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How is Europe?

Jeff Tung — Tue, 07 Jun 2011 00:41:33 +0000

If you think we’re the only country facing problems, then you haven’t been paying attention to our other neighbors in Europe. They are experiencing economical problems as well!! In fact, their problems do help our country but it could be a sign of what can happen to the U.S..

If we can’t stop our spending and fix our current problems, we will be creating an economical monster for our children. This beast will not be easily defeated. As our problem debtors become larger (the beast), the REO housing inventory becomes larger, and will take more time to be sold off.

The Bank Of France Chief Just Declared Europe’s Economic Crisis To Be Over(businessinsider.com)
Old Europe is back in the driving seat(independent.co.uk)
Steen’s Chronicle: Europe’s disease – sagging growth(tradingfloor.com)

Is the market recovering?

Jeff Tung — Sat, 23 Apr 2011 00:03:33 +0000

Home sales rose slightly last month. This is the sixth month in a row that home sales have increased. Lawrence Yun, NAR chief economist, says “We’re clearly on a recovery path”. This is a good sign and sales should continue to increase.

There are all types of buyers out taking advantage of the market. First time buyers purchased 33% of homes sold in March and all cash buyers purchased 35% of the homes sold, for example. With the market current market conditions, it makes more sense to purchase a property then renting.

U.S. Existing Home Sales Rise, Fail to Recover Ground Lost (businessweek.com)
Economic Report: Existing-home sales rebound a bit in March (marketwatch.com)
Spring Market Conditions Bode Well For Buyers (tammyprice.wordpress.com)
‘Uneven’ housing recovery continues (money.cnn.com)
Existing-home sales up in March (kimhoard.wordpress.com)
Home sales continued slow recovery in March (seattlepi.com)
Existing Home Sales Rise Pretty Much In Line With Expectations (businessinsider.com)
Home sales rebound in 49 states (jefftung.net)
Existing Homes Sales Up 3.7 Percent but Off 6.3% from a Year Ago (coydavidson.wordpress.com)

Improve your credit scores

Jeff Tung — Mon, 11 Oct 2010 20:56:03 +0000

Thinking of taking the pludge and make one of the biggest purchase in your life? Unless you have lots of cash, you’re probably going to finance the purchase. A big part of procuring a loan at the lowest interest rate posible is to have a good credit score. There are some things that you can do to improve your scores.

1/3 of americans can not qualify for a mortgage because of their credit scores.

25.5% Drop in Home Sales Coincides with Drop in Credit Score Awareness (prweb.com)
Get a good mortgage (money.cnn.com)
How Credit Repair Scams Work and How to Avoid Them (creditrepair.org)
25,000 Reasons to Pamper Your Credit (wisebread.com)
What Does ‘Piggybacking’ Mean for Credit Card Users? (applyforacreditcard.com)
How Do I Know If My Credit Is Good? (creditscore.net)
One-third ‘highly unlikely’ to get mortgage (money.blogs.time.com)

HR 5028, homeowners remain as renters

Jeff Tung — Fri, 24 Sep 2010 22:19:59 +0000

Where do you go after your home is foreclosed upon by the bank? Your credit is a mess and you may not make as much money as before, so where do you go?

The Center for Economic and Policy Research has a report, “The Gains from Right to Rent in 2010″, and has suggested to allow homeowners the right to rent their home, after foreclosure. By doing so, it may address the nation’s foreclosure problem.

HR 5028, under Right to Rent legislation, would allow the foreclosed homeowner to stay in the home as a renter for a substantial period of time. This would help the homeowners from being homeless and it will help the communities that are experiencing high numbers of foreclosures.

The Role of Government and The Foreclosure Crisis (tpmcafe.talkingpointsmemo.com)
Real Estate Weekly: To stem foreclosures, let homeowners rent(marketwatch.com)
Live Chat: Rep. Raúl Grijalva Discusses The Right-To-Rent Bill With Blue America (crooksandliars.com)
Renters Rights in the Extreme(rentersinsurance.org)
Foreclosure! A Renter’s Worst Nightmare?(rentersinsurance.org)

10 tips for your home remodel project

Jeff Tung — Fri, 03 Sep 2010 23:56:08 +0000

Are you thinking about updating or remodeling your home? Well, it can be an overwhelming task especially when you’re thinking about doing it your self. When the job becomes a major project, then you may want to hire a contractor to help you with your project. Like every industry, there are good ones and bad. You need to know what to ask when you interview them for the job; things like asking for referrals, or copy of their insurance coverage, or even if they clean up after themselves when they are done for the day. Here are 10 tips to refer to when you are planning to make changes to your home.

4 things for homeowners to consider before remodeling (usatoday.com)
Five Common Mistakes to Avoid When Remodeling Your Kitchen (prweb.com)
Six Quick Fixes to Maximize Kitchen Storage (prweb.com)
DIY: Do It Yourself Bathroom Remodeling Permits (home-interiors.suite101.com)
Remodeling projects pay off, especially a tax-friendly new door (walletpop.com)
Remodeling your home? Get online (money.cnn.com)
53 Articles Discussing Easy Home Improvements that Increase Home Equity (homeequityloan.net)
Folks Get Back to Work on Their Homes (adweek.com)

6 reasons to shop around for the best interest rate available!

Jeff Tung — Thu, 26 Aug 2010 22:30:09 +0000

Everybody has gone shopping for one thing or another so this should apply to mortgage loans too. By taking the time to shop around for the best rates available, you could be saving thousands of dollars during the life time of the loan. So it pays to be aware of the cost associated in obtaining a loan. Not to mention, you will be more confident about affording and purchasing that home that says “buy me”.

After all, purchasing a property could be the most expensive thing you buy in your life time. Why not take the plunge now? With the lowest interest rates ever available and lots of homes to choose from, plus slow economic recovery of the market, this is the best time to do so.

Seven Questions to Ask a Mortgage Lender(brighthub.com)
Jennifer Openshaw: Four ways to lower your mortgage rate(marketwatch.com)
An Autopsy of Fannie Mae and Freddie Mac(economix.blogs.nytimes.com)
Mortgage rates hit low of 4.36 percent(seattletimes.nwsource.com)
Understanding Home Loans (mint.com)

$3 Billion more to help homeowners

Jeff Tung — Fri, 13 Aug 2010 23:36:08 +0000

Our government has said they would spend another $3 billion to help homeowners keep their home if they lost their job or have a medical condition that reduces their ability to work. Eligible homeowners could receive a no-interest loan up to $50,000 for as long as 24 months and stay in the home. This program is to prevent further home foreclosures, but will it help and make a difference? According to RealtyTrac, foreclosures have increased 8% to $1.65 million in the first 6 months of this year with the current programs, so will this help or are we digging a bigger hole in the money pit for the next generation to cover? I hope it does help and get us out of this mess. However, it’s going to take some time to see if the extra money spent will make a difference, but at least, the government is trying to help people keep their homes.

HUD offers interest-free $50K loans to unemployed homeowners to stem foreclosures (hotair.com)
Foreclosures are up and foreclosures are down – learn why (agentgenius.com)
U.S. home foreclosures surge (theglobeandmail.com)
July foreclosures surge 15% in Washington state (seattletimes.nwsource.com)
Foreclosures surge (capitolhillblue.com)
Government to spend $3 billion to help homeowners (marketwatch.com)
Homes lost to foreclosure up 6 pct from last year (sfgate.com)
Homes lost to foreclosure up 6% from last year (usatoday.com)
Billions to fund more programs to help homeowners – helpful? (agentgenius.com)
$3 billion more for jobless homeowners (money.cnn.com)
U.S. Treasury expands homeowner aid for jobless (reuters.com)
HUD Just Announced A Homeowner Bailout (businessinsider.com)
“Obama Administration (Via Taxpayers) To Provide $3 Billion In Housing Aid To Unemployed Homeowners” and related posts (bookerrising.net)

Does it sound like it is too good to be true?

Jeff Tung — Thu, 22 Jul 2010 00:26:58 +0000

Beware!! There are predators out there and they will take advantage of people in time of need. It is unfortunate, but be aware. When looking for help, just be careful when you make a commitment. There are scams out there.

Advance-Fee Loan Scams (brighthub.com)
15 Scams and Ripoffs Executed Through TV Ads (rawjustice.com)
Scammers Are Out There and They Want Your Money (consumereducation.suite101.com)
If it sounds too good to be true, it probably is (realself.com)

Did you know FHA loans are assumable?

Jeff Tung — Wed, 07 Jul 2010 02:45:39 +0000

FHA loans have been around for a long time, however, it is more popular these days then ever before. Borrowers can qualify for a loan with as little as 3.5% of the sales price. Here are some things to know about these types of loans. With the way the economy is today, these programs can help you.

The Seven Things All Borrowers Should Know About FHA Loans(prweb.com)
Partners Eligible for FHA Financing(pinkbananaworld.com)
Mortgages: Changes in Mobile-Home Lending(nytimes.com)
Requirements Mortgage Loan(themortgagepot.com)
FHA Streamline Refinance Guidelines 2010(fhaloanadvice.com)
Average Homeowner In Obama Foreclosure Program Deeply Underwater, Drawing Calls From GOP To Cut Off Help(huffingtonpost.com)

Things to consider when buying a home

Jeff Tung — Mon, 28 Jun 2010 21:21:57 +0000

You’re renting now and your lease is about to expire, do you want to stay for another year or do you think you might want to take advantage of the best buying opportunity since 1968? Well before you make a decision to purchase, there are a few things to consider before you start shopping. Once you understand what’s involved, you will feel better about making a decision to pursue the “Great American Dream of Home-ownership”.

Why Homes Are Now The Cheapest Since 1968(businessinsider.com)
Top 10 Cities to Buy vs Rent (mint.com)
Should I Rent or Buy? (rentersinsurance.org)

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How is Europe?

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