February 2012 What's News in Real Estate

What's New at Wright Realtors

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Feb 24

Celebrities have no Immunity to Adversity of Foreclosure
The little people, do not tread alone. Or so the gossip rags say. The country is infuse with homes in foreclosure. People from every walk of life are being hard hit, no matter if they earn millions to frolic around on TV or throw a ball and spending lots of money and acting snide. Foreclosures on celebrities are out there and the sheer number of foreclosures on celebrities is simply astonishing. You’d think people with money to hire someone else to manage it would not lose their homes to foreclosure. Sorta' puts them down a couple of pegs!

Feb 22

Pay Your Mortgage Off Early and Save Money
Paying your mortgage off might sound as if it's a grand plan, particularly if you refinanced to a 30-year loan recently. However it's still a bright idea for homeowners to be seriously thinking how they can pay off their real estate mortgage; if not this year, then next year. Paying a mortgage off early can substantially save on interest when compared to making the regularly scheduled house payments over 15 to 30 years. Making the payments sooner reduces your cost for housing, freeing that money up, you still must pay homeowners insurance, property taxes, home repairs and maintenance. A few might make an argument to allocate more cash for investments in place of doing away with low-cost debt.. However homeowners nearing retirement age should be free of a mortgage.

Feb 17

Over 95 Percent of Refinance Borrowers Choosing Fixed-Rate Loans
In the last quarter during 2011, fixed-rate home loans made up over 95 percent of all refinance loans, based upon a Freddie Mac (OTC: FMCC) Transition Quarterly Report recently released. Refinancing borrowers most definitely preferred fixed-rate mortgages, regardless of whether their initial loan happened to be an adjustable (ARM) or a a fixed-rate mortgage. Additionally an increasing allocation of borrowers who refinanced shortened the terms of their loans during the last quarter. Of borrowers who refinanced a fixed-rate 30-year loan, 43 percent went with a 15- or a 20-year mortgage, the highest such proportion since the first part of 2003.

Feb 14
FHA 203(k) Loans to Investors Should be Reinstated
The FHA rehabilitation loan, typically called a 203(k) FHA loan, can be an invaluable tool for dealing with the REO issues faced communities across the country are currently facing. The way the program works is it provides the buyer with a loan to buy a property and then rehabilitate it using a single loan. In essence, the buyer is borrowing more money than the amount of the purchase price which is based upon an agreement that specified improvements are going to be made which will increase the the property value.
Feb 06
Gas Pipeline Disclosures
On Jan. 24, 2012,, for a second time within just over a year, San Bruno homes were again evacuated when a crew working on a nearby sewer line struck a natural gas pipeline by accident unsettling nerves of neighborhood residents who still remember the tragic explosion of gas pipeline on Sep. 9, 2010 that took the lives of 8 people and destroyed 37 homes. Because gas pipeline locations are not currently required by any California statute, ordinances, regulation, or government decree, and since information on pipeline locations is constantly changing and inaccurate or incomplete a pipeline disclosure is not automatically included in any NHD property disclosure reports

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