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 4.80 percent with an average 0.7 point for the week ending April 23, 2009, down from last week when it averaged 4.82 percent. Last year at this time, the 30-year FRM averaged 6.03 percent.
The 15-year FRM this week averaged 4.48 percent with an average 0.7 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 5.62 percent. This is tied with last week for the lowest the 15-year FRM has been since Freddie Mac began tracking it in August 1991.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.85 percent this week, with an average 06 point, down from last week when it averaged 4.88 percent. A year ago, the 5-year ARM averaged 5.68 percent. This is the lowest the 5-year ARM has been since Freddie Mac began tracking it in January 2005.
One-year Treasury-indexed ARMs averaged 4.82 percent this week with an average 0.4 point, down from last week when it averaged 4.91 percent. At this time last year, the 1-year ARM averaged 5.29 percent.
"Although long-term mortgage rates eased slightly this week, ARM rates remain elevated relative to those fixed-rate mortgages," said Frank Nothaft, Freddie Mac vice president and chief economist. "For instance, interest rates for 1-year ARMs exceeded those for 30-year fixed-rate mortgages over the last two weeks; this is the first time this has happened since Freddie Mac began collecting data for ARMs in January 1984."
"The housing market is showing further signs of possible improvement. House prices rose for the second consecutive month in February, the first back-to-back increase since April 2007, according to the Federal Housing Finance Agency. Among the nine Census divisions, six experienced positive gains in February, led by a monthly increase of 3.8 percent in the Pacific Division."
Investors looking to acquire houses through short sales just might be in for some good news.
One of the largest holders of second liens in the U.S., the Bank of America, says it's relaxing its policy on payoffs connected with short sales.
That's important because large banks have been major impediments standing in the way of thousands of short sales, demanding money for home equity lines and second mortgages that would otherwise be worthless if the short sale property went to foreclosure.
Bank of America had been among the least cooperative of all banks in agreeing to short sale payoff terms, according to industry critics.
The company's policy was blunt: Pay us 10 percent of what the homeowners owed on the equity line balance or second mortgage, or we won't sign off on the short sale, which is necessary for the deal to go through.
Now the bank has adopted what spokesman Terry Francisco told Realty Times is "a less arbitrary, more rational" policy.
"What we're saying (to short sale proposals) is -- give us an opportunity to participate and gain at least some of the savings" that will go to the first lien holder -- the primary lender on the property -- by avoiding the high expenses and losses of a foreclosure, according to Francisco.
Bank of America is now asking for five percent of the sale proceeds on the short sale, net of realty commissions, closing and other costs.
The bank believes that should open the door to more successful transactions, as well as more fruitful negotiations with buyers and sellers to avoid foreclosures.
But not all short sale market experts are convinced that's the case. Raffi Tal, CEO of Los Angeles-based I-Short Sale, Inc., one of the largest players in the field, says Bank of America's new policy "will still jeopardize" many short sales that involve its second liens.
The bank's previous 10 percent policy meant they'd demand $20,000 on a $200, 000 equity line balance, or they wouldn't bless the deal. But their new policy still means "they want $15,000 if the net proceeds are $300,000" on a short sale, Tal told Realty Times -- even though the economic value of their holding may in fact be zero.
Bottom line for investors: If there's a Bank of America second mortgage or credit line on the house you're after in a short sale, work the new numbers. At least some of the time you might be surprised that the answer from the big bank is now 'yes.'
And watch for other major banks to follow suit.
K. Harney
If hard times has you renting out that empty room for some fast cash, you could be opening the door to a lot more cost, not less.
The Insurance Information Network of California (IINC) says financially strapped homeowners renting out rooms to help pay the mortgage or other costs may be overlooking key issues that could lead to greater financial hardship.
Community, rental rules
Like opportunistic homeowners renting space to visitors in town for special events or even like charitable homeowners housing temporary disaster victims down on their luck, struggling homeowners looking for a fast buck should check for community, legal and insurance repercussions.
Renters who sublet, owners who live in communities governed by homeowners associations, zoning violators and others living under certain community rules or regulations could lose their home through either eviction or foreclosure if they violate terms of the contract, community edicts or local law.
That's also true in some single-family detached housing communities.
Homeowner's insurance, taxes
When it comes to homeowners insurance, the rental of rooms may be considered a business. However, limits could be placed on insurance coverage, including coverage for contents, personal liability, medical payments and identity fraud.
Policy add-ons or endorsements similar to those offered for home-based businesses are available to help cover a homeowner's assets in case of a landlord-tenant dispute or suit.
When part of a home becomes a business certain tax laws could be triggered. For example to help foot the bill for the "Housing and Economic Recovery Act of 2008" the act eliminates a capital gains exclusion for the portion of gain (during a sale) that comes while a home serves as a vacation or rental property.
"The last thing struggling homeowners need are more ways to lose money," said Candysse Miller, IINC executive director.
She says homeowners should carefully review their insurance policies with their agent or company before taking on renters. Likewise, they should know the local rules and not try to surreptitiously circumvent them.
Renting concerns
Renters should also be aware that the landlord's policy may not cover their possessions or provide liability protection in case they are sued.
On the other hand there's always the possibility of the tenant from hell will wreak havoc and then fall back on legal renters' rights law to over stay their welcome.
Instead of jumping at the prospect of a windfall, first-time landlords should spend ample time researching city and state landlord/tenant laws, tax rules and other related information.
A detailed background check on the prospective tenant can help identify any potential problems that may arise during the tenancy.
Many cities and municipalities as well as apartment and landlord associations also offer landlord/tenant services departments to help with questions and to avert disputes.
B. Perkins
Loan modification is a no-brainer for lenders. They essentially have the following choices:
All things being equal, offering a loan modification to borrowers is usually the best option for lenders, because they avoid the high cost of foreclosure (by some estimates $50,000 to $100,000 per foreclosure) and they continue to collect interest on the loan – at a lower rate of return, but still enough to earn a profit.
Unfortunately, in many cases, another factor comes into play – mortgage insurance. If a loan is FHA- or VA-secured or the owners are paying PMI (private mortgage insurance), the lender stands to lose much less from foreclosure, because the insurance will make up a portion of the difference. In other words, the lender’s motivation to work out a reasonable deal with the homeowner/borrower is undermined by mortgage insurance – often mortgage insurance that the homeowner is paying for! When foreclosure numbers spiked, so did mortgage insurance claims. This is what contributed to the need for insurance giant AIG to receive bailout money from the government. Without it they could not have paid all the claims being made and still remain in business. AIG going out of business would have jeopardized the stability of millions of loans and caused even greater market insecurity.
If you are wondering why the federal government is willing to subsidize lenders for modifying mortgages and subsidize homeowners for making their monthly mortgage payments, wonder no more. One reason the government wants to bail out homeowners is because it has to. The government stands to lose more if homeowners with government-secured mortgages default on their loans than by paying ten thousand dollars or so to subsidize mortgage modifications for at-risk loans.You can also stop wondering why mortgage lenders approved all of those risky mortgage loans in the first place. Risks to the lenders were often reduced by the fact that the loans were insured. They could afford to gamble, because someone else would be there to pick up the tab on any losses.
Having insurance when disaster strikes is usually a good thing, but in the case of the foreclosure crisis, having mortgage insurance can work against you. It’s not like homeowner’s insurance that protects your investment in the case of a natural disaster. It only protects the lender’s investment – leaving you and your family without a roof over your heads. In addition, as a recent visitor to KeepMyHouse.com pointed out, eliminating PMI for loans that require it could make house payments more affordable, put more money in people’s pockets, and help stimulate the economy.
I am not entirely against having the government secure loans or requiring homeowners to pay PMI on certain mortgage loans. Up to this point, these programs have helped more people achieve the American Dream of Homeownership. However, when these same programs are working against homeowners during an unprecedented economic crisis, I think it is time to review the real purpose of these programs. Lenders need to start relying less on mortgage insurance and more on loan modification to mitigate their losses and help more Americans keep their homes.
R. Roberts
When home builders, the most depressed segment of the real estate industry, begin expressing optimism about a modest turnaround in the marketplace, maybe it's time for even the most dour doomsayers to listen.
Last week's home builders sentiment survey released by Wells Fargo and the National Association of Home Builders produced the single biggest monthly jump since 2003.
The survey focused on builders' perceptions of traffic at sales sites and expectations of sales in the coming six months, both were up sharply from the previous month.
Builders cited low prices, low interest rates, and the $8,000 federal home purchase tax credit as key reasons for their positive outlook.
Mortgage rates continued their decline into the upper 4 percent range last week -- averaging just 4.7 percent for 30-year fixed rate loans and 4.5 percent for 15 year money.
Some large builders have been sweetening those rates even more by "buying down" interest costs for purchasers to 3 percent or less, fixed for 30 years.
Of course, big improvements in traffic and sales projections do not necessarily mean that builders - or the real estate market as a whole -- are out of the woods.
To put the builders' sentiment survey into perspective: It's still far below the point where the builders themselves rate market conditions as "good." Most builders still rate their situations as "fair" to "poor." But they do see movement toward much better conditions ahead.
In that sense, home builders may be tuned into a much larger public perception change underway about the national economy. The Gallup polling organization's latest "Consumer Mood Index" rose sharply last week, and is now higher than it was at the same time last year.
Federal Reserve chairman Ben Bernanke expressed a similar, mildly optimistic view last week in public comments, as did President Obama.
Meanwhile, there's fresh evidence that, despite all the moaning and groaning about real estate being in the doldrums, there's a rising amount of business getting done. Wells Fargo reported a three billion dollar first quarter profit, much of it because of record results from its home mortgage operations.
Home sales in a number of hard-hit local areas continue to soar. In Orlando, Florida, for example, March sales were nearly 50 percent higher than March 2008.
And listing prices in major markets defied expectations by showing small monthly increases, according to a new report from Altos Research and Real IQ. In sixteen of the largest U.S. housing markets, according to the survey, listing prices were up by an average 1.1 percent.
Bottom line here: Think positive -- at least a little.
K. Harney
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-Over $300 Millions in Career Sales -Over 350+ Career Closed Sales -#1 Agent North Shore Region; KWRP -Top 10 Mid-American Region; KWRI -Top 1/4 % of all Agents in Mid-American Region: KWRI
Welcome to the Best in Northern Cook and Lake County!
Specializing in Glenview, Northbrook, Morton Grove, Niles and all of Northern Cook and Lake County Illinois Real Estate....
Helen is "Your Best Move!"
In an effort to be the best and to provide the service she is noted for, Helen is proud to employ a full service team to assist you in your real estate transaction. With Helen as the President and Team Leader she oversees the team and handles all aspects of your transaction to ensure that your real estate transaction is seem-less and enjoyable. With this team into place you can rest assured that you are in the best of hands! We understand your needs and we tailor our services to extend above and beyond the call of duty! With our "It's my pleasure attitude" we guarantee that you will be thrilled with what we have to offer you!
After experiencing several careers, Helen has determined that her drive to be the best combined with tenacious persistence, and innate perception, make real estate her best career choice. Her intelligence, education, strong communication skills and her amazing ability to negotiate make her a power producer in the real estate industry. Helen has found her true calling as a real estate professional, where she has the ability to do what she does best...achieve excellent RESULTS for the clients she represents!!
Without reservation, Helen is a consistent leading professional and she has been awarded the Prestigious President's Elite Award for 2004, 2005, 2006; the second highest designation that Coldwell Banker offers for it's agents. For 2007, Helen has literally surpassed all of her prior accomplishments by again achieving President's Elite status and has closed over 60+ units, has actively listed over 200+ properties and counting and she is exceeding her volume and GCI goals by 78% from 2006. In 2008, Helen sold 90+ properties making it a record breaking career year in real estate. In 2009 Helen has already sold 81+ properties and anticipates another fantastic year. Helen is also In the Top 10 for the Mid-American Region of Keller Williams Realty International. She is a dynamic market leader specialzing in selling real estate. In a changing market Helen is even more successful and is sought after by clients who demand the best marketing and the best results. Her creative and magnetic personality make her a strong advocate in the ever-changing world of real estate. She is extremely perceptive, dynamic, thorough and precise and her advice is multi-dimensional.
With an innovative vision and an ability to plan for the future Helen's mission is to constantly raise the bar in the profession of real estate. She employs the highest and most advanced technological tools to make her marketing of residential properties unbeatable. She has a targeted business plan for each property, provides exemplary service to each client, and ensures a results oriented seamless transaction.
Helen's incredible gift of planning is immaculate and her execution is accurate. She is an expert at anticipating, reacting and handling situations appropriately and professionally. With Helen lies the confidence and assuredness that your number one vested interest is thoroughly protected at all times!
In a competitive market with an abundance of realtors, it is clear that Helen Oliveri does whatever it takes to produce RESULTS on behalf of her clientele'. She acts in their best interest and, in fact, puts their needs above all else. She does this with ultimate professionalism, first-class service and intense goal-oriented work ethic. Her results-driven program is productive and effective. Helen understands this business fully and completely, it's demands and it's challenges and thrives off of it. Helen is your ally in creating and maintaining a solid business transaction!
Make "Your Best Move" today and call Helen Oliveri...
See why we create raving fans and call us right away!
Ph: 847.967.0022
E-fax: 847-574-7573
Email: helen@helenoliveri.com
Helen specializes in selling residential real estate including condos, town-homes and single family homes. She is an expert in resales, new construction and REO foreclosures. If you need a real estate professional who is dynamic, driven and customer centric, Helen is the agent with the team for you! When you work with Helen, consider it SOLD!!
Helen is very knowledgeable, very motivated, well organized and personable. Everyone on Helen’s team works well together and with the client to accomplish the objective – sell houses! Helen’s team gave me status reports and updates very frequently. I feel my home in Glenview was marketed excellent and the property sold so quickly. I rate my experience with Helen Oliveri and The Helen Oliveri Team just outstanding. At the end of the day, our house had been on the market for a year with a different agent and had not been sold. The house sold in 28 days after I listed it with Helen Oliveri and The Helen Oliveri Team and that is what it is all about.
Don & Linda Van Dyke
My experience with Helen Oliveri was excellent and she was very in tune with the market. She is a real professional. Helen's team was also excellent; the staff was constantly aware of what was going on with each individual deal. There was never any back and forth and everyone on the team was on the same page and the weekly calls and updates are great. Helen's marketing was tremendous! I have never seen anything like it. The brochures and CD's were great. My construction lender was at the property one day and was so impressed with the marketing materials. It gave me and her so much more credibility. My overall experience with Helen Oliveri and her team was just amazing. I have been building for 15 years and without a doubt she and her team is the best. Being in the business and realizing what the market conditions are, she was phenomenal. She has a true understanding of marketing and is not just going through the motions. She is highly self-motivated which makes me feel at ease as to not having to hound her or her team for answers. It truly feels like she is on my team. When dealing with Helen and her team you feel like she is only working for you. Danny and Alison are probably the best support staff I have ever encountered in the industry. I would recommend The Helen Oliveri Team to anyone with 100% confidence.
Kevin Walsh
Helen Oliveri and her team represent the highest professional level of expertise and customer service skills. Helen's knowledge of the current market helped us sell our house in a very short period of time, which is really amazing in today's difficult real estate environment. Being a real estate professional (as we own a title company) we can appreciate her expertise in the field. As our title company conducted the closing, we could first hand witness her professionalism. She not only knew the specific requirements of the market, but also handled the transaction with attention to detail to fulfill the needs of her clients. We will recommend Helen and her team to anyone looking for a qualified agent to sell their home.
Sincerely,
Agatha and John Piecha
National Title Center
We were so very pleased to have you as our selling agent and having your company represent us. You definitely exhibited the dedication warranted by your profession. You have a keen sense for knowing the right type of customer service required, advertising, presentations, customer base, financials, innovative approachs and market strategies. We were especially impressed by your personal touch and concern for our interest, market in-puts and follow-up, quick turnaround time, and knowledge of your field. Also, the extra care taken to keep an eye on our property and keeping the unit clean for us while we were out of town. You should be proud of what you do as you definitely stand out as a extremely highly qualified real estate agent, one who presents themselve as a top agent and expresses confidence in your profession. Your company should be very proud to have you represent them. You definitely get results. Once again, thank you for being our agent. We never felt you ever let us down and were always looking out for our best interest. Should you need us as a reference please don't hesitate to call.
Sincerely,
Elliot and Pat Bedrosian
Helen and The Helen Oliveri Team are simply the best real estate team I have ever known. I have built and sold many homes in my life and never EVER have I experienced such professionalism, market expertise and customer care as I have with Helen and her team. They were there always with a smile, handling literally every aspect of my sale without reservation. They even supervised my move, cleaned my home personally and even took care of all of my closing documents without question. Helen is always personally available and made me feel like her closest friend and confidant and she fought for me unlike anyone I know. I am so confident in Helen and her team and I would recommend them without hesitation. This has been a hard time for me and she was there both as my real estate professional and as my friend and her team is phenomenal. I will always use Helen Oliveri and her team for any and all future real estate transactions. Thank you for selling my home in such a tough market....Helen you are the BEST!!
Sincerely,
Jodi Westphal
I felt as though I had a trusted friend by my side each and every step of the way while buying my very first home. Helen is honest and genuine, an invaluable trait in a friend, so you can imagine how pleased I was to find it in an agent! She answered all of my questions and explained the things I didn't understand without making me feel silly or inferior. I feel confident that she treats all of her clients with the dignity and respect they deserve when buying or selling a home. When the time comes, I won't hesitate to entrust the sale of my home to Helen Oliveri. Working with her was truly a pleasure!
Sincerely,
Canella Mullins
We would whole heartedly nominate you for "Realtor of the Year". We are convinced that it was your superior skills as a realtor that enabled you to sell our townhouse so quickly in this extremely difficult market. Hiring you as our agent was really 'our best move'. Thank you very much.
Sincerely,
James & Lolita Cox
Thank you so much for all your help with my new condo! It has been a wonderful pleasure working with both of you. My new home is beautiful! Thank you also for the gift basket! The items will certainly come in handy and they were all on my shopping list! In addition, the closing was painless!
I will miss working with all of you. I certainly will recommend your team to friends and family every time the opportunity arises! You make a great team!
Sincerely,
Rosi Odulio
I asked if Julieann and I could write this letter because of the way the two of you saw us through a tough situation. The sale of our house was tricky at best. I had been in the house for 28 years, so I had no idea of the market or what to expect of the process. Your honesty and humor kept heads clear and things light.
Even with the purchase and closing of your own home, you returned every call within minutes so that we could ask questions and in most cases, got us the answers the same day. You told us what the marketing plan was going to be and you did everything you said you would.
I've been in sales most of my adult life and must say that I've never run into a team such as yourselves. The lines of responsibility were very clear between the two of you making it easy for Julieann and myself to feel reassured that you were ALWAYS on top of things.
We had made the mistake of first signing with another team.....their claims being much the same as yours. What we learned was claims are one thing, but living up to them is another thing altogether. That experience made us even more "gun shy" of your claims of service and attention.
You lived up to and went beyond every claim.
Your work ethics and attention to detail inspired us to ask if we could put this letter together.
I have never done one of these letters before, but I knew I would have been remiss if we didn't somehow try to offer the two of you the help that you gave us.
Thank you so much
Jerry & Juliann Wexler
Many thanks to you for being so terrific in selling our house. We've owned/sold seven homes in the past, and your knowledge and experience have surpassed all our expectations. No other realtor experience comes close.
We had our house up for sale six months with a limited service realtor, only to be constantly disappointed. You turned things around for us in six weeks! And for a selling price we were happy with.
Our only regret is that we didn't sign up with you in the first place. You people are serious - and it's so obvious that you love what you do.
Bottom line, we'll recommend you to anyone who wants to experience real professionalism and real action! You're the best Helen!
All of ours,
Ed & Gail Tossing
Thank you so much for all your help in selling our home. We have had a fantastic experience with you! We are still in shock that you sold our home before the sign was put in the yard!!
What a pleasure it has been to receive "play by play" communication. We felt secure & well-informed each step of the way. Thank you, thank you, thank you.
Lovingly,
Steve & Misti Wiggins
We want to thank you for a job well done!
In deciding who would list the house, we were very impressed with your knowledge, professional presentation, but most of all, your enthusiasm.
We are Real Estate Brokers who relied on a broker familiar with the area and expected a high level of professionalism.
You exceeded every expectation.
We will recommend you at every opportunity.
Regards,
Earl & Margo Stafford
Karen Kudlinski
I really did not know Helen and her team too well, because Helen sold my house in a week! The first thing that Helen impressed me is her punctuality. Before I selected Helen as my realtor, I interviewed several others. A couple of them came late, though they called ahead. One of them was 30 minutes late and did not even bother to call me. Helen's follow-up is excellent. She kept me informed during the whole process and always returned my calls promptly. I would absolutely refer anyone to Helen for her real estate service.
Sincerely,
Benny Cheung
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