Happy New Year!!

Consumer Confidence Rises

As reported by Mortgage News Daily, consumer confidence for the month of December is 9.3 points higher than November as depicted in a report by the Conference Board. The increased confidence has started to show in stock market gains and will hopefully follow suit in the housing market.

According to the report, consumers were 8.4 points more content with their current situation than the previous report with stats at 46.7 and 38.3, respectively. This statistic is the highest it has been since September of 2008. In addition, consumer expectations rose from 66.4 to 76.4 since this last November.
The outlook on jobs also slightly increased which shows an upturn in consumer's feelings of stability in the economy. The report indicated that the overall figures are at the highest they have been since April of this year.

Plan to Rent Foreclosed Fannie & Freddie Homes Moves Forward

Bloomberg Businessweek has reported that Deutsche Bank and Fortress Investment Group have joined the ranks of 493 firm proposals that have responded to the plan of renting out Fannie Mae and Freddie Mac foreclosed properties.

The full details of the plan are still under wraps by the FHFA but it has been claimed that this plan is on the top of the list and transactions are looking to take place in the beginning of this next year. Renting out the currently vacant properties will provide living space to those who may not qualify for a mortgage and will help increase the value of the surrounding neighborhoods and properties. According to a Securities and Exchange Commission filing, as of September 30, Fannie Mae held 122,616 foreclosed properties and Freddie Mac held 59,616 properties.

Funds are also being raised by firms to purchase foreclosed properties in bulk, sell to investors who will repair and maintain the homes and then hire managers to oversee the rentals or sell the homes and split the proceeds with the government.

FBI Agent Gets Prison Sentence for Mortgage Fraud

Reported from the Los Angeles Times- Darin McAllister joined the L.A. Police Department in 1991 to later become part of the FBI in 1996 doing undercover work. His career had skyrocketed so he took part in real estate investment market by purchasing a few duplexes and renting them out. All went well until the market crashed and McAllister found himself unable to keep tenants and produce payments. Soon his properties were put into foreclosure and he was notified that he was under investigation due to his inflation of income on mortgage documentation. In May of 2010, he received the charges of 19 counts of wire fraud, false declarations and a few other felonies. The defense stated that McAllister was over his head and did not understand the documentation properly enough to know his wrong doing. McAllister himself claimed he felt he was tricked by inside mortgage professionals, such as loan officers and appraisers, and felt it was a bit out of his control. The final conviction came out at 15 counts of wire fraud and three counts of bankruptcy fraud with four years in prison and a $675,000 fine.

The reason for this posting is to show the severity of mortgage fraud and how important it is to make sure all parties of mortgage transactions understand the documentation. Since the market crash, laws regarding mortgage fraud and misrepresentation have become stronger than ever and for the safety of not only the borrower, but the mortgage professionals as well, it is very important to understand all the fine print.

Foreclosures Still Running the Market

As reported by CNN Money, November home sales were stacked full of short sales and REOs. Information collected showed that 46 percent of homes sold in November were foreclosed properties. The average sales price for short sales was $209,000 and REOs was $190,000, both much less than the average price for regular sales at $259,000.

There does not seem to be a end in sight as LPS Applied Analytics collected data stating that 2 million delinquent borrowers are currently in the foreclosure process. What is also complicated about the vast amount of foreclosed properties for sale is that many of them are in poor shape due to the lack of funds available by the previous owner. It then becomes more difficult for borrowers, particularly those with low funds themselves, to get financing on properties that need a large amount of money and work put into them.

To learn more about financing for foreclosed properties and some programs available to borrowers such as Fannie Mae Home Path and Fannie Mae Home Path Renovation, contact Aapex Financial Solutions at info@aapexfinancial.net or visit our website at http://www.aapexfinancial.net/

Top 10 Least Expensive Housing Markets in the US

To conclude our posting from yesterday, we now present the top 10 least expensive housing markets in the US as reported by U.S. News and World Report:

1. Niagara Falls, NY - $60,820
2. Riverdale, GA - $61,618
3. Coolidge, AZ - $69,083
4. College Park, GA - $72,477
5. Detroit, MI - $73,363
6. Hastings, FL - $74,910
7. Cleveland, OH - $76,042
8. Lithonia, GA - $77,385
9. Trotwood, OH - $77,445
10. Sioux City, IA - $80,152

It appears that inexpensive real estate is spread across the US, with the state of Georgia barely coming in first. This is a drastic difference from the expensive housing market being highly concentrated in the state of California.

Top 10 Most Expensive Real Estate Markets in the US

As reported by U.S. News and World Report, a study from September, 2010 to March of 2011 shows the top real estate markets in the US regarding average home sales price. See the list below:

1. Newport Beach, CA - $2.53 million
2. Pacific Palisades, CA - $1.6 million
3. Stone Harbor, NJ - $1.34 million
4. Ranchos Palos Verdes, CA - $1.31 million
5. Saratoga, CA - $1.28 million
6. Los Gatos, CA - $1.26 million
7. Weston, MA - $1.23 million
8. Greenwich, CT - $1.15 million
9. Mercer Island, WA - $1.14 million
10. Cupertino, CA - $1.14 million

This list comes to conclude that California, despite all the housing market trouble, still holds most of the top selling points for homes.

Top Gaining Real Estate Markets of 2011

Most of the news regarding home values has been pessimistic as US values have fallen 24 percent since the peak in 2007. However, there are some markets that have continued to flourish and have seen a home value increase from October of 2010 to October of 2012. The top 5 markets for home value increase in 2011 are:

1. Tulsa, OK - 6.2% increase
2. Oklahoma City, OK - 3.1% increase
3. Lincoln, NE - 2.7% increase
4. Madison, WI - 1/3% increase
5. Honolulu, HI - 1.3% increase

Oklahoma seems to round off the top of the list of home value increases of 2011. Some other states that made increases not included in the top five are Colorado and Florida, a state that has been hit hard by the housing industry downfall.

S.E.C. Versus Fannie and Freddie

According to the New York Times, civil actions have been brought upon former Fannie Mae and Freddie Mac executives for not properly disclosing the risky mortgages they had business with prior to the mortgage meltdown. Due to Fannie and Freddie's increasing reputation of risky business practices, these claims do not help the mortgage heavyweights. Two separate complaints have been recently filed against the following previous Fannie Mae and Freddie Mac executives:

• Fannie Mae
• Chief Executive, Daniel H. Mudd
• Chief Risk Officer, Enrico Dallavecchia
• Executive Vice President, Thomas A. Lund
• Freddie Mac
• Chief Executive, Richard F. Syron
• Chief Business Officer, Patricia Cook
• Executive Vice President, Donald J. Bisenius

The S.E.C. is taking this case very serious by indicating that all people involved in the misrepresentation of risky mortgages, regardless of their position, will be held accountable. Fannie Mae is fighting back by saying that the government had approved all of their files and that these claims are inaccurate. View the public Civil Action S.E.C. versus Mudd, Dallvecchia and Lund HERE

Fannie Mae's Third Quarter STAR Ratings

Fannie Mae's third quarter STAR, Servicer Total Achievement and Rewards Program, ratings have been reviewed for 2011. A good number, 48 percent, of Fannie Mae servicers have an outlook of gaining at least a three STAR rating, out of five, for 2011.

The STAR program was started in February of this year to increase the performance expectation out of Fannie Mae servicers in regards to decreasing foreclosures and helping current neighborhoods stay intact. Fannie Mae keeps track of each servicer's impact through trend spotting and monthly reviews.

The final overall ratings will be a combination of the outcomes of each servicer's operations over the year as well as their scorecard reviews.The final 2011 STAR results will be published in the beginning of 2012.

More information about Fannie Mae's STAR program can be found HERE.

Choose the Right Neighborhood

Many things are factored in when searching for a new home. One of the most important things people look for is the neighborhood quality in which their prospect property sits. Here are a few things to think about when choosing the right area to purchase:

• Is the neighborhood safe? Understanding the quality of life within your potential residential area is important, especially when children are involved. A great resource to learn about neighborhood crime levels is http://www.neighborhoodscout.com/. Another good idea is to call the local police department and inquire about the crime rate in that area. Be sure to drive through the neighborhood at night to also get a feel for its safety at all times.
• How are the schools? If you have children or are planning to have children, this is a very important question. If you go to http://www.greatschools.org/ and plug in the neighborhood zip code, a variety of different schools will come up with community ratings. There is also an option on this site to look at properties for sale in each school district.
• Do the current neighborhood occupants care? Not only is the neighborhood important but so are the people who reside in it. Take a look at your possible new neighbor's properties. Are their lawns well maintained? Are their homes up kept? Are there signs of other children in the neighborhood?
• Does your desired property fall within the guidelines of your financing? Certain loan programs require that the property be within a designated area. The USDA 100 percent financing loan program requires that the property is considered in a "rural" area. Even so, a person could be surprised what is actually considered to be "rural" in some instances.

To learn more about these topics as well as the 100 percent USDA financing, call Aapex at 704-892-5211.

Should You Wait to Buy?

We are in the business of financing loans but more importantly, we are in the business of steering borrowers in the right financial direction. Sometimes it is not the best time for a person to make a large home purchase and we think it is unethical to push them in the wrong direction. Here are a few questions to ask yourself before purchasing a home:

• Is your income steady? Have you been on your current job for at least two years? If not, were you previously in a job in the small field? Have you had major gaps in your employment or think you may have upcoming gaps? Major employment gaps that cannot be explained may hinder you in financing.
• Are you sure you will be staying in your current area for a while? This is something to think about to consider if you will need to sell your home in the near future.
• Do you have a stable savings account? Has your money been in your savings account for a while at a steady rate? Will you need to borrow money for a down payment? If so, you must remember that any gift will need to season in your account for at least 6 months.
• Is your credit good? When was the last time you checked your credit? For most loan programs, the lowest you can go is around 640 and even this low of a score comes with other stipulations.
• Did you just finance other major purchases such as automobiles or appliances? These purchases will raise your debt to income ratio, a very important ratio used in calculating your financing.

It is important that borrowers are educated and fully understand the loan process and what each factor means to them in order for them to make the correct decisions. Share this if you agree. Have more questions? Contact us at 704.892.5211

What's Your Score?

A person's credit report holds a wealth of information that can make or break a person's chances in all different realms of their lives. The credit report can hold the key to if they can obtain a certain job, gain licensing in different fields, and receive financing for such things as homes and automobiles. Credit reports contain important information on past and current debt and liabilities, inquiries of current credit pulling, and potential identity theft. Since credit reports are so valuable, it is shocking to know that most Americans do not know their credit score! A nationwide phone survey of 1,000 adults conducted from September 9-11, 2011 by Visa showed that 42 percent of people surveyed do not check their credit score regularly. Some other interesting data that was derived from this report includes:

• 64 percent thought income was a factor
• 50.9 percent believed employment history was a factor of their score
• 53.1 percent thought assets and savings were part of their score
• 39.6 percent believed age was included in their score
• 21.6 percent thought the ability to speak English had a positive effect on their score
• 17.2 percent said gender had an impact on their score
• 15.7 percent thought race was considered when establishing a credit score

There seems to be a need to educate the American population on what their credit report includes and how it affects them. Free reports can be obtained annually from www.annualcreditreport.com and Aapex Financial Solutions is always willing to help with any credit report questions you may have. Visit us at http://www.aapexfinancial.net/.

Top 5 Best and Worst Home Value Areas in US

According to the National Associations of Realtor's 2011 Q3 index, the following areas earned the best increase in home value and the worst decrease in home value from 2010 Q3:

Best

• Grand Rapids, MI
• $11,200 median home price
• 23.7 percent increase
• South Bend, IN
• $94,800 median home price
• 19.8 percent increase
• Palm Bay, FL
• $109,600 median home price
• 17.7 percent increase
• Youngstown, OH
• $68,300 median home price
• 13.1 percent increase
• Green Bay, WI
• $135,700 median home price
• 12.6 percent increase

Worst

• Mobile, AL
• $98,800 median home price
• 17.7 percent decrease
• Phoenix, AZ
• $113,700 median home price
• 17.6 percent decrease
• Allentown, NJ
• $183,800 median home price
• 17.5 percent decrease
• Salt Lake City, UT
• $182,600 median home price
• 15.3 percent decrease
• Gulfport, MS
• $103,100 median home price
• 12.7 percent decrease

Mortgage Applications Spike!

The MBA, Mortgage Banker Association, has reported that both refinances and home purchases have jumped by 12.8 percent for the week of December 2, according to their seasonally adjusted index of mortgage activity.

Refinances lead over purchases with a rise in 15.3 percent and 8.3 percent, respectively. The share of refinances within all mortgage activities has gone up to 76 percent versus 73.9 percent from the week prior. These statistics come from the MBA survey of over 75 percent of U.S. retail residential mortgage applications.

More Lawsuit News in the Secondary Market

According to Bloomberg Businessweek, another lawsuit has reached its settlement regarding misleading mortgage-backed securities sold to investors in the secondary market. This time, Bank of America's Merrill Lynch unit is the culprit.

This lawsuit has been in the works since December of 2008 and just reached a settlement at $315 million for  inaccurate statements to investors regarding appraisals, debt-to-income ratios and other qualifying factors. This settlement did not come easily with the litigation including a review of over 20 million pages of documents.

Merrill Lynch's explanation for the investor losses are said to be a result of "the overall economic downturn, housing-price declines and reduced liquidity."

Bank of America, based in Charlotte, North Carolina, fell 4 cents to $5.75 at 1:41 p.m. in New York Stock Exchange composite trading.

The lead case is Public Employees' Retirement System of Mississippi v. Merrill Lynch & Co., 08-CV-10841, U.S. District Court, Southern District of New York (Manhattan).

Active Duty Foreclosures

The House Veteran Affairs Committee has held a hearing on some of the nation's largest banks violating the Service members Civil Relief Act. The laws in order under this act have been in place since WWI and forbid legal procedures, such as foreclosures, being implemented while members are still in active duty. Unfortunately, this is exactly what has happened to a number of active duty military members. Some banks have also violated another law which caps interest rates at 6 percent for military currently in active duty.

North Carolina's very own Representative, Brad Miller, is taking a strong stand against the injustice against the service members having said,“The thinking behind the law is that if you’re deployed, if you’re in harm’s way, you should be able to give that your entire attention. It’s hard to imagine that the banks did not know that was the law.”

One bank that acknowledged wrong doing was JPMorgan Chase with foreclosures on 18 service members and overcharging interest rates to 4,500 members. Chase has since refunded this money to the active duty members. Even so, the Veteran's committee is not completely satisfied with the money being refunded and wants this to be a wake-up call to the entire industry and not happen in the future.

Jump Start your Open House with Social Media

If you're having an open house or any kind of event coming up and want an easy and affordable way to get some buzz going, look no further than social media. Fliers, postcards, banners and email invites work but now are the days of instant communication and keeping up will only put you ahead of your competitors. Here are a few tips on how to include social media into your upcoming events:

• Share it: Use Internet invitation programs such as Eventbrite so that not only your invitee receives it but they can also share it with others.
• Tweet it: Tell the world about the event in 140 characters or less. Hype it up with key words to entice the readers to come. Make sure to get the Twitter html code to link the hype on your website, blog and other social media venues.
• Display It: Use websites like Flickr to upload your pictures of the event and/or homes. You can also encourage your attendees to upload their own pictures of the event to indirectly promote your company.
• Stream It: What if some attendees cannot make it? They can watch it live via video streaming using such websites as Youtube, Vimeo or even Facebook.
• Reward It: Let your attendees have a chance to be rewarded before they even attend the event. Sites such as Meteor Solutions allow the event preparer to add incentives for attendees to spread the word of the event.
• Track It: Want to know if your event was a success according to your attendees? Use a poll or small questionnaire from sites such as Survey Monkey and PollCode.

No Foreclosures for the Holidays

Both giant sibling mortgage companies, Fannie Mae and Freddie Mac, have just announced that they will be suspending evictions induced by foreclosures for all single family and 2-4 unit resident properties from December 19, 2011 to January 2, 2012. According to a Freddie Mac, these suspensions only apply to repossessed properties and will not be affecting properties in the pre- or post-foreclosure process. The suspension is said to give families a strong level of certainty and show both Fannie and Freddie's dedication to encouraging borrowers to seek help during times of financial struggle that may lead to foreclosure.

The Bailout Secrets of the Federal Reserve

You may have heard the information going around recently about the secret federal reserve bailout loans to large banks. Worldwide, a total of around 190 banks gained bailout money from the Fed and combined lost about $21.6 billion. In addition to the trillions of dollars given to banks by the Fed, the banks were also able to make nearly $13 billion in income from the Fed's below market rates. The secret of bank bailouts by the Fed from 2007 to 2010 has been kept from congress, firms and the public until now. Click HERE to learn more about the bailout and view an interactive chart that shows which banks made earnings from the bailout and compare their net income from losses.

FGIC Sues Ally Financial

Bond isuing giant, FGIC, has sued Ally Financial units for fraud and breach of contract. This information has been sent to the press today from The Wallstreet Journal. The first lawsuit involves Ally financial's GMAC unit and what FGIC is calling misleading business practices involving the quality of thousands of home loans during the housing boom. FGIC is stating that GMAC represented their home loans at a lower risk rate than known to be true to make sure FGIC would insure the $1.2 billion transaction that took place in 2006. Additionally, FGIC is suing Ally Financial's Residential Funding unit regarding Underwriting misrepresentation, among other things, of two notes it insured totalling $1,431.3 million as well as 1.2 billion mortgage-backed securities transaction in 2005.

Let's Boost Your Score

We don't consider ourselves "Credit Repair" but we are always willing to help a borrower in need. We can go down to a 620 minimum credit score on FHA financing but we also like to take a look at the credit report to see if we can help your borrower raise it and get better options. We won't charge the borrower for this but instead see it as just a part of our fiduciary duty to them. In the past we have raised scores by close to 100 points and helped borrowers understand what their adverse information on their report means. If you use Aapex Financial, you are sure to not only get your loan closed quickly but gain true piece of mind for your borrower. Before you go to one of your "usual" lenders, give us a call today 704-892-5211 and see how we can help you.

You Don't Need a Bank....You Need a Lender!

Let it be known that Aapex Financial Solutions is equipped with a knowledgeable Underwriting Department that focuses on speed and accuracy to make sure that any loan placed in our hands will close when it is intended to. We have had the pleasure of helping out a man who has been struggling since September through two "Large Banking Establishments" that told him he was unable to get the house he desired due to incorrect guidelines. This loan was sent to us in hopes of salvage on 11/16 and we are closing it on Wed. the 30th. This man had been waiting on the other banks for months but was able to get his home through us in 10 business days. This is because he didn't need a bank, he needed a lender! Give us a try and see how we can help your borrowers. You can't afford not to: http://www.aapexfinancial.net/

Happy Thanksgiving

Aapex Financial Solutions would like to wish everyone a Happy Thanksgiving and hope you enjoy this time with your family and some great food. In hard economic times, it can be difficult to focus on the things to be thankful for. This Thanksgiving, we can be thankful for family, friends and the housing industry steadily rising again.

Bank of America Refuses to Purchase Buybacks

A Business Week article covers the story of Bank of America refusing to adhere to Fannie Mae's buyback provision. Fannie Mae has demanded that lenders repurchase mortgages or pay any losses if the insurer lets go of coverage. Previously, Fannie Mae had not fully enforced this law as it did not want to harm the relationships it had with lenders during a time of lower defaults. Now that defaults are higher, Fannie Mae is standing by their contracts which spokeswoman of Fannie Mae, Amy Bonitatibus, says clearly state that once a mortgage insurance company drops the required mortgage insurance, the lender is subject to a buyback. Bank of America has different ideas regarding the contracts validity and is concerned this policy will result in higher repurchasing costs. According to Bank of America, due to Fannie's new aggressive nature, it is hard to determine what the possible loss will be from their policy which demands Bank of America repurchase the loans rejected from mortgage insurance or have 90 days to appeal.

Higher Loan Limits Reinstated for FHA Loans

The US Senate and House of Representatives voted to pass the bill on Thursday that will bring back the  maximum size of loans that FHA guarantees to $729,750 with 3.5% down for high cost areas. This limit was first implemented three years ago in the midst of the mortgage crisis but had expired in October of 2011. Once expired, the loan limits for FHA had fallen to $625,500 in over 600 high cost counties. This newly reinstated loan limit provides borrowers with the option to choice a Jumbo loan with at least a 20% down payment or acquire an FHA loan with a much lower down payment but the added cost of  insurance premiums. The choice will require borrowers to research and decide which option is best for their situation. To learn more about each type of loan and which will work for your situation, click HERE and contact one of your local branches.

Mortgage Ad Scams on Google Shut Down

Cnet.com has published an article about the government agency know as SIGTARP, Office of the Special Inspector General for the Troubled Asset Relief Program, shutting down 85 potential mortgage scams advertised with Google targeting desperate home buyers. Trigger words were used through Google advertising and fees were charged to home buyers for activities never implemented, such as lowering their mortgage payments. Speculation of Google's ethics in regards to ignoring or not taking precaution against corrupt advertising have been a center of topic in the past and are once again being brought up. To see the full Press Release from SIGTARP, click HERE.

Mortgage Delinquencies Lowest since 2008

The Wall Street Journal released an article today that shows hope for the housing industry market, especially after the speculation of a worsening mortgage crisis for this year. The good news is that the number of borrowers becoming delinquent on their  payments has fallen under 8 percent, the lowest it has been since the end of 2008. This information is supplied from the Mortgage Bankers Association for the third quarter of 2011. In addition, the number of borrowers missing just one payment has fallen to 3.2 percent, another number that is the lowest it has been in the last four years. The MBA believes this upturn is due to the increase in positive job growth throughout the US and believes that if the job growth continues to increase, so will the number of properties not becoming delinquent and going into foreclosure.

Mortgage Applications Drop in Last Week's Index

The Mortgage Banker Association has a seasonally adjusted index of weekly mortgage activity and the past week showed a drop in applications. The week ending in November 11th showed a decrease in 10 percent of applications for both purchases and refinances. The surveys conducted for this material obtain information from more than 75 percent of the residential mortgage market. The good news is that this is just a weekly synopsis and the week prior had a gain of 10.3% percent showing there is room for adjustment.

Marketleader.com Leads the Real Estate Industry

Real Estate professionals have found a new database to further the growth of their business, Marketleader.com This website is an online marketing and technology solution that provides a base for the professionals business stream from lead to close. The website itself was founded in 1999 for use in the United States and Canada for both Realtors and their respective agencies. Just recently has the company really taken off and become a fully integrated part of may real estate professionals business. Over the past sixth months, the users have doubles in size from 50,000 to 100,000. Perhaps the increase in users is a sign of a climbing industry.

Facebook Marketing for Real Estate Professionals

Mashable Business, an Internet resource for marketing and social media, has put out a new article regarding some top practices for real estate professionals to use in order to effectively use Facebook as part of their marketing strategy. The five best practices include:

1. Use Facebook to connect with potential clients

• Facebook is more than a social network, it is a business network. Create a business page on Facebook and you can use it to gain popularity and publicity for your business.

2. Maintain a consistent flow of communication

• Always stay current on Facebook and continue to stay in touch with potential clients and business partners. Even if it is the occasional "How has business been?" It keeps you on top of mind awarness when a new deal may break.

3. Integrate Facebook into excisting marekting

• Sync your Facebook page to your other social media outlets and websites. Every time you send a facebook notification, it will show up on your Twitter page. Every time you send a "Happy Birthday" to a business partner, include a link to you website.

4. Consider the use of Facebook ads

• Utilize the marketing aspects Facebnbook has to offer but always remember to keep the ads simple and to the point. Do not focus too much on yourself or your business but more on what you have to offer your clients.

5. Create and maintain a professional image

• Use your Facebook page strictly for business. Integrating your personal information and lives onto your business sites can be a downfall for the business.

HAPPY VETERAN'S DAY

Aapex Financial Solutions would like to give a large Thank You to all the Veteran's of the US for protecting and serving our country. We appreciate everything you have done for us and would love to return the favor in any way we can. Take a look HERE and find your local branch to ask about 100% Veteran Affairs home mortgage loan without having to worry about a down payment!

Ally Bank Mortgage Possibly Considering Bankruptcy

The Wall Street Journal has released information that Ally Bank is considering filling bankruptcy for their residential mortgage division, ResCap, due to having lost over half a billion dollars within the last two quarters and becoming $2.3 billion in debt that will be due before the end of 2013. ResCap was originally GMAC before becoming a bank in 2008 with said hopes of continuing in the industry through bailout money assistance. The bankruptcy filling is still in speculation and many think it is unlikely.

VA Mortgage Insurance Maximum Increases

The Department of Veteran Affairs announced that the maximum amount of Veteran mortgage insurance has now increased from $90,000 to $150,000. It has also been announced that starting January 1, 2012, that this maximum will increase to $200,000. Current policy holders of this insurance that is offered to disabled veterans living in adapted housing may opt out of the increase and stay with their current coverage. They also have the option to chose a different amount of coverage if they are not satisfied with this maximum amount they are able to receive. VMLI is one of the many options available to veterans of the US including VA home mortgage loans. This loan offers 100% financing and is available to all veterans, including those returning unharmed. To learn more about it, click HERE and contact your local branch.

Employment Fraud - How many people are using your Social Security Number?

MSNBC has released a scary story about Jonathan Barnett, 27, who came to find that nearly 50 names were attached to his Social Security Number. Despite this, he had a clean credit report and no problems with creditors in the past. He learned about the additional users of his SSN through a letter sent to him by
Wells Fargo with his SSN present but a different name. Wells Fargo told him it is most likely a typo but Barnett deciding to take the investigation into his own hands. After numerous open ended phone calls he came to discover that almost ever major creditor in the US had an account with his SSN and would not release the information to him. The only one willing to help was his own credit union which  informed him that they suspected it was employment fraud, where undocumented workers use made up or stolen SSN to obtain work and most employers do not check this information's legitimacy; therefore, there is never an issue. What happens is the credit bureaus will actually open "sub-files" for these additional names under the same SSN and only provide each individual information on their own named "sub-files." This may sound shocking but a study was done by ID Analytics that found 40 million SSN's had numerous names attached to them. Barnett had contacted MSNBC for help regarding this issue and found through investigation that his SSN has a history of abuse dating back to 1995, which would have made him only 11 years old. This full story and others like it can be found HERE

Truth in Lending Statement

Many borrowers may be new to the mortgage industry and hear about the different disclosures and forms affiliated with a mortgage loan but may not know what they actually are and why they are provided. One of the most important documents provided for a borrower is called the TIL, Truth in Lending Disclosure. The initial form of this two page disclosure is required to be given to the borrower within three business days of the application and then an additional final form of the disclosure is given at closing. The main purpose of the TIL is to disclose the cost of the credit in the form of a finance charge and APR, annual percentage rate. This disclosure is also very important for the borrower as it will show any prepayment penalties they could incur from their loan. Want to learn more about mortgage disclosures and what their purposes are? Click HERE and contact a local branch manager to become more educated on mortgage financing.

Allied Pending Lawsuits

Bloomberg Businessweek has just released an article stating that the founder of Allied Home Mortgage, James C. Hodge, is suing HUD for suspending their FHA loan origination abilities. Allied will be taking a great hit with this suspension as about 70 percent of their business is done through FHA lending. What is even worse is that this suspension will cause Allied's warehouse lines to be terminated and this will completely drain Allied as a company. Currently, there is also a case where the U.S. District court is suing Allied for using corrupt lending practices. This case was put into action the same day that HUD suspended Allied's FHA originating. Hodges is asking the Judge to put a halt on the HUD suspension until the case with the U.S. District Court is resolved.

Some Home Fixes that Sounded Like a Good Idea at the Time

It can be a fun adventure to buy a home and try and fix it up or to even just try and renovate your current property. Even so, sometimes a fix that might have sounded like a good idea, could cause more pain the profit in the end.

• Homes built before 1978: These homes have lead paint and therefor any attempts at tearing down a wall to try and make a room bigger need to be handled by professionals with extreme care. Paint with lead in it can cause damage to a person's health and should always be taking into consideration when renovating older homes.
• Adding a master suite addition to your bedroom: This may sound like a good idea to add a touch of elegance to a home but frequently these types of additions can cost as much as the property is worth! Not a good bang for the buck.
• Adding a Sunroom: This parallels with the above addition as it will cost a pretty penny to add the square footage onto your home. This is something you must decide if it is worth it to you to have the extra light or the extra cash.
• A large home office: Having an office at the privacy of your own home is great but with an entire renovation of bookshelves and filing space, it may not be worth it. In these days everything has become wireless and paperless causing much less of a nee for such a large office space.

DocuSign is a leading Industry Standard

A new Press Release was just issued by Business Wire stating that DocuSign, an electronic document providing company, has now become the new standardized process for electronic signatures in the real estate industry. More than 200 of the largest credit unions have been decided to use DocuSign to ensure a faster and more Eco-friendly process for their home buying and refinancing procedures. Many of the companies using DocuSign have put out statements declaring an increase in document capacity and less of a strain of preparing and signing printed documents.

An Extra Halloween Special

Halloween may be over, but a little extra tribute to the holiday preceeds. Here are some real life haunted houses currently up for sale:

A rural farmhouse and former stage coach stop located near Olean, NY is on the market for $289,000. What makes this place so special? It has nightmarish tales dating back to the 1800's and has even been documented on the History Channel for paramormal activity.

The Magnolia Mansion in New Orleans actually promotes the fact that the home comes with your own personal ghost. It is a popular stop on ghost tours throughout the city and is using this as a selling point.

A horse farm in Lexington, KY is selling for $129,000. Sounds like a pretty good deal until you find out it's claim to fame is through the TV show "My Ghost Story."

Happy Halloween!

It is Halloween 2011 and some people dress up as ghosts and goblins while some dress as homeless people?
Joe Nocera of the New York times published an article about a foreclosure law firm, Steven J. Baum, which deals with mortgage issues for large banks such as Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo holding a "Homeless Halloween Custom Party." Photos of this party were leaked to Nocera  through a previous employee and needless to say, many people are outraged. The pictures showed current employees dressed as homeless people and mocking people who have lost their homes. In addition, it is said the firm is already under investigation by New York's attorney General for a possibility of filing misleading pleadings, affidavits and assignments.

Real Estate Unfair Practices

 The Real Estate Agents Authority (REAA) has been in existence since November 2009 to ensure that fraudulent and unfair behavior in the Real Estate World are kept at bay. It is publicly open for people to complain against certain Realtors to the REAA and some examples found for unfair and/or illegal practices include:

• Telling vendors to pay for advertising they don't need for benefit of the agency, including a cut to the agent, and not the property. 
• Setting too high of prices to obtain business and then pushing the vendor down. This can also be practiced by setting too low of prices to get buyers and then trying to push vendors down.
• Not disclosing the realtor is working with this property for a close friend or relative

These are just a few things for new home buyers and sellers to be wary of when working with a realtor.

NC and IN rank in Top Three States for Lowest Closing Costs!

Bankrate.com conducts an annual closing costs survey by collecting online Good Faith Estimates for a $200,000 mortgage in major cities within each state to compare the average closing costs across the nation. What was found in the 2011 Nation Closing Cost Survey? The top three states to get the lowest average total closing costs are as followed:

1. Arkansas: $3,378 average
2. North Carolina: $3,410 average
3. Indiana: $3,430 average

Two of the top three states are serviced by Aapex Financial Solutions, North Carolina and Indiana. Visit our website at http://www.aapexfinancial.net/ to find the nearest branch for you!

Keep in mind these figures are averages over 10 lenders in each state and acquired by putting 20% down on a $200,000 mortgage to buy a single family home. Closing costs can vary depending on each situation.

Click HERE to see where your state ranks

Baby Boomers Could Help Get Properties Off the Market

LifeGoesStrong.com is an interactive website that allows both consumers and vendors to get a look inside the retail world through continuous polls. One that may strike the attention of those in the real estate world is the new poll that was conducted through Oct 5-12 and based on 1,410 adults, including 1,095 baby boomers. The national survey was conducted online and was supervised through Associated Press polling unit.
What was found regarding what was important to baby boomers regarding their real estate was that the most desired thing they wanted overall was to be close to their children. In addition, almost a quarter of baby boomers said they were interested in moving out of their current community during their retirement, which may help get some of the current properties off the market. Three out of ten baby boomers polled stated there is a chance they are looking to purchase a home for their retirement.

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Home Prices up Barely, But Still Up

The most recent Standard and Poore's Case-Shiller report, a home price data base derived from the non-seasonally and seasonally adjusted home sales, shows that the overall US home prices have gone up 0.2 percent in August of this year within the non-seasonally adjusted levels. What is even more important about this information is that it makes August the fifth consecutive month of real estate pricing gains which implicates a slight up in the industry.

The complete data can be seen HERE

September 2011: Top 10 States for Foreclosures

The national averages in Septemeber were 1 in every 605 homes received filling for forclosure and $172,353 was the average price for these foreclosures. Here is a recap of the top 10 states for foreclosures last month:

Nevada

• 1 in every 118
• $115,720

California

• 1 in 259
• $227,754

Arizona

• 1 in 305
• $124,505

Michigan

• 1 in 322
• $69,483

Georgia

• 1 in 352
• $124,699

Florida

• 1 in 368
• $113,885

Idaho

• 1 in 391
• $123,117

Utah

• 1 in 408
• $213,139

Colorado

• 1 in 447
• $171,114

Illinois

• 1 in 463
• $129,688

High Demand for VA Loans

President Barack Obama has announced today that the rest of the US Troops in entirety will be sent from from Iraq by the end of this year. The United States and Iraq were unable to come to agreement on some key issues regarding legal immunity for US soldiers stationed in Iraq so this makes for nearly 39,000 US troops tracking home within the next 2 months. What does this mean for the housing industry? There is a large amount of veterans coming back into our society, many who will undoubtedly be looking for a place to live. Fortunately, we have the Veteran's Affair lending program that can provide these returning soldiers with financing equipped with No Down Payments. There is a huge new market coming into the US who will need financing options so be sure to ask Aapex Financial what we can do for them. Click on the link below to find the nearest Loan Officer to you.

http://www.aapexfinancial.net/

Improved Website for Investment Property Homes

Econohomes, a leading online source for investment properties, just launched a website for real estate investors and home buyers geared to allow them to easily evaluate and buy foreclosed properties.
The website is equipped with financing options, pricing, sharing property listings, and user friendly searching tools. The website is completely free to users and all detailed information on properties is viewable.
Due to the vast amounts of foreclosed homes, Econohomes has become ever so popular to people looking for a good investment. When deciding on an investment property, it is important to understand the guidelines of investment financing. Choosing a good lender is the first step to obtaining good financing options for your investment properties. Visit http://www.aapexfinancial.net/ to find a local branch near you to learn more about your financing options.

Proposed Bill for Foreign Investors

A proposed measure in Congress would offer visas to any foreigner making a cash investment of at least $500,000 on residential real-estate (a single family home, townhouse or condo). It is said to be in efforts to help the suffering housing industry by getting some of the properties off the market. Applicants can choose to spend the all $500,000 on one home or sparse it out amongst a couple. They can use one home for residing purposes and the other may be used as a rental. It is very similar to the special visa program, EB-5, that was implemented to allow foreign investors to invest $500,000 into a U.S. Enterprise to receive a visa.

Most Expensive Homes in the World

Since our posts regarding some of the most interesting style homes was so popular, we decided to add another post for the Most Expensive Homes in the world! Take a look:

"Antilla" in Mumbia
$1 billion
27 story
40,000 square foot tower

"Fairfield Pond"

The Hamptons

$170 million

63 acres

29 bedrooms, 39 bathrooms

 

"Franchuk Vila"

Kensington, London

$161 million

5 story freestanding home in London

underground swimming pool

"Updown Court"

Windlesham, Surey

$139 million

40,000 sq ft mansion

130 rooms

24 carat gold lef mosaic floor

"Hearst Mansion"

Beverly Hills, CA

$165 million

29 rooms

3 pools

countless famous neighbors

Tips to Keep you Home Air Quality Safe

Many people don't realize that sometimes the air quality in their homes is more dangerous than that of the outdoors. Fortunately, there are a few tips to make sure it is kept safe within your homes walls:

• Install a carbon dioxide monitor
• Do not smoke indoors
• Use "no-VOC" or "low-VOC" paints.  Volatile Organic Compounds leak out into the air of your home even months after a fresh coat of paint is applied and can be very harmful when inhaled.
• Make sure you AC and dehumidifier are cleaned regularly
• Make sure all air vents are changed at the appropriate time to reduce the amount of dust buildup
• Keep humidity levels below 50% to decrease the infestation of dust mites which can cause asthma in children
• Do not try to remove asbestos material without professional help that is already in place within a home as this will only cause the fibers to be dispersed in the air and can cause lung diseases and cancer
• Any home built before 1978 will most likely home lead based paint, which can cause permanent damage to children. If lead based paint in your home is damaged, contact a professional to remove

Speak with your local contractor, home inspector, and/or lender to learn more about certain things that can be done to prevent toxic air within your home.

Housing Inventories Decrease

Currently, the last thing anyone thinks about as being a problem is a decrease in home inventory for borrowers. Realistically, this is becoming a problem as more and more borrowers are pulling their homes off the market which is creating a withering amount of attractive properties for people who are able to buy. Typically a shrink in supply would drive prices out the roof but since demand is so low, this is not the case. A graph done by Realtor.com showed major decreases in home inventory from September 2010 to September 2011 as seen below:

• 49% decrease in Miami, FL
• 48% decrease in Phoenix, AZ
• 30% decrease in Atlanta, GA
• 28% decrease in Detroit, MI

With a lack of inventory, home buyers are having more and more of a hard time finding their dream homes. One option that is home buyers have is to go through the relentless inventory of foreclosed and vacant homes. Sure, many people would initially think these homes are run down or not "dreamy" but in realty many of them are beautiful homes just taken over by the bank due to the last owner's inability to pay the mortgage, not because of the home's structure. Homepath.com has a vast amount of Fannie Mae properties that can be purchased while using a Homepath lender, such as Aapex Financial, and do not require mortgage insurance or appraisals! Not only is this beneficial for the buyers, but getting vacant and foreclosed properties off the market will also help to drive up the prices for sellers trying to market their current homes by taking advantage of the short supply.

FHA Refis on Original Low Monthly MI Terms Could Give Borrowers Higher Savings

An idea that is taking capture of the industry is that of FHA streamline refinances calculated with the original terms of lower monthly mortgage insurance. Originally, Monthly MI through FHA was set at .55% with financed MI at 2.15% while currently FHA has it monthly set at 1.15% and financed at 1%. Sure, financed MI has dropped but monthly has increased and this is truly what effects your payments the most of the entire life of the loan. If FHA were to create a new structure of streamline refinances that would allow borrowers to calculate the monthly MI based on the factor at the time of purchase, this would allow them to gain a greater savings on their refinance. Check out the video below to learn more and PLEASE pass this along so we can continue this important movement to help our borrowers.

Real Estate Report Q4 2011

It is now available, the Business Monitors Internationals United States 2011 Q4 Real Estate Report. Click on the link below to order the very informative tool. Some of the key things you will find include:

• A bounce back for commercial real estate is expected to happen in a slow manner
• Factors impacting the real estate industry include: High energy and commodity prices, unemployment; the level of debt, in the US and in Europe and the US budget deficit.
• Residential  real estate may still be worsening

http://www.researchandmarkets.com/research/da0754/united_states_real

No Down Payments? 100% Financing for Everyone?

What do you think about this concept? Will this cause borrowers to easily walk away from their homes or will this just create an effective way for many people to purchase the sitting homes? Let us know what you think!

HELP! Get This Home Off the Market!

Many sellers are stuck with their homes currently on the market for days, months and even years! With the buyers reluctance to purchase these homes and the tight restraints on lending, there are a few things that you can do to make sure your home is in tip top shape to sell.

• Make sure it is in sounds condition: When trying to sell a home in this market, it is imperative that the condition of the home is nothing less than perfect. Most buyers do not have the extra funds to make large renovations to homes nor are many looking to do this sue to time and energy.Make sure all the cracks in the walls are filled, the home is freshly painted, the floorboards are all in good place, and that the carpet is spotless. It is small things like this that can deter a buyer from purchasing your home over another.
• De-personalize the home for showings: This is something that is very important when showing a home. Put away all photos of the family, paint the walls neutral colors, and get rid of any distinct odors. Buyers want to envision themselves in this home, not your family.
• Make it Green: This market has made buyers environmentally friendly and unfortunately not neccessarly for nature itself. Buyers are looking for energy efficient upgrades such as tankless water heaters and efficient windows in order to save themselves when it comes to bills. It is a hard economy for may people right now so any costs that can be saved will put your home on top of the list.
• Extra rooms: Large space is always nice but in times of a hard economy, people are downgrading. This means that many people want to have an office or den rather than one large living room. They may need to save money by staying at home and working a few days a week rather than there typical commute.

Refinancing-Is it Right for You?

This article is similiar to the one from last week regarding cutting your term in half but goes a bit more in detail as told by Jean Chatzky of USA Today. She explains why it is a great time to refinance but why some people may not have an easy time doing so.

New Mortgage Plan

A new plan is in the works to help homeowners take advantage of the currently low rates by refinancing, something that many homeowners are unable to do because of their current financial situations. Rumors are that this new plan will allow refinancing to be more accessible for as many as 600,000 to one million troubled borrowers. Even Treasury Secretary Timothy Geithner announced on Thursday he is in favor of this new plan and looks forward to it being implemented.
The Federal Housing Administration has talked about being  in the works with President Obama to help borrower's needing to refinance within their Freddie Mac and Mannie Mae programs, but has not definitely claimed to be involved in the plan. Without the backing of the Federal Housing Administration, this could be a difficult plan to implement and this is something that is causing concern at The White House.
Representatives of the FHFA have said that they are currently working to improve and enhance working programs and it is still too early to see how many people will be helped through these programs. For the borrower's and industry's sake, hopefully there will be some consensus amongst The White House and FHFA and help can begin to improve the current housing situation.

Foreclosures Turn Into Rentals

If you started to notice that vacant neighborhoods around have become a little more full, it may be due to the turn of foreclosures into rentals. Many of the homes that have been foreclosed on have been bought by investors who have realized it is much more lucrative and better for the industry to rent them out than to fix them and let them sit on the market.

Even though affordability is up for buying homes, the number of people going through with purchases or even being able to be approved for financing is still low. Experienced investors are able to purchase these homes at a low cost and interest rate and, in return, rent them out to borrower's instead of leaving them vacant.

Ideally, it will be best when the trust in the market comes back full swing and borrower's are more interested in purchasing their own homes than renting, but at least this is a step in the right direction for property values as the more vacant homes an area has, the lower the other homes will be worth when appraised.

New USDA Guidelines

The USDA program is a great one. It allows borrowers who are purchasing a home in a rural area to get 100% financing, that is if their income falls within USDA guidelines. Many of the "rural" area are actually very close to city settings and hardly rural at all. Some new guidelines have gone into effect on October 1st, 2011 to take note of:

USDA mortgage insurance rates have now changed due to the infrastructure of how USDA loans are funded. They are now self funded and do not use tax payer funds anymore causing the mortgage insurance changes as followed:

Purchases: 2.00% upfront fee paid at closing, based on the loan size.
Refinances: 1.00% upfront fee paid at closing, based on the loan size.
For all loans: 0.30% annual fee, based on the remaining principal balance.

If you are interested in seeing if a home you or one of your client's is interested in, please call Aapex Financial Solutions at 704-892-5211 and we can provide you with the look-up tool to see if you can get 100% financing.

Mortgage Scams Still Getting Hit Hard

A former real estate agent will spend 20 months in jail and must pay more than $5.6 million in restitution for a mortgage fraud scheme that had lenders holding bad loans. The scam had inflated loans which cause homes to be sitting vacant for extended periods of times causing property values to drtop tremendously.

Angela R. Clark, was one of 19 who plead guilty and been sentenced for their roles in the $12.6 million scheme spanning the housing bubble time. Clark started the scheme, in which 15 buyers took out loans for more than the actual sale price of the homes, then kept the additional loan proceeds. The sent fake invoices to Title Companies that showed payment was due to business entities that were made up to hide fact that buyers were keeping fundings.

Cut Your Mortgage Term in Half

The mortgage industry has typically been driven by the 30 year loan. Due to borrower's needs to get rid of debt and the current low interest rates, borrowers are now leaning more towards the 15 year mortgage loan.
This August, applications for 15-year refinancing loans submitted nationwide through one of the largest online lenders was up 29 percent compared to August 2010. This is compared to a mere 12 percent rise in 30 year refinancing loans.
This comes to no surprise as choosing a 15 year refinancing plan compared to a 30 year can have huge beneifts for borrowers. This cuts their term in half, getting them out of debt faster so they can plan for their future easier without having to worry about another 30 years hanging over their heads.
Although there are many benefits to a 15 year refinance plan, there are a few things to think about as well. Not all borrowers will qualify as a shorter term will create a larger monthly payment and will effect their monthly debt-to-income ratio. The larger payment will of course vary depending on how good of an interest rate the borrower can get.
A good candiate for a 15 year refinance plan would be a borrower who has been paying off their current loan for at least five years, has good credit, and is financially stable and able to make a higher payment each month. If this sounds like you or someone you know, give us a call at Aapex, 704-892-5211, and check out how you stand for cutting your mortgage term in half.

Alternative for a Beach House Rental?

Here is an interesting alternative to the classic beach vacation rental. A tree rental? Yep, there are luxurious homes in the tress now. Take a look at some of these and perhaps your next vacation home could be in the woods, literally.

Wow, quit a turn around from the forts we used to make as kids! More of these Tree homes can be found at www.treehousepoint.com

WHERE TO BE> Buyer's Market and Seller's Market+

There are some cities in the US that have astoundingly LOW home prices, making them ideal places for buyers. Other cities have crazy HIGH home prices, making them great for sellers. A Home Listings Report was conducted of 2,300 markets with listing prices from September of 2010 to March of 2011. Here are the top 10 from both categories: *the average prices are drawn from 4 bedroom, 2 bath homes*

MOST AFFORDABLE:

• Niagara Falls, NY - $60,820
• Riverdale, GA - $61,618
• Coolidge, AZ - $69,083
• College Park, GA - $72,477
• Detroit, MI - $73,363
• Hastings, FL - $74,910
• Cleveland, OH - $76,042
• Lithonia, GA - $77,385
• Trotwood, OH - $77,445
• Sioux City, IA - $80,152

MOST EXPENSIVE:

• Newport Beach, CA - $2.5 million
• Pacific Palisades, CA - $1.6 million
• Stone Harbor, NJ - $1.34 million
• Rancho Palos Verdes, CA - $1.31 million
• Saratoga, CA - $1.28 million
• Los Gatos, CA - $1.26 million
• Weston, MA - $1.23 million
• Greenwich, CT - $1.15 million
• Mercer Island, WA - $1.14 million
• Cupertino, CA - $1.14 million

Watch Out for this Mortgage Scam

If it isn't bad enough that homeowners and potential buyers are already leary of the real estate and mortgage industry, here comes along con artists pulling a fast one on them to rob them of monthly payments. These con artists send letters to borrowers telling them that they need to start sending payments to a new company that has now assumed the management of their loan. They then pocket this money, which typically ends up being at least two months worth of payments by the time the borrower realized what has happened. The number one way to prevent this from happening is helping the borrowers to understand the legalities of mortgage-servicing rights. When the current servicing company will no longer be administering the borrower's loan, they are required to send them a goodbye letter with a date stating when their services will end. After this has happened, the borrower will receive a welcome letter from the new servicer telling them their payment breakdown. Both of these letters must include the borrower's loan number to provide accurate and relevant information. If the loan number is not presented on both of the letters, this is a warning sign and should be addressed by calling the current servicer. Even if everything seems fine, in order to prevent any faulty practices, it is a good idea for the borrower to call their current servicer and just double check on the situation.

Charlotte Ranks in Top 25 Cities in US for Energy Efficiency

A large trend that has been sweeping the nation for a while now is energy efficiency and environmental protection. We have seen it in the houses that have been selling through energy efficient amenities that make home buyers drool. It is a strong selling point to many people in the market today which brings us to this startling discovery: Charlotte has been named one of the top 25 US cities with the most ENERGY STAR buildings by the United States Environmental Protection Agency. What this means is that our city has a large number of buildings (including schools, retail offices and office buildings) that significantly reduce their energy bills and greenhouse gas emissions by using 35 percent less energy and emit 35 percent less carbon dioxide than average buildings. This results in much lower bills for our local businesses, a lot more fresh air to breath compared to other cities, and a safe place for our children to go to school. This is just one more reason to buy a home in Charlotte.

Can't Afford Gas? Move to Charlotte: One of America's Top Walkable Cities

Gas is totally out of control. We all have a heart breaking experience every time we stand next to our vehicles with an uncontrollable feeling of dread and incompetency while hopelessly watching the price climbing up and up. Well, there is one option......Take advantage of Charlotte's 286 square miles of walkable land! Charlotte has been included in 2011's Top 10 Most Walkable Cities by Walk Friendly Communities, an organization devoted to promoting safe walking environments. So what makes Charlotte so "walkable?" Factors like walking being integrated into the city's overall urban planning process, parking rules and regulations provide adequate space for pedestrians and I'm sure the different methods of public transportation, such as the LYNX Light Rail, make it easy for people to walk amongst their favorite spots further from their residents. Just one more reason Charlotte is such a growing and desirable city!

CHARLOTTE IS #1: We are Top for Home Price Growth

That's right, you read it correct. Charlotte is number one in the nation for growing home prices, according to the National Association of Realtors who showed that prices have gone up by 12% since last years first quarter. The median home price for a Charlotte area home is $195,000 and this included all of Charlotte, Gastonia and Concord. Some of our more developed and secure parts of the city, such as Ballantyne and Myers Park, surely have a large part to do with the upswing. Even so, more in development stage neighborhoods, such as the University area, are beginning to pick up with houses that have been on the market for years now beginning to sell. Some readers may feel like they have yet to experience this upswing but know this: the Charlotte area is steadily picking up as buyer's reluctance has begun to switch over to intrigued curiosity of potential homes. The figures speak for themselves.

Interesting Insight on Zillow.com

Mistakes Borrowers Make When Getting a Mortgage

When people buy a home they are consumed with the excitement, and rightfully so. Sometimes this excitement can lead them to missing important details or not understanding the process completely. Here are some mistakes that home buyers tend to make:

Not Fixing their Credit:

• Buyers should always obtain a FICO score about 6 months prior to getting a loan. This will give them enough time to fix any blemishes they may have in order to obtain their optimal loan. Mortgage companies pull from all three major credit score companies so always look at the middle range number as that is the one they will be using.

Not Paying Attention to Specialty Programs:

• There are many programs available to borrowers with poor credit, low money down, and minimal cash reserves that most people don't even know exist. Borrowers need to take the time to do research and team up with a lender that can cater to their needs and find them the right loan for their specific situation.

Not Shopping Around (BE CAREFUL NOT TO SHOP TOO MUCH)

• Making sure they are getting the right loan for their specific situation is important and can be achieved by getting with the right lender. However, too much shopping can create a dip in their credit score so they shouldn't go overboard.

Paying Unnecessary Fees

• Many lenders will make borrowers pay unnecessary fees, such as ridiculous costs for pulling credit, in order to boost their profits. This goes back to getting with an ethical lending company that will provide them with the proper service needed. They should always check the Good Faith Estimate as it has a loan fee worksheet that will have all fees to be payed by the borrower.

Not Being Prepared for Closing Costs

• Many home buyers don't realize how expensive closing costs can be and are not prepared to pay them once they get their loan. They should request the Good Faith Estimate as early as possible in the loan process so they know what is coming. It is also important to have enough money in reserves for after closing to be prepared for any home maintenance or emergencies that can happen.

Getting with an ethical lender that knows what they are doing is truly important for the borrower. Contact us to learn more about our ethical practices and our vast portfolio of loan programs available for all types of borrowers:

www.aapexfinancial.net

704-331-6652

What Real Estate Agents Should Be Doing Online

Social Media has taken the world by storm and it is no secret. Homeowners, investors, agents, lenders, attorneys, and of course your marketing professionals are all tapped into the world wide web of networking. So what should you, as a real estate agent, be doing in your "free" time? Check it out:

• A large amount of homeowners, 73%, say they would be more opt to list with an agent that run videos. Even with this statistic, only 12% of Realtors have YouTube accounts. That is a social media platform that needs to be taken advantage of.
• The Realtor.com App for the iPhone is really taking over. This application has averaged 20,000 home views an hour and 20% of that traffic comes on Saturdays and Sundays (Prime Home Showing Time!!). This app not only generates views but staying power as well as the average time spent on this app is 16 minutes, versus 4-5 minutes on other iPhone applications.
• Internet Listings are a must in the current market as everything is done online. If people are buying their groceries online, bidding for cars on EBay and even ordering overseas brides, they are looking at houses. A staggering statistics shows that 45% of people searching for homes walked through an entire home showing online. Agents also have full means of advertising themselves on the Internet as 29% of home buyers located agents online.
• What is the number one social media platform for agents? FACEBOOK of course! Almost 80% of real estate agents have a facebook page with Twitter coming in as a short second with 48%

So what does all this mean? If you are reading this blog, you most likely are somewhat computer and Internet savvy. Just make sure you are fully utilizing the options available to you as if your not, you can bet your competition is.

Increasing Gas Hurting Real Estate?

HUD SCORE CARD SHOWS NOW IS THE TIME TO BUY!!!!

WOW...LO Compensation Scandal, FED's Case Studies

SENATORS TRY TO DELAY THE LO COMPENSATION RULING

Senators Rally to Delay LO Compensation Fed Rule

NAMB, NAIHP and the Federal Reserve Lawsuits on LO Compensation!!

NAMB, NAIHP and the Federal Reserve Lawsuits on LO Compensation

Items Home Buyers are Looking for in 2011

• Solid, well maintained properties
• Negotiating on price
• Value bargains
• Outdoors areas like screen porches, outdoor kitchens and two-way fireplaces
• Closing time incentives like gift cards for home furnishings
• Energy and high efficient features: good for our planet and their wallets
• Open kitchens
• Smaller, more space efficient homes
• Luxury touches in less expensive homes such as granite counter tops and steel appliances

NAIHP Files Lawsuit Against Federal Reserve

NAIHP Files Lawsuit Against Federal Reserve Board

U.S. Most Expensive Blocks

Property values may be dwindling but this article proves that Daddy Warbucks still lives around the corner. Check out the Most Expensive blocks in the nation, from Chicago's North Shore to the Hills of Hollywood by clicking HERE.

America's Most Miserable City

Charlie Sheen told to Pass on Home Purchase.

Top 5 Recovering and Sinking Markets

All statistics are pulled from CNN Money and Bankrate.com. These two topics are regarding the comparision of 2009's and 2010's fourth quarters in reference to the sinking home prices and the estimated gain in recovering markets by September of 2012.

Top sinking

Cumberland, MD: Median home price of $87,000 with a decrease of 20.2%
Kankee-Bradley, Ill: Median home price of $109,500 with a decrease of 14.39%
Ocala, FL: Median home price of $80,200 with a decrease of 13.95%
Toledo, OH: Median home price of $74,500 with a decrease of 13.87%
Youngstown/Warren/Boardman, OH/PA: Median home price of $62,800 with a decrease of 13.62%

Top Recovering

Tacoma, WA: Median home price of $240,000 with an estimated gain of 11.8%
Palm Bay, FL: Median home price of $141,000 with an estimated gain of 9.4%
Memphis, TN: Median home price of $280,000 with an estimated gain of 7.5%
Rochester, NY: Median home price of $125,000 with an estimated gain of 5.3%
Pittsburgh, PA: Median Home price of $133,000 with an estimated gain of 4.6%