Mortgage Update 
There are currently 3 blog entries related to this category.
What Happened in 2011 with the Ulster County Real Estate Market??
Tuesday, January 17th, 2012 at 3:16pm. 205 Views, 0 Comments.
Ulster County Real Estate 2011 in a Nutshell!!
2011 was an interesting year for Ulster County real estate. Overall total units sold were down 15%. However flying in the face of that trend was a 3.6% increase in the average sale price of homes. This increase represents the first such increase year over year since the market topped in 2007. Average days on market for homes sold increased by a minimal 3%, and the list to sale ratio remained steady from 2010 at 93% of asking price. Interest rates remain at the lowest level since the 1950.
What does this mean to buyers and sellers? On the buyer side it makes sense to strongly consider a purchase in 2012. The increase in average sale price could signal the beginning of a rebound in the market…
Mortgage Update
Friday, December 12th, 2008 at 12:24pm. 762 Views, 1 Comments.
Rates are down to 4.875%*
What does that mean for buyers?
It means that the cost of buying a house just went down! Or, it means that a buyer can afford more of a house for the same monthly payment. I don't usually do math problems in these Mortgage Updates, but this situation screams for an example using real numbers. If a buyer was buying a house and getting a 30 year mortgage for $200,000 at 6.5%, the monthly payment would be $1,264.14. At a rate of 4.875%, that same $200,000 mortgage would now have a monthly payment of $1,058.42. That is over $200.00 a month less per month for the same loan amount! Another way of looking at it is that a buyer can afford more of a house for his or her money now that rates are lower. Let's pretend that a…Mortgage Update - Economic Turmoil!
Thursday, September 18th, 2008 at 9:57am. 558 Views, 0 Comments.
Fannie Mae and Freddie Mac have been taken over by the government, Lehman Brothers declares bankruptcy, Merrill Lynch sold to Bank of America, AIG bailed out, and what is going on with WAMU and Wachovia? Let’s focus on the mortgage part of this: Last week Treasury Secretary Paulson announced that the federal government was seizing control of Fannie Mae and Freddie Mac and placing them under a government conservatorship. This means that the federal government now essentially owns the majority of mortgage debt in the country. The move was an effort to prevent the collapse of both agencies, who have been losing money because of the housing slowdown and increased delinquencies and foreclosures. Fannie Mae and Freddie Mac’s losses eroded…