Jones on 1 August 2011, 7:05 pm

Dallas home prices fell 4.7% in May of 2011 compared to May of 2010 in the latest Case-Shiller home price report for May 2011.  This makes 11 months of year-over-year declines for the Dallas area.

Overall, Dallas home prices have dropped about 10 percent since the peak of the real estate market in 2007.

There are many factors that may have contributed to the decline in price but overall the Dallas market remains strong having not seen the massive declines that some markets on the East and West coasts have for the last several years.  Although many of those markets have stabilized, it’s hard to tell if this will be a long-term trend as unemployment and the overall economy have remained weak. 

Despite the fact that Dallas home prices have fallen more in the last few months than many other cities, it’s important to put the long-term performance of the market in perspective to see how Dallas has fared compared to these other cities.  Here’s a chart of the Case-Shiller home price index through 2009:

Case Shiller Index - DFW Compared to other cities

Case-Shiller - DFW Compared to "Bubble" Cities

http://recenter.tamu.edu/newstalk/newstalkSearch.asp?CID=57103

Filed under D/FW Home Values And Statistics, D/FW Real Estate News.
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