September 15, 2014 rummy

According to a recent National Association of REALTORS® (NAR) study, Generation Y (born 1980-1995) — sometimes called Millennials or Generation Next — make up the largest share of homebuyers (31%) in the U.S. They also make up the smallest number of home sellers (12%). Generation X (born 1965-1979) is the second-largest group of homebuyers (30%) and the largest group of home sellers (29%). The NAR report breaks down the large Baby Boom Generation into two groups. Those born 1955-1964 accounted for 16% of home purchases, while those born 1946-1954 were responsible for 14% of home purchases. The Silent Generation (born…

September 19, 2013 rummy

A year ago, before the bandwagon was even built, we told you about what  we called “shadow consumers”. They are people who would want to buy;  they can comfortably afford home ownership most especially with today’s  rates. However, they have to calmly wait for their credit to improve  sufficient to get a mortgage. FHA would not give a loan until the elapse of three years from the occurrence of a foreclosure. Basically,  foreclosures and short sales will usually remain on your credit report  for seven years. Additionally, bankruptcies usually last for 10 years.  Waiting for this long can be quite…

September 6, 2013 rummy

At a recent meeting held in June, 2013 the Board decided that there will be 3% increase for a One (1) year lease term and 4% increase for a two (2) year lease term for leases renewed between October 1, 2013 and September 30, 2014. Please note a minimum increase of $15.00 per month for a one (1) year lease term and $20.00 per month for a two (2) year lease term will be imposed. A landlord’s failure to timely file a current apartment registration with DHCR bars the collection of any guidelines increase. If you need help filing registrations, please…

August 15, 2013 rummy

The annual report I value most is the NATIONAL ASSOCIATION OF REALTORS® Profile of Home Buyers and Sellers. This report is packed full of useful statistics for agents and brokers who are looking to educate themselves about the sales process from the perspective of the Home Buyer and Seller. It clearly shows where agents should be focusing their marketing dollars (hint: not the newspaper) and also provides important details about the Buyers and Sellers experience during the sales transaction. Here are some highlights: 90% of consumers did online research before they bought their last home. 42% of buyers found the…

February 1, 2013 rummy

In a week packed with big economic news, investors feared that the trend toward higher mortgage rates seen this month would continue. The risk that the Fed might signal a scaling back of its MBS purchases concerned investors. In the end, though, a neutral Fed statement and an unexpected increase in the Unemployment Rate allowed mortgage rates to reverse early increases and end the week with little change. Wednesday’s Fed statement was very similar to the statement issued after its December meeting. Concerning its MBS purchase program, the intention stayed the same, meaning that the Fed will continue buying MBS…

February 1, 2013 rummy

WASHINGTON – As part of a broad effort to strengthen the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund (MMI Fund), FHA Commissioner Carol Galante announced a series of changes to be issued this week that will allow the agency to better manage risk and further strengthen the health of the MMI Fund. “These are essential and appropriate measures to manage and protect FHA’s single-family insurance programs” said Galante. “In addition to protecting the MMI Fund, these changes will encourage the return of private capital to the housing market, and make sure FHA remains a vital source of affordable and…

October 22, 2012 rummy

For many of us, the holiday season is a time that is anticipated with both joy and anxiety. Yes, we love the celebrations, the family traditions, and we have fond memories of holidays past; but along with them, we add the stresses of preparation, expectations and the fear of letdowns, or family squabbles that have happened in the past. Here we’ve provided ten tips can help you prepare for an enjoyable, meaningful holiday season. 1. Set reasonable expectations. Spend some time now setting realistic and manageable expectations for your holiday season. Understand that you can’t do everything and that there’s…