August 2007
Monthly Archive
31 Aug 2007 07:39 am
Home Sellers Offering More Buyer Incentives
30 Aug 2007 06:45 am
Home Auctions An Option For Beleaguered Home Owners
29 Aug 2007 06:45 am
What Exterminators Might Not Tell You
28 Aug 2007 05:46 am
Now For Something New - “Mortgage accelerator” loans
Mortgage accelerator loans are common in other countries. It uses home equity borrowing and the borrower’s paycheck to shorten the time until a mortgage is paid off, saving tens of thousands in interest expense.
The loan program is based on an approach common in Australia and the United Kingdom, where borrowers deposit their paychecks into an account that, every month, applies every unspent dime against the mortgage loan balance. In Australia, more than one-third of homeowners use a mortgage accelerator program. In the U.K., it’s about 25 percent.
The premise is that borrowers finance a new property or refinance existing property using a home equity line of credit, or HELOC. Borrowers then begin directly depositing their entire paychecks into the HELOC. Monthly expenses, other than mortgage payments, are funded by draws against the line of credit, whether that is by using bill pay, check writing, ATM withdrawals or a credit card tied to the line of credit.
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27 Aug 2007 07:09 am
Recent Home Sales Stats Portend Encouraging Times
New-home sales defied expectations and stopped sliding during July, making a modest increase that gave the beleaguered housing market a little good news. Meanwhile, demand surged for expensive goods during July in a broad-based increase that topped expectations by a wide margin and included a strong climb in a key barometer of capital spending by businesses.
Sales of single-family homes increased by 2.8% last month to a seasonally adjusted annual rate of 870,000, the Commerce Department said Friday. June new-home sales fell 4% to an annual rate to 846,000; originally, the government said June sales dropped by 6.6% to 834,000. The sickly housing sector has pulled down U.S. economic growth for six straight quarters. Groundbreakings by home builders in July fell to the lowest level in 10 years. Analysts expect the slump to continue. Lenders are tightening standards for borrowers, which sent up mortgage rates during the summer. Inventories of homes are running high.
Friday’s data showed the ratio of new houses for sale to houses sold slipped during July, falling to 7.5 from 7.7 in June. There were an estimated 533,000 homes for sale at the end of July, down from June’s 538,000. The median price of a new home increased by 0.6% to $239,500 in July from $238,100 in July 2006. The average price decreased by 3.4% to $300,800 from $311,300 a year earlier. In June this year, the median price was $230,600 and the average was $304,900.
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Real estate agent Caesar Parisi stands ready with effective advice on buying or selling a Boca Raton Luxury Home.
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26 Aug 2007 07:01 am
Trial Starts Monday For Those Charged With Real Estate Racketeering
For nearly three years, Leandro Javier Obenauer has been sitting in the Osceola County Jail waiting for his day in court. Obenauer, now 38, was charged with racketeering, among other offenses, in 2004 after he was accused of swindling thousands of dollars from mortgage lenders and Central Florida home buyers dating back to 1999.
Obenauer was charged with racketeering, conspiracy to commit racketeering, organized fraud, grand theft and unlicensed mortgage brokering. Two years before Obenauer’s 2004 arrest, then-Attorney General Charlie Crist’s office began an investigation, which resulted in the arrests of Obenauer, , who was described as the “ringleader,” and his father-in-law, Robert E. Merchant.
Prosecutors charged that Obenauer and Merchant offered houses for little or no money down to people who had bad credit or were first-time home buyers. Lawyers from the state Attorney General’s Office in Tallahassee would not comment on the case, a spokeswoman for the agency said. Scott Hutchinson, 51, of Winter Springs was arrested and charged with organized fraud of more than $50,000, according to court documents. He was a real-estate appraiser who prosecutors said inflated the values of houses in Orange, Osceola, Seminole and Volusia counties. His trial is also scheduled for Monday.
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