Single Women and Homeownership

By anchorwave on .

This infographic shows the differences between single men and women home buyers, and the findings might surprise you! One quarter of women spend more than half of their annual income on housing costs!single women

The Latest Equity Report Statistics

By Todd Abelson NMLS #180858 on .

View the latest home equity report statistics. Did you know that there are 7.1 million homes currently underwater?  Did you know that Montana ranks as the state with the highest equity?

Tucson Mortgages Todd Abelson

Home Prices over 30 Years

By Todd Abelson NMLS #180858 on .

How have home prices changed over the past 30 years? How will trends likely continue into the future? Average annual appreciation percentage is shown in this easy to read infographic from Tucson Mortgages.

BubblePrices

Oro Valley Real Estate Trends – 2011

By Todd Abelson NMLS #180858 on .

Jack & Margaret Tyrrell, owners of TYCOR Realty in Oro Valley, Arizona, released an excellently written, in-depth market report for 2011. Its insightful and DEFINATELY WORTH READING!!!!

Click here to read report

Call Todd Abelson in Tucson Arizona for all your Mortgage Needs! (520) 331-LEND (5363)

The “Uniform Mortgage Data Program” for Appraisals

By Todd Abelson NMLS #180858 on .

Under the direction of the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac (the GSEs) have developed the Uniform Mortgage Data Program (UMDP) to enhance the accuracy and quality of loan data delivered to each GSE…

FOR CONVENTIONAL LOANS DELIVERED TO THE GSEs ON/AFTER MARCH 19, 2012 (and with loan application dates on/after December 1, 2011), Fannie Mae and Freddie Mac WILL REQUIRE appraisals to be completed using the new field-specific standardization requirements…

Now my take – while this implementation SHOULD help “level the playing” field between geographies, Appraiser’s unique styles, housing markets, etc. and make it easier for INVESTORS (Wall Street or otherwise) to know what they’re getting it will definately have some down sides:

1. Appraisals are 80% science, 20% Art. The “art” is very often what make the report make sense

2. Fitting nicely into a Bell Curve makes statisticians happy, but what if you’re at either end of the curve (high or low)? You’re in trouble.

3. Trying to be all things to all people usually makes more problems than it solves.

So where does that leave us? First, the current style of appraisal report is being revamped so you won’t be able to tell the players without a scorecard. Get a copy of the “Fannie Mae and Freddie Mac Uniform Appraisal Dataset Specification (UAD)” document for study and reference. Next, inform your clients that it will be better if they can submit a loan application BEFORE December 1st if possible. Finally, prepare for some extra time to close since every lender will be gearing up for this (and they’ve already started).

More “fun and games” in the Mortgage Industry — but fear not because I’m on the case!

Call Todd Abelson for all your Mortgage needs! (520) 331-LEND (5363).

Oro Valley Real Estate Trends – 2010 Q4

By Todd Abelson NMLS #180858 on .

Jack & Margaret Tyrrell, owners of TYCOR Realty in Oro Valley, Arizona, have issued an excellently written, in-depth market report. DEFINATELY WORTH READING!!!!

Click here to view report

Call Todd Abelson at Sunstreet Mortgage in Tucson Arizona 520-331-LEND for all your mortgage needs!

Big Tax Alert from Sandy Botkin, CPA

By Todd Abelson NMLS #180858 on .

There is a BIG nasty surprise awaiting a number of people starting in 2013 that has NOT been mentioned by the media. Under the new Patient Protection Affordable Care Act, single taxpayers who earn over $200,000 of Adjusted Gross Income (AGI) or married taxpayers filing joint returns who earn over $250,000 get hit with a major surprise. They will have to pay a new 3.8% Medicare surcharge on all interest, dividends, royalties etc. This seems to be covered by the media. What has NOT been mentioned is that this Medicare tax also applies to capital gains. Thus, it applies to stock and bond sales, mutual fund gains and sales etc. In addition, it could even apply to the sale of your principal residence on all appreciation beyond the first $500,000 of gain.

Example: John and his wife earn $275,000 a year as a doctor. John sells his home for a $1,000,000 profit. He can avoid tax on the first $500,000 of gain. John not only pays capital gains tax on the remaining $500,000 but also pays an additional 3.8% surcharge.  If John were selling his second home, there is no exclusion. Thus, he pays this tax on all gain. 

This is a major bomb for those of you with substantially appreciated real estate. You might want to consider selling your home or second home before 2013.

{This article was reprinted with the approval of Sandy Botkin, CPA, Esq. and the Tax Reduction Institute – www.taxreductioninstitute.com}

Call Todd Abelson & Tyler Ford with Sunstreet Mortgage at (520) 331-LEND for all your mortgage needs!

Foreclosure Activity By Metro Area, Q3 2010

By Todd Abelson NMLS #180858 on .

Foreclosures by Metro Area, Q3 2010

Foreclosures are a big part of the housing market, with distressed properties accounting for 35 percent of all home resales last month, according to the National Association of REALTORS®.

But for as common as foreclosures can be, they remain a localized concern. Data from foreclosure-tracking firm RealtyTrac shows that more than half of last quarter’s foreclosures came from just 19 metropolitan areas, with the Miami-Fort Lauderdale are accountable for the largest number of filings.

A “foreclosure filing” is defined as a default notice, scheduled auction, or bank repossession.

On a per-household basis last quarter, the Las Vegas area was hardest hit. 1 in every 25 households received some form of foreclosure notice.

The RealtyTrac report features other interesting figures, too:

  • California, Florida, Arizona and Nevada account for the top 10, and19 of the top 20 metro areas for foreclosures
  • Compared to Q3 2009, foreclosure activity dropped in 72 metro areas, including No. 2 Cape Coral/Fort Myers, FL
  • Foreclosure activity dropped 1 percent from Q3 2009 in the nation’s 20 most-populated cities

And, despite a 27 percent increase in foreclosures from the second quarter, Utica/Rome, NY posted the lowest foreclosure rate in the nation — 1 for every 8,003 households.  The next closest city, Charleston, WV, posted 1 for every 2,600 households, by comparison.

Foreclosures, like everything in real estate, are local. And buying them is “different” from buying a typical home resale. If you’re planning to buy a foreclosed home, speak with a real estate agent with specific experience with homes in foreclosure. Professional advice is helpful.

We can refer you to a Realtor that is an expert in the foreclosure arena. Give us a call at 520-331-LEND (5363)

As Buyer Foot Traffic Rises, So Does Homebuilder Confidence

By Todd Abelson NMLS #180858 on .

NAHB Housing Market Index October 2008-2010

As the “pulse of the single-family housing market”, the Housing Market Index is a monthly product of the National Association of Homebuilders. Its scores range from 1-100, with a reading a 50 or better suggesting “favorable conditions” for builders.

Because of its methodology, the Housing Market Index can offer excellent insight into the Tucson market for newly-built homes. This is because its value is a composite of three survey questions:

  1. How are market conditions today?
  2. How do market conditions look 6 months from now?
  3. How is the prospective traffic of new buyers for new homes?

Builder responses are collected, weighted, then presented as the Housing Market Index.

According to the NAHB, October’s HMI reading of 16 is its highest value in 5 months. The uptick hints that the market for newly-built homes may rebound more quickly that this summer’s weak new homes sales figures would otherwise suggest.

You’ll remember that, between April and August, the number of new homes sold per month fell by 30 percent and the available, new home inventory climbed 2.3 months.

This month, though, builders report much better foot traffic and, as a result, have raised their expectations for the next six months of sales. Low mortgage rates are likely aiding the optimism, too.

As compared to 1 year ago, average, 30-year fixed mortgage rates are lower by 0.75 percent, a payment savings of $45 per $100,000 borrowed.

Pending Home Sales Data Points To Higher Home Prices This Fall

By Todd Abelson NMLS #180858 on .

Pending Home Sales (Feb 2009 - August 2010)Consistent with calls of a housing rebound, the Pending Home Sales Index rose again in August. It marks the second straight month of improvement after May’s post-tax credit drop-off.

A “pending home” is an existing home under contract to sell, but not yet closed.

According to the National Association of REALTORS®, 4 out of 5 pending homes close within 60 days, and many more close within 90 days. For this reason, the Pending Home Sales Index is an excellent forward-indicator for housing.

As a real-life illustration, after July’s 27% plunge to an 11-year low, Existing Home Sales recovered 8 percent in August. This was not a surprise, though, because July’s Pending Home Sales Index predicted it.

Region-by-region, the Pending Home Sales Index varied in August, suggesting better sales levels in the South and West markets:

  • Northeast : -2.9% from July
  • Midwest : +2.1% from July
  • South : +6.7% from July
  • West : + 6.4% from July

Overall, buyers are being drawn into housing by low mortgage rates, affordable homes, and ample supply. If the August Pending Home Sales Index is foreshadowing the fall housing market, home prices appear slated to rise and the market to pick up.