Month: March 2012
It seems like things are continuing to look up for today’s housing market. According to recent reports from the National Association of Realtors (NAR), housing sales have increased 8.8% since last year.
In January 2012, the median price for homes sold was reportedly $156,600.
In a recent article on CNN.com, Lawrence Yun, NAR’s chief economist was quoted saying, “The market is trending up unevenly, with record high consumer buying power and sustained job gains giving buyers the confidence they need to get into the market.”
With home prices are at their lowest point since 2002 and mortgage rates hovering near historic lows for months, buying a home is cheaper than renting in almost every part of the United States.
To learn more, read the entire CNN article here.
A recent article on CNNMoney reported that the Obama administration has detailed its latest plan to help millions of homeowners refinance their mortgages to today’s historically-low rates.
The plan, which requires approval by Congress, would allow borrowers who are current on their mortgage to save an average of $3,000 a year by refinancing into loans backed by the Federal Housing Administration, according to the U.S. Department of Housing and Urban Development.
The article goes on the say that the plan is estimated to cost between $5 billion and $10 billion. To pay for it, President Obama said he does not plan to add to the deficit. Instead, he wants to impose a fee on large banks—a move that may have a hard time making it past members of Congress, who have rejected the notion of taxing the banks in the past.
So, who qualifies for this plan? Borrowers who have missed a mortgage payment for at least six months and have no more than one late payment in the six months prior to that. They also must have a credit score of 580 or better, a threshold that the administration says 9 out of 10 borrowers meet.
If you’re a homeowner in South Florida who has fallen behind on your mortgage, Home Financing Center may have a refinancing option that is right for you. Call us for more information.