A Little Self Promotion - Virtual Tour Style

Come take a wonderful look at this virtual tour of 138 Rockhill Drive in Meridianville.  Click and see if its something you may be interested in!  Give us a call using the contact info at the top of the page!

Huntsville Metro Area Homes

Foreclosures Up Nationwide in 2013 - RealtyTrac says Yes.

There have been two private sources that have confirmed that there will be more foreclosures hitting the market for 2013.  The new story from RealtyTrac confirms that to be true.

The opening statement from Dow Jones Newswires -

"The number of U.S. properties with foreclosure filings fell 3% in 2012 from 2011, but a backlog of delayed foreclosures could contribute to increased activity this year, according to market researcher RealtyTrac."

And the paragraph later down...

"Foreclosure activity increased in 25 states last year and 20 of those states use the longer judicial foreclosure process."

And this to add on to that segment...

" 'We expect to see continued increases in judicial foreclosure states near the beginning of the year as lenders finish catching up with the backlogs in those states, and another set of increases in some nonjudicial states near the end of the year as lenders adjust to the new laws and process some deferred foreclosures in those states,' said RealtyTrac Vice President Daren Blomquist."

So if you're in the mindset of looking for foreclosures, especially here in the Huntsville Alabama Metro Area. Then keep an active eye on the real estate, you never know what might pop up.  We here at Huntsville Metro Area Homes will be sure to be following this closely.

Today's Tidbit:  Good news for University of Alabama - Huntsville NCAA Division I ice hockey program.  The WCHA, one of the oldest & successful hockey conferences, has extended an invitation for UAH to join and was accepted yesterday afternoon at the annual NCAA Convention, which took place in Dallas this year.  

Huntsville Metro Area Homes

New Homes Leading the Way in Housing Growth

With the Real Estate Housing Market slowly coming alive once again, the one leading the charge into positive territory is the New Construction.  Here in the Huntsville Alabama Real Estate Market, we have seen this first hand with the many new construction subdivisions popping up all over the Metro Area.  From West Huntsville to South Huntsville, Construction companies of Breland Homes and Hunter Communities, these new subdivisions have seen growth as clients are supporting these over resale homes.  Clients are getting a competitive price for something new against a resale home which may or may not need a little extra TLC.

With Housing Up 6%, hopefully the market will continue to heal itself and lead to more confident home ownership. The link below will take you to a video talking about possible changes to Fannie Mae & Freddie Mac.  It is certainly worth thinking about as more taxpayers are on the line for mortgages as more people get back into the housing market.

BlackRock Vice Chairman Barbara Novick

Today's Tidbit:  It has been a soggy week in the Huntsville Metro Area.  This is the 6th? day of rain...due to a stuck stationary front over the Tennessee Valley.  This should be pushed out of the way as a new cold front comes through releasing sunshine for Friday, Saturday, and Sunday, and leading to very cold air on Monday and Tuesday in which the highs may not break the freezing point.  Save the pets and plants, keep them indoors.  Remember for local weather you may always go to WHNT.com, WAFF.com, or WAAYTV.com.

Huntsville Metro Area Homes

New Rules from the Consumer Financial Protection Bureau (CFPB)

The Consumer Financial Protection Bureau has issued new rules that will take effect Jan 21st.  Mortgage Lenders will have 1 year to implement the changes.  CNN Money had quick breakdown in an article they wrote.  Below are important questions and answers they put forth.

Which lenders do the rules cover? All companies that give out mortgages will be governed by the new rules -- big national banks, savings and loans, community banks and credit unions.

How is a "qualified mortgage" defined? The rules spell out what is called a qualified mortgage. To judge whether a loan is qualified, lenders must consider these factors:

• Income and assets must be sufficient to repay the loan;
• Borrowers must document their jobs;
• Credit scores must meet minimum standards;
• Monthly payments must be affordable;
• Borrowers must be able to afford other debts associated with the property such as home equity loans;
• Borrowers must be able to afford all home-related expenses such as property taxes; and
• Lenders must consider a borrower's other obligations like student loans, car loans and credit cards.

What if a borrower doesn't meet all those guidelines? A homebuyer could still get a mortgage, but only if the mortgage payments don't exceed 43% of the borrower's pre-tax income.

What other requirements are there? When judging ability to repay, lenders can't use payments based on interest-only loans or so-called negative-amortization rates, in which mortgage balances grow over time.

They also can't use teaser rates, which adjust higher after a set term. Loan terms cannot exceed 30 years, and up-front fees, such as points paid to reduce interest rates, must not be excessive.

To be clear: The rules don't prohibit those unconventional types of loans. But lenders, in deciding whether to give out such a loan, must judge a borrower's ability to repay as if the loan were a conventional loan.

When will the rules go into effect? The rules start to kick in by January 21, but lenders will have 12 months to fully implement them.

What about jumbo loans? The ability -to-repay rule covers even the large, so-called jumbo loans, which are not backed by any government agencies such as Fannie Mae or Freddie Mac.

Are there any exceptions? People with subprime adjustable-rate mortgages or other risky loans who are refinancing can do so without going through the full underwriting process required by the new rules.

**The CFPB is also proposing that mortgages issued by certain non-profits for low-income homebuyers be exempt from the rules. The agency also wants to make exceptions for some refinacings made through the Home Affordable Modification Program and for some loans issued by small community lenders. These proposals, if approved, will be finalized this spring.

Today's Tidbit:  Hard to believe we are at the end of the 2nd week of Jan.  The year had just started and already we're rolling along.  For the most part everyone is in a great mood, of course that could be the afterglow of Alabama's dominating victory over formerly #1 Notre Dame in the BCS National Championship Orange Bowl down in Miami.  There's not many things that bring a community together more than a collectively joyful experience.  Sociologists call this a great collective mood enhancer for those affected by several weeks and at times several months depending on the situation, environment, and memories.  Back to Back championships are a rare thing in sports, 3 in four years becomes even more rare.  If you're listening to the national media, they talk about dynasties.  A true dynasty is the SEC winning 7 national titles in a row.  Alabama is on the right track and hopefully all the good will and great emotions will continue to flow to the rest us here in the state.

Huntsville Metro Area Homes

Looking International from Huntsville Alabama Real Estate Market

Sometimes its best to poke your head out of the sand and see what's going on the in the rest of the world.  That's what this post today will look at.  We've managed to find three articles online and broke them down to give you the relevant information.

The articles talked about China, Italy, & New Zealand.

In China, property values are continuing to rise despite all the effort the centralized government has put to curtail it from getting too expensive for potential home buyers.  The article from the DowJones Newswires put the average of 216 dollars / square meter  converting that for easier consumption for us that would be slightly over 20 dollars a square foot.  China's government has been restricting sales and bank credit in an effort to stop the rising price levels as well as appease its newly upwardly mobile middle class which are having fits in the increase of prices.  Price levels are expected to rise more again in 2013 and beyond.

Tecnocasa, an Italian Real Estate Agency, is predicting a 3-5% fall in sales prices in Italy nationwide.  However in large cities such as Rome and Milan, its expected that prices will stay somewhat stable.  Price declines in Italy are due to its collapsing economy and austerity package which had tax on single family homes included.

New Zealand is having a similar state to China.  There is increased demand for homes driving prices upwards, but there is also rebuilding continuing after over 10,000 homes were damaged in the Christchurch earthquakes of late 2010.  Government is expecting homes sales to drive a stronger economy going forward, but warn against a possible housing bubble.

Today's Tidbit:  Business happens all around the world and become a chain reaction of good or bad if we're not watching out.  So every now and again take a look around outside your local sphere, there might be something out there that could impact you.

Huntsville Metro Area Homes

Article from Allied Vans Moving Company about people relocating

Recently we found this infograph which is very important to both the Huntsville Alabama Real Estate Market and to the business market as a whole.  Below is a study by Allied Vans' Moving Company on the latest migration pattern within United States and Canada.  Blue represents incoming population, Red represents almost equal inbound and outbound population, and Yellow represents outgoing population.

For the fractions, bottom=2012 total inward migration #; top=2012 total outward migration #

Read more: http://www.businessinsider.com/atlas-vans-moving-map-2013-1#ixzz2HIjmUfux

Most of this fits with a few exceptions with the map put together below by ChiefExecutive.net on the best states for business.

2012 Migration Patterns by Atlas Van Lines

Today's Tidbit:  Remember the above is just one example from one company.  However, its best to take a look at the number and see where the highest difference in numbers is.  From there you can then look deeper to find why there's either a large exodus or large population boom coming for that state.

Huntsville Metro Area Homes

Happy New Year from your Huntsville Alabama Real Estate Market Professionals

We would like to wish all of you a very Happy New Year.  2013 came right at us like one of those Japanese Bullet Trains, non-stop I believe.  But we're here now in 2013 and its time to concentrate on the here and now and make the best of it.

Our hopes are with our own, our family, and our clients health.  To continue with a healthy business environment here in the Huntsville Alabama Metro Real Estate Market, which will in itself will make the market better.

We will strive to make this a better year for our clients and ourselves.  This is the time when we feel we have the most energy out there to harness and put it to use.

For 2013, let's all make a great beginning here in the Huntsville Metro Area!!!

Today's Tidbit:  This year the City of Huntsville will be 208 years old.  Still shining brightly after all these years.

Huntsville Metro Area Homes