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| Loan Types
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Rates |
Points
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| 30-yr fixed |
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5.45%
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0.15 |
| 15-yr fixed |
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5.06% |
0.15 |
| ARM 3/1,30Yrs |
4.54% |
0.17 |
| Updated:
08/05/2005 11:41:42 AM |
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Rate of New Foreclosures Decline posted by Chris Sato on 3/11/2010
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Rate of New Foreclosures Shows Decline
The national foreclosure rate is moderating with the number of foreclosures in February rising 6 percent compared to February 2009, the lowest year-over-year increase in four years.
Foreclosure filings, including default notices, scheduled auctions, and bank repossessions, were reported on 308,524 U.S. properties during February, a 2 percent decrease compared to January, RealtyTrac also reports.
“The 6 percent year-over-year increase we saw in February was the smallest annual increase we’ve seen since January 2006, when we began calculating year-over-year increases, but it still marked the 50th consecutive month of year-over-year increases in foreclosure activity,” said RealtyTrac CEO James J. Saccacio.
Saccacio said it was too early to call this the beginning of the end of the foreclosure crisis because of the number of homes in limbo due to government programs and other delays.
The 10 states with the higher foreclosure rates are Nevada, Arizona, Florida, California, Michigan, Utah, Idaho, Illinois, Georgia and Maryland.
Six states account for more than 60 percent of the national total: California, Florida, Michigan, Illinois, Arizona and Texas.
Source: RealtyTrac (03/11/2010)
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Chris Sato is the exclusive real estate agent for:
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Hope Regarding Second Liens and Short Sales posted by Chris Sato on 3/11/2010
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Banks Pressed to Write Down Second Liens
Many homeowners are seeking to sell homes in short-sale deals, but banks are reluctant to approve them, pushing these distressed homeowners into foreclosure. Now lawmakers are stepping in to apply pressure to encourage banks to eliminate the most obvious stumbling block – second mortgages.
U.S. Rep Barney Frank, chair of the House Financial Services Committee, recently wrote a letter to the four largest U.S. banks urging them to write down second mortgages. Frank wrote that while second loans often have little value, “because accounting rules allow holders of these seconds to carry the loans at artificially high values, many refuse to acknowledge the losses and write down the loans."
While most first mortgages are now held by Fannie Mae and Freddie Mac or other investors in mortgage securities, about $766.7 billion in second liens are held by commercial banks, savings banks, and credit unions.
Source: The Wall Street Journal, James R. Hagerty (03/08/2010)
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Catastrophic Natural Disaster Insurance Needed posted by Chris Sato on 3/11/2010
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NAR: Proactive Disaster Insurance Needed
U.S. policy toward natural catastrophe risk is largely reactive and a comprehensive, forward-looking national natural disaster policy is needed, the NATIONAL ASSOCIATION OF REALTOR® said in testimony to two House panels today.
Charles McMillan, immediate past president of NAR, told Congress that it must improve affordability of property insurance for natural disasters. “NAR, as the leading advocate for private property issues, believes that a comprehensive natural disaster policy should include property owners, insurance companies and each of the different levels of government in preparing and paying for future catastrophic events,” McMillan said. Citing Hurricane Katrina as an example, McMillan said, “Money would not have been paid by taxpayers had proactive federal policies and programs been in place to make property insurance more widely available and affordable.”
He also outlined the following criteria for creating a federal policy to:
- Ensure transparent and comprehensive insurance is available and affordable at premiums reflecting risk;
- Acknowledge personal responsibility of those living in high-risk areas to purchase adequate insurance;
- Provide owners incentives to undertake mitigation measures when appropriate;
- Acknowledge the importance of building codes and smart land-use decisions, stressing the importance of enforcement at the state and local levels;
- Recognize the role of states as appropriate regulators of property insurance and the role of the federal government cases of mega-catastrophes; and
- Reinforce the proper roles of all government levels for investing and maintaining critical infrastructure, like levees, dams and bridges.
McMillan said that House bill, H.R. 2555, the Homeowners’ Defense Act, authored by Rep. Ron Klein, D-Fla., is a good start toward a comprehensive solution by providing for stable funding sources that would offer the stability needed for more consistency in insurance, availability and affordability.
“All reasonable proposals should be considered in creating a national policy to proactively address the inevitable, rather than waiting for the next crisis to occur and rely upon taxpayer-funded bailouts,” McMillan said.
He thanked Reps. Maxine Waters, D-Calif., and Paul E. Kanjorski, D-Pa., chairs of the Subcommittee on Housing and Community Opportunity and the Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, respectively, and ranking members Shelley Moore Capito, R-W.Va., and Scott Garrett, R-N.J., for inviting him to testify.
Source: NAR
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Tax Credits for Energy Efficient Home Improvements posted by Chris Sato on 3/11/2010
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Take advantage of improved tax credits available for a number of energy-efficient home improvements. Find a professional remodeler in your neighborhood at www.nahb.org/remodel to get excellent advice – and your assurance of a project well done.
The Existing Home Retrofit Tax Credit (Tax Code Section 25C): Tax credits are available at 30 percent of the cost, up to a $1,500 lifetime limit, for installation in 2009 & 2010 (for existing homes only) of these products:
Building envelope components (Installation costs not included):
Qualified energy products (Installation costs may be included):
The Wind, Solar, Geothermal and Fuel Cell Tax Credit (Tax Code Section 25D): Tax credits are available at 30 percent of the cost, with no cap through 2016, for existing homes and new construction, for:
The energy-efficiency home products must be “placed in service” between Jan. 1, 2009 and Dec. 31, 2010. The credits are only valid for improvements made to the taxpayer's principal residence, except for qualified geothermal, solar, wind property, which can be installed on any home used as a residence by the taxpayer.
Home owners can claim the 25C and 25D credits on Form 5695 when they file their income tax returns. Check with your tax professional to ensure correct application of the energy-efficiency tax credit. Retain all receipts as well as records that include:
- Name and address of manufacturer
- Identification of the class of eligible building envelope component
- Make, model number and any other property identifiers
- A statement that the component is eligible for the credit (may include U factor, class of window or door, etc.)
For a short, one-page description of the energy efficiency tax credits, download this fact sheet.
IRS Clarifies What Qualifies for Home Owner Energy Tax Credit
The Internal Revenue Service has published new guidance on Internal Revenue Code Section 25C, which allows up to a $1,500 tax credit for home owners who install energy-efficient windows, insulation and other qualifying products. The tax credit is equal to 30 percent of the qualified energy efficiency expenses paid by the home owner, but it is limited to $1,500 for improvements made during 2009 and 2010.
Notice 2009-53 explains the requirements for home owners to claim the 25C credit and provides detailed technical information regarding what improvements can qualify. Home owners can claim the credit only for improvements made to an existing home. However, NAHB has learned from the IRS that tax credit-qualified improvements installed in an addition to an existing home also qualify for the 25C program.
Among the highlights:
- Tax credit eligible products must be reasonably expected to remain in use for at least five years. One method taxpayers can rely on to satisfy this requirement is to purchase products from a manufacturer who offers a warranty lasting at least two years at no additional cost.
- Not all Energy Star-rated products that are installed qualify for the tax credit. The Energy Star Web site includes a detailed listing of products that qualify for the section 25C program.
- The credit excludes installation costs for building envelope components — such as insulation and windows. In order for the home owner to claim the credit, the remodeler must provide an itemized breakout of the cost of these installed products, minus any labor or installation charges.
Also of importance, Notice 2009-53 provides the set of transition rules for qualified products installed before June 1, 2009. For these installations, taxpayers can claim for tax credit purposes the installation of property that meets less stringent energy efficiency requirements.
In particular, taxpayers can claim the credit for installation of windows and skylights that meet Energy Star requirements, requirements listed under prior IRS Notice 2006-53 or manufacturers’ certifications for 25C made under IRS Notice 2006-53. For installations on or after June 1, the requirements listed in Notice 2009-53 and described above are binding.
NAHB Teleconference on Claiming Energy-Efficiency Tax Credits
Newly expanded federal tax credits for energy efficiency are providing consumers with added incentives for upgrading their homes. Homeowners now can claim up to $1,500 in tax credits for remodeling their principal residence to reduce energy consumption through the enhanced Existing Home Retrofit (25C) tax credit. During a media teleconference next week, NAHB’s Director of tax issues discussed how to take advantage of the credit, while three professional remodelers from around the country provided examples of the types of projects that may qualify, such as adding insulation, replacing doors and windows, and updating heating and cooling systems. The panelists also provided guidance on selecting a qualified remodeler and certifying home remodelers under the National Green Building Standard, which is the only national standard to certify green home remodeling and renovation projects.
Who:
- Rob Dietz, Director of Tax Issues for the National Association of Home Builders
- Greg Miedema, CGR, CAPS, GMB, CGP, NAHB Remodelers Chairman and President of Dakota Builders, Tucson, Ariz.
- Donna Shirey, CGR, CAPS, CGP, President of Shirey Contracting, Issaquah, Wash.
- Michael Strong, CGR, GMB, CAPS, CGP, President of Brothers Strong, Houston
To listen:
Learn more about how to plan a remodel and hire a professional remodeler at www.nahb.org/remodel.
Use this chart as quick reference for what product specifications may qualify for the tax credit.
SUMMARY OF TAX CREDITS FOR HOMEOWNERS
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Product Category
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Product Type
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Tax Credit Specification
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Tax Credit
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Notes
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Windows & Doors
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Exterior Windows and Skylights
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U factor <= 0.30
SHGC <= 0.30
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30 percent of cost, up to $1,5002
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Not all ENERGY STAR labeled windows and skylights qualify for tax credit.
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Storm Windows
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Meets IECC1 in combination with the exterior window over which it is installed, for the applicable climate zone
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30 percent of cost, up to $1,5002
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Manufacturer Certification Statement3 will list classes of exterior window (single pane, clear glass, double pane, low-E coating, etc.)4 that a product may be combined with to be eligible in specific climate zones.
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Exterior Doors
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U factor <= 0.30
SHGC <= 0.30
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30 percent of cost, up to $1,5002
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Not all ENERGY STAR doors will qualify.
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Storm Doors
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In combination with a wood door assigned a default U-factor by the IECC1, and does not exceed the default U-factor requirement assigned to such combination by the IECC
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30 percent of cost, up to $1,5002
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Roofing
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Metal Roofs,
Asphalt Roofs
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ENERGY STAR qualified
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30 percent of cost, up to $1,5002
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All ENERGY STAR metal and asphalt roofs qualify for the tax credit.
Must be expected to last five years OR have a two-year warranty.
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Insulation
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Insulation
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Meets 2009 IECC & Amendments
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30 percent of cost, up to $1,5002
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For insulation to qualify, its primary purpose must be to insulate. (example: vapor retarders are covered, insulated siding does not qualify).
Must be expected to last five years OR have a two-year warranty
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HVAC
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Central A/C
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Split Systems:
EER >=13
SEER >= 16
Package systems:
EER >= 12
SEER >= 14
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30 percent of cost, up to $1,5002
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For a list of qualified products, go to the Consortium for Energy Efficiency product directory, click on Air Conditioners, then in the “CEE Tier” enter “Residential Advanced Tier 3” for CAC Split Systems, and "Residential Tier 2" for CAC Package Systems and ASHPs.
Note — not all ENERGY STAR products will qualify for the tax credit.
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Air Source Heat Pumps
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Split Systems:
HSPF >= 8.5
EER >= 12.5
SEER >= 15
Package systems:
HSPF >= 8
EER >= 12
SEER >= 14
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30 percent of cost, up to $1,5002
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Natural Gas or Propane Furnace
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AFUE >= 95
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30 percent of cost, up to $1,5002
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For a list of qualifying products go to the Gas Appliance Manufacturing Association
Not all ENERGY STAR products will qualify for the tax credit.
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Oil Furnace
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AFUE >= 90
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30 percent of cost, up to $1,5002
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Gas, Propane, or Oil Hot Water Boiler
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AFUE >= 90
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30 percent of cost, up to $1,5002
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Advanced Main Air Circulating Fan
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No more than two percent of furnace total energy use
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30 percent of cost, up to $1,5002
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Water Heaters
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Gas, Oil, Propane Water Heater
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Energy Factor >= 0.82
or a thermal efficiency of at least 90 percent.
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30 percent of cost, up to $1,5002
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Not all ENERGY STAR gas storage and gas condensing water heaters will qualify for the tax credit. All ENERGY STAR gas tankless models will qualify.
All ENERGY STAR gas tankless water heaters will qualify.
For a partial list of qualifying products go to the Air Conditioning, Heating, and refrigeration Institute (AHRI)
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Electric Heat Pump Water Heater
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Same criteria as ENERGY STAR: Energy Factor >= 2.0
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30 percent of cost, up to $1,5002
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All ENERGY STAR electric heat pump water heaters qualify for the tax credit.
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Biomass Stove
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Biomass Stove
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Stove which burns biomass fuel5 to heat a home or heat water.
Thermal efficiency rating of at least 75 percent as measured using a lower heating value.
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30 percent of cost, up to $1,5002
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Geo-Thermal Heat Pump
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Geo-Thermal Heat Pump
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Same criteria as ENERGY STAR:
Closed Loop:
EER >= 14.1
COP >= 3.3
Open Loop:
EER >= 16.2
COP >= 3.6
Direct Expansion:
EER >= 15
COP >= 3.5
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30 percent of the cost
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All ENERGY STAR geo-thermal heat pumps qualify for the tax credit.
Use IRS Form 5695
Must be “placed into service” before Dec. 31, 2016.
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Solar Energy Systems
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Solar Water Heating
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At least half of the energy generated by the “qualifying property” must come from the sun. Homeowners may only claim spending on the solar water heating system property, not the entire water heating system of the household.
The credit is not available for expenses for swimming pools or hot tubs.
The water must be used in the dwelling.
The system must be certified by the Solar Rating and Certification Corporation (SRCC).
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30 percent of cost
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All ENERGY STAR solar water heaters qualify for the tax credit.
Use IRS Form 5695
Must be placed in service before December 31, 2016.
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Photovoltaic Systems
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Photovoltaic systems must provide electricity for the residence, and must meet applicable fire and electrical code requirement.
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30 percent of cost
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Use IRS Form 5695
Must be placed in service before Dec. 31, 2016.
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Small Wind Energy Systems
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Residential Small Wind Energy Systems
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30 percent of cost
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Use IRS Form 5695
Must be placed in service before Dec. 31, 2016.
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Fuel Cells
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Residential Fuel Cell and microturbine system
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Efficiency of at least 30 percent and must have a capacity of at least 0.5 kW.
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30 percent of the cost, up to $1500 per .5 kW of power capacity
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Use IRS Form 5695
Must be placed in service before Dec. 31, 2016.
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This information comes from Energy Star, for more information visit the Energy Star Web site at www.energystar.gov/taxcredits.
To learn more about remodeling visit NAHB Remodelers at www.nahb.org/remodel.
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Chris Sato is the exclusive real estate agent for:
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Home Value Explorer to Assist Lenders With Apprais posted by Chris Sato on 3/11/2010
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Freddie Mac AVM to Assist with Appraisal Reviews
Freddie Mac announced that starting February 28, 2010, Home Value Explorer (HVE) will assist lenders in reviewing appraisals. Loan Prospector will provide a point value estimate for the property address from HVE, which is Freddie’s AVM. The use of HVE, along with appraisal best practices, can be found in Seller/Servicer Guide Bulletin 2009-18. Loan Prospector will return the HVE point value estimate that can then be used to determine whether an appraisal requires additional review.
Freddie Mac recommends that if the variance between an appraisal and the HVE point value estimate is more than 20 percent then: 1) the appraisal should be considered for additional review by a senior underwriter or in-house appraiser; 2) obtain a review appraisal or a second appraisal; 0r 3) reject the appraisal.
Freddie adds that the HVE point value estimate from Loan Prospector should not be shared with the appraiser of the subject property; and all HVE data should be treated as strictly confidential and appraiser independence should be maintained.
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Fed Rates Should Remain Low posted by Chris Sato on 3/10/2010
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Slowing Growth Expected to Keep Fed From Raising Rates
Wednesday, 10 Mar 2010 10:30 AM
Article Font Size  
After a growth spurt at the end of 2009, the U.S. economy will slow in the months ahead, keeping the Federal Reserve from raising borrowing costs until the final three months of the year, a Reuters poll showed.
The survey of over 70 economists suggests U.S. gross domestic product will grow at a 2.6 percent annualized rate between January and March, less than half the pace of the fourth quarter of 2009, when it expanded at a 5.9 percent rate.
For all of 2009, the world's biggest economy contracted by 2.4 percent, but the poll predicts it will grow by 2.9 percent in 2010 on an annual basis.
With steady but subdued growth, economists expected the core consumer price index, which strips out volatile food and energy costs, to grow 1.4 percent in the first quarter of the year and to average 1.3 percent over the course of 2010 before edging up to 1.6 percent in 2011.
That suggests the Federal Reserve won't need to raise its benchmark federal funds rate, its main monetary policy tool, until the final three months of the year, a quarter later than predicted in last month's poll.
The Fed funds rate is currently set in a range of zero to 0.25 percent, and the median forecast from respondents see a rise to 0.75 percent between October and December.
"Low inflation is the key to the outlook," said Ethan Harris, head of North America economics at Bank of America Securities-Merrill Lynch. "It allows the Fed to focus exclusively on growth and keep both feet planted firmly on the accelerator."
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Home Purchases Affordable With 30 Yr. Rates Below posted by Chris Sato on 3/10/2010
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Low Rates Help Make Home Buying More Affordable
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McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.97 percent with an average 0.7 point for the week ending March 4, 2010, down from last week when it averaged 5.05 percent. Last year at this time, the 30-year FRM averaged 5.15 percent.
The 15-year FRM this week averaged 4.33 percent with an average 0.7 point, down from last week when it averaged 4.40 percent. A year ago at this time, the 15-year FRM averaged 4.72 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.11 percent this week, with an average 0.6 point, down from last week when it averaged 4.16 percent. A year ago, the 5-year ARM averaged 5.08 percent.
The 1-year Treasury-indexed ARM averaged 4.27 percent this week with an average 0.6 point, up from last week when it averaged 4.15 percent. At this time last year, the 1-year ARM averaged 4.86 percent.
"30-year fixed mortgages fell below 5 percent to match levels seen two weeks ago and are helping to maintain affordable home-purchase conditions," said Frank Nothaft, Freddie Mac vice president and chief economist. "In fact, monthly principal and interest mortgage payments for a typical family buying a median-priced home of $163,800 were just $709 in January, the lowest amount since February 1998, according to the National Association of Realtors® . For first-time homebuyers, the fourth quarter of 2009 was the third most affordable quarter since 1981 behind the first and second quarter of 2009."
"The federal tax credit for homebuyers, which expires on April 30th, may make housing even more affordable for some families already in the middle of the home buying process. In fact, the Federal Reserve's March 3rd regional economic review noted that several districts attributed stronger home sales to the homebuyer tax credit."
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HARP Extended Through 6/30/11 posted by Chris Sato on 3/10/2010
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Alan Zibel, AP Real Estate Writer, On Monday March 1, 2010, 2:23 pm EST
WASHINGTON (AP) -- The government is giving homeowners another year to refinance their loans under a little-used program designed to help borrowers whose homes have plummeted in value.
The Obama administration effort, known as Home Affordable Refinance Program, had been scheduled to end on June 10 but will now run out on June 30, 2011, the Federal Housing Finance Agency said Monday.
The program allows borrowers who owe up to 25 percent more than their homes are worth to refinance to lower interest rates.
It was originally projected to help 4 million to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac. So far, it has helped around 220,000, according to the Treasury Department.
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Market for Vacation Homes Improving posted by Chris Sato on 3/9/2010
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Vacation Home Interest Is on the Rise
The market for second homes is improving, but prices are still as much as 40 percent off the peak, Barron’s magazine observes.
Potential buyers include not only families but also investors, says Jan Reuter, who heads residential real estate at U.S. Trust Bank of America Private Wealth Management.
To entice its readers, Barron’s identified 10 locales with beautiful views, challenging golf, good fishing, fine restaurants and lots of good shopping.
Barron’s editors did warn its readers not to count on a quick flip. “Serious appreciation will require a better economy and, quite possibly, another big rally in stocks,” the magazine said.
Here are their favorites:
- Maui
- Kiawah Island, S.C.
- The Hamptons
- Park City, Utah
- Aspen, Colo.
- Pebble Beach, Calif.
- Palm Beach
- Captiva/Sanibel Island, Fla.
- Asheville, N.C.
- Gasparilla Island, Fla.
Source: Barron’s, Steven M. Sears (03/08/2010)
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Increase in Mortgage Fraud Investigations posted by Chris Sato on 3/9/2010
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Mortgage Fraud Investigations Are Climbing
State and federal investigators are cracking down on mortgage scammers, pushing arrests and civil actions to record levels.
MortgageDaily.comtracked 134 mortgage-related lawsuits in the fourth quarter of 2009, an increase of 76 cases compared to the third quarter. There were 46 cases in fourth quarter 2008.
"The upward trend in related fraud litigation is likely to continue," predicted Patrick McManemin, a partner in Patton Boggs, a law firm that specializes in mortgage litigation, because more states are aggressively enforcing related laws.
Source: MortgageDaily.com (03/08/2010)
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