Tom's Blog

Thinking about buying and a home on the cheap and flipping it for big profits?  That dream is all but dead as sales of homes to investors have dropped by more than half over the past five years, according to CNNMoney.com.  Plus, the number of those investors who quickly sell off those homes -- the flippers -- has fallen even ...

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 ...

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 ...

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 REUTERS, U.S housing starts rose more than expected in January to their highest rate in four months, but permits for future home construction dropped sharply despite large gains in prior months.  This data was sourced from a government report on Wednesday released 2/16/11.  The report also showed the housing market still ...

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 ...

Rates on fixed mortgages dipped for the second straight week as Treasury yields fell, as reported by MSNBC.com and the Associated Press.  Freddie Mac said Thursday that the average rate on a 30-year mortgage dropped to 4.71% from 4.77% during the previous week.  Rates were at a 40-year low of 4.17% in November 2010.The average rate on ...

Sales of previously occupied homes jumped 10% in September, which marked the biggest monthly gain in 28 years, according to MSNBC.com.  The monthly gain was bigger than expected, indicating the housing market is stabilizing at weaker levels.  This was much higher than expected, but experts have cautioned not to celebrate yet.  ...