Buying & Selling Homes with The Collura Team

Foreclosure Inventory Drops As Economy Improves [INFOGRAPHIC] Some Highlights: Foreclosure Inventory has dropped year-over-year for the last 4 years (48 months). Only 3.4% of US homes are in serious delinquency. 29 states have a foreclosure inventory rate lower than the national average. For more information you can download the full report here

                                   Home Prices: Past, Present & Future CoreLogic released their most current Home Price Index last week. In the report, they revealed home appreciation in three categories: percentage appreciation over the last year, over the last month and projected over the next twelve months. Here are state maps for each category: The Past – home appreciation over the last 12 months The Present – home appreciation over the last month The Future – home appreciation projected over the next 12 months Bottom Line: Homes across the country are appreciating at different rates. If you plan on relocating to another state and are waiting for your home to appreciate more, you need to know that the home you will buy in another state may be appreciating even faster. Meet with a local real estate professional who can help you determine your next steps.

What You Really Need To Qualify For A Mortgage A recent survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today. 1. Down Payment The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 5% or less. Below are the results of a Digital Risk survey done on Millennials who recently purchased a home. 2. FICO Scores The Ipsos survey also reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. In actuality, the average FICO scores of approved conventional and FHA mortgages are much lower. Bel

NAR Reports Reveal Two Reasons to Sell This Winter We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. The last two major reports issued by the  National Association of Realtors  (NAR) revealed information that suggests that now is a great time to sell your house. Let’s look at the data covered by the latest  Pending Home Sales Report  and Existing Home Sales Report . THE PENDING HOME SALES REPORT The report announced that pending home sales (homes going into contract) are up 3.9% over last year, and have increased year-over-year now for 14 consecutive months. Lawrence Yun,  NAR ’s Chief Economist , expects demand to remain stable through the final two months of the year, and “forecasts existing-home sales to finish 2015 at a pace of 5.30 million – the highest since 2006.”   Takeaway:  Demand for housing will continue throughout the end of 2015 and into 2016. The seasonal slowdown often felt in the

Prices & Mortgage Rates Going Up in 2016 The monthly mortgage payment on a home is determined by two elements: the price of the house and the interest rate you pay on your mortgage. Recently released reports are revealing that the experts expect both elements to increase in 2016. HOME PRICES CoreLogic has projected a nationwide 5.2% home value appreciation for the next twelve months. Here is their breakdown by state: MORTGAGE INTEREST RATES All four of the entities that provide projections on mortgage interest rates agree: they’re going up in 2016. Here are the predictions over the next four quarters: Bottom Line With both home values and interest rates projected to increase over the next twelve months, buying (or moving-up), sooner rather than later, makes sense.