There is no such thing as a “national real estate market”. Real estate is local. We know this is true because even cities don’t have their own real estate market. This chart shows how home prices have diverged across adjacent zip codes over the last 12 months. Some influencing factors: School systems Infrastructure Proximity Supply [...]

When mortgages began to sour last Fall, Fannie Mae and Freddie Mac instituted “loan-level pricing adjustments”. The concept is basic: For mortgage applicants with less-than-ideal credit profiles, mortgage pricing is adjusted to compensate for the added risks. It’s still a conforming loan, but with adjustments. Effective March 6, though, Fannie and Freddie’s definition of “high-risk” [...]

The Unemployment Rate fell to 4.8 percent in February. This is 0.1% lower than from January and that’s confusing to a lot of people; it’s been highly publicized that U.S. companies shed 63,000 jobs last month. Americans are losing jobs at the same time that the Unemployment Rate is falling. Seem strange? Well, it’s possible [...]

***Update*** 3/11/2008 originally posted in June 2007 Many of you have heard me speak about the book “Missed Fortune 101″ by Douglas Andrew. It is an incredible mind opening book the blows apart conventional thinking on mortgages and growing wealth. Well, Doug has done it again, he is launching his book “Last Chance Millionaire” You [...]

Gasoline prices reached an all-time, inflation-adjusted high yesterday, averaging $3.23 per gallon nationwide. According to GasBuddy.com, this represents a 25% increase in the last 12 months. Higher gas prices are leaving Americans with fewer discretionary dollars to spend and that is playing a role in the U.S. economy’s slowdown. It’s one reason why mortgage rates [...]

Between Tuesday and Thursday, mortgage rates rose as much as during any three-day period in recent memory before settling back a bit on Friday’s jobs data. Fourteen speeches from members of the Federal Reserve were partly to blame for the mortgage rate chaos, but several other factors played a part, too. One of the biggest [...]

“Foreclosure” is the legal process by which a bank repossesses a home from a borrower and, according to RealtyTrac, 1 out of every 100 homes were in some stage of the foreclosure process in 2007. This figure is astounding because foreclosure is expensive to both homeowners and banks. Both parties have an interest in avoiding [...]

Higher conforming mortgage limits are here If your city or county qualify, you could see lower rates through end of year By Amy Hoak, MarketWatch Last Update: 5:04 PM ET 3/6/08 CHICAGO (MarketWatch) — Seventy-one urban areas and 21 rural counties may get some relief from the mortgage credit crunch due to a temporary increase [...]

One of the most popular questions that home buyers ask real estate and mortgage professionals is “How much home can I afford?” It’s a normal question to ask, but it’s not the most effective way to plan your finances. Banks will almost always approve you for a home loan in excess of your household budget. [...]

With Friday’s jobs report looming, mortgage markets are especially skittish about whether the economy is in a recession, or facing inflation. Four Fed speakers Tuesday did little to quell the debate: 9:00 A.M.: Fed Chairman Bernanke stayed on message that foreclosures and falling home values are dragging down the economy. 10:00 A.M.: Fed Vice Chairman [...]