FSBO BLOG

with a down payment, good job, but bad credit. If you are willing to work direct with a buyer, no agents and no banks, these buyers are out there. Advertise with these words: “owner will carry the paper” or “owner financing available” and the unconventional buyer will find you. Always use an attorney to draw up the paperwork plus give advice. Besdies getting your house sold, these buyers will pay 5, 6 or 7% interest to you, while banks are paying you less than 1%

are Chicago, Detroit, Los Angeles, Philadelphia and Atlanta. All cities had total inventory of properties down over 20% from one year earlier. With demand the same and inventories falling, basic economics tell you price increases are right around the corner. Probably in the spring selling season. If you are a buyer, you better hurry, if you are a seller, goods news very soon.

demand grew last week for both purchases and refinancing according to the Mortgage Bankers Association.  The average loan size for home purchases in September was $210,863.  Refinance share of mortgage activity was 79.1 percent of total applications.

according to the U.S. Bureau of Labor Statistics. Right now there is a pending ‘jobs bill’ being debated. We don’t need a jobs bill, we need an ‘impove the work skills of the unemployed bill’. More skilled workers, means more qualified people to buy homes. Anyone tired of reading or watching business news and all they talk about is politics?

According to Freddie Mac the rate on the 30-year fixed mortgage fell to 3.94 percent from 4.01 percent last week, the previous low. The average rate on a 15-year fixed loan, a popular refinancing option, dipped to 3.26 percent, also a record.

30 yr fixed 4.04% 3.94% 30 yr fixed jumbo 4.82% 4.89% 15 yr fixed 3.38% — 3.26% 15 yr fixed jumbo 4.14% 4.26% 5/1 ARM 3.02% 3.06% 5/1 jumbo ARM 3.17% 3.11%

Each year for 10 years prior to 2008 Americans saving rate was $250 billion (2.5% of disposable income) per year, while their debt to income was rising. Now, for the past three years, savings rate has been $600 billion per year with debt decreasing.

over the past 12 months, prices have fallen in all but two cities: Detroit and Washington. Home prices increased in July from June in 17 of the 20 cities tracked. Fourth straight month in most major U.S. cities in July, buoyed by the peak buying season, all according to Standard & Poor’s/Case-Shiller index.

initial reaction by the stock market was negative. The idea of the Fed pushing interest rates even lower indicates the economy is weak. Well, it is! Besides pushing longer treasury rates lower, the Fed plans to reinvest principal payments from its current holdings of agency debt and agency mortgage-backed securities into agency MBS. In other words, the Fed is going to be buying paper from Fannie Mae and Freddie Mac again “to help support conditions in mortgage markets” to help the housing market. FSBO.com is seeing a slight easing in credit requirements, based on reports by home buyers and investors

to International buyers, U.S. real estate is the new undervalued asset, the new fire sale. International buyers bought $82 billion worth of U.S. residential real estate last year, up from $66 billion in 2009. In states like Florida, international buyers account for a third of purchases, up from 10 percent in 2007. “Luxury properties are drawing buyers from all over the world,” says CoreLogic’s chief economist, Mark Fleming.

The Commerce Department reported today that builders began work on a seasonally adjusted 571,000 homes last month, a 5 percent decline from July and a three-month low. That’s less than half the 1.2 million that economists say is consistent with healthy housing markets.