Archive for the ‘Financial News’ Category

Tuesday, April 9th, 2013

For the seventh month in a row, the National Association of Home Builders Index has reported positive improvement for metropolitan areas as identified in its monthly Home Builders/First American Improving Markets Index (IMI) listing.

This past month, Birmingham made the list as one of the 274 metros newly listed in March. The addition of the 200+ metropolitan areas creates a net gain of 15 markets across all 50 states and DC, from the month prior. In February, Birmingham metro area reported a rise 2.8% increase in residential sales and in January it experienced a 10.5% gain in new home sales. This is a 14.3% increase from new home sales in 2012.

“The Birmingham housing market has experienced a steady increase in the number of new homes under construction with decreasing inventory of finished unoccupied homes. These numbers prove that we have reached a stead recover,” said Matt Morrow, Executive Vice President of the Greater Birmingham Association of Home Builders (GBAHB).

NAHB Chief Economist David Crowe reports that “with just over 75% of the 361 metro covered by the IMI now seen as improving, the housing market is on considerably more solid footing than it was at this time last year.”

This listing is published monthly by the NAHB and features metropolitan areas that have shown improvements in economic health. The IMI tracks housing markets in the country, showing improvements in economic health. The index measure three sets of monthly data, gathered independently, to get a mark on the top improving Metropolitan Statistical Areas.

For more information, visit: nahb.org/imi

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Posted in Alabama Home Sales, Birmingham New Homes, Birmingham News, Buying A Home, Financial News, Housing Market News, Mortgage/Financing News, New Homes Alabama | Comments Off

Wednesday, April 3rd, 2013

Tax season is officially over! To share our excitement with you, we’ve compiled some information on how to prepare for next year’s tax season—after all, it’s never too early to start the planning process.

If you’re selling a home, in order to purchase your new home at Ross Bridge, you can add the price of materials and labor—used for home improvements such as plumbing, wiring or a new roof—to the basis of your home, thus reducing the tax owed on the sale of your home.

Don’t forget about the best tax deduction of all! If you just purchased a wonderful new home here at Ross Bridge, you can deduct your real estate taxes, qualifying mortgage interest, and any mortgage interest premiums.

When you purchased your new home, chance are you are paying some type of Private Mortgage Insurance, if your down payment was less than 20%. As long as your mortgage originated after January 1, 2007, your PMI can be deducted from your tax return, assuming of course that you have a PMI.

If you paid mortgage points on your home purchase or home refinance, those points may be eligible for deduction on your tax return too. These points are generally referred to as origination fees and are charged by the lender to originate the loan. The points are often a percentage-based fee and can usually be deducted in their entirety when paid the same year.

Love working at your desk in your pajamas? If your primary office is your home, you might be able to deduct your home office. It should be calculated as a percentage of your mortgage, utilities and repair bills in proportion to your office space in your home.

For more information, check out Realtor.com and the IRS website for specifics. (IRS LINK: http://www.irs.gov/pub/irs-pdf/p530.pdf)

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Posted in Alabama Home Sales, Birmingham New Homes, Buying A Home, Financial News, Housing Market News, Mortgage/Financing News, New Homes Alabama | Comments Off

Tuesday, October 9th, 2012

According to the National Association of Realtors, fixed-rate mortgages hit new all-time lows last week for the second week in a row, as reported by Freddie Mac in its weekly mortgage market survey.  This drop in rates has been mostly attributed to the recent decision made by the Federal Reserve to buy up $40 billion of mortgage-backed securities each month, and Freddie Mac reports the following national averages with mortgage rates for the week ending October 4, 2012:

A 30-year fixed-rate mortgage averaged a new record low of 3.36%, with an average 0.6 point,  dropping from the previous week’s record of 3.40%.  A year ago this time, 30-year mortgages averaged 3.94%.

A 15-year fixed-rate mortgage averaged a new record of 2.69%, with an average 0.5 point, dropping from the previous week’s record low of 2.73%.  Last year at this time, 15-year rates averaged 3.26%.

With fixed mortgage rates hitting record lows for two consecutive weeks, current market conditions present a favorable time for potential home buyers to consider purchasing new homes for sale while the low rates last.  Homeownership can be a rewarding investment both personally and financially, and those looking to buy in new home communities in Birmingham, AL, have the opportunity to take advantage of low mortgage rates before both home prices and rates rise begin to rise higher.

 

 

 

 

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Posted in Buying A Home, Financial News, Housing Market News, Mortgage/Financing News | Comments Off

Thursday, September 6th, 2012

 

Across the U.S., the latest market stats have shown that foreclosures are down, home sales are up, and according to the National and State Realtors Associations, July saw a rise in home prices of 9.6% when compared to July 2011.

Many experts believe that these numbers are good indicators that the housing market may be climbing its way back up to a recovery.  “The housing market is starting to recover in most areas of the country, ” said John Burns, head of John Burns Real Estate Consulting, “…[and] home prices are appreciating again.”- he said.

This is great news for many of the prospective home buyers searching for new homes for sale in the Birmingham area.  New home communities, such as Ross Bridge, have become more and more appealing as a great investment opportunity while mortgage rates remain near historic lows and home values continue to rise. New homes in the Ross Bridge Community are priced for a rang of affordability starting from the upper $230s, and offer residents the perks of living in golf resort community that is sure to meet all of the needs of you and your family.

 

 

 

 

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Thursday, August 2nd, 2012

 

Prospective home owners searching for new homes for sale are being made more aware of current trends in the local housing market and are realizing that purchasing one of the new homes for sale in the Birmingham area would be a worth while venture. While total inventory in the city has decreased by 21% since June 2011, demand for new homes continues to rise, and so do the prices.

On a national level, the U.S. real estate market is also showing signs of gaining more traction as recent reports show that home values rose in June for the fourth consecutive month. According to Zillow’s recent Real Estate Market Reports, the country’s home values rose 2.1% from the first to second quarter of 2012.  In a year-over-year comparison, national home values increased by 0.2% from June 2011, which marks the first annual U.S. home value increase in nearly 5 years.  Along with showing both quarterly and annual appreciation, national home values rose 0.7% for the fourth month in a row, which marked the highest home value appreciation in the second quarter since the fourth quarter of 2005.  According to the Zillow Home Value Forcast, national home values are expected to appreciate by 1.1% over the next year.

 

 

 

 


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Posted in Alabama Home Sales, Birmingham New Homes, Financial News | Comments Off

Tuesday, February 7th, 2012

Nope, 3.87% is not a typo, you read it right. Last week the 30-year fixed mortgage rate fell to a new low average of 3.87%, while the 15-year fixed hit 3.14%.  According to CNNMoney, this marks the lowest rates have been in 40 years of the Freddie Mac Primary Mortgage Market Survey.

This news came on the heels of the President's plans to help make refinancing available to more homeowners. The time has never been better to purchase a new home. Just one year ago the 30-year rate was averaging slightly under 5%. At this rate on a $250,000 refinance or purchase loan, the average borrower would save over $1600 a year compared to today's rates. On the same loan amount, the 7% rates of just a few years back would have cost borrowers over $6000 per year more than what the same loan amount would cost today.

Could rates go lower? Maybe. But keep in mind that mortgage rates are determined by several economic (and federal) factors. What this means is that with the dropping unemployment rate and shrinking foreclosure market, the 7% rates of yesteryear could return sooner than we realize . The time to purchase has never been better and buyers are certainly encouraged to take advantage of this opportunity before these record rates start their inevitable climb back upward.

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Thursday, February 24th, 2011

Below is a helpful set of tips from Military.com to assist veterans with VA loans during the home-buying process.

Hints and Tips for VA Loans

Tip: Get Pre-Approved

Before you start the hunt for a ( new Birmingham home for sale), the best thing you can do is to get pre-approved for your VA loan amount. The time you save quite literally will be your own. Once you have determined the loan amount you are approved for, you can start house hunting with confidence. In a tight housing market it will also give you a heads up with the seller, as other potential buyers may not have taken this important step.

Knowing in advance what you are able to afford offers a great deal of security. That kind of security will go a long way as you search for the best value for your money. Having a VA mortgage is an excellent benefit, but finding the right home is just as important. With pre-approval, you avoid wasting time with homes out of your price range or sellers who are unsure whether you are a serious buyer.

Hint: Check Your Credit

Did you know that over 70 percent of all credit reports in the United States contain errors? Your lender will be looking at your credit report and making important decisions based on the information that is contained within – decisions that could make a big difference in the bottom-line…

To read the article in its entirety, the original post can be found at: Military.com

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Friday, June 4th, 2010

As real estate conditions continue to improve nationwide, a few simple signs give proof that the worst may be behind the Birmingham new homes market. Below, Jeff Clabaugh, with the Birmingham Business Journal writes about current mortgage rates and credit conditions:

The residential real estate industry is counting on low mortgage rates to stimulate sales, but long-term borrowing costs inched up this week, according to Freddie Mac.

Freddie Mac (NYSE: FRE) says a 30-year fixed-rate mortgage averaged 4.79 percent in the week ending June 3, up from 4.78 percent last week, just above the lowest levels of the year.

A 15-year fixed-rate mortgage averaged 4.2 percent, the lowest since Freddie Mac began tracking 15-year mortgages in 1991.

A one-year adjustable-rate mortgage was unchanged at 3.95 percent, considerably lower than the 4.81 percent one-year ARMS were averaging a year ago.

“There are also signs that credit conditions may be improving,” said Freddie Mac chief economist Frank Nothaft. “The number of homeowners with private mortgage insurance who became current on their mortgages outnumbered those who defaulted for the third month in a row in April, according to the Mortgage Insurance Companies of America.”

Pending sales of existing homes in April rose 6 percent, the third straight monthly increase, reaching the highest levels in six months, the National Association of Realtors reported this week.

The homebuyer tax credit expired at the end of April, leaving low mortgage rates as the main incentive for buyers entering the market.

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