Wednesday, September 10, 2008

September Real Estate Report

Bonnie Fagoh
September 2008
Copyright 2008 Realty TimesAll Rights Reserved.
Rates Drift Lower In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage (FRM) averaged 6.40% for the week ending August 28, 2008, down from the previous week when it averaged 6.47%. Last year at this time, the 30-year FRM averaged 6.67%. The housing front is providing some encouraging signs. The pace of home price declines slowed down for the fourth straight month in June and the number of metro areas exhibiting monthly gains rose from
Mortgage Rates
Source: Realty Times
U.S. averages as of August 28, 2008:
30 yr. fixed: 6.40%15 yr. fixed: 5.93%1 yr. adj: 5.33%
seven to nine, according to the S&P/Case-Shiller 20-city composite index. There are also signs more buyers may be getting ready to return to the market.
Existing-Home SalesHit 5-Month High
Existing-home sales rose in July to the highest level in five months, although they continue to be well below the numbers from last year at this time. Existing-home sales increased 3.1% in July to a seasonally adjusted annual rate of 5 million units from a downwardly revised level of 4.85 million in June. NAR President Richard F. Gaylord, said the up-and-down pattern may break soon. "We hope the new tools in the hands of home buyers from the recently enacted housing stimulus package will spark a sustained sales uptrend in the months ahead," he said. "Buyers who've been on the sidelines should take a closer look at what's available to them now in terms of financing and incentives.
Avoid Surprises: Know Your Homeowner's Coverage The typical homeowner's policy includes coverage for perils and losses due to fire, lightning, tornadoes, windstorms, hail, explosions, smoke, vandalism and theft. Just as you would scrutinize the terms of your medical insurance, the nuances and details of your homeowner's policy should be examined seriously. Too often, homeowners sign up for a policy and go on autopilot regarding its terms and coverage without taking new acquisitions, risks, and increasing value of their homes into consideration. Most insurance agents recommend a regular insurance "check-up" for consumers, so that homeowners are not left "high and dry" when disasters and losses strike.
How to Improve and Maintain Good Credit Many people get in trouble with credit cards at a young age, mostly college age, and spend a large portion of their twenties trying to raise their credit scores. What should be emphasized to students, even before college, is to beware of credit card debt. Consumers should only make purchases that can be paid off at the end of the month and pay their bill on time every month. That can increase your credit score dramatically and in a short period of time. Also, balances should never be more than 30 percent of the credit limit. So remember maxing out credit cards can hurt your score and keep you from buying a home in the future. Another thing consumers can do to improve their score, or maintain a good score, is to pay bills on time. This includes utility bills, medical bills, and cell phone bills. Remember, it can take at least seven years to remove a collection from your credit report. This is a negative mark against you when you try to apply for a home loan. It is possible to correct and maintain a good credit score if you know the proper steps to take. Don't be too hard on yourself, we all make mistakes, but it's what you do now to correct them that counts. If you are unsure how to go about it, talk to a professional.
Equal HousingOpportunity
Bonnie Fagoh 813-390-7606bonniefagoh@century21beggins.com
Century 21 Beggins Enterprises813-658-13446542 U. S. Hwy. 41 N.Apollo Beach, FL 33572

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