2009 April « The Philly Pretzel

Archive for April, 2009

Philadelphians See Best Home Buyers’ Market in Years

April 24, 2009 at 9:24 am · Filed under First Time Home Buyers, For Home Buyers

71% of Americans think now is a good time to buy a house…

While just 22% think that the average price of houses in their area will increase over the next year.

Plunging housing prices combined with historically low interest rates have persuaded 71% of Americans that now is a good time to buy a house — up 18 percentage points from a year ago and the highest level of housing-purchase optimism in four years.

This could be good news for home sellers, home builders, Realtors, and everyone associated with housing, including the average homeowner. Recognizing that there are many good deals in the housing market is a big part of the “buy” decision and historically this attitude would lead to a sharp increase in housing sales.

The situation today is different for several important reasons. First, housing prices continue to decrease in many areas, and few buyers want to purchase a home and see its value decline immediately. Further, surging unemployment rates and the enormous loss of wealth over the past couple of years has many consumers worried about making major new purchases.

Still, probably the biggest difference has to do with housing credit. Lenders who suffered huge losses by believing housing prices would never decline have gone from excessively easy loan underwriting to just the reverse. And even when mortgage loan underwriting standards return to “normal”, they will seem a lot more stringent than those of the housing boom years.

At the same time, borrowers have also become more hesitant about their use of mortgage credit. Record home foreclosures have made it clear what can happen when borrowers take on more debt than they can handle. As a result, potential home buyers are less likely to “stretch” to buy a home today that they were during the boom years.

Of course, just getting back to a “normal” housing market will represent a major improvement from the housing depression of recent years. Getting people to recognize that now is a good time to buy is the first step. Getting the mortgage finance system functioning normally is the next.

Whether it’s a good time for you to buy depends on your individual circumstances but if all the deciding factors line-up—job stability, money for down payment, plan to stay in house at least 5 years—add up for you this is one of the best markets in Philly to buy in.

FIND YOUR PHILLY HOME

Technorati: good time to buy, Philly home buying, 1st time home buyers, housing market confidence

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Philly Mortgage Market Update: 4/22/09

April 23, 2009 at 11:05 am · Filed under For Home Buyers, Mortgage

Should my clients Float? Should they lock?

Rates as of Wednesday, April 22, 2009:

30 Yr Fixed – 5% (0 points)/ 4.75% (1 point)
15 Yr Fixed – 4.5% (0 points)/ 4.25% (1 point)
FHA – 5% (0 points)
Investment – 5.875% ( 0 points)/ 5.375% (1 point)- 25% down payment required

Each individual situation is unique, so I can best advice each client. However, here is a little background on what is happening in the mortgage world today. With no scheduled economic reports due out until Thursday, bonds are taking their lead from stocks again. With stocks looking to be opening down due to negative earnings from the likes of AT&T, Morgan Stanley and the apparent suicide of Freddie Mac’s CFO bonds are heading in the expected up direction.

Technically speaking – the FNMA 4.0% 30 year bond is caught in another tight trading range. The bond is apparently bouncing off of oversold levels – a good sign for a possible rally.

I am recommending to LOCK.

*35 day lock Rates are based on 80% loan to value unless noted and 720+ credit score (with the exception of FHA)
*Income and Asset verification required and must meet DTI guidelines *This is not a commitment to lend and other conditions may apply

APPLY FOR A MORTGAGE ONLINE

Brought to you by our favorite mortgage broker:

Carina Marchese
Center City Mortgage
267.238.5785

email Carina for today’s rate

Technorati: philly mortgage, mortgage market, carina marchese, center city mortgage company

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Philadelphia’s Spring Clean-Up

April 3, 2009 at 9:00 am · Filed under YO Philly

This Saturday, April 4th, between 9 – 2, Philadelphia will hold its 2nd Annual Spring Clean-up Day.

Last year over 2.5 million pounds of trash and 48,000 pounds of recyclable materials were collected; in fact Keep America Beautiful confirmed the 2008 Philly Spring Cleanup as the largest single-day, citywide clean-up on record in the United States.
It’s not too late to sign up here.

Even if you can’t officially sign up – there are many locations where you can just drop by for an hour if that’s all the time you have to help clean up.

Somehow Philadelphia has gotten the nick-name of Filthadelphia. Here we are – a big tourist town and an historic town – and our city is known to be a filthy city. I’ve actually seen people throw their trash on the street instead of walking the 5 feet to the trash can. You can’t imagine the number of fast food bags I’ve seen flying out of car windows. I really don’t understand that. We should have pride in our city. It’s a beautiful city.

Please – help keep this city beautiful. It’s important for the environment, for you, your children and many generations to come.

Thank you.

Technorati: filthadelphia, spring clean up day, Philadelphia spring clean up, keep America beautiful

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Neighborhood Finds: Fishtown First Friday

April 2, 2009 at 8:20 pm · Filed under Fishtown, Neighborhood Finds

Frankford Avenue Arts Corridor: April’s First Friday Gears Up!

Listings and write ups courtesy of Ryan Briggs from New Kensington CDC and Frankford Ave Arts

Bambi Gallery: 1817 Frankford

A diverse sampling of five new artists in Salon des Filles. Most interestingly, Marie Ulmer, a lifelong art student with 75 years of education and practice in painting behind her, will be presenting her artwork for the first time ever. Maria is an East Kensington native who attended the University of the Arts, resides in the same house she grew up in, and is still producing creative works at age 91.
Reception: 6-9pm

Rocket Cat: 2001 Frankford

Will be featuring the work of Josh Smith, aka LeJosh an artist known for printmaking and possibly most widely know for his SEPTA “Go Green” art installations and his work with Mural Arts around the city. He will be presenting some of his smaller prints, featuring brightly colored patterns and shapes.
Reception: begins @ 6pm

Germ Books and Gallery: 2005 Frankford

Is featuring the visual artwork of three creative musicians. From the gothic revival illustrations of Justin Duerr, to the twisted cartoon figure collages of Ed Wilcox, and the brooding black-and-white photography of Lisa Spera.
Reception: 5-9pm

High Wire: 2040 Frankford

Will feature Nature Works III, a collection of prints and an installation featuring stylized leaves and other organic materials, created by Joe Plageman. Also at the Highwire will be a performance by Toshi Makihara, a local percussionist.
Reception: 5-9pm

Liberty Cycle Garage: Susquehanna & Frankford

One of two new entrees to First Friday, Adam Cramer has opened the Frankford Avenue side of his Liberty Cycle Garage as a gallery space. Adam’s garage is at the rear of the greened and fenced lot directly across from Michael’s Decorators. He will be featuring the paintings of Bill Westervelt, which are, appropriately enough, inspired by motorcycles and their riders.

Goldfish: 2214 Frankford Ave

Will be featuring two artists this month, Charles Keenan and Erik. Charles is a painter who exhibits sensuous displays of the female figure. Erik, whose true name is a mystery, renders paintings with intense personal images interpolated with alternate realities.
Reception: 6-9pm

Mendez Gallery: 2480 Frankford

The other newcomer to First Friday is located in the front offices of Mendez Home and Investments. Their opening show will be Jassyone aka Jasmine Ramos, whose brightly colored paintings merge natural and manmade environments into a surreal blend of imagery.
Reception: 5:30-9:30pm

Proximity Gallery: 2434 E Dauphin St

Presents the works of Anthony Ferrara, a South Philly native known for his cityscapes. Ferrara has been driven since the 1960s on presenting Philadelphia’s neighborhoods in brightly rendered almost pastoral, scenes on canvas.
Reception: 6-9pm

Memphis Flats: 1714 Memphis Street

Marie DesMarais will grace the gallery space as she explores the use of cartography as a figurative medium for expressing organic figures.
Reception: 6-9pm

Here is a handy dandy, printable flier(pdf) and map of events to take with you.

Technorati: fishtown, local artists, first friday, fistown galleries, philly happenings

posted by janice SEARCH the Philadelphia MLS. No Registration Required!