Check out this website BEFORE you renovate.

This website was brought to you by The National Association of Realtors®




www.houselogic.com


~Free information, from professionals: you can't beat that!~


For information on Geist waterfront properties, Fortville homes, Fishers estates, Noblesville farms, Westfield houses, or McCordsvilles land for sale: Call The Vearus Group at 317.455.LIST.
Read more

Sales Slow But Remain Above Last Year

This information was written by: Daily Real Estate News  |  July 22, 2010 


"With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of REALTORS®

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.

Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. “June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” he said. “Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.74 percent in June from 4.89 percent in May; the rate was 5.42 percent in June 2009.

The national median existing-home price for all housing types was $183,700 in June, which is 1.0 percent higher than a year ago. Distressed homes were at 32 percent of sales last month, compared with 31 percent in May; it was also 31 percent in June 2009.

NAR President Vicki Cox Golder said softer home sales expected this summer don’t tell the whole story. “Despite these market swings, total annual home sales are rising above 2009 and we’re looking for overall gains again this year as well as in 2011,” she said. “Conditions have become more balanced in much of the country, which is good for both buyers and sellers. However, consumers find it even more challenging to navigate the transaction process, especially for distressed properties, which only underscores the value REALTORS® bring to buyers and sellers in this market.” 

A parallel NAR practitioner survey shows first-time buyers purchased 43 percent of homes in June, down from 46 percent in May. Investors accounted for 13 percent of sales in June, little changed from 14 percent in May; the remaining purchases were by repeat buyers. All-cash sales were at 24 percent in June compared with 25 percent in May.

Total housing inventory at the end of June rose 2.5 percent to 3.99 million existing homes available for sale, which represents an 8.9-month supply at the current sales pace, up from an 8.3-month supply in May. 

“The supply of homes on the market is higher than we’d like to see. But home prices are still holding their ground because prices had already overcorrected in many local markets,” Yun said. Raw unsold inventory remains 12.7 percent below the record of 4.58 million in July 2008. 

Single-family home sales fell 5.6 percent to a seasonally adjusted annual rate of 4.70 million in June from a level of 4.98 million in May, but are 8.5 percent above the 4.33 million pace in June 2009. The median existing single-family home price was $184,200 in June, up 1.3 percent from a year ago.

Single-family median existing-home prices were higher in 10 out of 19 metropolitan statistical areas reported in June in comparison with June 2009. In addition, existing single-family home sales rose in 12 of the 19 areas from a year ago while two were unchanged.

Existing condominium and co-op sales slipped 1.5 percent to a seasonally adjusted annual rate of 670,000 in June from 680,000 in May, but are 20.5 percent higher than the 556,000-unit pace in June 2009. The median existing condo price was $180,100 in June, which is 1.4 percent below a year ago.

Regionally, existing-home sales in the Northeast rose 7.9 percent to an annual level of 960,000 in June and are 17.1 percent above June 2009. The median price in the Northeast was $244,300, down 1.2 percent from a year ago.

Existing-home sales in the Midwest dropped 7.5 percent in June to a pace of 1.23 million but are 11.8 percent higher than a year ago. The median price in the Midwest was $155,900, down 0.1 percent from June 2009. 

In the South, existing-home sales fell 6.5 percent to an annual level of 2.01 million in June but are 11.0 percent above June 2009. The median price in the South was $163,600, unchanged from a year ago. 

Existing-home sales in the West dropped 9.3 percent to an annual pace of 1.17 million in June but are 0.9 percent higher than a year ago. The median price in the West was $221,800, up 1.5 percent from June 2009. 

Source: NAR"


No copyright intended, this article belongs to "Daily Real Estate News" and it was taken from the Realtor.org website.  It is intended for public knowledge, not monetary gain.


For information on Geist waterfront properties, Fortville homes, Fishers estates, Noblesville farms, Westfield houses, or McCordsvilles land for sale: Call The Vearus Group at 317.455.LIST.
Read more

5 Real Estate Scams You Need to Know About

Thought you may find this information useful.


Don't be duped by mortgage fraud. Here are a few common scams and the red flags you should look for in a transaction.

Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.

The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. You can start by reviewing these five scams, and then test your knowledge by taking ourMortgage Fraud Quiz.


1. The Foreclosure Rescue Scheme

The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.

Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.


2. Loan Documentation Fraud

The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.

Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.


3. Appraisal Fraud

The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.

Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.


4. Illegal Property Flipping

The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure. 

Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.


5. Short Sales Schemes

The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.

Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.

You can report instances of suspected mortgage fraud to Stopfraud.gov.




If you would like to move anywhere in the Indianpolis area, or are looking to sell your home please give us a call.  
Read more

5% List Fees

At The Vearus Group, we can list your house for 5% of the sale price.  There are no hidden fees, and this is our full service level.  Be sure to check us out at TheVearusGroup.com.

Areas of Service:

Geist, Fortville, Fishers, McCordsville, Lawrence, Fishers, Carmel, Noblesville, Indianapolis, Greenwood, Mooresville, Plainfield, Avon, Brownsburg, and Zionsville. If you are not near these areas, just drop us an email at TheVearusGroup@gmail.com or give us a call at 317.455.LIST. We may be expanding to your area.
Read more

Rates are still low. What are you waiting for?





"With very little economic news during the short holiday week, mortgage rates remained at the lowest levels in decades. While mortgage rates ended the week slightly lower, the level of volatility in mortgage markets and other financial markets was relatively high. Even without major news, sudden movements in rates were common during the week. The stock market displayed similar price swings, as the Dow recovered the roughly 400 points it lost the prior week. This volatility in financial markets reflects the high level of investor uncertainty about the pace of global economic growth.
The current low mortgage rates can be attributed to a couple of factors. One is that inflation is under control and is expected to remain low for quite a while. Another is that demand for mortgage-backed securities (MBS) is high. When packaged and sold as government guaranteed MBS, mortgages are viewed as safe investments, much like US Treasury securities, and safety has been important to investors in these uncertain times. With financial regulatory reform behind them, Congress is now beginning to consider the appropriate role for the government in the housing market. Central issues include government guarantees for mortgages and the future of Fannie Mae and Freddie Mac. The debate is expected to be long and difficult, with no easy answers."



  
Week Ahead
"The most significant economic data next week will be the monthly inflation reports. The Producer Price Index (PPI) focuses on the increase in prices of "intermediate" goods used by companies to produce finished products and will come out on Thursday. The Consumer Price Index (CPI), the most closely watched monthly inflation report, will come out on Friday. CPI looks at the price change for those finished goods which are sold to consumers. In addition, The Retail Sales report will be released on Wednesday. Retail Sales account for about 70% of economic activity. The detailed FOMC Minutes from the June 23 Fed meeting will also come out on Wednesday. Industrial Production, an important indicator of economic growth, is scheduled for Thursday. Empire State, Import Prices, Leading Indicators, the Trade Balance, Consumer Confidence, and Philly Fed will round out the week. There will be Treasury auctions on Monday, Tuesday, and Wednesday."


To learn more about news impacting interest rates and mortgage markets, go towww.mbsquoteline.com
To learn more about the newsletter, please call 800-627-1077
All material Copyright © Ress No. 1, LTD and may not be reproduced without permission.

For information on Geist homes, Fortville homes, McCordsville homes, Fishers homes, Carmel homes, or Noblesville homes call The Vearus Group at 317.455.LIST, or visit TheVearusGroup.com.


Read more

Interest Rates

Everyone,

Interest rates are in the 4's!  Call me for details, 317.455.LIST!
Read more