Freddie Mac reports a jump in the 30-year fixed mortgage rate to 6.03 percent during the week ended April 24, from 5.88 percent the prior week, marking the first time in six weeks that mortgage rates rose above 6 percent.
The 15-year fixed mortgage rate climbed during the same period, edging up to 5.62 percent from 5.40 percent.
The five-year adjustable mortgage rate increased to 5.68 percent from 5.48 percent, while the one-year adjustable rate shot up to 5.28 percent from 5.10 percent.
Freddie Mac chief economist Frank Nothaft attributes the gains to heightened inflationary concerns.
Source: Baltimore Sun (04/25/08)
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Friday, April 25, 2008
Mortgage Brokers Get Jail Time for Scam
Two mortgage brokers and a title attorney have been sentenced to multiple years in prison for their parts in a $37 million mortgage scam.
America’s Best Mortgage Services broker Richard Crowder got 11 years for luring buyers to a fraudulent no-money-down financing scheme to purchase 17 condos complexes called Continuum and Point of Aventura, both on Miami Beach.
His accomplices, title attorney Gary Mills, owner of Four Star Title, and former Wachovia loan officer Karen Lynn Sullivan, got 46 months and 50 months in jail respectively.
Officials charged that Sullivan would draw up phony closing documents showing the would-be buyers already owned the units, then she would help get fraudulent home equity credit lines. The money was used to make down payments on first mortgages for the same units and pay the fees and commissions.
Source: Miami Herald, Monica Hatcher (04/25/08)
America’s Best Mortgage Services broker Richard Crowder got 11 years for luring buyers to a fraudulent no-money-down financing scheme to purchase 17 condos complexes called Continuum and Point of Aventura, both on Miami Beach.
His accomplices, title attorney Gary Mills, owner of Four Star Title, and former Wachovia loan officer Karen Lynn Sullivan, got 46 months and 50 months in jail respectively.
Officials charged that Sullivan would draw up phony closing documents showing the would-be buyers already owned the units, then she would help get fraudulent home equity credit lines. The money was used to make down payments on first mortgages for the same units and pay the fees and commissions.
Source: Miami Herald, Monica Hatcher (04/25/08)
REALTOR.org: Updates today!
As part of their continued efforts to provide more value to members, Realtor.org is being updated today Friday, April 25. This upgrade will not significantly change the site's overall look and feel, but it will pave the way for future site improvements including increased interactivity, enhanced search, and a new design.
Please note that you may notice some minor changes on the site between April 25 and mid-summer. Some pages will have an updated look, and others will have slightly different functionality (i.e., redesigned navigation menus). You will still be able to access the information you need throughout this period.
They are looking forward to making REALTOR.org better than ever. If you have feedback about the site during the upgrade and beyond, let them know! They look forward to hearing from you.
Sounds great!
Please note that you may notice some minor changes on the site between April 25 and mid-summer. Some pages will have an updated look, and others will have slightly different functionality (i.e., redesigned navigation menus). You will still be able to access the information you need throughout this period.
They are looking forward to making REALTOR.org better than ever. If you have feedback about the site during the upgrade and beyond, let them know! They look forward to hearing from you.
Sounds great!
Tuesday, April 22, 2008
Housing prices fall again in Arizona
According to NAR, housing prices fell another 2% in March here in Arizona.
Prices keep falling on most homes in Arizona. Right now would be a great time to swoop in on some investment property or future rental property. I think the bottom has not yet been reached for the housing problems, however I do think now is a good time to start looking for property and get something you have always wanted...there are more choices and available homes on the market now than there have ever been.
Start looking around or call an agent today!
Prices keep falling on most homes in Arizona. Right now would be a great time to swoop in on some investment property or future rental property. I think the bottom has not yet been reached for the housing problems, however I do think now is a good time to start looking for property and get something you have always wanted...there are more choices and available homes on the market now than there have ever been.
Start looking around or call an agent today!
Monday, April 14, 2008
My first post as the Arizona Agent blogger
Welcome to my blog!
My goal with this blog is to provide an outlet for my Real Estate career and the things I learn everyday. Basically, I want you as the reader to gain an insight on what it's like to be an Arizona Real Estate agent and some of the new and exciting things to come in Arizona Real Estate.
Let's see how this works....!!!!
Enjoy
My goal with this blog is to provide an outlet for my Real Estate career and the things I learn everyday. Basically, I want you as the reader to gain an insight on what it's like to be an Arizona Real Estate agent and some of the new and exciting things to come in Arizona Real Estate.
Let's see how this works....!!!!
Enjoy
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