CHICAGO — Funds for refinancing home mortgages were much more available in predominantly white sections of major U.S. cities than in minority areas after the recent housing crash, a study showed Thursday.

The study's authors called for more investment by lenders in poor communities and for improved disclosure requirements for mortgage lenders to protect unwary borrowers.

"Paying More for the American Dream V," found that in the seven metropolitan areas included in the study -- Boston, Charlotte, Chicago, Cleveland, Los Angeles, New York City and Rochester, New York -- conventional mortgage refinancing in minority communities decreased by an average of 17 percent in 2009 compared with the previous year.

Story: Rate on 30-year fixed mortgage falls to 4.71 percent

But in predominantly white neighborhoods, mortgage refinancing loans jumped by an average of 129 percent.

This is the fifth in a series of reports that began in 2007, compiled by a coalition of nonprofit groups across the country, including the California Reinvestment, the Woodstock Institute in Chicago and the Ohio Fair Lending Coalition.

The study also found lenders "were more than twice as likely" to deny refinancing applications by borrowers in minority communities than in majority white neighborhoods.

Previous reports by the coalition showed that during the recent property boom minority borrowers were more likely to obtain high-risk subprime loans than white Americans, even if their credit was good.

Source : www.msnbc.msn.com

Posted By maher muhawieh

Maher Muhawieh is a selfmade entrepreneur, born and raised in the San Francisco bay area. Maher Muhawieh got BS and MBA in Finance from University of San Francisco. Maher Muhawieh has multiple business interests within the city of San Francisco in retail and hospitality industries.
Maher Muhawieh have a thorough knowledge of the real estate market. Maher Muhawieh know which neighborhoods will best fit clients' needs and budgets. Maher Muhawieh is familiar with local zoning and tax laws and know where to obtain financing for the purchase of property.

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posted by maher muhawieh

Mortgage rates eased this week for the first time in a month, as signs of inflation remained subdued, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.

Rates on 30-year fixed-rate mortgages averaged 4.8 percent with an average 0.7 point for the week ending April 21, down from 4.91 percent last week and 5.07 percent a year ago.

This year, rates on 30-year fixed-rate loans have ranged from 4.71 percent in early January to a high of 5.05 percent in February. The 30-year fixed-rate mortgage hit an all-time low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11.

"Low inflation is keeping mortgage rates at bay," said Freddie Mac Chief Economist Frank Nothaft in a statement. "The core consumer price index rose just 0.1 percent in March, below the market consensus forecast. The 12-month growth rate in core prices was 1.2 percent, which is also rather low by historical standards."

Source : www.inman.com

Posted By Maher Muhawieh

(MONEY Magazine) -- Old Man Winter may have finally blown out of town, but the evidence of his foul temper remains. The harsh storms that battered much of the country -- even places as far south as Atlanta and Dallas -- have left millions of homeowners staring not at the fresh new growth of spring but at broken tree branches, browned shrubs, and sick-looking lawns.

That damage doesn't necessarily mean you'll have to rip out and replace for big bucks. MONEY asked landscape experts for the most cost-effective ways to get your yard back in shape -- an especially pressing concern if you plan to put your house on the market this summer. Their fixes for four common problems follow.

The cause: Rock salt used to melt ice from roads, driveways, and pathways has gotten onto nearby grass or the bottom of shrubs and trees, often sprayed there by passing cars.

The fix: Even if you've already had plenty of rain, give affected areas several good soakings with a hose: The soil needs extra water to dilute the salt. If the brown parts haven't greened up by summer, cut them off.

"Typically the entire plant won't have to go unless it is completely brown," says David Dailey, president of Birchcrest Tree and Landscape in Rochester, N.Y.

The plant is done for? Replace it with a salt-tolerant species; ask a local nursery for recommendations. If grass doesn't survive, scrape away the dead patches and reseed.

The cost: Nothing unless you replace the plant. Young specimens don't cost much. A five-pound bag of grass seed -- enough for spot coverage -- runs about $15. Read More..

Source : money.cnn.com

Posted By Maher Muhawieh

(MONEY Magazine) -- The road to bad remodeling is paved with good intentions. Anyone tackling a major project wants his home to look and work better -- and to get a reasonable return on investment. But renos are packed with so much stress and emotion that it's easy to go wrong.

"I see homebuyers discount brand-new kitchens and bathrooms all the time -- especially in this market," says Curt Schultz, a realtor-architect-builder in Pasadena.

Read on to learn how to keep from falling into these four common traps.

1. Being a slave to fashion

The more up-to-the-minute your project is today, the more out-of-date it will seem in five or 10 years.

Skip trends such as glass tiles, wire-hung track lighting, and vessel sinks (the kind that sit on the countertop like a salad bowl), says Schultz.

Instead, go with classic choices that match the house's original style.

For a bathroom in a 1920s colonial, for example, that might mean a white pedestal sink and subway-tile wainscoting, but those choices wouldn't look so timeless in a 1980s contemporary.

You can find retailers specializing in period products at traditional-building.com.

2. Skimping on the design

The payoff you'll get on a redo will diminish if the project isn't well thought out, says Omaha appraiser John Bredemeyer, spokesman for the Appraisal Institute, a standards-setting organization.

If you're building an addition or moving interior walls, it's worth spending $1,000 to $3,000 to hire an architect (to draw a plan, not project-manage).

True, many contractors and showroom salespeople/designers can provide plans, but they don't have an architect's specialized training.

3. Over investing in the kitchen

Yes, great kitchens sell houses.

But there's a limit to what you can recoup for granite countertops and commercial-grade appliances. Because the kitchen generally represents 5% to 15% of a home's value, limit your kitchen renovation budget to that range -- and do the work only if your kitchen is in really bad shape, says Bredemeyer. (Estimate your home's value at zillow.com.)

4. Counting on a big pay-back for going green

Greater energy efficiency alone rarely justifies a pricey project.

Take windows. Window companies may tell you that replacing old ones ($300 to $1,200 each) will knock 50% off your energy bills. But windows really account for only about 15% of a house's heat loss, says Jerry Thatcher of Energy Diagnostics, a green-building certifier in Valparaiso, Ind., so you'd save just $50 to $175 a year.

That's not to say you shouldn't go ahead with new windows. As long as they match your home's style, new windows will add value. They'll open and shut easier, tilt in for cleaning, and reduce draftiness -- they just won't pay for themselves too.

Source : money.cnn.com

Posted By Maher Muhawieh

Everyone says that you have to be on Facebook, Twitter and LinkedIn. The question is, "How are you converting your social networking activities into an income stream for your business?"

Eighteen months ago, at a National Association of Realtors conference, I was in the audience for a social media panel composed of five of real estate's best social media experts. When an agent stood up and said, "I'm on Facebook, Twitter and LinkedIn, but how am I supposed to make money with them?" sadly, there was not a direct answer from the panel. Read More..

Source : www.inman.com

Posted By Maher Muhawieh

NEW YORK — Fixed mortgage rates tumbled this week and the 15-year loan dipped below 4 percent for the first time in three months. Rates followed the yield on U.S. Treasury bonds, which fell on worries that the crisis in Japan could slow economic growth.

Freddie Mac said Tuesday the average rate on the 15-year fixed mortgage, a popular refinance option, dropped to 3.97 percent from 4.15 percent. The last time the rate was below 4 percent was in mid-December. It reached 3.57 percent in November, the lowest level on records dating back to 1991.

The average rate on the 30-year fixed mortgage fell to 4.76 percent from 4.88 percent the previous week. It hit a 40-year low of 4.17 percent in November.

Mortgage rates tend to track the yield on the 10-year Treasury note. Those yields have tumbled as investors sought safer investments.

Low mortgage rates haven't been enough to jumpstart the housing market. Home construction last month plunged to its lowest level in almost two years, while building permits, an indicator of future housing activity, sank to a five-decade low, the government said this week.

Homebuilders remain pessimistic about the outlook for housing. High unemployment, a record number of foreclosures and tough credit standards have kept many people from buying homes. And most economists don't expect home values to bottom out until midyear, another factor dissuading potential homebuyers.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.

The average rate on a five-year adjustable-rate mortgage fell to 3.57 percent from 3.73 percent. The five-year hit 3.25 percent last month, the lowest rate on records dating back to January 2005.

The average rate on one-year adjustable-rate home loans slipped to 3.17 percent from 3.21 percent. That is the lowest level in a year for the one-year ARM rate.

The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount. The average fee for the 30-year fixed loan and 15-year fixed loan in Freddie Mac's survey was 0.7 point. The average fee for the five-year ARM and the 1-year ARM was 0.6 point.

Source : www.msnbc.msn.com

Posted By Maher Muhawieh

McLean, VA – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS), which shows mortgage rates holding steady and below 5.0 percent.

30-year fixed-rate mortgage (FRM) averaged 4.88 percent with an average 0.7 point for the week ending March 10, 2011, up from last week when it averaged 4.87 percent. Last year at this time, the 30-year FRM averaged 4.95 percent.

15-year FRM this week averaged 4.15 percent with an average 0.7 point, the same from last week when it averaged 4.15 percent. A year ago at this time, the 15-year FRM averaged 4.32 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.73 percent this week, with an average 0.6 point, up from last week when it averaged 3.72 percent. A year ago, the 5-year ARM averaged 4.05 percent.

Source : realtytimes.com

Posted By Maher Muhawieh

The market is changing out there, and the latest reports are showing that when it comes to buyers, less is more in some cases.

A recent study from the National Association of Home Builders (NAHB) indicates that the recent housing slump has meant buyers are looking for smaller houses. The McMansions of the boom era are quickly losing their style.

The NAHB reports that the builders they "surveyed expect homes to average 2,152 square feet in 2015, 10 percent smaller than the average size of single-family homes started in the first three quarters of 2010. To save on square footage, the living room is high on the endangered list – 52 percent of builders expect it to be merged with other spaces in the home by 2015 and 30 percent said it will vanish entirely."

Also a heavy influence on the housing front are green and eco-friendly features. The NAHB reports that "in addition to floor plan changes, 68 percent of builders surveyed say that homes in 2015 will also include more green features and technology, including low-E windows; engineered wood beams, joists or tresses; water-efficient features such as dual-flush toilets or low-flow faucets; and an Energy Star rating for the whole house."

This is great news for eco-activists across the nation. The other great news this week? The Mortgage Bankers Association (MBA) reports that mortgage applications are at the highest level in months. They rose by 17.2 percent, that being the biggest increase since June 11th.

Michael Fratantoni, MBA's vice president of research and economics, reports, "An improving job market is beginning to pave the way for an improving housing market. Additionally, mortgage interest rates remained below 5 percent for a second week, maintaining affordability for buyers and leading to an increase in refinance applications."

The U.S. Department of Housing and Urban Development (HUD) had their own good news. Their latest February edition of the Obama Administration's Housing Scorecard revealed that existing home sales are on the rise thanks in part to high home affordability levels.

And since April of 2009, record low mortgage rates have helped more than 9.5 million homeowners to refinance, resulting in $18.1 billion in total borrower savings.

They did report, however, that the "housing market remains fragile as data through January paint a mixed picture of recovery. Existing home sales ticked upward in January, but remained below levels seen in the first half of 2010. Mortgage delinquencies continued a downward trend compared to early 2010 and foreclosure starts and completions remain below peak."

But not everyone is in agreement about what foreclosures mean for today's homeowner. According to the New York Times, "All 50 state attorneys general, as well as a host of federal agencies, are pushing for a settlement over investigations into foreclosure abuses by major mortgage servicers that could cost the industry $20 billion or more. Much of that money would be earmarked to reduce principal owed by homeowners facing foreclosure."

Many homeowners have weathered the storm, however, taking on heavy burdens in order to avoid foreclosure. Bank of America argues that by helping some and not helping others, we create an unfair system.

"There's a core problem that if you start to help certain people and don't help other people, it's going to be very hard to explain the difference,” said Brian T. Moynihan, the chief executive of Bank of America. "Our duty is to have a fair modification process.”

Source : realtytimes.com

Posted By Maher Muhawieh

Finding a "move-in ready" home was important to 87 percent of 300 first-time buyers recently polled by Coldwell Banker Real Estate. Some agents say first-timers are being more selective; and some are turning away from well-priced homes because they do not have granite countertops, they need a new carpet, or they have wall colors not to their liking.

Zillow says higher down payments and stricter underwriting standards mean today's buyers want to ensure their homes need few and inexpensive improvements.

Agents believe HGTV and other cable channels have made buyers more knowledgeable about home design, but some worry that such programming also has given buyers unrealistic expectations.

"You can't have the big yard, the top-line updates and all that in a starter home," says Cindy Westfall of Lake Oswego, Ore.-based Prudential NW Properties. "You've got to compromise somewhere or else you'll never buy anything."

Source : www.realtor.org

Posted By Maher Muhawieh