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The COST of a Home: Last Year, This Year & Next Year

9/12/2013

Interesting article reposted from KCM....

The COST of a Home: Last Year, This Year & Next Year

by THE KCM CREW on AUGUST 26, 2013 · 2 COMMENTS

in FOR BUYERSPRICINGSame Price, Lesser CostThe cost of a home is determined mainly by two components: price and mortgage rate. Today, we want to show how the monthly cost of purchasing a median priced home has changed over the last twelve months and how it might change over the next twelve months. For the first two examples, we will be using theNational Association of Realtors’(NAR) Existing Home Sales Reportto establish median price andFreddie Mac’s Primary Mortgage Market Survey to establish mortgage rate. We also assumed a 20% down payment in all examples.

LAST YEAR

The median priced home in the country was selling for $187,800. The 30-year fixed mortgage rate was at 3.5%. Here is what it would cost to buy a home last year:

Last Year

TODAY

The median priced home in the country is selling for $213,500. The 30-year fixed mortgage rate is at 4.5%. Here is what it would cost a purchaser to buy a home today:

This Year

The monthly cost increased by: $190.78!

NEXT YEAR

Projecting into the future in real estate can be rather tricky. To establish future pricing, we depended on the over 100 housing experts surveyed for the Home Price Expectation Survey who called for an approximate appreciation rate of 5% over the next twelve months. For the interest rate, we took the average of the projections from theMortgage Bankers’ Association, Freddie Mac and Fannie Mae. Here is what these experts project will be the approximate cost of a home a year from now:

Next Year

The monthly cost will increase by about: $97.32!

Bottom Line

From a financial perspective, why wait if you are thinking about buying?

Delinquencies fall at fastest rate in 11 years

7/9/2013

As of the end of May, delinquencies had fallen at their fastest year-to-date rate in 11 years, plummeting by 15 percent since the start of 2013, Lender Processing Services (LPS) reported.

Overall, delinquencies stood 43 percent below their 2010 peak, LPS said in its latest Mortgage Monitor report.

The report also found that the number of underwater borrowers had dropped by 47 percent year over year in the first quarter of 2013, bringing the share of borrowers with negative equity down to 14.7 percent of all mortgages. Source: LPS and INMAN NEWS

Delinquencies fall at fastest rate in 11 years

As of the end of May, delinquencies had fallen at their fastest year-to-date rate in 11 years, plummeting by 15 percent since the start of 2013, Lender Processing Services (LPS) reported.

Overall, delinquencies stood 43 percent below their 2010 peak, LPS said in its latest Mortgage Monitor report.

The report also found that the number of underwater borrowers had dropped by 47 percent year over year in the first quarter of 2013, bringing the share of borrowers with negative equity down to 14.7 percent of all mortgages. Source: LPS

- See more at: http://www.inman.com/wire/delinquencies-fall-at-fastest-rate-in-11-years/#sthash.fDjaOQZd.dpuf

Delinquencies fall at fastest rate in 11 years

As of the end of May, delinquencies had fallen at their fastest year-to-date rate in 11 years, plummeting by 15 percent since the start of 2013, Lender Processing Services (LPS) reported.

Overall, delinquencies stood 43 percent below their 2010 peak, LPS said in its latest Mortgage Monitor report.

The report also found that the number of underwater borrowers had dropped by 47 percent year over year in the first quarter of 2013, bringing the share of borrowers with negative equity down to 14.7 percent of all mortgages. Source: LPS

- See more at: http://www.inman.com/wire/delinquencies-fall-at-fastest-rate-in-11-years/#sthash.fDjaOQZd.dpuf

Delinquencies fall at fastest rate in 11 years

As of the end of May, delinquencies had fallen at their fastest year-to-date rate in 11 years, plummeting by 15 percent since the start of 2013, Lender Processing Services (LPS) reported.

Overall, delinquencies stood 43 percent below their 2010 peak, LPS said in its latest Mortgage Monitor report.

The report also found that the number of underwater borrowers had dropped by 47 percent year over year in the first quarter of 2013, bringing the share of borrowers with negative equity down to 14.7 percent of all mortgages. Source: LPS

- See more at: http://www.inman.com/wire/delinquencies-fall-at-fastest-rate-in-11-years/#sthash.fDjaOQZd.dpuf

Breaking the sound barrier

6/30/2013
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Short Sale Tax Deficiency Waiver Set to Expire

12/13/2012
Some things kind of sneak up on people and the expiration of the waiver for short sales and foreclosures is upon us. As always, I am not a lawyer or accountant but I am simply acknowledging this major change may happen.

Right now if you short sell a house and the bank waives $50,000, it is over and that is about it. When this law goes away, as I understand it, there is a significant chance that $50,000 is taxable by the IRS.

I am surprised to some degree that major numbers of short sellers are not simply handing over their properties via a deed in lieu. Well maybe it is that the comfort factor that some "enjoy" by not paying their mortgage or taxes lulls them into complacency.

So in one sense, the numbers of short sales should decrease. The truly distressed unfortunately are still out there as they were before this housing bubble burst and their problems are real. The marginal/elective short sellers are the ones who should go away. We will see.
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