Bankrate: Mortgage Rates Hold Steady

NEW YORK  -- Fixed mortgage rates showed little movement this week, with the benchmark 30-year fixed mortgage inching down to 3.75 percent this week, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.34 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage rate remained unchanged at 2.97 percent, while the larger jumbo 30-year fixed mortgage, slipped to 4.10 percent. Adjustable rate mortgages were mixed, with the 3-year ARM dipping to 3.95 percent and the 5-year ARM holding firm at 2.71 percent.

The last time mortgage rates were above 5 percent was Apr. 2011. At the time, the average 30-year fixed rate was 5.07 percent, meaning a $200,000 loan would have carried a monthly payment of $1,082.22. With the average rate currently at 3.78 percent, the monthly payment for the same size loan would be $929.64, a difference of $153 per month for anyone refinancing now.

SURVEY RESULTS

• ·         30-year fixed: 3.75% -- down from 3.78% last week (avg. points: 0.34)
• ·         15-year fixed: 2.97% -- unchanged from 2.97% last week (avg. points: 0.33)
• ·         5/1 ARM: 2.71% -- unchanged from 2.71% last week (avg. points: 0.31)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com.

The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. Only 8 percent of the panelists expect an increase in mortgage rates over the next week.  Forty-two percent forecast a decrease and the remaining 50 percent predict mortgage rates to remain more or less unchanged over the next seven days.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI.

CoreLogic Reports 54,000 Completed Foreclosures in February

—Foreclosures Down 19 Percent Nationally Since February 2012—

IRVINE, Calif. —  CoreLogic®, a leading residential property information, analytics and services provider, today released its National Foreclosure Report for February which provides data on completed U.S. foreclosures and the overall foreclosure inventory. According to CoreLogic, there were 54,000 completed foreclosures in the U.S. in February 2013, down from 67,000 in February 2012, a year-over-year decrease of 19 percent. On a month-over-month basis, completed foreclosures fell from 58,000* in January 2013 to the February level of 54,000, a decrease of 7 percent.

As a basis of comparison, prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 4.2 million completed foreclosures across the country.

Approximately 1.2 million homes were in some stage of foreclosure in the U.S., known as the foreclosure inventory, as of February 2013 compared to 1.5 million in February 2012, a decrease of 21 percent. The foreclosure inventory as of February 2013 represented 2.8 percent of all homes with a mortgage compared to 3.5 percent in February 2012. This was the 16th consecutive month with a year-over-year decline. Month over month, the foreclosure inventory was down 1.8 percent from January 2013 to February 2013.

“February’s 54,000 completed foreclosures is the lowest level nationally since September 2007, with most major metropolitan areas experiencing improvements,” said Dr. Mark Fleming, chief economist for CoreLogic. “Even the major Florida markets are benefiting with the foreclosure inventories falling the fastest in major metropolitan areas, although from a very high level.”

“We continue to see a declining trend in foreclosure activity, with major markets leading the way,” said Anand Nallathambi, president and CEO of CoreLogic. “The drop in delinquencies and foreclosure starts will help support a resurgence in the home purchase market this year and next.”

Highlights as of February 2013:

• ·         The five states with the highest number of completed foreclosures for the 12 months ending in February 2013 were: Florida (95,000),California (90,000), Michigan (73,000), Texas (57,000) and Georgia (49,000). These five states account for almost half of all completed foreclosures nationally.
• ·         The five states with the lowest number of completed foreclosures for the 12 months ending in February 2013 were: District of Columbia (96), Hawaii (469), North Dakota (482), Maine (542) and West Virginia (588).
• ·         The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (9.9 percent), New Jersey (7.2 percent), New York (5.0 percent), Nevada (4.6 percent) and Illinois (4.5 percent).
• ·         The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.6 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and Montana (0.9 percent).
• ·          

*January data was revised. Revisions are standard, and to ensure accuracy, CoreLogic incorporates newly released data to provide updated results.

Table 1: Judicial Foreclosure States Foreclosure Ranking (Ranked by Completed Foreclosures)

Table 2: Non-Judicial Foreclosure States Foreclosure Ranking (Ranked by Completed Foreclosures)

Table 3: Foreclosure Data for Select Large Core Based Statistical Areas (CBSAs) (Ranked by Completed Foreclosures)

Figure 1: Number of Mortgaged Homes per Completed Foreclosure Judicial Foreclosure States vs. Non-Judicial Foreclosure States (three-month moving average)

Figure 2: Foreclosure Inventory as of February 2013 Judicial Foreclosure States vs. Non-Judicial Foreclosure States

Figure 3: Foreclosure Inventory by State Map

Facing Foreclosure Or Delinquency? Five Federal Programs Homeowners Should Review In 2013

FARMINGTON HILLS, Mich.  -- As homeowners receive their annual property assessments and taxable valuations in the mail, many will see the continued drop in the value of their home. Despite recent reports of declining "underwater" homeowners in the fourth quarter of 2012, there are still many homeowners looking for help.

"Property values are starting to creep up in some areas, but many homeowners are still underwater and owe more than their home is worth," said Rick Bialobrzeski , GreenPath director of communications. "Each week, we talk to hundreds of homeowners who are having trouble keeping up with their mortgage payments."

The GreenPath Debt Solutions housing department recently compiled a list of five government programs that homeowners should consider reviewing in 2013.

Here are the five housing programs, as compiled by GreenPath Debt Solutions.

1. HAMP Tier 1 and Tier 2 - The Home Affordable Modification Program (HAMP) has been extended through 2013 and expanded to help more homeowners.   HAMP Tier 2 is now an option for homeowners who:

• Want to modify a home that is not their primary residence.
• Previously did not qualify for HAMP, because their debt-to-income ratio was 31% or lower.
• Previously received a HAMP trial plan, but defaulted on their trial payments.
• Previously received a HAMP permanent modification, but defaulted on their payments.
• Explore details at www.makinghomeaffordable.gov/programs/lower-payments/Pages/hamp.aspx. Or contact a HUD-approved housing counseling agency for a free assessment of your situation and possible options.

2. Home Affordable Foreclosure Alternatives (HAFA) Updates – This program is designed to help homeowners, whose loans are not backed by Fannie Mae or Freddie Mac, transition to more affordable housing.  HAFA provides two options for transitioning:  a short sale or a Deed-in-Lieu for foreclosure. 

In a short sale, the mortgage company lets a borrower sell their home for an amount that falls short of the amount they still owe.  In a Deed-in-Lieu, a borrower transfers the title of their home back to the mortgage company.

New policy changes for HAFA took effect February 1, 2013:

• Servicers are required to make a decision on a borrower's request for a HAFA short sale within 30 days, down from 45 days. 
• If a borrower is 90 days or more delinquent and has a FICO score less than 620, they are considered to have a "pre-determined hardship."  Borrowers with a pre-determined hardship must execute a hardship affidavit, but servicers do not have to further validate the hardship. 
• Non-owner occupied properties are now eligible for short sales.
• Up to $3,000 in relocation assistance may now be available to tenants living in a distressed property.
• The amount the primary mortgage holder can pay to subordinate lien holders has been increased from $2,000 to $5,000.

These changes do not apply to mortgages backed by Fannie Mae or Freddie Mac.  Those agencies no longer participate with HAFA because they have their own Standard Short Sale and Standard Deed in Lieu guidelines.

3. Independent Foreclosure Review Alternative Settlement - In January, thirteen servicers subject to the Independent Foreclosure Review reached an agreement with federal regulators to pay more than $8.8 billion in cash payments and other assistance to help borrowers.  This agreement replaces the Independent Foreclosure Review program, which had not helped as many people as anticipated.  The agreement enacted a broader framework that allows eligible borrowers to receive compensation more quickly.  More than 3.9 million borrowers, whose homes were in foreclosure in 2009 and 2010, are expected to receive cash compensation in a timely manner.

Servicers include Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JP Mortgage Chase, Morgan Stanley, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank and Wells Fargo.
Borrowers whose mortgage loan was serviced by one of the participating servicers and who were involved in a foreclosure action, between January 2009 and December 2010, will receive compensation, whether or not they filed a request for review form. Borrowers do not need to take further action to be eligible for compensation.  Payment agents will contact eligible borrowers by the end of March.

Borrowers who have questions about their eligibility or who need to update their contact information can call the toll-free Independent Foreclosure Review number at 888-952-9105.

4. Fannie Mae Refinancing Incentive - Fannie Mae announced in January that lenders will be allowed to offer a refinancing incentive.  These incentives would be used to obtain a lower payment or move to a more stable mortgage product. 

The lender may provide a borrower incentive that reduces the amount of the mortgage loan being refinanced, provided that:

The amount of the incentive does not exceed $2,000;

• No repayment is required, and;
• The payment is reflected on the HUD-1 Settlement Statement as a lender credit
• Or the lender may provide a cash or cash-like (for example, a gift card) incentive that is not reflected on the HUD-1 Settlement Statement, provided that:
• The amount of the incentive does not exceed $500, and
• No repayment is required

5. Hardest Hit Funds -In 2007, the Federal government allocated Hardest Hit Funds to 18 states and the District of Columbia to help homeowners who are unemployed or underemployed.  Many of the states have recently made program changes to help more homeowners.  

States have until the end of 2017 to utilize the funds allocated through this program.   To find out more regarding specific Hardest Hit Fund programs in your state, contact the state Housing Finance Agency: www.ncsha.org/housing-help.

Hardest Hit Fund states include Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan,Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee and Washington, D.C.

GreenPath can assist homeowners by explaining these housing programs and other potential options. Counselors provide pre-purchase counseling for people interested in purchasing a home, foreclosure prevention counseling for people struggling to make their mortgage payment, and reverse mortgage counseling for seniors.  For more information, visit www.greenpath.org.

CoreLogic Reports Shadow Inventory Down 28 Percent From 2010 Peak

CoreLogic (CLGX), a leading residential property information, analytics and services provider, reported today that the overall shadow inventory is down 28 percent from its peak in January 2010, when it reached 3 million homes. Current residential shadow inventory as of January 2013 was at 2.2 million units, representing a supply of nine months. This figure represents an 18-percent drop from January 2012*, when shadow inventory stood at 2.6 million units. Shadow inventory is foreclosed property that is not yet on the market.

CoreLogic estimates the current stock of properties in the shadow inventory, also known as pending supply, by calculating the number of properties that are seriously delinquent, in foreclosure and held as real estate owned (REO) by mortgage servicers, but not currently listed on multiple listing services (MLSs). Transition rates of “delinquency to foreclosure” and “foreclosure to REO” are used to identify the currently distressed unlisted properties most likely to becomeREO properties. Properties that are not yet delinquent, but may become delinquent in the future, are not included in the estimate of the current shadow inventory. Shadow inventory is typically not included in the official reporting measurements of unsold inventory.

“The shadow inventory continued to drop at double the rate in January from prior-year levels. At this point in the recovery, we are seeing healthy reductions across much of the nation,” said Anand Nallathambi, president and CEO of CoreLogic. “As we move forward in 2013, we need to see more progress in Florida, New York, California, Illinois and New Jersey which now account for almost half of the country’s remaining shadow inventory.”

“The shadow inventory is declining steadily as properties are moving through the distressed pipeline,” said Dr. Mark Fleming, chief economist for CoreLogic. “States like Arizona, California and Colorado are experiencing significant declines year over year in the stock of serious delinquencies, a positive sign for further improvement in the shadow inventory.”

Data Highlights as of January 2013:

• As of January 2013, shadow inventory was at 2.2 million units, or nine months’ supply, and represented 85 percent of the 2.6 million properties currently seriously delinquent, in foreclosure or REO.
• Of the 2.2 million properties currently in the shadow inventory (Figures 1 and 2), 1 million units are seriously delinquent (4.1 months’ supply), 798,000 are in some stage of foreclosure (3.2 months’ supply) and 342,000 are already inREO (1.4 months’ supply).
• The value of shadow inventory was $350 billion as of January 2013, down from $402 billion a year ago and down from $381 billion six months ago.
• Over the twelve months ending January 2013, serious delinquencies, which are the main driver of the shadow inventory, declined the most in Arizona (40 percent), California (33 percent), Colorado (27 percent), Michigan (25 percent) and Wyoming (23 percent).
• As of January 2013, Florida, California, New York, Illinois and New Jersey carried 44 percent of all distressed properties in the country. Florida continues to account for 16 percent of the nation’s distressed properties.

Home values nationwide rose for the 16th straight month in February

Metropolitan Areas	Feb. 2013 Zillow home Value Index	Month-Month % Change	Year-Year % Change
Dallas-Fort Worth	$133,100	0.8%	6.9%

Home values nationwide rose for the 16th straight month in February to a Zillow® Home Value Index[i] of $158,100, and all 30 of the largest metro areas covered by Zillow registered both monthly and annual appreciation as the housing market recovery became more widespread in advance of the traditional spring home shopping season, according to the February Zillow Real Estate Market Reports

U.S. home values rose 0.1 percent in February compared with January and were up 5.8 percent year-over-year. The 5.8 percent annual gain is the second-largest since August 2006, exceeded only by January's 6 percent year-over-year jump. The last time national home values were at this level was in June 2004.

For the 12-month period from February 2013 through February 2014, U.S. home values are expected to rise 3.2 percent to approximately $163,100, according to the Zillow Home Value Forecast[iii]. This rate is well below the 5.6 percent annual rate of appreciation recorded in 2012, and is in line with Zillow's expectations that home value appreciation will slow to closer to historic norms of between 3 percent and 5 percent in coming years.

"The housing market recovery has continued to gain momentum over the past several months and looks firmly entrenched as we enter the 2013 spring home shopping season," said Zillow Chief Economist Dr. Stan Humphries. "We expect that rising home values will continue to help cure many of the ills still facing the housing market, including high levels of negative equity. Rising home values will free many more homeowners from negative equity, allowing some of them to list their homes for sale which, in turn, will ease supply constraints. Burgeoning new construction will also help bring more supply into the marketplace. As more supply comes on line, home value appreciation rates will moderate and stabilize, marking the final transition from a recovering market to a healthy and sustainable market."

Of the 30 largest metro areas covered by Zillow, markets where home values increased the most over February 2012 includedPhoenix (+22.9 percent), San Francisco (+18.6 percent), Las Vegas (+18.1 percent), San Jose (+17.1 percent) and Sacramento, Calif. (+15.3 percent). Only 73 of the 352 total metro markets covered by Zillow experienced year-over-year home value declines in February.

National rents rose slightly in February compared with January, up 0.1 percent to a Zillow Rent Index[iv] of $1,282. Year-over-year, national rents were up 4.5 percent in February.

The number of completed home foreclosures in February fell to 5.25 homes foreclosed out of every 10,000 homes nationwide, down 0.8 homes from January and 2.5 homes from February 2012. Foreclosure resales represented 13.71 percent of homes sold in February, up 1.2 percentage points from January but down 3.5 percentage points from February 2012.

CoreLogic Reports 200,000 More Residential Properties Return To Positive Equity in 4Q12

CoreLogic® (NYSE: CLGX), a leading provider of information, analytics and business services, today released new analysis showing approximately 200,000 more residential properties returned to a state of positive equity during the fourth quarter of 2012. This brings the total number of properties that moved from negative to positive equity in 2012 to 1.7 million and the number of mortgaged residential properties with equity to 38.1 million. The analysis also shows that 10.4 million, or 21.5 percent of all residential properties with a mortgage, were still in negative equity at the end of the fourth quarter of 2012. This figure is down from 10.6 million* properties, or 22 percent, at the end of the third quarter of 2012.

Negative equity, often referred to as “underwater” or “upside down,” means that borrowers owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of both.

The national aggregate value of negative equity decreased $42 billion to $628 billion at the end of the fourth quarter from $670 billion at the end of the third quarter in 2012. This decrease was driven in large part by an improvement in home prices.

Of the 38.1 million residential properties with positive equity, 11.3 million have less than 20 percent equity. Borrowers with less than 20 percent equity, referred to as “under-equitied,” may have a more difficult time obtaining new financing for their homes due to underwriting constraints. At the end of the fourth quarter, 2.3 million residential properties had less than 5 percent equity, referred to as near-negative equity. Properties that are near negative equity are at risk should home prices fall. Under-equitied mortgages accounted for 23.2 percent of all residential properties with a mortgage nationwide in the fourth quarter of 2012. The average amount of equity for all properties with a mortgage is 31 percent.

“In the fourth quarter we again saw an improvement in the equity position of households,” said Dr. Mark Fleming, chief economist for CoreLogic. “Housing market improvements, particularly in the hardest hit states, are the catalyst for households to regain equity and become participants in 2013’s housing market.”

“The scourge of negative equity continues to recede across the country. There is certainly more to do but with fewer borrowers underwater, the fundamentals underpinning the housing market will continue to strengthen,” said Anand Nallathambi, president and CEO of CoreLogic. “The trend toward more homeowners moving back into positive equity territory should continue in 2013.”
Highlights as of Q4 2012:

• Nevada had the highest percentage of mortgaged properties in negative equity at 52.4 percent, followed by Florida (40.2 percent), Arizona (34.9 percent), Georgia (33.8 percent) and Michigan (31.9 percent). These top five states combined account for 32.7 percent of negative equity in the U.S.
• Of the largest 25 metropolitan areas, Tampa-St. Petersburg-Clearwater, Fla. had the highest percentage of mortgaged properties in negative equity at 44.1 percent, followed by Miami-Miami Beach-Kendall, Fla. (40.7 percent), Atlanta-Sandy Springs-Marietta, Ga. (38.1 percent), Phoenix-Mesa-Glendale, Ariz. (36.6 percent), and Riverside-San Bernardino-Ontario, Calif. (35.7 percent).
• Of the total $628 billion in negative equity, first liens without home equity loans accounted for $313 billion aggregate negative equity, while first liens with home equity loans accounted for $315 billion.
• 6.5 million upside-down borrowers hold first liens without home equity loans. The average mortgage balance for this group of borrowers is $213,000. The average underwater amount is $45,000.
• 3.9 million upside-down borrowers hold both first and second liens. The average mortgage balance for this group of borrowers is $296,000.The average underwater amount is $80,000.
• The bulk of home equity for mortgaged properties is concentrated at the high end of the housing market. For example, 86 percent of homes valued at greater than $200,000 have equity compared with 72 percent of homes valued at less than $200,000.

John Windle Joins Coldwell Banker Apex, Realtors

John Windle has joined Coldwell Banker Apex, Realtors as a full-time sales associate, based in the organization’s McKinney Office. A multimillion dollar producer, John brings 15 years experience in Texas real estate to the organization.

John, together with his wife Lynn, are launching the Windle Group, build a team of real estate professionals designed to meet the needs of buyers and of sellers.

John is a skilled and passionate negotiator who works tirelessly night and day to ensure that his clients get the very best deal possible for their home buying dollars. Whether buying or selling, John carefully analyses the market to help his clients make informed decisions that best suits their goals and lifestyles.

John began his real estate career at RE/MAX Properties of Rockwall, Texas in 1999, after more than two decades in sales management. During 10 of those years, he owned his own business. John decided to change careers after building is own home for the first time. John realized that he had a knack for navigating through the complex home buying process and negotiating with new home builders. By combining his natural talent with his background in sales management, John offers his clients the highest standard possible in real estate representation.

More recently, John served clients at Home Marketing Services, focusing mostly on buyers.

In his spare time, John is an accomplished musician and performs regularly around North Texas with the classic rock band StoneAge. He also enjoys a good game of golf.

John lives in McKinney, Texas with his wife Lynn, who is his partner at Coldwell Banker Apex, Realtors. They have four children and two grandchildren.

Bankrate: Mortgage Rates Rise to 7 Month High

Fixed mortgage rates showed a big increase this week, with the benchmark 30-year fixed mortgage jumping to 3.85 percent this week, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.35 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage rate climbed higher this week (3.03 percent), as did the larger jumbo 30-year fixed mortgage, jumping to 4.18 percent. Adjustable rate mortgages were mixed, with the 3-year ARM slipping to 3.00 percent, the 5-year ARM rising to 2.82 percent, and the 7-year ARM inching up to 2.99 percent.

Mortgage rates jumped to a 7-month high following a report of robust job growth and encouraging economic data on business investment and retail sales. The benchmark 30-year fixed mortgage rate, now at 3.85 percent, is the highest since it was 3.91 percent on Aug. 22, 2012. Positive economic news leads to higher bond yields, as evidenced by the 10-year Treasury note climbing back above the 2 percent threshold. Mortgage rates are closely related to yields on long-term government bonds, with mortgage rates following suit and moving higher also.

The last time mortgage rates were above 5 percent was Apr. 2011. At the time, the average 30-year fixed rate was 5.07 percent, meaning a $200,000 loan would have carried a monthly payment of $1,082.22. With the average rate currently at 3.85 percent, the monthly payment for the same size loan would be $937.62, a difference of $145 per month for anyone refinancing now.

SURVEY RESULTS
30-year fixed: 3.85% -- up from 3.73% last week (avg. points: 0.35)
15-year fixed: 3.03% -- up from 2.96% last week (avg. points: 0.35)
5/1 ARM: 2.82% -- up from 2.68% last week (avg. points: 0.21)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com.

4256 FM 75, Princeton, Tx - MLS # 11904290

 When one thinks of Collin County, thoughts typically turn to built-out suburban communities. One rarely thinks of Collin County as rural, but as one strays from the beaten paths, that’s exactly what Collin County is. Lush, rolling terrain and quiet countryside. Away from it all, yet close to everything.

If you’ve been wondering whether you could have a rural lifestyle with the convenience of town, I have just the place for you! Check out my listing just north of Princeton, 4256 FM 75 (MLS # 11904290).

 

This home sits on a high point in Collin County, offering breathtaking views of the surrounding countryside! 10.5 acres offers you room for horses, chickens or other livestock as well as plenty of room to garden.

The home is three-bedroom, two-bath, doublewide manufactured home with spacious living and dining areas. The living room features a wood burning fireplace and large windows overlooking the property and beyond. The kitchen includes a gas stove, an island/breakfast bar and beautiful maple cabinets. The refrigerator in the kitchen stays. The home also includes a large laundry/mudroom with built in cabinets. The laundry room has enough space for a full size washer and dry, a freezer chest and a refrigerator! The cozy master bedroom opens to a huge master bath with a large soaker tub, separate shower and dual vanities.

A covered deck along the back offers a fabulous place for morning coffee and outdoor cooking.

The property also includes a heated workshop with electricity. The workshop features multiple work benches including a stainless steel workbench, which stays. There’s also loads of storage space under roof. Across the way, there’s another large multi-bay storage barn with electricity. This barn, sheltered on the backside by a row of trees, could easily be converted to a stable or a chicken coop.

The property is located in Collin County, conveniently located to McKinney, Princeton and Farmersville. It is the McKinney ISD.

For more information, click here. To see this rare find, Please contact me!

Lynn Windle

ColdWell Banker Apex, Realtors
7290 Virginia Parkway #2400
McKinney, Texas 75071
Cell: 972.814.1689

Office: 972.562.5400

Apartments.com Reveals What $1,000 A Month Will Rent You

A recent Apartments.com rent analysis  found the old real estate motto of "location, location, location" also rings true in the rental industry. Data from the top 100 most searched markets on Apartments.com were compared to find what renters can get for $1,000 in various cities across the country. Research shows that rent not only varies greatly across state and city lines, but also from neighborhood to neighborhood.

Popular Markets

In these sought-after cities, $1000 a month will cover the cost of rent for a studio apartment, which is better than what can be had in other popular locations, including New York, Los Angeles, San Francisco, Chicago, Boston and Washington, DC—none of which made this list of $1,000 or less.

- Providence, RI                   $989

- Portland, OR                     $959

- Atlanta, GA                         $949

- Austin, TX                           $930

- Philadelphia, PA               $928

Neighborhoods

Maybe renters cannot get an apartment in the hearts of most big cities for less than a grand, but there are a lot of great surrounding areas and up-and-coming neighborhoods with average monthly rents less than $1,000 worth considering.

- Boston:  South End                                                         $696 (Studio)

- Boston: Burlington                                                         $924 (Studio)

- Chicago: Logan Square/Bucktown                             $743 (1 BR)

- Chicago: Edgewater                                                       $968 (1 BR)

- Los Angeles: El Segundo                                             $696 (Studio)

- Los Angeles: San Fernando/Pacoima                       $819 (Studio)

- New York: Baychester/Parkchester                             $900 (Studio)

- New York: Riverhead                                                     $698 (Studio)

- Washington DC: Southeast DC                                   $848 (1 BR)

- Washington DC: Deanwood                                         $945 (2 BR)

Best Deals

If renters crave space, or are searching for a rental large enough for a family, here are the markets where they can spread out while remaining reined in fiscally!

- Wausau/Rinelander, WI                               $ 727 (3 BR)

- Dayton, OH                                                       $ 780 (3 BR)

- Springfield, MO                                               $ 792 (3 BR)

- Nashville, TN                                                   $ 949 (4 BR)

- Phoenix, AZ                                                     $ 972 (4 BR)

Comparing State Capitals

If lifestyle or career takes renters to a capital city, they're in luck! Many offer good rental options within the range of $1,000 a month. However, not all capitals are created equal when it comes to the cost of rent. While a studio in Austin, TX averages $930 a month, a three bedroom in Lansing, MI is just $916.

   - Lansing, MI                                         $916 (3 BR)

   - Madison, WI                                     $900 (1 BR)

   - Tallahassee, FL                                 $826 (3 BR)

   - Minneapolis/St. Paul, MN               $798 (Studio)

   - Austin, TX                                           $930 (Studio)

   - Sacramento, CA                                 $949 (2 BR)

   - Harrisburg, PA                                   $990 (2 BR)

   - Phoenix, AZ                                       $972 (4 BR)

College Towns

College towns offer job opportunities and culture that have great appeal to renters, even after their academic pursuits. These cities that are home to colleges offer reasonable rental options within the budget of $1,000 a month, ranging from studios to three bedroom apartments.

- Hartford/New Haven, CT   $846 (Studio)

- Nashville, TN                     $916 (1 BR)

- Raleigh-Durham, NC       $851 (1 BR)

- St. Louis, MO                   $839 (1 BR)

- Knoxville, TN                   $998 (3 BR)

- Gainesville, FL               $884 (3 BR)

Methodology

Apartments.com compiled average rent prices for the top 100 most searched rental markets on Apartments.com from January 2012to January 2013, eliminating areas where the average monthly rent exceeded $1,000 a month.

Americans Expect Home Prices and Mortgage Rates to Increase

Consumer attitudes toward the economy and housing continue to diverge this winter, according to Fannie Mae's February 2013 National Housing Survey results. On the one hand, consumers continue to express strong positive attitudes toward housing. On the other hand, sentiment about the economy and household finances is stalled. Average 12-month home price expectations and the share of consumers who believe home prices will go up over the next year both rose to record highs, and the percentage of Americans who say mortgage rates will rise reached its highest level since August 2011. At same time, Americans' views on their personal financial situation, household income, and the direction of the economy fell or remained flat.

"Despite fiscal headwinds and political uncertainty, consumer sentiment toward housing is robust and continues to gather strength," said Doug Duncan , senior vice president and chief economist at Fannie Mae. "We expect home prices to firm further amid a durable housing recovery, gradually reducing the population of underwater borrowers and helping to boost the share of consumers who say that now is a good time to sell."

"Since reaching its trough last September, the share of consumers expecting mortgage rates to rise has trended up," continued Duncan. "However, despite historically low mortgage rates, nearly half of borrowers have never refinanced their mortgage. Combined with the scheduled year-end HARP deadline, rising rate expectations should prompt some borrowers to refinance soon to take advantage of more favorable mortgage terms and add to their disposable income, helping to offset ongoing fiscal drag."

SURVEY HIGHLIGHTS

Homeownership and Renting

• The average 12-month home price change expectation increased 0.5 percent over last month to 2.9 percent, the highest level since the survey's inception.
• At 48 percent, the share who believe home prices will go up in the next 12 months also reached a survey high, while the share who believe home prices will go down held steady at the survey low of 10 percent.
• The percentage who think mortgage rates will go up increased by 4 percentage points to 45 percent, the highest level sinceAugust 2011, while those who think they will go down held steady at 7 percent.
• Twenty-five percent of respondents say it is a good time to sell a house, the highest level since the survey's inception in June 2010.
• At 3.9 percent, the average 12-month rental price change expectation increased 0.2 percent over January.
• Fifty percent of those surveyed say home prices will go up in the next 12 months, holding steady from January at the highest level since the survey's inception.
• The share of respondents who said they would buy if they were going to move increased by 2 percentage points to 67 percent.

The Economy and Household Finances

• At 38 percent, the share of respondents who say the economy is on the right track has held steady over the past three months.
• The percentage who expect their personal financial situation to get better over the next 12 months fell by 2 percentage points to 41 percent.
• Twenty-one percent of respondents say their household income is significantly higher than it was 12 months ago, a 2 percentage point decrease from last month.
• Thirty-one percent report significantly higher household expenses compared to 12 months ago, a 7 percentage point decrease and the lowest level since June 2010.

The most detailed consumer attitudinal survey of its kind, the Fannie Mae National Housing Survey polled 1,008 Americans via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.

For detailed findings from the February 2013 survey, as well as a podcast providing an audio synopsis of the survey results and technical notes on survey methodology and questions asked of respondents associated with each monthly indicator, please visit theFannie Mae Monthly National Housing Survey site. Also available on the site are quarterly survey results, which provide a detailed assessment of combined data results from three monthly studies. The February 2013 Fannie Mae National Housing Survey was conducted between February 2, 2013 and February 21, 2013. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

Fannie Mae enables people to buy, refinance, or rent a home. We play a leading role in America's economic recovery today and in building a better housing finance system for the future.

Dallas-Based American Legend Homes Reports 67% Increase in 2012 New Home Sales

Dallas-based American Legend Homes increased its new home sales by an impressive 67 percent from 2011 to 2012. The company's growth is attributed to several key factors. American Legend took advantage of new quality positions with reasonable land pricing. American Legend's financial strength and streamlined management structure also allowed for quick decision-making on land purchases. These factors, as well as an on-going focus on quality and customer satisfaction, have been instrumental in the company's continued success.

Founded in 2003, the company's 67 percent increase in annual sales beats both the national and local numbers. By comparison, housing starts increased nationally from 2011 to 2012 by only 18.5 percent; in DFW, that increase was 28.5 percent.

American Legend Homes currently builds homes throughout the Dallas-Fort Worth metroplex under the brands American Legend and Belclaire Homes, introduced in 2009. In 2012, American Legend opened and quickly sold out homes in Coppell's Royal Oaks and Fairview's Fairview Downs neighborhoods. The organization currently builds new homes in popular master-planned communities like The Arbors, Castle Hills, Newman Village, Phillips Creek Ranch and The Tribute, to name a few. In 2013, new neighborhoods include Celina's Light Farms, Bridgewood in Keller, three unique neighborhoods in Flower Mound, and golf course Villas at The Lakes atCastle Hills golf course.

"We attribute our success to our quality homes and the communities in which we build, but also to taking great care in serving our customers," said Kevin Egan , American Legend Homes President. "Word of mouth is important in this field, and we benefit from satisfied buyers." Homeowners consistently rate American Legend Homes 98 percent or higher on "Customer Willingness to Refer" on an independent customer satisfaction survey conducted after closing.

"We are also one of very few builders to offer custom options at every price point, featuring both unique, flexible architectural designs and outstanding value," added Egan. "We are committed to green building, with our award-winning and money-saving Energy Star-certified homes."

American Legend Homes is part of Bright Industries, founded in the 1950s by H.R. "Bum" Bright, former owner of the Dallas Cowboys. Today, his sons Chris and Clay operate the Dallas-based companies that include American Legend Homes, in addition to Avanti Homes , a custom builder; and Bright Realty, which specializes in commercial real estate development. The family of companies also developed Castle Hills, a master-planned community recognized by the National Association of Home Builders as "Community of the Year" in 2012.

American Legend homes feature striking architectural detail and design options such as large spa-like baths and oversized closets, first floor master suites, gourmet kitchens with granite and stainless steel appliances, three car garages, outdoor entertainment areas, media rooms and game room options. The American Legend Homes Design Gallery offers professional design consulting where finish-out and color selections are made. American Legend builds single family homes, low maintenance garden homes, patio homes and luxury townhomes from the $190s to the $600s and is a past winner of the Builder of the Year award for quality and design by the Texas Association of Builders.

American Legend Homes builds new homes throughout the Dallas-Fort Worth area. The award-winning, energy efficient and green built certified homes are priced from the $190s to the $600s. American Legend Homes is part of Dallas-based Bright Industries, founded in the 1950s, which includes semi-custom builder Belclaire Homes; custom builder Avanti Custom Homes; commercial real estate development Bright Realty; real estate marketing Bright & Co. Marketing; real estate development including Castle Hills; oil and gas ventures Bright & Company and more. For more information, visit www.AmLegendHomes.com andwww.brightindustries.com.

A Starting Point for Selling an Inherited Home

One difficult topic real estate professionals routinely have to discuss is about selling an inherited home from a relative when they pass away. It’s an overwhelming experience, one filled with emotions and many questions. While talking about it is difficult, it is smart to be prepared. This includes having conversations as a family to determine who will inherit the home, are there specific instructions about what‘s to happen to the home, and where the deed and where other paperwork is located. 

After the estate has been settled, and the home received as an inheritance, deciding to sell, rent or keep the home is the first step which will help determine what to do next. For those who decide to sell the home, it is a good idea to work with a team of professionals including a lawyer and a real estate professional who can offer advice and guidance throughout the process. 

Although each situation is unique, here are some the tips to help you prepare to sell an inherited property:

Assemble a strong team of professionals. Working with a realtor, lawyer and potentially a tax specialist can help make the process of selling an inherited home go more smoothly. A team of professionals working together can give the guidance necessary to prepare the home for sale and get all of the affairs in order. A real estate professional can offer crucial, local market information that is especially helpful if the heir does not live nearby. Lawyers and tax specialists can help put all of the processes in order to ensure that selling the home is as easy on you and your family as possible. 

Do a walk through and get organized. Going from room to room and looking at everything from the condition of the floors to how fresh the paint looks can help determine what may need to be done to the home to help it sell more quickly. If the inherited home is older, an inspection is important before making any decisions as there may be certain systems that need renovations. Equally important is to gather all of the necessary paperwork such as the deed to the home as well as researching whether there are any mortgages on the inherited home that need to be paid. Even if the original mortgage was paid off, a reverse mortgage may have been negotiated to help cover expenses. Also looking into local property taxes and when they were last paid is important. 

Have the home appraised and price it correctly. Property received as an inheritance is not considered to be income by the beneficiary. The adjusted basis of a home is its fair market value at the time it was inherited, so it is important to get an accurate appraisal of the home when you decided to put it on the market. A real estate agent can also provide counsel on an appropriate listing price to match its market value. Out-of-town beneficiaries can also find it difficult to select competent appraisers, inspectors and other professionals to assist in the home selling process, all of which a real estate professional can assist with.

Consider staging or other cosmetic improvements. Although not necessary in all markets or price ranges, staging can mean the difference in getting a home sold in a price-competitive market. An inherited home may not be furnished in the style of other local homes on the market selling at a similar price. A realtor can help determine whether staging is a good fit for a specific situation. They may also suggest making aesthetic improvements to the home such as repainting rooms and/or landscaping the yard or other parts of the property. Make sure the lawn and landscaping look good and that the exterior of the house is in good condition. Low curb appeal can keep potential buyers from researching a home they may otherwise love. Here’s a more comprehensive list of ways to improve the cosmetic appearance of the home.

CoreLogic Home Price Index Rises by Almost 10 Percent Year Over Year in January

Irvine, Calif. — CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released its January CoreLogic HPI® report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 9.7 percent in January 2013 compared to January 2012. This change represents the biggest increase since April 2006 and the 11th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.7 percent in January 2013 compared to December 2012*. The HPI analysis shows that all but two states, Delaware and Illinois, are experiencing year-over-year price gains.

Excluding distressed sales, home prices increased on a year-over-year basis by 9.0 percent in January 2013 compared to January 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.8 percent in January 2013 compared to December 2012. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic Pending HPI indicates that February 2013 home prices, including distressed sales, are expected to rise by 9.7 percent on a year-over-year basis from February 2012 and fall by 0.3 percent on a month-over-month basis from January 2013, reflecting a seasonal winter slowdown. Excluding distressed sales, February 2013 home prices are poised to rise 11.3 percent year over year from February 2012 and by 1.8 percent month over month from January 2013. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

“The HPI showed strong growth during the typically slow winter season,” said Mark Fleming, chief economist for CoreLogic. “With these gains, the housing market is poised to enter the spring selling season on sound footing. The improvements are materializing across the country, with all but Delaware and Illinois showing increasing HPI and 15 states within 10 percent of their peak values.”

“Home prices continued to gather steam across a broad swath of the country in January, continuing the positive trend we saw during most of 2012,” said Anand Nallathambi, president and CEO of CoreLogic. “Many states across the western U.S. and along the East Coast saw average price gains of more than 6 percent, which is likely to boost home sale activity into the first half of 2013.”

Highlights as of January 2013:

• Including distressed sales, the five states with the highest home price appreciation were: Arizona (+20.1 percent), Nevada (+17.4 percent), Idaho (+14.9 percent), California (+14.1 percent) and Hawaii (+14.0 percent).
• Including distressed sales, this month only two states posted home price depreciation: Illinois (-0.4 percent) and Delaware (-0.1 percent).
• Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+17.5 percent), Arizona (+16.5 percent), California (+14.5 percent), Hawaii (+13.9 percent) and Idaho (+13.2 percent).
• Excluding distressed sales, no states posted home price depreciation in January.
• Including distressed transactions, the peak-to-current change in the nationalHPI (from April 2006 to January 2013) was -26.4 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -19.9 percent.
• The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-51.6 percent), Florida (-43.0 percent), Arizona (-38.9 percent), Michigan (-37.4 percent) and Rhode Island (-35.5 percent).
• Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 92 are showing year-over-year increases in January, up from 87 in December.

Tips to Create a Realistic First Home Wish List

I love to watch the reality house shopping reality shows like Property Virgins and House Hunters. The prospective homebuyers always come to the table so hopeful and with a long list of must-haves. Yes, when dreaming of a first home the options are endless: an oasis backyard, a spa master suite, or a gourmet kitchen. No two first-time home buyers share the same wish. However, the often do share the same reality: it is not always possible to find a first home with everything.

With that in mind, buyers must decide what items on their wish list are “must-haves” and what items are just “nice-to-haves.”

Here are a few tips to help first-time homebuyers determine what they will need in a new home verse. what is nice to have.

Know your budget: The first step to creating a list of “must-haves” is to be realistic about what is affordable. Here’s where buyers should enlist a local real estate agent. A good realtor can recommend several lenders who can get the buyer “pre-qualified” and give them a realistic price range. Buyers without that knowledge are just as likely to aim for not enough house as they are to aim for too much house. With a realistic target in hand, the agent can help buyers find homes within their price range.

Decide where you want to live. A short commute to work, proximity to family or having easy access to highways and mass transit are often “must-haves” for some buyers. Depending on the market values in the given location, first-time buyers may find that some home amenities just may not be possible. For example, if a buyer has to live close to work in a large city‘ downtown area, they may have consider a condo crossing off a garage from their wish list. Or they might not be able to find the number of bedrooms and baths they desire.

In my experience as a North Texas realtor, this is the one must that often sinks to the bottom of the list, especially in North Texas where commuting is way of life.

Determine non-negotiable accommodations. This should top any buyer’s list. A comfortable place for everyone in the family is always a “must have.” For a family of four, three bedrooms may be non-negotiable. For a family with grandparents living at home, an extra bedroom on the first floor may also be non-negotiable. After determining the budget, the most important factor is that everyone living in the home has a comfortable place to stay.

Pick a lifestyle fit. Next comes the size and amenities of the spaces. That translates to lifestyle. For example, buyers who love to cook and entertain may want a home with a gourmet kitchen and decide to forego a large master bedroom. Or, buyers who love to spend time outdoors may compromise on square footage in exchange for a big backyard. People who want to live in the country may have to consider a manufactured home on acreage. That’s especially common in North Texas.

Have a vision: When looking at a first home, buyers should look past decorations, paint or flooring that may not fit their taste. Paint is cheap and flooring is an easy fix. In the end, most buyers want to decorate their own to fit there tastes anyway. If everything else about the home works, then cosmetic issues are always worth compromising on.

And finally, I remind first-time home buyers that their first home is just that, a first home. There will likely be multiple home purchases in their future. If you can’t get everything you want in your first home, then there’s always the next time.