Real Estate News in the Central Florida Area and Around the Country.

Fed Nixes Interest Rate Hike in May Meeting

After a two-day meeting, the Federal Open Market Committee has opted to keep the federal funds interest rate as-is—a surprise to many, given the widely held assumption that not one, but two more rate hikes were on the agenda for 2017.

According to the Federal Reserve, the improving labor market, moderate job gains, a lower unemployment rate, and steady inflation all factored into the Committee’s decision.

A statement from the Federal Reserve said: “In view of realized and expected labor market conditions and inflation, the Committee decided to maintain the target range for the federal funds rate at 3/4 to 1 percent. The stance of monetary policy remains accommodative, thereby supporting some further…

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Delinquency Rates, Foreclosures Dip to Historic Lows

The national delinquency rate has hit its lowest point in 11 years, according to the First Look report issued by Black Knight Financial Services on Friday. The rate dropped 14 percent from February to March and 11 percent over the year, hitting 3.62 percent.

The First Look report, which offers a quick glance at month-end mortgage performance stats across the nation, also showed that total non-current inventory—that is, all inventory under foreclosure or 30 or more days delinquent—also hit a historic low, dipping under 2.3 million for the first time in 11 years. Overall inventory of loans in active foreclosure dropped below 450,000, the first time it’s done so in a decade.

Prepay speeds jumped…

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Builder optimism turns into new home construction

Low mortgage rates and high buyer demand are keeping single-family housing starts in the stratosphere.

In March, construction started on single-family homes at an impressive annual rate of 821,000.

That's up 9% since last year.

Home builder optimism is turning into action. A recent report shows home builders are confident about the future. The result: more applications for permits and more home construction started.

Housing starts have been fueled by rising rents, cheap mortgage rates, and an abundance of low- and no-downpayment mortgages.

FHA loans are gaining in popularity, as are other government-backed loans like the USDA home loan and VA.

The math for "Should I rent or…

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How long does it take to get pre-approved for a mortgage?

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Your Mortgage: How Long Does It Take To Get Pre-Approved?

Everyone knows they are supposed to get pre-approved for home loans before they go house shopping. It's one of those annoying pieces of advice you can't escape, like "wear sunscreen," "wash your hands before eating," and "you can't jump a Yaris over 15 hay bales just because someone did it on the Internet."

Groan. You have to do it. But how long will it take to get pre-approved for your home loan so you can get to the fun part?

Pre-Approve Yourself First

Probably not as long as you think. This first step takes about eight seconds.

When you begin considering a home purchase, you go through a few steps. And one of those…

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Don’t Buy That House! Homebuying Mistakes To Avoid

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First-time Foibles: Don't Make These Homebuying Mistakes

Real estate transactions are a big deal, and most of us don't complete that many over our lifetimes. It's easy to make a mistake, and mistakes can be very expensive. Here are five big bullets to dodge.

Click to see today's rates (Apr 7th, 2017)

Mistake #1: Buying Because You "Should"

Buying a home because you've hit some magic age in which you're supposed to be grown up and responsible, or because it's the "American Dream," is just a bad idea.

You should buy a home when you're ready, and not before. If your career requires frequent moves, for instance, homeownership may be a poor investment. It just costs too much to sell a…

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Mortgage application: do you have to read everything?

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The 500 Page Mortgage Application Myth

A few years ago, the Mortgage Bankers Association released a statement claiming the average mortgage application file contains over 500 pages!

However, this includes a standard application form, disclosures, and all the supporting documents. An appraisal, purchase contract, credit report, title search and tax returns could potentially make up hundreds of pages right there.

But what you actually have to read and deal with is not that much.

Here are the most important disclosures to consider when you complete a mortgage application.

Click to see today's rates (Apr 7th, 2017)

Shopping For A Mortgage? Compare Loan Estimates

When you choose…

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Are you ready to sell your home?


Article Courtesy of Dave Ramsey

Are you Ready to Sell your Home?  It’s an important question to answer since selling at the wrong time can cause trouble for years to come.

Effects of Equity

For most homeowners, being financially ready to sell comes down to one factor: equity. During the housing meltdown of 2008–09, millions of homeowners found themselves with negative equity, which meant they owed more on their homes than they were worth.

Clearly, selling your home when you have negative equity is a bad deal. That’s called a short sale, and it impacts your credit score almost as much as a foreclosure. Breaking even on your home sale is better, but it’s still not ideal. If you’re in either situation, don’t…

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First-Time Home Buyers Guide: Buying With Student Loans And Debt

First-Time Home Buyers Guide to buying a home with student loans on your credit report

Buying Your First Home: Dealing With Student Loans

It's different to be a first-time home buyer as compared to an experienced one.

First-time home buyers often skew younger then the general home-buying population which means less work experience, lower income levels, and usually, less money saved for down payment.

It also can mean higher levels of federal student loans and debt.

Concerns about student loan obligations are among the reasons why first-time home buyers account for a smaller percentage of the housing market as compared to recent years.

According to a study by American Student Assistance, 55% of student loan holders said their debt is causing them to put off…

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Mortgage Interest Deduction: How Your House Pays You Back

Buying a home delivers emotional satisfaction as well as a proven method of wealth-building. The mortgage interest deduction is another appealing benefit for prospective buyers.

Real estate agents and home builders tout this tax deduction as an incentive to buy a home. They like to claim that it increases the homeownership rate and helps people transform from renters to homeowners.

The mortgage interest tax deduction was introduced in 1913. It has survived numerous tax reforms because of the incentive the tax provides for renters to buy homes.

Housing industry advocates have consistently lobbied to protect the deduction because it helps make buying a home easier. That increases the…

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5 Steps to Selling Your Home

Selling your home? Here are five tips you should know, including knowing comps and your home's market value.

Nobody decides to sell a home overnight. Getting the best price for your home, with the least amount of stress, takes time and planning. Here are the five steps you should follow as you prepare to put your home on the market.

1. Learn your home’s market value

Most homeowners have a relatively good idea of their home’s value. They get fliers in the mail, look at nearby homes for sale online, or even go to open houses. Maybe they recently refinanced and saw an appraisal.

But when it comes time to think about selling, you need a firm idea of your home’s “market” value. Market value is what a buyer is willing…

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