A pre-listing home inspection can help sellers avoid surprises
Buyers are typically encouraged to get a home inspection as part of a residential purchase. This process alerts them to any deficiencies or problems with the home, and the inspector's report can be used to negotiate certain conditions of the sale. The ...
Oak Lawn Bar Welcomes South Side Cubs Faithful
The popular Oak Lawn bar will be offering a place where Cubs fans can come and cheer without feeling self-conscious, and keep their souls free from the darkness of past heartache: 1969, 1984, 1989, 1998, 2003, 2007, 2008 and 2015. My father was a Sox ...
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Mortgage applications for new home purchases increased 3 percent this September, relative to September 2015, according to the Mortgage Bankers Association’s Builder Application Survey (BAS) data. Compared to August 2016, applications decreased by 7 percent. This change does not include any adjustment for typical seasonal patterns.
“After a strong start in 2016 and despite evidence of increasing costs, mortgage applications for new homes have maintained a pace modestly above 2015 rates,” says Lynn Fisher, MBA’s Vice President of Research and Economics. “The monthly decline in mortgage applications in September is largely attributable to typical declines in building activity this time of year. That said, builders are facing headwinds from rising labor costs. Looking forward, year over year growth in applications is likely to remain muted for the balance of 2016.”
By product type, conventional loans composed 68.8 percent of loan applications, FHA loans composed 17.5 percent, RHS/USDA loans composed 0.9 percent and VA loans composed 12.7 percent. The average loan size of new homes increased from $325,224 in August to $326,998 in September.
The MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 593,000 units in September 2016, based on data from the BAS. The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors.
The seasonally adjusted estimate for September is a decrease of 1.3 percent from the August pace of 601,000 units. On an unadjusted basis, the MBA estimates that there were 44,000 new home sales in September 2016, a decrease of 8.3 percent from 48,000 new home sales in August.
MBA’s Builder Application Survey tracks application volume from mortgage subsidiaries of home builders across the country. Utilizing this data, as well as data from other sources, MBA is able to provide an early estimate of new home sales volumes at the national, state, and metro level. This data also provides information regarding the types of loans used by new home buyers. Official new home sales estimates are conducted by the Census Bureau on a monthly basis. In that data, new home sales are recorded at contract signing, which is typically coincident with the mortgage application.
For more information, visit http://www.mba.org.
Have you ever wondered how far $400,000 could take you in various markets? This has been analyzed in a newly released HomeUnion report comparing investment property values in 10 of the most sought-after markets among HomeUnion’s clients. The company analyzed what a total of $400,000 will buy a single-family rental (SFR) investor in these popular markets: Jacksonville, Dallas, Atlanta, Charlotte and Austin; versus what a real estate investor can acquire for the same price in the non-HomeUnion markets of Denver, Washington, D.C., Seattle, New York and Oakland, which are frequently coveted by investors.
When using leverage at 25 percent, markets in which HomeUnion operates are more affordable, offer renters and investors significantly more square footage, and provide investors with the ability to earn much higher monthly rental returns.
“Our study confirms that investors’ dollars go much further in the South and one of the biggest metros in Texas than they do in Oakland, New York, Seattle, Washington, D.C., and Denver,” says Steve Hovland, director of research for HomeUnion. “Not only do investors get more for their money; they can buy a larger home or homes in a nicer neighborhood, allowing for the potential to capture higher rental income in the Austin, Charlotte, Atlanta, Jacksonville, and Dallas markets.”
Here’s what a 25 percent down payment on a $400,000 investment will buy in 10 of the most sought-after U.S. housing markets:
For more information, visit http://www.homeunion.com.
Bank Robbed in Oak Lawn
OAK LAWN, IL — A TCF Bank branch at 98th and Cicero in Oak Lawn was hit in a non-takeover robbery Thursday. The FBI was en route to the location at 9801 S. Cicero Ave. around 12:45 p.m., the Chicago Sun-Times reports. The suspect was described as a ...
FBI: Man robs bank in Oak LawnChicago Tribune
Man robs fourth south suburban bankChicago Sun-Times
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Merino's Home Inspection & Education Inc.
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Home Inspection News
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