Blog Archives for March, 2012

Market Conditions

March 1, 2012

Northwest Indiana real estate has seen its worse days in my opinion. I have worked in this industry for over 25 years now and we have seen several ups and downs in the market. Of course nothing like the last 3 years, but things are looking up. With financing still an issue in some cases, the USDA loans have been a blessing to so many families that would not have been able to buy a home otherwise. This program has changed so much over the last 25 years. For the good and the benefit of so many families in rural areas. The Department of Agricultural is who is responsible for this program.

Prices of homes are still at an all time low, but that is great for the buyer. The sellers have come to the realization that it is going to take time to recover. I dont think we will ever see the 5 and 7 % increases in a year that we had seen, but we will have the natural progression of a normal 1 to 3 % after the economy starts moving.

Now I will ask a personal favor. When you go to the voting booth. Please vote for the person you feel will create jobs. We have got to focus on putting cash back into the economy and the only way that will happen is if Government stops getting larger, and puts that money toward building infulstructure across our nation.

For more information on anything mentioned in this blog. Feel free to call me

Have a great week

Barb Morgin ABR, CRB, CRS, GRI

Broker/Owner

Morgin Realty

HUD Proposed Changes

March 3, 2012

FHA Programs (Federal Housing Administration)

HUD Announces Proposed Rule to Reduce Permitted Seller Concessions

This week the US Department of Housing and Urban Development (HUD) announced a proposed rule on permitted seller concessions for loans insured by the Federal Housing Administration (FHA). This proposed rule is one of three initiatives HUD is undertaking to contribute to the restoration of the Mutual Mortgage Insurance Fund (MMIF). Similar to what was proposed in the President’s budget, the rule limits concessions to 3 percent or $6,000, whichever is greater. It also limits acceptable use of concessions to borrower closing costs, prepaid items, discount points, the FHA Upfront Premium, and interest rate buydowns. The seller concession cannot exceed the actual closing costs prohibiting cash to the borrower at closing.

Let Morgin Realty keep you up to date on changes in the market. Call Barb Morgin when your in need of any real estate services.

Blog Archives

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