Lori Blank

03

Sep

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Home Buyer Tips

What Happens If You Find Your New Home Before You Sell Your Old One?

What happens if you find the dream property that you want to buy before you have made the sale on your old property? Ideally you would have sold your current home before you buy your new property. However, sometimes the transition doesn't work out that way. You don't want to give up the purchase if you have found a bargain on your dream home, so is it possible to buy the property before you have closed on your current residence? The answer is yes, it is possible. You will need to use a financing option that will allow you to…

30

Aug

By Lori Blank

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Around The Home

7 Simple Steps To Finish Your Basement This Holiday Weekend

Not only does the Labor Day weekend signal a little time off work, but it also indicates a close to the summer season, which means it's time to get ready for colder weather. So get in the spirit of the long weekend and put the labor of love into your home by creating a cozy hideaway that your family can retreat to once the outdoors become too chilly. One of the best places to create this snug space is to mimic hibernating animals and go under ground — to the basement. Whether your lowest level needs a facelift or is…

29

Aug

By Lori Blank

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Housing Analysis

Pending Home Sales Indicates That The Housing Recovery Is Progressing

The National Association of REALTORS reported Wednesday that pending sales of existing homes fell by 1.30 percent in July. According to the organization's Pending Home Sales Index, this was the second straight month that pending home sales dropped. July's Pending Home Sales Index reading was 109.50. Signed Purchase Contracts For Existing Homes Tracked In The U.S. ·Northeast: - 6.60 percent ·Midwest: - 1.00 percent ·West: - 4.90 percent ·South: + 2.60 percent Pending home sales were 6.70 percent higher year-over-year on a national basis. This indicates that the housing recovery is progressing, but at…

28

Aug

By Lori Blank

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Housing Analysis

Case Shiller Price Index Shows Home Prices Are Still Increasing

Home prices are still rising, but at a slower pace according to the S&P Case-Shiller Home Price Indices for June. Home prices for the cities surveyed in the HPI rose by 12.10 percent on an annual basis as compared to May's reading of 12.20 percent. This is the highest rate of monthly growth for home prices since the peak of the housing bubble in 2006. June's home prices remained approximately 23 percent lower than peak prices, but economists consider the bubble peak an anomaly and caution against comparing current home prices to the peak prices seen in 2006. Overall Housing…

27

Aug

By Lori Blank

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FHFA

Existing Home Sales Report Shows Highest New Home Inventory Since January 2012

The National Association of REALTORS reported that existing home sales for July came in at 5.39 million on a seasonally adjusted annual basis. July's reading exceeded both expectations of 5.21 million existing homes sold and June's reading of 5.06 million homes sold. This suggests good news for home buyers who've been constrained by limited supplies of homes for sale. As home prices continue increasing in many areas, more homeowners are likely to list their homes for sale. Existing home sales for July rose by 6.80 percent year-over-year. The Federal Housing Finance Agency Home Price Index reported a 7.70 percent year…

26

Aug

By Lori Blank

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Housing Analysis

What’s Ahead For Mortgage Rates This Week – August 26, 2013

Last week brought mixed economic news, but Leading Indicators released Thursday suggest that the U.S. economy is growing at a moderate rate. Mortgage rates for fixed rate loans were higher, but the average rate for a 5/1 adjustable rate mortgage was unchanged from the prior week. Weekly jobless claims were also higher. The National Association of REALTORS released its Existing Home Sales report for July and reported existing home sales came in at 5.39 million on an annualized basis. This reading surpassed expectations of 5.21 existing homes sold as well as June's reading of 5.06 million existing homes sold on…

23

Aug

By Lori Blank

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Around The Home

Preventing And Clearing Clogs In Your Home

You're brushing your teeth and you turn on the faucet. It's not draining and starts to back up. Here's the dilemma; do you spit and let it sit or run to the kitchen? One thing is for sure; having a clogged drain can be a major annoyance. Clogs not only frustrate a homeowner but they can be hard on your plumbing. The added pressure they create puts stress on your pipes and can shorten their lifespan. So end the issue by following the guidelines below. You'll learn how to prevent clogging and clear the ones you already have. No Food Down…

22

Aug

By Lori Blank

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Federal Reserve

Fed Meeting Minutes Reflect Support For Reducing QE Program

The minutes of last month's Federal Open Market Committee (FOMC) meeting show significant support for tapering the Fed's current amount of monthly securities purchases. These purchases, known as quantitative easing (QE), are an effort to maintain lower long-term interest rates including mortgage rates. The Fed has been buying $85 billion per month in Treasury securities and mortgage-backed securities (MBS). Ben Bernanke, chairman of the Federal Reserve and FOMC has hinted at "tapering" the Fed's securities purchases by year-end in recent statements. The FOMC minutes released Wednesday further suggest that tapering based on strengthening economic trends is likely. FOMC Members Express…

21

Aug

By Lori Blank

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Mortgage Tips

It’s Important To Follow These Specific Steps When Using Gift Funds For Your Down Payment

As lenders tighten mortgage guidelines for Scottsdale home buyers, minimum downpayment requirements are increasing. Several years ago, you could finance a home with nothing down. Today, most conventional mortgages require at least 5 - 10 percent. Incidentally, these guideline changes have led to an increase in the number of home buyers accepting cash gifts from family. Gifts are allowed in most cases but the problem is, if you don't accept the gift in a "lender-friendly" way, the mortgage underwriter could reject it, and negate it. Three Steps To Success With Your Down Payment Gift Funds You can't just deposit a cash…

20

Aug

By Lori Blank

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Housing Analysis

Home Builder Confidence Highest Level In Nearly 8 Years

The National Association of Home Builders (NAHB) reported Thursday that its Housing Market Index rose three points to a reading of 59 for August. Confidence among builders is likely growing in connection with stronger housing markets and high demand for homes. These conditions are being driven by short supplies of homes for sale in many markets. Builder confidence in current market conditions rose by three points to a reading of 62, while builder confidence in market conditions within the next six months rose by one point to a reading of 68. Confidence in buyer foot traffic was unchanged from July’s…