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April, 23, 2014 | 0Comments

The US Census Bureau just released data on new home sales that showed an abrupt slowdown in March. Is this a warning sign for would-be home buyers, or a golden opportunity? To help you understand what the report might mean to your home buying plans, there are five questions you should ask about the significance of the latest data. First though, here are some details from the report. New Home Sales Fall to an 8 Month Low According to the latest report, new homes sold at an annual pace of 384,000 in March, down 14.5 percent from the previous month, and 13.3 percent from a year earlier. This weakening of new home sales is not just a decline from recent levels, but it marks an abrupt reversal of the positive momentum new

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April, 23, 2014 | 0Comments

Average down payments and credit scores of home buyers dropped in the first quarter of 2014. According LendingTree’s statistics, down payment percentages for home buyers taking out 30-year fixed home loans declined from 16.01 percent at the end of 2013 to 15.78 percent in early 2014. And that’s not all — the average credit scores for borrowers matched with lenders on the LendingTree network dropped 6% since the first quarter of 2013, which indicates that lenders are loosening up their guidelines a bit. LendingTree columnist Peter G. Miller concurs. In his latest post, he states that as lenders’ refinance business tails off, they are more willing to be flexible in their underwriting guidelines. He says: The typical credit score for a successful loan application was 725 in March 2014 versus

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April, 21, 2014 | 0Comments

Most of you know that Nevada was one of the hardest hit states during the housing crisis. This crisis spawned an unprecedented amount of fraud, from firms offering “help” with mortgage modifications, forensic foreclosure audits that went nowhere, and equity strippers galore. Recently, the Reno Gazette-Journal (RGJ) uncovered a slew of dodgy practices connected with home short sales. While they weren’t necessarily illegal, they did cost mortgage lenders, pushed property values down for surrounding homes and generously lined the pockets of real estate agents. What Is Dual Agency and Why Is it Illegal in 7 States? Most of the problems stem from a practice called dual agency, which is legal in Nevada. Dual agency occurs when the same real estate agent represents both the buyer and the seller. You can probably see

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April, 18, 2014 | 0Comments
April, 18, 2014 | 0Comments