(PRNewswire-COMTEX)
Fixed mortgage rates inched lower over the past week, with the average conforming 30-year fixed mortgage rate now 5.95 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.49 discount and origination points.
The average 15-year fixed rate mortgage popular for refinancing was up slightly, to 5.53 percent. The average jumbo 30-year fixed rate declined modestly to 7.37 percent. Adjustable mortgage rates were very mixed, with the average 1-year ARM rising to 6.25 percent while the average 5/1 ARM plunged to 6.16 percent.
It is unusual to see fixed mortgage rates lower than the rates offered to borrowers taking adjustable rate mortgages. But that is exactly the situation we are currently in, with rates on adjustable mortgages having been pushed higher in recent weeks due to a secondary market for adjustable rate mortgage- backed securities that is in disarray and being plagued by more sellers than buyers. Adjustable rate mortgages have higher instances of delinquency than fixed rate loans, and investors are exacting a price for that by commanding higher returns. This means higher rates for borrowers. Lenders not dependent upon the secondary markets are in a position to offer better terms, underscoring the need for consumers to shop around.
The mortgage rate winds can change direction quickly. Two weeks ago, the average 30-year fixed mortgage rate was 6.39 percent, meaning that a $200,000 loan would have carried a monthly payment of $1,249.70. With the average conforming 30-year fixed rate now 5.95 percent, the same $200,000 loan carries a monthly payment of $1,192.68.
SURVEY RESULTS
30-year fixed: 5.95% -- down from 5.98% last week (avg. points: 0.49)
15-year fixed: 5.53% -- up from 5.46% last week (avg. points: 0.39)
5/1 ARM: 6.16% -- down from 6.44% last week (avg. points: 0.47)Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates .
Contact me to get help find your next home while rates are still low! luna@greatdfw.com
Thursday, March 27, 2008
JUST BECAUSE I AM A MAVERICKS FAN!
I had to post this in hopes that all you Mavs fans will be rooting for our team tonight, and because my other company (outside of real estate) LunaChic PR [www.lunachicpr.com] represents an emerging Mavs player, so we stand behind him 100%
GO MAVS!!!!!
(E.Sefko - DMN) The Mavericks need a win tonight at Denver to stake their claim that a playoff spot is theirs for the taking. It won't nail it down, but it would give them a working margin for error.
A win would give the Mavericks a three-game lead on No. 9 Denver, plus the tiebreaker. A win means they could finish the final 10 games of the regular season 4-6, and the Nuggets would have to go 8-2 to pull ahead and knock the Mavericks out of the postseason.
"We talk about how it's just another game," coach Avery Johnson said. "We're not saying that anymore. We're playing single elimination. That's the way we've got to look at it."
The Mavericks split two meetings with the Nuggets at American Airlines Center. Because they only play Denver three times this season, this is the Mavericks' only trip to Pepsi Center.
They will be without Dirk Nowitzki, who stayed in Dallas to rehabilitate his injured left ankle and knee as the team left Wednesday. It's conceivable he may rejoin them later on the three-game trip.
But for now, it will be the rest of the Mavericks who have to make a stand if they are to protect their playoff standing.
As bad as the Mavericks' 1-3 homestand was, the trip that continues at Golden State and at Los Angeles against the Clippers offers the chance to bury the recent losses.
"You can easily turn a bad week into a good week by winning these next three," Jason Kidd said.
The alternative would be the onset of the Dirk-less darkness. If the Mavericks can't keep afloat while their star is out, then there's no reason for him to come back at all.
It starts tonight.
"They're trying to get into the eighth spot," center Erick Dampier said of Denver. "I'm sure it's going to be a physical game. Those guys want to get in the playoffs, but we're going to do everything we can to not let them in the playoffs."
With Dirk Nowitzki (right) hurt, the Dallas Mavericks will look to others to avoid being on the outside of the playoffs looking in. The Nuggets have won three in a row. They are 28-7 at home, where they haven't lost in more than a month.
The Mavericks, of course, would like to be full strength for this stretch. But even when they were healthy, they lost home games to top Western Conference contenders.
Now, they face the sort of adversity that often can galvanize a team.
"A buddy of mine took me to lunch yesterday," Johnson said. "He's in the oil business, and he's pretty successful now, but he dug some dry wells before and dug some wells that didn't produce what he thought they would produce. But he kept on digging. And that's what we've got to do, keep on digging, and hopefully, we'll hit one of those big-time gushers.
"We know we're going to have a tough task in Denver. We predicted this way back in January. There can be a shifting and a swinging in the standings. Nothing's decided yet. With 10, 11, 12 games for some teams left, there's still great opportunities out there, especially for us."
More than anything, the Mavericks will determine tonight just what kind of margin for error they will have in the season's last 10 games.
GO MAVS!!!!!!!!!! GO MAVS!!!!!!!!!!!!!!!! GO MAVS!!!!!!!!!!!! GO MAVS!!!!!!!!!!!!!
OKAY, NOW BACK TO BUSINESS! SEE YA'LL IN THE NEXT POST!
Linda
EMPLOYMENT OPPORTUNITIES RISE IN DALLAS-FORT WORTH...HOPE FOR UNEMPLOYED HOMEOWNERS!
The Dallas-Fort Worth unemployment rate slipped to 4.3 percent in February, while the statewide rate reached a 30-year low of 4.1 percent.
The Dallas-Fort Worth jobless rate was down from 4.6 percent in January and 4.5 percent in February last year. The numbers are not adjusted for seasonal fluctuations.
The February unemployment rate was 4.3 percent in the Dallas-Plano-Irving area and 4.2 percent in the Fort Worth-Arlington area, compared with 4.6 percent and 4.5 percent, respectively, in January.
Statewide, the seasonally adjusted unemployment rate decreased to 4.1 percent in February, down from 4.3 percent in January and 4.5 percent in February 2007, reflecting lows not seen since the mid-1970s, according to the Texas Workforce Commission.
Texas' jobless rate was well below the national rate of 4.8 percent.
Seasonally adjusted nonfarm employment in Texas grew by 13,500 jobs in February. Texas employers added 235,000 jobs over the past 12 months, for an annual growth rate of 2.3 percent.
"Texas has once again reached a prominent benchmark - a more than 30 year record low for unemployment," Texas Workforce Commission Chairman Tom Pauken said in a statement. "Our falling unemployment, coupled with this month's significant job gains, indicates the sustained health and vitality of the Texas economy."
Among the metropolitan areas surveyed, Midland had the lowest jobless rate, of 2.6 percent, while Odessa was second at 3.1 percent, followed by the Amarillo at 3.2 percent.
The trade, transportation and utilities sector had the strongest job growth, with 6,600 jobs added in February and 37,400 jobs created over the past year. The leisure and hospitality industry added 4,900 jobs last month and 42,400 jobs in the past year.
The construction industry gained 1,900 positions in February and had an annual job growth rate of 4.3 percent. The financial activities and professional and business services sectors grew by 1,800 and 1,600 positions, respectively, adding more than 60,000 jobs this past year
(courtesy of DBJ)
The Dallas-Fort Worth jobless rate was down from 4.6 percent in January and 4.5 percent in February last year. The numbers are not adjusted for seasonal fluctuations.
The February unemployment rate was 4.3 percent in the Dallas-Plano-Irving area and 4.2 percent in the Fort Worth-Arlington area, compared with 4.6 percent and 4.5 percent, respectively, in January.
Statewide, the seasonally adjusted unemployment rate decreased to 4.1 percent in February, down from 4.3 percent in January and 4.5 percent in February 2007, reflecting lows not seen since the mid-1970s, according to the Texas Workforce Commission.
Texas' jobless rate was well below the national rate of 4.8 percent.
Seasonally adjusted nonfarm employment in Texas grew by 13,500 jobs in February. Texas employers added 235,000 jobs over the past 12 months, for an annual growth rate of 2.3 percent.
"Texas has once again reached a prominent benchmark - a more than 30 year record low for unemployment," Texas Workforce Commission Chairman Tom Pauken said in a statement. "Our falling unemployment, coupled with this month's significant job gains, indicates the sustained health and vitality of the Texas economy."
Among the metropolitan areas surveyed, Midland had the lowest jobless rate, of 2.6 percent, while Odessa was second at 3.1 percent, followed by the Amarillo at 3.2 percent.
The trade, transportation and utilities sector had the strongest job growth, with 6,600 jobs added in February and 37,400 jobs created over the past year. The leisure and hospitality industry added 4,900 jobs last month and 42,400 jobs in the past year.
The construction industry gained 1,900 positions in February and had an annual job growth rate of 4.3 percent. The financial activities and professional and business services sectors grew by 1,800 and 1,600 positions, respectively, adding more than 60,000 jobs this past year
(courtesy of DBJ)
DALLAS- FORT WORTH RANK #1 AS FASTEST GROWING METROPOLITAN AREA IN THE U.S.
(CNN) -- More people moved to Dallas-Fort Worth, Texas, than to any other metropolitan area in the United States last year.
The population here increased by 162,250 between July 1, 2006, and July 1, 2007, according to a new U.S. Census Bureau report. Atlanta, Phoenix and Houston also saw their ranks swell by more than 100,000 people each.
The census measures metro areas with the biggest population increases, as well as the fastest-growing metro areas.
Indeed, eight out of the top ten fastest growing metro areas were located in the South, and the South also accounted for more than half of the 50 fastest growing regions.
The U.S. Census bureau grouped counties into 363 metropolitan areas across the country. Those metropolitan areas contained 251.9 million people, or 83.5% of the nation's population.
The population here increased by 162,250 between July 1, 2006, and July 1, 2007, according to a new U.S. Census Bureau report. Atlanta, Phoenix and Houston also saw their ranks swell by more than 100,000 people each.
The census measures metro areas with the biggest population increases, as well as the fastest-growing metro areas.
Indeed, eight out of the top ten fastest growing metro areas were located in the South, and the South also accounted for more than half of the 50 fastest growing regions.
The U.S. Census bureau grouped counties into 363 metropolitan areas across the country. Those metropolitan areas contained 251.9 million people, or 83.5% of the nation's population.
Wednesday, March 26, 2008
HOW TO GET A GOOD DEAL ON A FORECLOSURE
Learning to maneuver the maze of options for buying property before, during and after foreclosure can help make the difference in whether a buyer invests in a discount or a money pit. The look of the home on paper or from the curb can be deceiving. It does not mean that all foreclosed homes are in bad shape, many foreclosed have been brand new by builders or barely lived in homes that owners just purchased a few years ago but defaulted due to having a sub-prime loan, but still, there are risks involved. Home buyers who venture into the wild world of foreclosure sales won't be snapping up luxury homes for $100, like some advertisements may suggest.
But patient buyers might see a 5 percent to 35 percent discount, according to those who watch the foreclosure market.
Here are types and ways to purchase a home in or near foreclosure and tips for managing each:
Type 1...
Foreclosure auction for delinquent mortgage: These homes are purchased on the county courthouse steps (check with your local county on the auction dates and location)
How to buy a delinquent mortgage foreclosed home: This is the type of sale everyone thinks of when they hear of a foreclosure sale. The buyer waits for the trustee, usually a lawyer representing the bank, to arrive. The trustee reads the legal description and then asks for bids. It's not organized, it's often hard to hear and frequently several trustees are auctioning their properties at the same time. The winner pays cash, usually by cashier's check, for the entire amount bid immediately after the sale. Many are sold before the auction ever takes place and many are also bought back by the bank because there are no bids and assigned to an agent and placed on the real estate market.
Advantages: The average price of a home bought in Tarrant County by this method is 68cents on the dollar. Nongovernment liens, such as a second mortgage, fall off the property through foreclosure, lowering the number of debts that need to be made good after the sale.
Risks: Buyers usually can't go inside to inspect the house before the sale. There could be expenses associated with evicting the former homeowner. Some homes can be weighed down by government liens, such as income taxes owed. Novices should find someone to show them how the process works and attend at least a couple of auctions without bidding. "There are a lot of people who go to the auction and really get burned," said Roddy, whose company offers classes on how to buy foreclosures.
How to find properties: All properties are posted in the deed record office of the County Courthouse. Some companies sell lists of properties for sale.
Type 2...
'Constable Sale' (or Sheriff's Sale)
What it is: A delinquent tax sale
Where to buy it: On the county courthouse steps (see your local county for info)
How to buy it: In most counties, a constable's office sells the properties under a tent; buyers must bring a bidder authorization form from the county tax assessor's office.
Advantages: The sale goes to the highest bidder who can pay the property taxes, so it's possible to buy a home for, say, $5,000. If the homeowner wants to get the house back later by repaying the taxes, they must pay the person who bought the house the tax amount plus 25 percent interest for the first year and 50 percent interest in the second year. The tax sale wipes out all debts that come with the property, except government liens.
Risks: The homeowner has the right to buy back homesteaded property for up to two years after the sale (it's six months for nonhomesteaded property). The property must be purchased by cash, cashier's check or money order immediately at the end of the sale.
Type 3...
'Writs of execution' or 'abstract judgment' sale
What it is: Part of the sheriff's sale; the home is considered an asset that the court orders sold to repay debt
Where to buy it: On the county courthouse steps (see your county for info)
How to buy it: In most counties, a constable's office sells the properties under a tent along with properties sold for delinquent taxes
Advantages: Unlike a sale for property taxes, the original homeowner has no right of redemption
Risks: Unlike a foreclosure sale, no liens are wiped off the property when ownership is transferred; the property must be purchased by cash, cashier's check or money order immediately at the end of the sale
Type 4...
Short sale
What it is: Making a deal with a lender to buy a home that will probably be posted for foreclosure.
How to buy it: A buyer agent contacts the home's listing agent and makes an offer. A lender can usually take anywhere from a week to 30 days to respond to the offer.
Advantages: Few or none of the expenses that come with the foreclosure process are incurred by the buyer. "The house is usually better taken care of because the owners still reside in the home and did plan on moving. The lender may take a discounted price to cut its losses with the current homeowner who can't make payments. "If the homeowner owes $200,000 and the fair market value is $150,000, the bank is already looking at losing $50,000," Parmelly said. "If the buyer comes in at $130,000, it's possible the bank may consider that offer."
Risks: The transaction sometimes has to move quickly, especially if the home has been posted for foreclosure. A home has about 21 days between the time it is posted and the auction, and a good agent can get a deal going in time to stop the auction, Parmelly said. The buyer should be prepared to buy as-is and bring several thousand dollars to the closing table.
How to find properties: Contact your realtor to locate these properteis.
Type 5...
Foreclosure sale/REO properties
What it is: Sale of real-estate owned properties
How to buy it: The buyer's agent negotiates directly with a lender that owns a foreclosed house (most of these homes are assigned to a listing agent who's job is to only submits all ffers to the bank.)
Advantages: Often, the initial asking price is about 5 percent below market value, After 30 days on the market, they usually get reduced again; sometimes they refurbish the properties. This is usually the best way for an investor or home buyer looking to score a good deal because the title is clear and the lender doesn't have any emotional attachment to setting the price.
Risks: There are deadlines particular to this type of purchase; work with an agent (such as myself) experienced in buying REO properties.
Type 6...
Foreclosure government-owned properties
Type of purchase: Sales from such government entities as the Department of Housing and Urban Development
How to buy it: The prospective buyer must contact the listing agent, who will enter an electronic bid with the agency. Only a HUD-approved agent (such as myself) can enter a bid. Most sell in 10 days; the prospective buyer has 10 days to inspect the house.
Advantages: The typical starting price for a HUD-owned home is 15 percent below market value. Only people who are planning to live in the home can bid on it for the first 10 days.
Risks: The deals go fast, so it's important to move quickly and stay flexible. It's rare for a HUD home to be for sale for more than 30 days. A missed deadline or problems with financing can kill a deal or allow another buyer to step in.
Tips for buying a foreclosure
The average person can buy a home from a financially distressed homeowner, but there are many ways to do it, and varying degrees of risk. For the best results:
Do your research. Are there liens against the property? Is the homeowner still living there? Are there obvious maintenance issues?
Be flexible. It's hard to know when opportunities will knock; on the other hand, buyers have to be ready to walk away from a deal that isn't right.
Work with an agent experienced (such as myself) in dealing with these types of homes. They know their way around these specialized deals, which can be tricky.
(partial report courtesy of A. Jares)
To find a list of short sales, foreclosures and HUD homes, contact me at luna@greatdfw.com
But patient buyers might see a 5 percent to 35 percent discount, according to those who watch the foreclosure market.
Here are types and ways to purchase a home in or near foreclosure and tips for managing each:
Type 1...
Foreclosure auction for delinquent mortgage: These homes are purchased on the county courthouse steps (check with your local county on the auction dates and location)
How to buy a delinquent mortgage foreclosed home: This is the type of sale everyone thinks of when they hear of a foreclosure sale. The buyer waits for the trustee, usually a lawyer representing the bank, to arrive. The trustee reads the legal description and then asks for bids. It's not organized, it's often hard to hear and frequently several trustees are auctioning their properties at the same time. The winner pays cash, usually by cashier's check, for the entire amount bid immediately after the sale. Many are sold before the auction ever takes place and many are also bought back by the bank because there are no bids and assigned to an agent and placed on the real estate market.
Advantages: The average price of a home bought in Tarrant County by this method is 68cents on the dollar. Nongovernment liens, such as a second mortgage, fall off the property through foreclosure, lowering the number of debts that need to be made good after the sale.
Risks: Buyers usually can't go inside to inspect the house before the sale. There could be expenses associated with evicting the former homeowner. Some homes can be weighed down by government liens, such as income taxes owed. Novices should find someone to show them how the process works and attend at least a couple of auctions without bidding. "There are a lot of people who go to the auction and really get burned," said Roddy, whose company offers classes on how to buy foreclosures.
How to find properties: All properties are posted in the deed record office of the County Courthouse. Some companies sell lists of properties for sale.
Type 2...
'Constable Sale' (or Sheriff's Sale)
What it is: A delinquent tax sale
Where to buy it: On the county courthouse steps (see your local county for info)
How to buy it: In most counties, a constable's office sells the properties under a tent; buyers must bring a bidder authorization form from the county tax assessor's office.
Advantages: The sale goes to the highest bidder who can pay the property taxes, so it's possible to buy a home for, say, $5,000. If the homeowner wants to get the house back later by repaying the taxes, they must pay the person who bought the house the tax amount plus 25 percent interest for the first year and 50 percent interest in the second year. The tax sale wipes out all debts that come with the property, except government liens.
Risks: The homeowner has the right to buy back homesteaded property for up to two years after the sale (it's six months for nonhomesteaded property). The property must be purchased by cash, cashier's check or money order immediately at the end of the sale.
Type 3...
'Writs of execution' or 'abstract judgment' sale
What it is: Part of the sheriff's sale; the home is considered an asset that the court orders sold to repay debt
Where to buy it: On the county courthouse steps (see your county for info)
How to buy it: In most counties, a constable's office sells the properties under a tent along with properties sold for delinquent taxes
Advantages: Unlike a sale for property taxes, the original homeowner has no right of redemption
Risks: Unlike a foreclosure sale, no liens are wiped off the property when ownership is transferred; the property must be purchased by cash, cashier's check or money order immediately at the end of the sale
Type 4...
Short sale
What it is: Making a deal with a lender to buy a home that will probably be posted for foreclosure.
How to buy it: A buyer agent contacts the home's listing agent and makes an offer. A lender can usually take anywhere from a week to 30 days to respond to the offer.
Advantages: Few or none of the expenses that come with the foreclosure process are incurred by the buyer. "The house is usually better taken care of because the owners still reside in the home and did plan on moving. The lender may take a discounted price to cut its losses with the current homeowner who can't make payments. "If the homeowner owes $200,000 and the fair market value is $150,000, the bank is already looking at losing $50,000," Parmelly said. "If the buyer comes in at $130,000, it's possible the bank may consider that offer."
Risks: The transaction sometimes has to move quickly, especially if the home has been posted for foreclosure. A home has about 21 days between the time it is posted and the auction, and a good agent can get a deal going in time to stop the auction, Parmelly said. The buyer should be prepared to buy as-is and bring several thousand dollars to the closing table.
How to find properties: Contact your realtor to locate these properteis.
Type 5...
Foreclosure sale/REO properties
What it is: Sale of real-estate owned properties
How to buy it: The buyer's agent negotiates directly with a lender that owns a foreclosed house (most of these homes are assigned to a listing agent who's job is to only submits all ffers to the bank.)
Advantages: Often, the initial asking price is about 5 percent below market value, After 30 days on the market, they usually get reduced again; sometimes they refurbish the properties. This is usually the best way for an investor or home buyer looking to score a good deal because the title is clear and the lender doesn't have any emotional attachment to setting the price.
Risks: There are deadlines particular to this type of purchase; work with an agent (such as myself) experienced in buying REO properties.
Type 6...
Foreclosure government-owned properties
Type of purchase: Sales from such government entities as the Department of Housing and Urban Development
How to buy it: The prospective buyer must contact the listing agent, who will enter an electronic bid with the agency. Only a HUD-approved agent (such as myself) can enter a bid. Most sell in 10 days; the prospective buyer has 10 days to inspect the house.
Advantages: The typical starting price for a HUD-owned home is 15 percent below market value. Only people who are planning to live in the home can bid on it for the first 10 days.
Risks: The deals go fast, so it's important to move quickly and stay flexible. It's rare for a HUD home to be for sale for more than 30 days. A missed deadline or problems with financing can kill a deal or allow another buyer to step in.
Tips for buying a foreclosure
The average person can buy a home from a financially distressed homeowner, but there are many ways to do it, and varying degrees of risk. For the best results:
Do your research. Are there liens against the property? Is the homeowner still living there? Are there obvious maintenance issues?
Be flexible. It's hard to know when opportunities will knock; on the other hand, buyers have to be ready to walk away from a deal that isn't right.
Work with an agent experienced (such as myself) in dealing with these types of homes. They know their way around these specialized deals, which can be tricky.
(partial report courtesy of A. Jares)
To find a list of short sales, foreclosures and HUD homes, contact me at luna@greatdfw.com
FORECLOSURES IN NORTH TEXAS ON THE RISE...
As foreclosures continue to rise, Banks are beginning lower the list prices on properties as reported by the Dallas Business Journal earlier this month.
(3/13/08 - DBJ)
Home foreclosure postings filed for April jumped 19 percent in the Dallas-Fort Worth area, with Denton County's figure up 40 percent from a year ago.
Eight out of 10 North Texas counties saw double-digit increases of homes listed for foreclosure auctions to be held April 1, according to Foreclosure Listing Service Inc. Denton County had the steepest increase, with 465 homes posted compared with 333 a year ago.
Homes facing foreclosure in Dallas County increased 14 percent to 1,814 homes from 1,597 last April, while the figure in Tarrant County rose 21 percent to 1,288 homes from 1,066. Collin County postings grew 17 percent to 542 homes from 465 last year.
The second highest increase was in Grayson County, with a 23 percent jump to 48 homes from 39, while Ellis County had 91 homes listed, up 20 percent from 76 last April.
The only two counties that saw declines were Parker and Kaufman counties. Parker County postings fell 15 percent to 39 homes from 46 homes, while postings for Kaufman County slipped 3 percent to 76 homes from 78.
Year-to-date foreclosures surged 21 percent for the Dallas-Forth Worth area to 17,258homes, up from 14,308 in the same period last year. The number rose 15 percent in Dallas County to 7,714 homes and was up 27 percent in Tarrant County to 5,591.
For your free list of foreclosures in Dallas, email me at luna@greatdfw.com
(3/13/08 - DBJ)
Home foreclosure postings filed for April jumped 19 percent in the Dallas-Fort Worth area, with Denton County's figure up 40 percent from a year ago.
Eight out of 10 North Texas counties saw double-digit increases of homes listed for foreclosure auctions to be held April 1, according to Foreclosure Listing Service Inc. Denton County had the steepest increase, with 465 homes posted compared with 333 a year ago.
Homes facing foreclosure in Dallas County increased 14 percent to 1,814 homes from 1,597 last April, while the figure in Tarrant County rose 21 percent to 1,288 homes from 1,066. Collin County postings grew 17 percent to 542 homes from 465 last year.
The second highest increase was in Grayson County, with a 23 percent jump to 48 homes from 39, while Ellis County had 91 homes listed, up 20 percent from 76 last April.
The only two counties that saw declines were Parker and Kaufman counties. Parker County postings fell 15 percent to 39 homes from 46 homes, while postings for Kaufman County slipped 3 percent to 76 homes from 78.
Year-to-date foreclosures surged 21 percent for the Dallas-Forth Worth area to 17,258homes, up from 14,308 in the same period last year. The number rose 15 percent in Dallas County to 7,714 homes and was up 27 percent in Tarrant County to 5,591.
For your free list of foreclosures in Dallas, email me at luna@greatdfw.com
HILARY CLINTON & JOHN MCCAIN - WHO'S A BETTER CANDIDATE TO SAVE THE REAL ESTATE SLUMP?
This just in today from Reuters.com...Hilary Clinton & John McCain have their own idea plans to help the real estate market..Who do you think has a better plan and will actually follow-through with it?
BUY A NEW HOME UNDER MARKET VALUE!!
Forget looking for a pre-owned home under-market value...Many Homebuilders in the Dallas area are selling new construction homes for less than many of the pre-owned homes currently on the market! Channel 8 News in Dallas recently reported this news and is still on-going. For a list of new homes being sold by builders at a discounted price, contact me at luna@greatdfw.com
GET PRE-APPROVED BEFORE SEARCHING FOR YOUR NEXT HOME...
When looking to purchase a home, Sellers will most likely not review or consider your offer without a pre-approval letter from your lender. Also, as a buyer, you do not want to even begin to look at homes before you know if and what amount you are qualified for. Reason is, buyers will find their dream home but will later be disappointed realizing they do not qualify for the asking price of the home or qualify for a home loan at all due their credit rating. It's also a waste of a buyers time to spend countless hours of looking for a home without even knowing whether or not they approved for a home loan. So before you waste your own time and disappoint yourself, get pre-approved first...Now, don't get this confused with pre-qualified which is something you can do yourself. Pre-qualify is simply taking a general look at your income and expenses and plugging them into a debt-to-ratio formula. Pre-Approval on the other hand is when a mortgage lender reviews both your credit report/score and income to determined if and what loan you qualify for. If pre-approved, the lender will tell you which loan programs you qualify for and what amount. They will also discuss the interest rates they offer for your loan type. (loan types to be describe in a later blog). Once you're pre-approved you can then go shopping for a home with confidence about your buying power. (note, this still isn't a guarantee that the lender will approve the loan, since the home must also meet certain requirements as well as your credit should not have any major changes from the day you are pre-approved to the day you close on your home, so don't plan on major purchases or fall behind on current debts during your home search process). The pre-approval process can be done in a day, but you must be able to provide some financial information such as you recent pay stubs, banks statements and credit report which the lender usually pulls for you. So get pre-approved and call me so we can start looking for your next home! If you need help in locating a lender, email me and I will send you a list of established lenders to help you get started.
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