Coit Group Fine Homes

 Average U.S. rates on fixed mortgages were little changed this week, staying near their lowest levels in three months. Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan edged up to 4.23 percent from 4.22 percent last week. The average on the 15-year fixed loan rose to 3.31 percent from 3.29 percent. Both are the lowest averages since July. Mortgage rates began falling last month after the Federal Reserve held off slowing its $85-billion-a-month in bond purchases. The bond buys are intended to keep longer-term interest rates low, including mortgage rates. Longer-term rates have also stayed low because of the partial government shutdown and a lack of government economic data. The shutdown that began this month has spurred investors to sell stocks and buy Treasury bonds. Mortgage rates tend to follow the yield on the 10-year Treasury note. The 10-year note traded at 2.67 percent Wednesday, up from 2.63 percent last week but down from 2.71 percent on S...

A new FHA program, just introduced, reduces the wait to 12 months after a derogatory credit event when the borrower has satisfactory credit during those 12 months. This reduced wait period is available after foreclosures, deeds in lieu, bankruptcies etc. if the derogatory credit was caused by an economic event that decreased the borrowers household income by 20% or more for 6 months. So what's an economic event? "Any occurrence beyond the borrower's control which results in a loss of employment or income that reduces the borrowers household income by 20% or more for at least 6 months." e.g.- a pay cut or being laid off would qualify but quitting a job would not. Household Income : Gross income of the borrower and any individuals who resided in the     borrowers primary residence at the time of the "economic event" and or who were a co-borrower on the borrower's previous mortgage. Each Participant must receive at least one hour of one on one coun...

                            U.S. home prices rose 12.4 percent in July compared with a year ago, the most since February 2006. An increase in sales on a limited supply of available homes drove the gains. The Standard & Poor’s/Case-Shiller 20-city home price index reported Tuesday improved from June, when it rose 12.1 percent from a year ago. And all 20 cities posted gains in July from the previous month and compared with a year ago. Stan Humphries, chief economist for real estate data provider Zillow, said home prices should continue to rise but at a slower pace. Mortgage rates have increased more than a full percentage point since May. And more homes are being built. That should ease supply constraints that have inflated prices in some markets. “This ongoing moderation is good for the market overall,” Humphries said. Home prices soared 27.5 pe...

   While 10.7 million residential homeowners nationwide owe at least 25 percent or more on their mortgages than their properties are worth, another 8.3 million homeowners are now only slightly underwater or slightly above water, putting them on track to have enough equity to sell sometime in the next 15 months without resorting to a short sale. The 8.3 million include homeowners that have a loan-to-value (LTV) ratio from 90 to 110 percent, meaning they have between 10 percent positive equity and 10 percent negative equity. These homeowners represented 18 percent of all U.S. homeowners with a mortgage as of the beginning of September. Florida In Florida, RealtyTrac reports that 40 percent of homeowners with a mortgage (2,075,484) were “deeply underwater” with a loan-to-value ratio (LTV) of 125 percent or higher. The state ranked third nationally, behind Nevada (46 percent) and Illinois (40 percent). Michigan (38 percent), Rhode Island (34 percent) and Ohio (31 percent) round...

Home prices nationwide, including distressed sales, increased 12.4 percent on a year-over-year basis in July 2013 compared to July 2012 – the 17th consecutive monthly year-over-year increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 1.8 percent in July 2013 compared to June 2013. When distressed sales are backed out of the equation, home prices increased 11.4 percent year-over-year in July 2013 compared to July 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.7 percent in July 2013 compared to June 2013. Distressed sales include short sales and real estate owned (REO) transactions. The separate CoreLogic Pending HPI predicts that August 2013 home prices, including distressed sales, will rise by 12.3 percent year-over-year and 0.4 percent month-over-month. Excluding distressed sales, they’re poised to rise 12.2 percent year-over-year and 1.2 percent month-over-month. “Home prices ...

                        Aug. 19, 2013 The Federal Housing Administration (FHA) is making it easier for once-struggling homeowners to qualify for a mortgage backed by the agency. For borrowers who meet certain requirements, the FHA is trimming to one year the amount of time that homebuyers must wait after a bankruptcy, foreclosure or short sale before they may qualify for a FHA-backed mortgage. The waiting period had been two years after the completion of a bankruptcy and three years after a foreclosure or a short sale. But only certain consumers who’ve been in those circumstances will be able to meet the criteria attached to the eased restrictions. Borrowers must be able to show their household income fell by 20 percent or more for at least six months and was tied to unemployment or another event beyond their control. They also must prove they have had at least one...

To download Chuck Coit's Keller Williams App, text KW3CFXHK to 87778 or scan my QR code below: AUSTIN, TX (August 8, 2013) - Keller Williams Realty, the largest real estate franchise company in the United States, announced today the release of a mobile app customized for each of its 88,000 associates. The company is the first real estate franchise to offer every agent and office an individually branded real estate search app.  Agents receive a unique URL and text code to share with consumers. When consumers use the app, they can easily search and compare properties and connect directly with their agent of choice about the listings they want to see. "At Keller Williams, we're agent-centric and consumer-centric at the same time," CEO Mark Willis said. "By being the first to provide our associates with their own branded app, we are empowering them to achieve extraordinary results and deliver exceptional client service. And by providing consumers...