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Commentary, market information, and general musings on topics effecting the Greater Rocky Mount, North Carolina and surrounding areas.
Published by David C. Recker, Associate Broker, RE/MAX Classic Realty
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Mortgage lenders have turned back the clock on lending policy, making it much harder for borrowers to get a home loan if they have less than 20 percent to put down. Just as it was decades ago, lenders are balking at anything other than plain vanilla loans Read More...
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The 30-year fixed rate mortgage currently sits at 5.88 percent, and analysts say they are unlikely to fall any further for the rest of the year. The rate on the fixed loans is only down a quarter of a point this year, as the credit markets have cut the Read More...
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The significant number of objections to new rules designed to protect consumers from subprime mortgages will be given careful consideration, says Federal Reserve Board Gov. Randal Kroszner. But Kroszner argues that their adoption will restore confidence Read More...
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Despite lower prices and historically low interest rates, existing single family home sales remain weak. Locally, we have plenty of good homes to choose from in all price ranges, and interest rates remain low thanks to the Federal Reserve’s rate Read More...
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Democratic presidential candidates Monday shared new positions on home foreclosures. Hilary Clinton supported legislation proposed by Democrats Rep. Barney Frank of Massachusetts and Senator Chris Dodd of Connecticut that would "expand the government's Read More...
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The loan a borrower qualifies for on Monday is likely to be out of reach on Tuesday because lenders are changing the rules hourly, industry observers say. For those who can meet the rapidly changing lending standards, the plan announced Tuesday by the Read More...
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The NATIONAL ASSOCIATION OF REALTORS ® testified Thursday in Congress that the Veterans Home Loan Guaranty Program should continue to be a valuable asset in helping the nation’s veterans achieve homeownership in a way that is safe, fair, and Read More...
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Here are many reports and articles about the subprime mortgage crisis. However, many consumers simply don’t understand what it’s all about. Why? The news media is too busy creating an atmosphere of crisis to slow down and do a simple explanation. Read More...
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The economic stimulus package hammered out between the White House and Congress on Thursday lifts the size of home loans that may be bought or insured by Fannie Mae and Freddie Mac. The Fannie/Freddie cap would rise to $729,750 for one year. Currently Read More...
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Now’s the time for homeowners facing resets on adjustable-rate mortgages or dealing with burdensome loans to refinance. While mortgage rates aren’t specifically tied to the rates the Federal Reserve controls, they are affected by this week’s Read More...
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Before You Look It is important that you understand how much you can afford or are willing to pay before you go out and look for a new home. But what do you do before you are ready to speak with a Realtor and/or mortgage professional? Simply, you can Read More...
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If you own a residential property that is declining in value, here are some ways to make the losses less depressing. Trim property taxes . If a house has lost value, have it reappraised by the municipal assessor. Consider petitioning — or even suing Read More...
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I question why the government should bail out home owners caught up in the housing downturn when many of them are in trouble because of greed or irresponsibility. Many homebuyers lack down payments, money for closing costs, and want to buy large homes Read More...
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It is important that you understand how much you can afford or are willing to pay before you go out and look for a new home. But what do you do before you are ready to speak with a Realtor and/or mortgage professional? Simply, you can use a mortgage calculator Read More...
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Economic research suggests that a huge wave of foreclosures will hit just in time for the primary and general election campaigns next year. That news is enough to make both the Bush administration and Democratic leaders in Congress eager to find a solution Read More...
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