For Sale: 3BR/2.5BA Single Family House in Rancho Cordova, CA, $185,000!

Full Listing Here: 3BR/2.5BA Single Family House in Rancho Cordova, CA, $185,000!

GLOSSY REMODEL! NOT an REO or SHORT SALE~ Granite countertops with new tile floors in Kitchen and Den. Remodeled bathrooms with custom tile work. Re-finished hardwood throughout. All new paint throughout. Upstairs Master. Home has great natural light, Laundry closet. Large lot with mature shade trees, covered back patio and storage shed. 1/2 mile from HWY 50, walking distance to bus. Seller will respond in 24 HOURS!!

This 1447 square foot single family home has 3 bedrooms and 2.5 bathrooms. It is located at 10271 Croydon Way Rancho Cordova, California. This home is in the Folsom-Cordova Unified School District. The nearest schools are White Rock Elementary School, Mills Middle School and Cordova High School.

dina.morrill@afc360.com
(530) 305-1749

30-year fixed mortgage rates hit record low, but even better rates exist for stellar borrowers!

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Mortgage rates are the most affordable in decades for those who can qualify for a loan.

For many, the opportunity to buy a home or refinance at this time is lost because of the tough economy and tight credit standards. But those who have secure jobs, superior credit and strong finances could do even better than the 4.54 average rate that Freddie Mac reported Thursday, according to experts.

The latest rate is the lowest for a 30-year fixed loan since Freddie began tracking rates in 1971. It also marks the fifth time in six weeks that the mortgage company has reported hitting a new average low.

Still, it's possible to get an even lower rate if a borrower contributes more than 20 percent to the downpayment or has impeccable credit.

Full Yahoo!Finance article: http://yhoo.it/ajqMKJ

Mortgage Interest Rates Return To Record-Low Levels Again!

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Mortgage rates hit or returned to record-low levels again in two weekly surveys.

The Freddie Mac weekly survey put the average interest rate for a 30-year fixed-rate mortgage (FRM) at 4.56% with a 0.7 origination point for the week ending July 22, down from 4.57% last week.

The Bankrate weekly survey of large banks and thrifts put the 30-year FRM average at 4.77% with a 0.39 origination point, tying the record low for the survey after last week's slight increase to 4.77%. It marks the 10th weekly decline in the past 13 weeks of the Bankrate survey.

Freddie's 15-year FRM averaged 4.03% with a 0.7 origination point, a new record low after 4.06% last week. Bankrate said 15-year FRM rates averaged 4.18%, tying the record low set in the week of July 7.

Full HousingWire article: http://bit.ly/bofcsD

Obama Signs 'Common Sense' Financial Reform into Law

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President Obama this morning signed the Dodd-Frank Act calling it a "common sense" package of wide-range reform of the financial market and its regulation.

The law will "crack down on abusive practices in the mortgage industry…so folks know what they're signing," Obama said in remarks before signing.

The financial industry is already hailing the legislation as potentially the largest piece of financial reform since the post-Depression era.

“It is a victory for all of us that a new systemic risk council will weed excess risk out of financial institutions before they pose a threat to the entire system and that any institution that moves too close to cliff’s edge will be quickly dismantled by a powerful new resolution process," said Richard Neiman, superintendent at the New York State Banking Department, in an e-mailed statement today.

Full HousingWire article: http://bit.ly/bg78Mk

Mortgage Rates Hold Steady Near Record Lows

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There is no question whether now is the time to buy or refinance - record low interest rates combined with affordable housing the likes we've never seen!

Mortgage rates remained virtually unchanged from one week ago, holding steady at near record-low levels in two weekly surveys.

The Freddie Mac weekly survey put the average interest rate for a 30-year fixed-rate mortgage (FRM) at 4.57% with a 0.7 origination point for the week ending July 15, unchanged from the new record low set last week. A year ago, the 30-year FRM averaged 5.14%.

The Bankrate weekly survey of large banks and thrifts put the 30-year FRM average at 4.77% with a 0.41 origination point, up slightly from last week's record-setting average of 4.74%. The Bankrate survey has only been below this point twice in its 25-year history, both instances during the past two weeks.

“Fixed-rate mortgages continued to hover at 50-year lows, thereby supporting homebuyer affordability and refinance activity," said Frank Nothaft, Freddie Mac vice president and chief economist in the weekly report. "Over the past month, about four out of five conventional loan applications and more than one-half of FHA and VA loan applications were for refinance."

Full HousingWire article: http://bit.ly/c16I4t

Cost Spread Between Owning vs Renting is Narrowing!

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With mortgage rates at record lows and housing markets stuffed to the gills with cheap distressed properties that's led to declining home prices, the cost to own a home is sometimes cheaper than renting an apartment in many markets, according to analysts at Credit Suisse.

While a segment of the renting population continues to rent, many are looking to dip their toes in the homeownership waters. Credit Suisse said the percentage of median household income needed to pay the mortgage on a median priced home is at a 30-year low.

Low mortgage rates and property values makes homeownership more attractive than renting for many. In many markets — including Washington DC, California's Inland Empire, Las Vegas and Phoenix — paying for a mortgage is less expensive than renting.

Full HousingWire article: http://bit.ly/chtifu

More Positive News On Foreign Buyers

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More than one-quarter — or 28% — of Realtors reported working with at least one international client over the past year, up from 23% in NAR's 2009 report.

"[C]hanges in value to the US dollar have had a strong impact on the international real estate business," Golder said. "In addition, perceptions abroad about trends in the US real estate market have led many international clients to believe purchasing a home in the US is more affordable than in their country and holds more value."

Direct TBWS Link: http://bit.ly/98BX1z

Foreign Buyers in US Housing Rises

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Foreign home buyers — those with residency outside the US as well as recent immigrants and temporary visa holders — purchased $66bn of US residential property, or 7.27% of the market, in the year ending March 2010, according to the National Association of Realtors (NAR).

Based on NAR's existing home sales information, $907bn of residential sales occurred in the 12 months ending March 2010.

International clients with permanent residences outside the US took 4.56% of the market — up from 4.23% in the previous 12-month period — while recent immigrants and temporary visa holders took another 2.71% of the market.

"The US continues to be a top destination for international buyers from all over the world," said NAR president Vicki Cox Golder, in a statement. "Foreign buyers understand the value of owning a home in this country… ."

Full HousingWire article: http://bit.ly/coalBd

30 Year Fixed Rates Set Another Record!

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Average rates for 30-year fixed-rate mortgages (FRMs) dipped slightly, setting new weekly records, while other types of mortgages varied, still hovering around historic lows.

Freddie Mac's weekly survey put the average rate for a 30-year FRM at 4.57% with a 0.7 origination point for the week ending July 8. That's down slightly from last week's average of 4.58% and below the year-ago average of 5.2%. It's the third consecutive week that the 30-year FRM set a new record low in the 39 years that Freddie Mac has tracked the product.

The Bankrate survey of large banks and thrifts also set a new record, with the average rate for a 30-year FRM at 4.74% with a 0.39 origination point. That's down from last week's then record-setting average of 4.75% and a year ago, when the survey averaged 5.59%.

“With mortgage rates falling to historic lows, refinance activity has been strong over the past three months,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The Bureau of Economic Analysis reported that the effective mortgage rate of all loans outstanding was just below 6% in the first quarter of 2010, the lowest since the series began in 1977. Since the start of the second quarter, two out of three mortgage applications on average were for refinancing, according the Mortgage Bankers Association."

Full HousingWire article: http://bit.ly/aJYVaA

MBA: "Mortgage Applications Rise 6.7%"

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The volume of mortgage applications submitted weekly rose 6.7% in the week ending July 2, according to the Mortgage Bankers Association (MBA).

The amount of applications submitted for refinance jumped 9.2% to the highest volume in more than a year, since the week ending May 15, 2009. The uptick in refinance interest brings the refi share of total applications to 78.7%, from 76.8% a week earlier.

"Mortgage rates remained near record lows last week, as incoming data on the job and housing markets were weaker than anticipated," said MBA vice president of research and economics, Michael Fratantoni, in a statement. "As more homeowners locked in to these low rates, the level of refinance applications increased to a new 13-month high."

Full HousingWire article: http://bit.ly/c70jY0

Never A Better Time To Buy!

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The national mortgage delinquency rate grew to 9.2% in May, up 2.3% from a month earlier and 7.9% from a year earlier, according to the latest report from mortgage performance data and analytics provider Lender Processing Services.

LPS noted more than 7.3m mortgages in some stage of delinquency or REO.

The national foreclosure inventory rate was nearly 3.2% in May, up from 3.18% in April, bringing the total non-current rate of loans either delinquent or in foreclosure to 12.4%.

Full HousingWire article: http://bit.ly/aE0GIU

President Signs Flood Insurance Extension!

President Barack Obama today signed HR 5569, the "National Flood Insurance Program Extension Act of 2010," into law.

The law retroactively reauthorizes the Federal Emergency Management Agency (FEMA) to enter into new contracts for flood insurance under the National Flood Insurance Program (NFIP) through Sept. 30, 2010. It also reduces FEMA's authority to borrow under the NFIP by $50m to up to $20.725bn, according to a White House statement.

The Senate voted on the bill Wednesday in unanimous consent after the House of Representatives passed its own version last week.

Full HousingWire article: http://bit.ly/c8OJOc

FannieMae Updates Appraisal Policies

Fannie Mae updated its selling guide to provide additional appraisal-related guidance.

The government-sponsored enterprise's (GSE) post-purchase reviews of mortgage loan files identified issues with appraisals. The new policy clarifications address those issues.

Fannie will now require interior photographs of specific rooms and areas of the house in the appraisal report.

The GSE provided guidance on when an appraisal is considered deficient and when a lender can make changes to the opinion of market value based on underwriter judgment, automated valuation models or other methodology.

The policy changes take effect for all mortgage loan applications dated on or after Sept. 1, 2010.

Full HousingWire article: http://bit.ly/9XcUZM

Rates at lowest level since mid-1950s!

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Mortgage rates have sunk to the lowest level in more than five decades, but consumers aren't rushing to refinance their loans or buy homes.

Mortgage company Freddie Mac said Thursday the average rate for 30-year fixed loans sank to 4.58 percent this week.

That's down from the previous record of 4.69 percent set last week and the lowest since the mortgage company began keeping records in 1971. The last time they were cheaper was the 1950s, when most long-term home loans lasted just 20 or 25 years.

Full CNNMoney Article

Homebuyer credit extension heads to Obama

First-time homebuyers will have until Sept. 30 to close on their purchases and land an $8,000 tax credit under a bill passed by the Senate by unanimous vote late Wednesday.

President Obama is expected to sign the bill, which was overwhelmingly approved by the House on Tuesday. The deadline had been June 30.

Full CNNMoney article: http://bit.ly/dCPQRH