Posts Tagged ‘valuation’
Obama Helps Homeowners and Veterans. Congress Can’t Stop Him.
President Obama just announced a plan to help US families. And, miraculously, he doesn’t need the approval of Congress to help us.
- Obama promised relief to homeowners who are trapped in high rate loans by banks. If a homeowner is current on their current high interest loan payment, they can not be turned down for a lower interest rate loan that reduces their monthly payment.
- Obama will cut closing costs for loan refinancing on FHA loans to make refinancing affordable. The average borrower will save at least $1000 a year in fee’s and charges, in addition to saving about half of the closing costs on the new loan.
- Obama waives appraisal value as a criteria for refinancing a high rate loan. In other words, your bank can no longer use an appraisal against you…no matter how much you owe on your current loan.
- Obama promises to compensate all US Servicemen and Veterans who were foreclosed upon during their tour of duty. All Veterans who attempted to refinance their home to avoid foreclosure, and were turned away by their lender…are entitled to full compensation for all penalites, fee’s and losses.
We applaude this action and feel that it is long overdue. This is exactly the type of change that Americans, and the housing market, need to avoid further personal and financial losses. There is no legimate reason for a bank, who received taxpayer handouts, to turn down a borrower who wants to benefit from low Fed bank rates. If a borrower is able to afford a $1500 house payments at a 10% interest rate, then why would a lender turn them down for a loan payment of a $1000 per month at 4.5%? The only answer is a unfortunately a common one…GREED. Banks are closing ranks to protect their 10% rate of return from dropping to 4.5%, even though the Fed’s (ie:taxpayers) are giving them the money for nothing.
Thank you for visiting Why6Percent.com. If you are in a position to refinance a high rate loan and save your home, please do so TODAY. If you have been turned down for a refinanced loan…please reapply today. Help is Here!!
Latest Existing Home Sales Chart for Your Area
Sales of existing homes increased 2.7 percent in January 2011. Prices were down slightly because distressed properties made up 37 percent of all sales. It’s good news that we are working through some of the excess inventory.
Check out the chart below to see how your town or area fared.
Single-family existing-home sales and prices
| Metropolitan statistical area |
Median price Jan. 2010
|
Median price Jan. 2011
|
Annual change in price
|
Annual change in sales
|
| Atlanta |
105,100
|
106,900
|
1.7%
|
-6.3%
|
| Baltimore |
230,000
|
218,300
|
-5.1%
|
27.0%
|
| Boston |
343,700
|
334,400
|
-2.7%
|
7.2%
|
| Cincinnati |
113,900
|
110,500
|
-3.0%
|
5.9%
|
| Dallas-Fort Worth |
131,600
|
141,500
|
7.5%
|
-7.7%
|
| Houston |
144,600
|
139,000
|
-3.9%
|
10.1%
|
| Indianapolis |
103,500
|
110,700
|
7.0%
|
-3.1%
|
| Kansas City |
122,200
|
117,500
|
-3.8%
|
1.3%
|
| Miami-Ft. Lauderdale |
203,000
|
165,800
|
-18.3%
|
32.9%
|
| Minneapolis-St. Paul |
157,000
|
140,000
|
-10.8%
|
10.4%
|
| New Orleans |
152,900
|
143,200
|
-6.3%
|
23.2%
|
| New York-Northern New Jersey-Long Island |
384,600
|
381,200
|
-0.9%
|
-5.0%
|
| Philadelphia |
207,700
|
208,500
|
0.4%
|
-2.4%
|
| Phoenix |
137,900
|
126,900
|
-8.0%
|
12.3%
|
| Portland |
240,000
|
215,400
|
-10.3%
|
2.8%
|
| San Antonio |
n/a
|
n/a
|
n/a
|
n/a
|
| San Diego |
366,800
|
370,100
|
0.9%
|
-1.1%
|
| St. Louis |
100,000
|
105,300
|
5.3%
|
3.1%
|
| Washington, DC |
285,600
|
292,600
|
2.5%
|
-5.5%
|
| U.S. |
163,800
|
159,400
|
-2.7%
|
3.3%
|
Source: National Association of Realtors
Thank you for visiting Why6Percent.com. We offer flat fee MLS listings, Realtor.com listings, and Free Classified Home Listings. Spring is around the corner and we will help you get noticed!
White House Loses a Third of Its Value
The White House is not only an American icon, it is also a symbol of the US housing market. Like many of the nations houses, it too is worth far less than it was in 2006.
The 16 bedroom, 35 bath Presidential mansion, located on 18 prime acres in Washinton DC was valued at $331 million at the top of the housing bubble. Today, the value stands at around $250 million. That equals a drop in value of approximately 24 Percent.
White House or Your House…The Cost to Sell is the Same Low $399 for Everyone at Why6Percent.com. Check out the site for details today.