Existing Home Sales and Mortgage Apps Fall Again

The National Association of Realtors reports that total existing home sales - including single-family, townhomes, condominiums and co-ops - decreased 2% in March when compared to the previous month's sales.

Meanwhile, mortgage application volume continues to fall off weekly.  Over the past couple of weeks, application volume dropped by over 14% according to the Mortgage Bankers Association.

And although existing home sales and mortgage applications continue to show declines, conflicting sentiment seems to indicate that more people are positive about the overall economy than not.  Recent surveys show more American's feel they still can buy a home than those who feel they cannot.

What's your feeling now?  We'd love to get your feedback on exactly how you feel (overall) about the current economy.  Use the comment link below to give us your opinion.

Foreclosure Scams: Big Business Now

Among the byproducts of the U.S. housing crisis is a surge in scams that cheat people out of their money, their homes, or both, under the guise of offering to rescue them from foreclosure.

Almost every foreclosure rescue program you see advertised anywhere is fraud, and law enforcement lacks the funds to investigate or prosecute all the cases.

As well as extorting money with promises of help that never materialize, other rescue scams include tricking borrowers into signing over part or all of their property.  Often, the owners think they are signing a refinancing when they are actually signing a deed of transfer.

If you are in trouble with your lender, or behind on your mortgage, seek help before help finds you!  Because the help that finds you may not be help at all.  Scam artists are getting slicker and slicker every day in coming up with convincing ways to rob you blind.

If you've been the victim of fraud or some sort of scam, let us hear about it here.  Use the comment link below.  Your identity is protected, we never publish email addresses on this site, and you can even give us a fake name if you want to, that doesn't really matter.  We'd just like to hear your comments.  If you haven't been scammed, but know of someone who has… tell them about this website and ask them to come here and tell about their story.  Perhaps it will save others from falling prey to the same type of fraud.

Home Inspections: What Types Are There?

Professional home inspectors examine existing homes using professional standards as a measure to accurately report their condition to parties involved in a real estate transaction.

There are many types of property inspections offered by home inspectors, depending on your needs.  These include:

• Pre-Listing Inspections
• Pre-Purchase Inspections
• New Construction Inspections
• HUD/FHA Inspections
• Multiunit Inspections
• Annual Maintenance Checkup

When purchasing a home, many home buyers have saved literally thousands of dollars through information provided by the home inspector.  Home owners who have owned their homes for several years can even benefit from a home inspector's knowledge of maintenance and repairs, and experience to avert potential problems.  In many areas where disasters have occurred, homeowners have relied on inspectors to help them identify any damage resulting from storms, earthquakes, etc., some of which could be hidden if you're not trained to look for them.

Talk to us about home inspections.  We'll help you decide what type of inspection is right for you, depending on your circumstances.

Have you ever purchased a home without getting the recommended home inspection done prior to buying?  Leave us your comment if you've had a good or bad experience concerning home inspections.  We'd love to hear from you.  Your email address will never be published here, so your privacy is maintained.

Renter's Insurance: Why You Need It

So you're renting a house or condominium, and think the owner of the property has insurance, why would you need any?

The homeowner's property insurance policy that covers the physical dwelling you live in does not cover your possessions inside of the building.  A renter's insurance policy (also known as a tenant's policy) provides protection for your personal property, such as furniture or electronic equipment, in case of perils like fire, theft or wind damage from a hurricane.

Renter's insurance provides liability protection.  Unintentional bodily injury or property damage that you cause to others could be as financially damaging to you as a fire in your apartment.  Liability protection against accidental occurrences (such as a visitor slipping on your wet kitchen floor and breaking an arm) comes standard with renter's insurance policies.  Some renter's insurance policies will even include legal defense costs, should you need legal representation to defend you due to a liability claim.

Renter's insurance will also cover medical payments, including medical expenses for non-residents.

Compared to what you could stand to lose in the event of a serious loss, renter's insurance is cheap.  Check online, or check your Yellow Pages.  Most insurance companies offer renter's insurance, and you'd be playing Russian Roulette with your finances by NOT having it.

Reverse Mortgages: Pros and Cons

One of the most confusing mortgages to much of the general public is the reverse mortgage.  Lots of folks aren't sure what a reverse mortgage is, who qualifies, how to apply, and where to go to get information.

These are all great questions, and here is a great article that sums it up and explains it in simple terms.

Leave us any comment or question you might have about Reverse Mortgages by clicking on the comment link below.