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For the first time in its history, the FHA changed its funding fees and mortgage insurance structure this week.  FHA-insured home loans are now subject to a risk-based pricing adjustment, as shown by the table above. 

Because of risk-based pricing, FHA home loans are now more expensive for borrowers with less-than-ideal credit profiles, and less expensive borrowers with perfect ones.

Prior to the changes, most FHA borrowers paid an up-front fee of 1.500 percent, plus on-going annual mortgage insurance payments equal to one-half-percent on the amount borrowed.

FHA-insured mortgages have grown in popularity this year because, while the guidelines of other mortgage products have tightened, FHA program guidelines have remained loose.  FHA allows 3 percent downpayments on purchases, for example, and allows “cash out” refinances to 95 percent.

Fannie Mae and Freddie Mac do not.

(Image courtesy: FHA.gov)

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That’s my explanation for why the foreclosure report is a few days late

Originally, this was supposed to be posted here three days ago, so the stats are a few days old.

There are currently 22,679 homes available for sale in the entire Indianpolis area served by our BLC. Of these listings, 2615 are in the process of foreclosure or have been foreclosed on. These include:

• Bank owned
• HUD Owned
• Foreclosure
• Possible Short Sale

Of the homes included in these catgories, the breakdown for price is:

• 930 homes are priced at $50,000. or less
• 856 homes are priced between $50,000–100,000.
• 496 homes are priced between $101,000–150,000.
• 171 homes are priced between $151,000–200,000
• 60 homes are priced between $201,000–250,000
• 35 homes are priced between $251,000–300,000
• 19 homes are priced between $301,000–350,000
• 11 homes are priced between $351,000–400,000
• 34 homes are priced over $401,000.

Of the 22,679 homes avaiable, 2264 are priced under $50,000, with a total of 7108 homes priced under $100,000.

If you are looking for a good investment, first home, or fix and flip, there are many goods deals. There are also some homes in truly “bad” condition, which would not justify the price. My suggestion for those looking to find a deal is, consider all the costs!

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Indianapolis real estate is the most affordable housing in the nation and now you can check how Indianapolis compares to other cities across the nation for cost of living.

Courtesy of CNNMoney, this helpful calculator measures the change in living expenses a person would face when moving between any two major cities in America.

The key expenses compared are:

• Groceries
• Housing
• Utilities
• Transportation
• Healthcare

The comparison data is provided by C2ER which, on its own Web site, charges $4.95 for each city-to-city comparison.

At CNNMoney.com, the exact same C2ER data is licensed and available for free. One more way to save a little money. Would anyone really pay $4.95  for a report for one city? I don’t think so and now you don’t have to.

Related Articles:

Indianapolis Ranked 6th Best Bargain Real Estate Market

Compare Real Estate Markets in the US

Indianapolis Real Estate Market Due to Bounce Back

Tags: Indianapolis+Real+Estate, Cost+of+Living

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25 states showed improvement month-over-month, led by many of the same areas that had fueled foreclosure activity in 2007. 

A sampling of RealtyTrac’s data includes:

• California : Foreclosures down 4.54 percent
• Georgia : Foreclosures down 14.91 percent
• Arizona : Foreclosures down 0.07 percent
• Michigan : Foreclosures down 6.00 percent
• Illinois : Foreclosures down 15.65 percent

However, the improving nature of the data is not what is making news this morning.  Instead, the press is reporting that foreclosures are up by half since last year and that bank seizures have tripled.

And while the annual data may be accurate, that doesn’t mean that it’s necessarily relevant to home buyers and home sellers across the country.

This is because people buying and selling homes don’t usually boast an “annual” mentality; when someone’s an active participant in the real estate market, the mentality is “right now”.

In other words, annual data fits an economist, but month-to-month data fits you.

June’s foreclosure data may be the start of a trend, or it may be a blip.  It’s really too soon to tell.  But the RealtyTrac data reinforces what real estate professionals already know — that markets all over the country are showing signs of life.

Tomorrow, I’ll post the stats for bank owned, short sales, pre-foreclosre and HUD owned homes in the Indianapolis real estate market.

Tags: Indianapolis+Real+Estate, Foreclosures

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The surprising news was the percentage of growth when compared with the average growth of cities in Indiana (2.6%) vs. Fishers (67%). That’s a substantial increase for a town the size of Fishers.

Over 60% of my requests for homes comes from people who are looking in Hamilton County. The requests, in order are for Fishers, Carmel, Noblesville.

Hamilton County is the 25^th fastest growing county in the country. Last week Forbes magazine rated Hamilton County as The Best Place to Raise a Family.

The biggest concerns for the population in the area is providing adequate transportation routes. It is not uncommon to find congestion along the 69 as you exit 465, all the way to Noblesville. Fishers is working to develop a rapid transit rail system to Downtown. Carmel is anticipating the completion of the new US 31 to help alleviate congestion in it’s city.

Regardless of which of these cities or towns you choose to live in, in Hamilton County, you will find great schools, parks, shopping and friends.

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The surprising news was the percentage of growth when compared with the average growth of cities in Indiana (2.6%) vs. Fishers (67%). That’s a substantial increase for a town the size of Fishers.

Over 60% of my requests for homes comes from people who are looking in Hamilton County. The requests, in order are for Fishers, Carmel, Noblesville.

Hamilton County is the 25^th fastest growing county in the country. Last week Forbes magazine rated Hamilton County as The Best Place to Raise a Family.

The biggest concerns for the population in the area is providing adequate transportation routes. It is not uncommon to find congestion along the 69 as you exit 465, all the way to Noblesville. Fishers is working to develop a rapid transit rail system to Downtown. Carmel is anticipating the completion of the new US 31 to help alleviate congestion in it’s city.

Regardless of which of these cities or towns you choose to live in, in Hamilton County, you will find great schools, parks, shopping and friends.

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I have been participating in a mastermind group with other Realtors around the country. The subject of our meetings is expired listings, what happens which causes a home to expire without selling and how to overcome the obstacles to prevent the frustration for home sellers whose home does not sell.

In this follow up to my initial article about Indianapolis homes that didn’t sell, lets take a look at preparation.

When home sellers first think about selling their home, they instinctively start packing up and cleaning, which is an excellent place to start. The more small items you can get packed and put away ahead of time, the better. What are some of the items you should think about packing up?

• Small tables
• Extra toys
• Knick Knacks
• Excess furniture
• Family pictures
• Valuables

Open the space doesn’t just apply to the living areas.The next thing you should do is clean and starighten out cabinets and closets. Leave the necessities, and pack up everything else. If it’s spring, pack up all the winter clothes. Organize the shelves and shoes. Small spaces also look crowded when they have too many items in them.

Same thing for cabinets in the kitchen, laundry room and linen closets. Straighten up, clean up, throw away what you don’t want and pack what you don’t need for the next few months; extra towels, tupperware, silverware, anything which will add space.

Pack up as much as you can live without – we all have boxes of these items. In the last three times I have moved, I have the same boxes which have never been reopened. They’re things I don’t want to get rid of, but I don’t need them day to day.

As you go through your home, check the condition of everyday things which seem to get the most wear and tear in our homes. These would include things like:

• Baseboards – paint or stain those nicks and scratches
• Faucets – if they leak, fix them
• Stove and Refrigerator – Clean them thoroughly
• Ceiling Fans – No wobbles and dust removed.
• Outlet covers
• Furnace and Air Filters

If your walls need painted, paint them neutral. If you take down pictures, patch the holes and touch up the paint.

Clean, Clean, Clean – nothing speaks louder about the condition of a home than cleanliness! Especially the windows!

Take some time outside:

• Sweep the walkways
• Plant some flowers
• Keep the grass mowed
• Paint the front door or trim, if needed
• Fresh coat of stain and seal on the deck
• Trim the bushes

And pay special attention to the lock on the front door. If it’s broke or hard to open, replace it.

These are really just the basic items which get away from us on a day-to-day basis.

Next up: Condition

Related Articles:

Help, My Home Didn’t Sell – Part 1

Second Best Advice for Selling Your Home

To Paint or Not to Paint

Tags: Indianapolis+Real+Esate, Selling+Your+Home, Expired+listings

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On both days, the action was swift.

The speed at which Monday’s and Tuesday’s respective rallies tore through mortgage markets illustrates how deep the uncertainty that surrounds the U.S. economy really is. 

One reason why the market swings so quickly is that, lately, traders are tending to follow the herd.

As a mortgage rate shopper, it’s outstanding when the herd is moving in your favor.  However, when the herd moves in the opposite direction, the impact on your monthly housing cost can be huge.

Volatility has been the common theme for mortgage rates in 2008 and it’s likely to remain a factor until the nation’s economic picture gets a little bit more clear.

Some experts are saying that may happen in 2009.  Therefore, you should be prepared for rapid mortgage rate movement and act accordingly when you see a rate-and-payment combination that makes sense for your household budget.

The payment you see in the morning is likely to be gone by the afternoon.

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Many home buyers today believe they can should automatically offer a reduced price if a home has been on the market for awhile. Another fallacy is there must be something wrong with a home if the price has been reduced.

Don’t mistake the reduction of a home’s listed price as a signal that something is wrong with the home, or that a price reduction is automatically in order when you decide to make an offer.

In many neighborhoods around Indianapolis – the supply of homes for sale has outpaced the demand for homes.  When supply exceeds demand, there is a downward pressure on price until a balance point is reached. 

During the recent boom in real estate, this economic equation was reversed, creating upward pressure on prices. Nationally, some areas have seen over a 20% reduction in price since 2005. Here in Indianapolis, our average price reduction is about 2.6%. Of course some areas have seen more, some less. It really depends on the neighborhood, area of town and the home.

Supply and demand in today’s market can be illustrated by a seller listing their home at a price and finding few potential buyers.  When the price drops, however, more buyers suddenly show interest in the home. 

Further price reductions, of course, bring even more interested buyers until a deal is made and the home goes under contract.

When supply exceeds demand over a long period of time, prices tend to drop and that is why a market like this one is called a “Buyer’s Market”. There are areas in Indianapolis which are creeping close to being a nuetral market, favoring neither the buyer or the seller. 

Price reductions don’t signal problems with a home, but merely that it was priced too high to find a buyer given the current market’s supply and demand. When you find a home you want to make an offer on, take all factors into consideration before deciding you want to make a “low-ball” offer. There could very well be another buyer right behind you who understands the market and value of the home.

(Image courtesy: Biocrawler)

Tags: Buying+a+home, Indianapolis+Real+Estate

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