Tom's Blog

Here is a great article from http://realestate.msn.com about options for a homeowner who is under water (by Susan Johnston from U.S. News and World Report): Nearly 11 million homeowners are underwater — meaning they owe more on their mortgage than the property is worth — according to the most recent data from CoreLogic. For ...

Earlier in the week, The Wall Street Journal called for many U.S. decision makers to take a hard look at the housing market and find a way to to positively effect it.  Ben Bernanke talked about the housing market about a week ago and urged Congress and the President to develop a "future path" for housing according to the Dow ...

The US Department of Housing and Urban Development has changes the maximum mortgage limits for FHA loans based on the median home sale price in our local market.  The new limits for the Philadelphia Metro Area, effective October 2011, are as follows:Single Family Property - $379,500Two-family Property (AKA Duplex) - $485,800Three-family ...

Many people do not know that short sales stand a much better chance of approval as oppossed to a loan modification.  However, there are a variation of outcomes that can occur.  Mainly, the inconsistency involves how the lender deals with the deficiency.  Here are some of the current outcomes being seen in the market place:The lender ...

Most of the news about the housing market lately has been dismal.  However, the one bright spot is being overlooked by many - the rental market. Rental demand is up and and rental rates are rising.  Many foreclosures victims (estimated north of 4 million) are now renters.  Many prospective homeowners are concerned about losing their ...

Here is a great blog post from my Coach, Carl Rizzuto: More Americans are getting back to work.  The latest Non-Farm Payrolls survey from the Bureau of Labor Statistics shows that 117,000 net new jobs were created in July, thumping analyst estimates and surprising Wall Street investors. In addition, May and June’s ...

Everyone is very concerned about the debt rating downgrade right now.  However, the economy is the main driver for current housing market conditions.  Greg McBridge, senior financial analyst at Bankrate.com, says that "as long as the economy continues to limp along, interest rates will not increase."  This is great news ...

Home prices have continued to drop during the first quarter of 2011, dropping 4.6% from a year earlier according to CNNMoney.com and the National Association of Realtors.  Condo prices fell ever harder by a rate of 10.4%.  The main cause for this decline is the sale of foreclosed properties, which accounted for 29% of the market - a 3% ...

According to Kathleen Howley at Bloomberg Businessweek, the most affordable real estate in a generation is failing to lure buyers as some Americans are souring on the idea of home ownership.  At the end of 2010, the share of people who said a home was a safe investment dropped to 64% from 70% in the first quarter of 2010.  The December ...

According to MSNBC.com, the unemployment rate dropped to 9% last month, which is its lowest level in 2 years.  However, the U.S. labor market slowed considerably as only 36,000 new jobs were generated in January, the fewest in four months.  These statistics offer a conflicting picture.  Unemployment fell because the Labor ...