Last week's economic reports included monthly readings on housing market conditions, housing starts and building permits issued. Sales of pre-owned homes were released; the Federal Reserve announced its decision not to raise its key interest rate range. Weekly reports on mortgage rates and new jobless claims were also released. NAHB: Home Builder Confidence Slips in June The National Association of Home Builders Housing Market Index for June showed builder confidence was two points lower at an index reading of 64. Builders surveyed said ongoing concerns such as lot and labor shortages impacted their outlook, but builders were also concerned over the impact of trade wars and tariffs on the … [Read more...]
Pros And Cons Of Installing A Pet Door
If you've just moved into your new home and you have a pet, you may be thinking of installing a pet door. A pet door is a permanent door feature that is cut into the bottom third of an entry door. Before making a permanent alteration to your door, consider the pros and cons of installing a pet door. Pro: Your Pet Can Come And Go As Needed A pet door could cut down on indoor pet accidents if that's a problem you've had to deal with in the past. This is especially convenient if you get home late to let the dog out, or if they have a temporary gastric illness that requires more frequent outings. Con: An Unwanted Visitor Could Get Inside Pet doors are designed to give egress to pets, … [Read more...]
NAHB: Builder Confidence Slips in June
Homebuilder confidence dropped two points in June according to the National Association of Home Builders Housing Market Index. June's index reading was 64, which indicates strong sentiment among home builders for current housing market conditions. NAHB component readings also dropped in June with builder confidence in current home sales one point lower at an index reading of 71. Home builder confidence in home sales conditions over the next six months dropped two points to 70 and builder confidence in buyer traffic was one point lower at 48. Buyer traffic readings seldom exceed the NAHB benchmark reading of 50. Index readings over 50 indicate that most builders have positive sentiment toward … [Read more...]
Buying A Home In Foreclosure
Foreclosure is a process that happens over many months. There are various opportunities to acquire real estate that is in a different stage of foreclosure, including before the foreclosure process completes. This short guide identifies the different stages and the opportunities that may exist to acquire a property at a discounted price. Get The Money Lined Up First To acquire a property at any part of the foreclosure process requires cash or pre-approved credit. Have the full amount of cash available to pay for the transaction or have a recent pre-approval letter from a reliable lender. The letter shows the amount of mortgage financing available and approved for buying a foreclosure. … [Read more...]
The Benefits Of Adding An In-Law Apartment To A Home
One renovation that may add value to a home is an in-law apartment. Even if a homeowner does not have any relatives, an in-law apartment makes wonderful guest accommodations. It is possible to rent it when unoccupied to earn some money. Homeowners who rent out part of a home need to check with their insurance agent to upgrade insurance to accommodate commercial use of a part of the home. Additionally, a person staying in an in-law apartment, who is not a member of the owner's household, may need to get renter's insurance to cover any personal property kept in the in-law apartment. Renovation Plans An in-law apartment may be in a basement or attic. Creating one is possible as a home addition, … [Read more...]
What’s Ahead For Mortgage Rates This Week – June 17th, 2019
Last week's economic reports included readings on inflation, retail sales and consumer sentiment. Weekly readings on mortgage rates and first-time jobless claims were also released. Consumer Price Index Lower in May as Retail Sales Hold Steady Last month's Consumer Price Index, which is a widely-used gauge of inflation, dropped to 0.10 percent in May and matched expectations. April posted month-to-month growth of 0.30 percent. Core inflation, which excludes volatile food and fuel sectors, rose 0.10 percent in May and fell short of expectations of 0.20 percent growth. April's Core Consumer Price Index grew by 0.10 percent. Analysts reported a likely slowdown in economic expansion last week. … [Read more...]
Five Things to Do With a Windfall Other Than Spend it Right Away
Perhaps you have won the lottery, received an inheritance, or cashed in one of your investments, and now you have a large sum of money you don't know what to do with. Although it is tempting to cruise around town in a brand new sports car it is important to think carefully about how to spend your newfound cash. To give you some ideas on the smartest way to use your new wealth, here are five things to do with a windfall other than spend it right away: 1. Erase Your Debt Your new found money will allow you to clear up all of your debts, which will lift a huge financial burden off your back and give you a lot of freedom. Start with the debts with the highest interest first, such as your credit … [Read more...]
How To Buy A Bargain Home As A Short Sale
A short sale is when the mortgage lender(s) agrees to sell the property for a lower amount than the loan-balance remaining. During the worst moments of the 2006 to 2008 real estate crisis, homes sold as short sales for a fraction of their value. Lenders had so many properties with loans in default that they could not manage the ones that they had in foreclosure. Foreclosure is an expensive legal process that causes a lender to lose more money on a property. This is one of the motivators that encourages lenders to accept a short sale because sometimes through a short sale the foreclosure process is avoided. Are Short Sales Still Available? The number of short sales peaked in 2012. The … [Read more...]
What Is A Reverse Mortgage?
A reverse mortgage is a way to use the equity value that built up in a home to improve the quality of life for those who have appropriate circumstances when they reach the retirement age of 62 or older. With a reverse mortgage, a person continues to live in their own home and retains the title to it but does not have to make any monthly reverse mortgage payments. A reverse mortgage may be helpful; however, not everyone qualifies for one. The benefits come with disadvantages as well. Here is a list of the advantages and the disadvantages for reverse mortgages. Be sure to discuss this option with a qualified professional when thinking about a reverse mortgage before making any commitment. … [Read more...]
7 New Home Upgrades that Could Save Your Life
One of the best things about moving into a new home is personalizing it and really making it yours. From hanging wall art to arranging furniture to finding the perfect spot for your grandmother's hand crocheted afghan, it's a real joy to decorate. But are you forgetting about the big investment you just made? Consider the following important home upgrades that will protect your home and your family. 1. Smoke Alarm Take an afternoon and upgrade all your new home's smoke alarms. Smoke alarms save lives and it's not worth it to assume that just because it's there it's working. 2. Carbon Monoxide Alarm Do the same upgrade with your carbon monoxide alarm. If your new home doesn't yet have … [Read more...]
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