Existing Home Sales Jump 7.7%

Existing home sales beat expectations in August and reached the best levels since March.  Buyers have been drawn into the market by lower prices and exceptionally low interest rates.  Sales increased 7.7% month over month to an annual rate of 5.03 million homes, according to NAR (National Association of Realtors).  NAR also commented that rising […] Read more »

FED Speaks Rates Drop!

The Federal Reserve announced today that it will sell $400 billion short term securities and reinvest that money into long term holdings like U.S. treasuries.  The effort is being called “Operation Twist” and has already made an inpact on already low mortgage rates.  You can see the image I attached that clearly shows a jump in […] Read more »

Can You Buy Before Selling Your Home?

can you buy before selling your home

A lot of people want to buy a new home in today’s market to take advantage of these crazy low prices and interest rates.  The problem is selling the home they already own.  For some, this totally blocks them because they can’t afford to buy a new home without selling, but some owners believe they […] Read more »

FHA Lowering Loan Limits in Charlotte NC

FHA is lowering existing loan limits for single family housing in Charlotte MSA from $303,750 to $271,050.  This change is set to go into effect on October 1st, 2011.  Although I am not happy about the change I seriously doubt it will have any real impact on the local housing market and here’s why… Read more »

How to Avoid PMI

Avoid PMI

First let’s talk a little about what PMI is and why lenders require it.  PMI stands for private mortgage insurance.  When most homebuyers hear the term insurance they immediately think it is for their benefit.  It gets associated with mortgage life insurance that pays off the mortgage in case they die, but PMI does not […] Read more »