Mortgage rates are going down! Proof enclosed!

Here are some interesting facts taken from the website I though thought it was interesting and wanted to share it with everyone.

After staying above 3.5 percent for several months, long-term mortgage rates dropped below that benchmark this week.

On Thursday, Freddie Mac reported 3.43 percent with an average 0.8 point as the average on a 30-year fixed-rate mortgage. Last week, rates averaged 3.54 percent. Rates have more or less been on an upward trajectory since hitting a record low of 3.31 percent in November.

From Freddie Mac vice president and chief economist Frank Nothaft:

Mortgage rates fell further this week following a lackluster employment report for March. The economy added just 88,000 net new jobs last month, about one-third as many as February and the fewest since June 2012. In addition, approximately 496,000 people left the workforce causing the unemployment rate to fall to 7.6 percent.

Here’s one from

Mortgage rates saw a decline for the second consecutive week, according to the latest survey by mortgage buyer Freddie Mac. Loan rates fell once again as response to weak unemployment data reported by the Labor Department last week and continue to move closer to historic lows.

The average rate for a 30-year fixed loan saw a considerable dip, falling to 3.43% from 3.54% last week. If the current trend continues, loans may come close to the record low reach in November, 3.31%, which represented the lowest average rate on record dating back to 1971.

The low rates have helped keep home-buying and refinancing desirable as the market continues its slow recovery, notes mortgage expert Al Bowman:

If we see an increase in spending, the bond market will likely fall and mortgage rates will rise as it would indicate consumers are spending more than thought, fueling economic growth. However, a weaker than expected reading could push bond prices higher and mortgage rates lower, especially if the PPI gives us favorable results also.

In addition to falling 30-year fixed loans, the average rate on a 15-year fixed mortgage is also creeping towards the record low. Listed at 2.74% a week ago, 15-year fixed rates fell to 2.65%, which is a touch above the record low achieved in November, 2.63%.

Hybrid adjustable-rate mortgages also saw a slight decline. The average rate on a 5-year ARM fell from 2.65% to 2.62% this week, while the rate on a one-year ARM dipped ever-so-slightly to 2.62%, down .01% from a week ago.

Of the panelists polled by in their weekly Mortgage Rate Trend Index, 33% believe that mortgage rates will rise in the coming week, while 66% believe that rates will remain unchanged. “Unchanged until the next international crisis or whatev,” says assistant managing editor Holden Lewis.  “Lately, mortgage rates seem captive to international events, which are unpredictable.”

Lenders, mortgages & escrows! Oh my!

Purchasing a new home can be a daunting task, and if you are a first time buyer or if this is your 20th home purchase, we always want to make the process go as smoothly as possible. Here is a list of questions that you can ask your lender or can help you in narrowing down your search for the best lender for your needs.

Please remember that we also have an extensive list of lenders that might work for you, give us a call and we would be happy to provide that information to you.


10 questions to ask your Lender

Be sure you find a loan that fits your needs with these comprehensive questions.

What are the most popular mortgage loans you offer?

Which type of mortgage plan do you think would be best for us and why?

Are your rates, terms, fees, and closing costs negotiable?

Will I have to buy private mortgage insurance? If so, how much will it cost and how long will it be required? NOTE: Private mortgage insurance usually is required if you make less than 20 percent down payment, but most lenders will let you discontinue the policy when you’ve acquired a certain amount of equity by paying down the loan.

Who will service the loan? Your bank? Another company?

What escrow requirements do you have? What are escrows?

How long is your loan lock-in period (the time that the quoted interest rate will be honored?) Will I be able to obtain a lower rate if they drop during this period?

How long will the loan approval process take?

How long will it take to close the loan?

Are there any charges or penalties for prepaying the loan?

Used with permission from the Real Estate Checklists & Systems


How To Make Short Sale Work For You

to know about short sale and real estate below links will be helpfull

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2010 Trends In Housing of Northern Virginia



Northern Virginia Homes For Sale In Today’s Market

Northern Virginia Homes For Sale In Today’s Market

By: Robert Earl The Earl of Real Estate

Just because the credit market is suffering doesn’t mean you have to. You can still buy Northern Virginia luxury homes despite the decline in housing markets. Northern Virginia homes for sale are being sold at affordable prices in various counties.

While searching for an ideal Northern Virginia homes for sale you should look something which is just above your price range. Quoting a reasonable price which is slightly lower than what you had budgeted for the home will benefit you as well as the seller. There is nothing wrong in making an offer which you believe as fair. Later in you may find that your instincts were correct after all.

Typically the seller will appreciate the fast offer you made and chances are, the offer will be accepted at the suggested price. This strategy will benefit you because you will be able to stay with in your budget, and get a better house with more features then you had expected to get. As long as you have a clear picture of the things you want in your head, searching for Northern Virginia homes for sale is very simple.

There are hundreds of real estate agents throughout Northern Virginia that would be glad to help you find Northern Virginia homes for sale. There are many Northern Virginia luxury homes that are also for sale at bargain prices. Loan agents will be glad to help walk you through the purchasing process and get you pre-approved for a mortgage, at which point you can focus on finding the right home for you in Northern Virginia.

Virginia is a beautiful state with endless gifts to offer. Stunning mountain vistas and charming cities make this area truly feel like home. For this reason, more and more people are rushing to buy in Northern Virginia. However, because the market is continually fluctuating, the benefits are with the buyers. Now is the time to buy an affordable and spectacular house that you and your family will cherish.

Values of Northern Virginia houses may be temporarily falling, but will soon rise again. Wouldn’t you like to invest in an amazing house that is guaranteed to make you money down the road? A good way to determine how much your house is worth is to do a search online for housing prices in your area. This way, you will know exactly what price to offer for the home in which you are interested.


Louisville Real Estate Trends Compared to the Rest of the Country

Louisville Real Estate Trends Compared to the Rest of the Country
By Jim Powell

Beginning with home sales on a national basis, sales of existing homes are up 36 percent as of November 2009 (the most recent real estate figures available) from their lowest point in January 2009. Home sales in Louisville are up a more modest 17.4 percent over the same period. It’s important to note, however, that while Louisville’s real estate market had suffered setbacks consistent with many other areas of the country, these setbacks were mostly not as deep or severe. This puts Louisville’s realty market recovery in a much more favorable and accurate light.

Median sales price is another barometer of the local and national housing market that real estate professionals and economists use to determine real estate trends. Nationally, median selling prices of existing single-family homes are down 4.3 percent year-over-year from the previous November with an average selling price of $171,900. The median selling price of Louisville homes for sale is up 1.1 percent or $1,350 to $126,750. Again, Louisville’s gains are modest but with so many housing markets across the country reeling from the housing crisis, Louisville real estate is outperforming many other markets, at least for now.

Another important indicator of a market’s health is the number of foreclosures. Foreclosures negatively impact housing values and create a host of other problems and some neighborhoods across the country have whole streets with abandoned homes with only one or two occupied. Nationally, the news on foreclosures is grim with another wave of foreclosures expected in mid-2010 as another round of adjustable-rate mortgage rate increases is due. In the third quarter of 2009, foreclosure filings, which include bank repossessions, default notices and scheduled auctions, rose 5 percent from the second quarter to 937,840 properties repossessed. This increase in foreclosures was up a very discouraging 23 percent from the third quarter in 2008.

Louisville foreclosures are not as dire as the rest of the country, but still a serious problem for homeowners, lenders and others. In the latest report available, the Louisville real estate market suffered 1,496 foreclosures from September to November 2009. That is still a very high figure for the Louisville metropolitan area; however, compared to comparably sized cities across the country, Louisville is faring far better than most. Part of the reason for this is Louisville real estate values didn’t escalate as steeply over the previous years as many other markets around the country did, so when they fell, they didn’t fall as hard.

Overall, the market isn’t great, but very few markets across the country are at the moment. Louisville real estate prices have stabilized for now and are showing modest appreciation. Whether the Louisville realty market will continue to improve in the coming year is difficult to forecast for now, but some Louisville insiders are confident that it will.

Jim Powell is a Louisville real estate agent and the owner of Louisville Properties LLC, a experienced company offering a complete line up of realty services in and around Louisville, KY.

Article Source:

Northern Virginia Real Estate

Technology Trends in Multifamily Housing

Technology Trends in Multifamily Housing

By Les Goss

Multifamily executives must constantly evaluate new technology hardware and software products at the same time they are integrating current tools, upgrading legacy systems and training staff to take advantage of underutilized components of programs they already have in place. As quickly as things are changing in this area, it can be a real challenge to keep up.

Social Media

It can be difficult to know exactly how social media like Facebook and Twitter contribute to the bottom line in apartment communities. Many apartment managers and owners feel obligated to maintain Facebook fan pages simply because all their competitors have one. But is it as critical as a clean pool, nice landscaping and a friendly, knowledgeable staff? According to a large survey of apartment residents conducted by J. Turner Research, only 8% had ever visited a community’s fan page.

On the other hand, many apartment managers are using social media to improve their rankings in the search engines at the same time they’re slashing their print advertising budgets. Plus, the only cost associated with a Facebook page is the staff time to create it, and occasionally update it. A small price to pay for an online presence that never goes away.

Mobile Phones

There are now more Americans with cell phones than either internet access or cable TV, and an estimated 70 million of us regularly use mobile web browsers. Google recently released Android, a software package for mobile devices, and on February 16, 2010 they announced that 60,000 cell phones with Android are shipping every day. Apple recently marked their 4 billionth app download, so as you can see, mobile devices are here to stay.

UDR, a Colorado-based REIT that owns 45,000 apartment units nationally, says that 9% of its web visitors in 2009 used phones for access, viewed over 400,000 pages and created 97 mobile leases. No doubt these numbers will continue to grow.

UDR was also the first to create an “augmented reality” app for multifamily. A potential renter can point their phone’s camera at an apartment and see pricing and availability data superimposed over the live picture. After launching in September 2009, UDR had over 125,000 downloads by the end of the year. Other firms have already created similar proprietary apps and more are sure to follow.

Web Portals

Another large and growing trend among apartment communities is the development of integrated websites that serve tenants and free up staff for other duties. Already, residents can pay rent online and submit work orders. Some properties even send out lease renewals with incentives for renewing early online. Freed from these mundane and time-consuming tasks, onsite personnel can spend more time showing apartments and performing other duties that increase resident satisfaction.

As you can see, technology is beginning to rapidly change the world of apartment management. I’m sure that apps for the iPad are already in development that will continue to accelerate this trend for the foreseeable future.

Les Goss is a real estate investor and syndicator in Colorado Springs, Colorado.

Article Source:

Northern Virginia Real Estate