Know the Benefits of Homeownership

June 29, 2010
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Homeownership has many benefits that come with it.

The most obvious benefit is building wealth. The U.S. Department of Housing and Urban Development (HUD) notes that “home equity is the largest single source of household wealth for most Americans.”

Home equity is the difference between the home’s fair market value and the outstanding balance of all liens on the property. Let us not forget about appreciation. Whilst there is no set year-to-year rate that is considered normal, reports indicate that you can expect around a 6.5 percent average value increase in your home each year.

Other wealth builders to consider are tax breaks and tax credits, such as the deductibility of property taxes…

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Filed Under: Real Estate, Real Estate Investment

Nearly 17 Years of Imprisonment for a Fraudster

June 21, 2010
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Haiti – Mario G. Bernadel was sentenced to nearly 17 years in prison for his conviction on multiple counts for leading a mortgage fraud scheme in Phoenix, Arizona that cost banks over $9 million.

In September 2009, Bernadel was found guilty by a jury on 19 counts related to mortgage fraud that includes mail, wire, bank fraud, and transactional money laundering. Bernadel led a two-year conspiracy involving the purchase of 37 properties using fraudulent loan documents and receiving cash back at closing.

Seven co-conspirators were also charged and have pleaded guilty for their involvement in the conspiracy and many will be sentenced in the next few months.

The case in opposition to Bernadel…

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Filed Under: Economy Crisis, Lenders, Mortgages, Real Estate, Real Estate Fraud

One Winner of Two Houses

June 21, 2010
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Last month, an auction in the Strand at Headlands development of Dana Point, California was publicized. Now, Concierge Auctions is putting two more houses up for auction on April 17 at the properties. However, this auction has a twist. The homes, previously offered to $15 million, are selling bidder’s choice with a reserve of $6.9 million and a pre-sale estimate of $8 million to $11 million. The high bidder will choose one of the available houses.

The 7 and 9 White Water Lane have ocean views and has the finest amenities and finishes. 7 White Water Lane was designed by architect CJ Light and interior designer Carol McMahon and has an…

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Filed Under: Expensive Real Estate, Luxury Real Estate, Real Estate

Get Your Home Loans Approved

June 21, 2010
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Nowadays, the economy tries to rebound from a four year slump, but the housing market has never been better.

Through low interest rates, foreclosures at an all time high and property values a fraction of what they were a few years ago, the real estate market has never been better to buy into than it is now. There is also government assistance to help you pay for your down payment or tax exemptions, there is no reason you should avoid taking advantage of this great situation.

Years ago the economy and especially the housing market got into trouble because no one was thinking carefully.

Banks were so eager to get as many mortgages…

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Filed Under: Lenders, Mortgages, Real Estate, Real Estate Investment

Fred Durst’s House in Los Angeles’ Bel-Air Area Rolls Back to the Market for $6.45 Million

June 8, 2010
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The 6,624-square-foot house in Los Angeles’ Bel-Air neighborhood that the rocker Fred Durst once owned has rolled back on the market for $6.45 million.

The house is at 461 Bellagio Terrace in Bel-Air. Durst owned the four-bedroom house from the time he purchased it in the summer of 2001 through his Dally Boy Trust for $3,475,000 until selling it in 2002 for $3,700,000.

The once Durst owned house was built in 1971 (which is being listed by the fellow who bought it from Fred). It has four and a half baths, a cook’s kitchen, state-of-the-art lighting and stereo systems, an outdoor bar, and pocket doors leading from most rooms to the interior…

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Filed Under: Celebrity Real Estate, Real Estate

Free Foreclosure Listings Gets You Started

June 8, 2010
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The current economic struggles have been tricky for many homeowners; the last few years have also created a unique opportunity for real estate investors, first time home buyers and anyone shopping for their next house.

The mortgage companies have an escalating number of homes that have been foreclosed upon and they are entirely willing to make a fast deal and clean up their portfolio. Free foreclosure listings can help a home buyer literally save thousands and thousands of dollars, but only if a person is aware of the following key points.

A lot of the free foreclosure listings are constantly being updated because the homes available are always changing. A house that…

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Filed Under: Foreclosures, Real Estate

Home Sales ‘Setback’ Could Hurt Overall Economic Recovery – Fannie Mae

June 8, 2010
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The largest provider of U.S. residential funding, Fannie Mae, cut its forecast for residential investment this quarter following a “setback” in home sales and cautioned on its impact on the economic recovery.

With reference to its monthly outlook, Fannie Mae also cut its forecast for 2010 mortgage originations for a second month. Residential investment is likely to drop 17.2 percent in the first quarter and rebound for the rest of 2010, Fannie Mae economists, led by Doug Duncan, said in their outlook.

For all of 2010, residential investment will grow 10 percent, slightly below the previous forecast, they said. Severe weather interrupted activity in the first two months of 2010, while the…

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Filed Under: Economy Crisis, Lenders, Mortgages, Real Estate

Live in the Tulip Hills

June 8, 2010
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The Tulip Hill is a Georgian plantation house built by Samuel Galloway circa 1756. It is on nearly 52 acres that includes water frontage and pier and includes terraced gardens and manicured grounds.

The wings were added to the house between the years 1787-1790 enlarging the Tulip Hill into its final and present five-part form by appending the two end wings and a pair of connecting hyphens. The plantation house remained in the possession of the Galloway family until 1886. The five-part composition has a full stone basement under the entire structure. The central block is two full stories with a high unfinished attic and double hipped roof. The two brick…

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Filed Under: Celebrity Real Estate, Luxury Real Estate, Real Estate

The Thirty Year Fixed Mortgage Rates Untouched

June 8, 2010
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According to FreeRateUpdate.com, a rate research website, the thirty year fixed mortgages were available at 4.75 percent all of last week to well-qualified consumers paying a standard .07 to 1 point origination. The 15 year fixed mortgages could be obtained at 4.25, and the 5/1 ARM at 3.625.

The FHA loans continued to be on hand at the same rates as conforming mortgages. Whereas MI and other FHA fees make FHA loans more expensive, a home-buyer tax credit of up to $8,000 is available through the end of April and applicable toward closing cost. New FHA loan guidelines, effective April 05, include an increase in MI to 2.25 percent of the…

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Filed Under: Lenders, Mortgages, Real Estate
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