Memphis' Blog: All Categories

Nationwide, 30-year fixed-rate mortgages averaged 6.30%, for the week ending February 15, up from last week's 6.28%.  Last year at this time, the 30-year FRM averaged 6.28%.  The average for the 15-year FRM this week is 6.03%, up from last week’s 6.02%.  One-year “T”ARMs were up at 5.59% and five-year “T”ARMs averaged 5.95% down from last week’s 5.99%.

"Mortgage interest rates exhibited little change in the past week according to our weekly Primary Mortgage Market Survey, as there was little new information that would cause any great change," said Frank Nothaft, Freddie Mac vice president and chief economist. "For example, January's retail sales were virtually unchanged from December's level. Further, Fed Chairman Bernanke testified before the Senate…

New national survey research reveals just how dated and quaint that concept has become in today's market, thanks to rocketing home prices that have far eclipsed buyers' incomes and savings.

From mid-2005 to mid-2006, according to a statistical sampling of a representative group of 7,548 purchasers, nearly half of all first-time buyers financed the entire transaction, obtaining mortgages in the full amount of the home price. Another 30 percent put down 10 percent or less, and 20 percent put down 5 percent or less.

The research was conducted by the National Association of Realtors, using information on home transactions supplied by Experian, a major credit and realty data firm. The median down payment of first-time purchasers, according to the study, was…

Need of ground-work and investigations in Real Estate Investment!

As in any investment business, investing in Real Estate also requires proper ground-work and investigations. Of course, one finds myriad literature, websites, how-to-do-it-by-yourself manuals, etc. regarding Real Estate Investment. But, Joe and Colleen Lane, of Kennewick Wa real estate suggests practical research will go a long way towards better understanding of the market trends and investing sensibly.  With a bit of guidance, even a novice in this field can succeed, if one knows what to look for. Initially, more than the initial investment capacity, it is the identifying of property with real growth potential, which is the deciding factor.

Initially, gather information regarding…

Enjoy this small pictorial album of the Downtown Memphis area. It includes Beale street, FedEx Forum, Peabody Place, South Bluffs Homes, our version of Walk of the Stars, and other interests. I like this general concept of being able to utilize the album for viewings like this.

What do you think? 

CLICK The Photo for the Tour.

Effective Feb. 15, 2007, the following changes in Mortgage Insurance and FICO scores will be implemented on conforming FNMA & FHLMC loans.  This includes the popular FNMA “My Community Mortgage” program.

All loans with an LTV over 95% and a FICO score less than 620 will have Mortgage Insurance priced as an A-Minus loan regardless of the Automated Underwriting decision.

All loans with an LTV over 95% will REQUIRE a FICO score over 575. Lenders will no longer approve loans with greater than 95% LTV and a FICO less than 575 regardless of Automated Underwriting decision.

These new regulations will help to curb the default rate on loans. At least due to the reasons that have pushed and are continuing to push the foreclosure rate up to record levels in many…

POSITIVE ECONOMIC NEWS PUSHES MORTGAGE RATES HIGHER: 30-Year Fixed Rate Mortgages Highest In Almost Four Months.

Nationwide, 30-year fixed-rate mortgages averaged 6.28%, for the week ending February 8, down from last week's 6.34%.  Last year at this time, the 30-year FRM averaged 6.24%.  The average for the 15-year FRM this week is 6.02%, down from last week’s 6.06%.  One-year “T”ARMs were up at 5.59% and five-year “T”ARMs averaged 5.99% down from last week’s 6.04%.

"News of moderate employment gains in January led to a halt in the recent upward trend of interest rate movements," said Frank Nothaft , Freddie Mac vice president and chief economist. "The 111,000 jobs added last month were fewer than had been anticipated, while the unemployment rate edged…

I would like to send out an invitation to all real estate industry professionals. I invite experts in their to be guest authors on my blog and/or website. What's in it for you? A link to your website and recognition for being the author for the article. This helps to solidify your being an "expert" or authorities figure in the subject matter you are writing about. It doesn't have to be lengthy or elaborate, just a few paragraphs is fine.

What do I get out of it, you ask? Well, I get original content to place on my website or blog .It must be original content and NOT duplicate content or plagiarism of any kind, and yes I will check.

This opportunity would benefit mortgage brokers, insurance agents, home inspectors, home repair, builders, developers, real…

A Massachusetts Investment firm has begun the process of acquiring and developing a Midtown apartment complex for conversions in to quaint 1 and 2-bedroom condos. Peach Properties Real Estate Development LLP of Massachusetts will convert the Watergarden Apartments on Galloway in the historical neighborhood of Evergreen in to upper scale condominium units.

The process will start this spring with the first units available in June of 2007.  They have plans on offering two-bedroom floor plans with a full kitchen and great room area. The specifics have not been nailed down; however the plans are to offer granite counter tops, nice flooring and cabinets and upgraded fixtures and appliances, similar to Downtown Memphis Condo units. 

The Federal Historic Style…