2009 August « The Philly Pretzel

Archive for August, 2009

Philly Mortgage Rate Update: August 18th 2009

August 19, 2009 at 5:07 pm · Filed under For Home Buyers, Investors, Mortgage

There’s no time like the present, so the famous saying goes. And that’s certainly true when it comes to the good inflation news we saw last week. But, remember, things with inflation could change in the future as the economy continues to try to climb out of the recession…which could have a negative impact on Bonds and home loan rates.

Todays Mortgage Rates:

30 Yr Fixed – 5.125% (1 point) / 5.375%(0 points)

15 Yr Fixed – 4.375% (1 point) / 4.75% (0 points)

FHA – 5% (1 point) / 5.25% (0 points)

Investment – 5.5% (1 point) / 5.845% (0 points) – 25% down payment required

*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

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

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

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Do You Know What Philly Neighborhood You Want to Live in? Part 2

August 11, 2009 at 11:14 pm · Filed under For Home Buyers, Neighborhoods

You drove around different neighborhoods. You checked out the parking in these neighborhoods. Now it would be nice to know who your neighbors are.

I live on a quiet historic block in Queen Village. At least I thought it was a quiet block. I moved in during the winter – a very quiet time of year. Then it started warming up. One day I turn the corner onto my little cobblestone block and bam. Seven people are out on their stoops having cocktails. Now I have to think. Should I just ignore everyone and go straight into my house? Or do I have to say hi to everyone and then go into my house? Actually I had to say hello because one of these people was sitting on my stoop. I’m tired, I’m cranky and now I have to be pleasant. Great. Just great! But they’re my neighbors. I have to be nice.

I say hello. I say, “Excuse me I need to get into my house.”

They move. And then they say, “After you get settled come out and have a cocktail with us.”

Ok, now I’m hooked. I can always use a cocktail. And now I’m the first person to sit outside waiting for people to come out. I like my neighbors. They like me (I think). I live in a neighborhood where people know me and watch out for me.

After you decide on a general area you will want to decide if a block like this is right for you. You may find that sharing pizza and beer on the stoop with your neighbors is fun and cheap and you may even make a real friend or two. Try it – you may like it. I did.

Do You Know What Philly Neighborhood You Want to Live in? Part 1

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

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Philadelphia Housing Considered Under-Valued 1st Time Since 2003

August 9, 2009 at 8:57 pm · Filed under For Home Buyers, For Home Sellers, Philadelphia Market Conditions

Philadelphia house prices increase, even as sales remain low.

The most recent home sales figures indicate some indicators of stabilization in Philadelphia’s slumping housing market acording to the latest analysis by Wharton economist Kevin Gillen.Dr.

Kevin Gillen is an economist at the Real Estate Department of the Wharton School and Fellow of the University of Pennsylvania. He analyzes the Philadelphia real estate market using the city’s real estate database through Enconsult, an economics consulting firm based in Philadelphia. The results are published in a research paper called Philadelphia House Price Indices(PDF) each quarter as a public service to the Philadelphia real estate community.

After seven consecutive quarters of declining house prices, the typical Philadelphia home actually rose in value by an average of 6.8% on a quality- and seasonally- adjusted basis this past spring. This is a reversal from nearly two years of price declines. And, when added to previous price declines,Philadelphia house values are down cumulatively by 12% from the local market’s peak of two years ago.

Price changes across the city’s neighborhoods were almost all positive. From lowest to highest, the price changes by neighborhood are:

Center City/Fairmount (+0.9%)

Lower Northeast Philadelphia (+3.1%)

Upper Northeast Philadelphia (+3.8%)

Northwest Philadelphia (+5.8%)

South Philadelphia (6.9%)

North Philadelphia(+13.1%)

Kensington/Frankford (+14.0%)

University City (+17.1%)

West Philadelphia was the only neighborhood to experience a price decline (-1.1%).

With this price increase, Philadelphia has diverged sharply from the average house price decline for large U.S. cities. House prices have fallen by an average of 33% in the ten largest U.S. cities since the bursting ofthe housing bubble, compared to only 12% in Philadelphia. With the most recent price declines to date, Philadelphia’s housing is now actually considered to be under-valued. The typical Philadelphia home is under-valued by 3.2%. This is down from its peak of two years ago, when it was estimated to be over-valued by 16%, and the first time it has been considered under-valued since 2003.

FIND YOUR Under Valued PHILLY HOME

Technorati: Philadelphia real estate, market conditions, homes for sale

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

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Philly Mortgage Rate Update

August 3, 2009 at 10:43 pm · Filed under Mortgage, Philadelphia Market Conditions

Rates as of August 3, 2009:

30 Yr Fixed – 5.125% (1 point) / 5.375%(0 points)

15 Yr Fixed – 4.5% (1 point) / 4.875% (0 points)

FHA – 5% (1 point) / 5.25% (0 points)

Investment – 5.625% (1 point) / 6% (0 points) – 25% down payment required

“ENERGY AND PERSISTENCE CONQUER ALL THINGS.” Benjamin Franklin.

And indeed, Bonds and home loan rates definitely showed some serious energy and persistence this last week, despite some serious headwinds, including additional supply flooding the market from this week’s big Treasury auctions.

The Treasury unloaded an enormous supply of paper onto the markets this week…and remember, anytime there is more supply than demand, it means prices will naturally decline. And when Bonds are concerned, when prices decline, home loan rates go up. The heavy supply hitting the market caused some wild volatility for rates midweek, but overall home loan rates managed to find some improvement by the end of the week. However, it won’t be long before another enormous supply of Treasuries comes on the market.

In just two weeks, we’ll be looking at a fresh round of auctions…and the size of those auctions will be announced on August 5th. This announcement date of August 5th, and the following week’s auction dates of the 11th, 12th and 13th will probably have high volatility and provide a headwind for Bonds. It used to be that the dates of economic news would be circled on the calendar as the ones to watch for greater movement in Bond prices…but right now, the supply issue has become so important that it now may be the most dominant current factor in Bond pricing and home loan rates.

In other news, Advanced Gross Domestic Product (GDP) for the 2nd Quarter came in better than expected, while the 1st Quarter GDP was revised lower. GDP measures the total market value of all final goods and services produced in a country in a given year. Overall, GDP has fallen four quarters in a row for the first time since government records started in 1947. The report also showed consumer spending is down, as consumer savings increased to the highest level since 1998.

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

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

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Do You Know What Philly Neighborhood You Want To Live In? Part 1

August 2, 2009 at 2:20 pm · Filed under For Home Buyers, Neighborhoods

They’re questions I hear time and again.

“I’m living alone so I need to feel safe.”

“I work late and don’t want to be afraid of walking home at night”.

“I have a car – how’s the parking around here?”

“Can I get a place with a garage?”

I can’t tell you where to live or if a neighborhood is safe or not.

What I can suggest is that you drive around a neighborhood at night, during the day and weekends. See if you’re comfortable there. And while you’re at it look to see if you could find a place to park. Sometime you will have to drive around a little, but it’s your comfort level that counts. Will you love coming home to your new home in this area?

You can also Google the different neighborhoods. Find out if there is a neighborhood association and how active they are. Check out the crime rates and school systems. You have to do a little work on your own.

We all have different life styles, different tastes and different comfort levels. That’s what makes life so interesting. Figure out what’s best for you. You’re the only important one here. It’s your home – you need to be happy.

Don’t be afraid to say “this area is not for me” – we get it.

Good luck with your home search. Be happy and be safe.

Technorati: philly neighborhoods, philly home buyers, good neighborhoods to live in

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