For Sports Memorabilia & Custom Framing Visit:
Signature Framing
6716 NW 39th Expressway
Bethany, Oklahoma 73008
405-470-5834
OR
www.SignatureFraming.net
Friday, February 29, 2008
Wednesday, February 27, 2008
Great News for Oklahoma Real Estate!!!!
The 291-city report finds widespread declines, but the worst pain is found in California, where homes on average lost 6.7% of their value over the year; Florida, where homes prices declined 4.7%; and the desert Southwest, where overbuilt Arizona and Nevada continue to writhe.
Despite the drama in those places, though, prices in most of the rest of the country held up relatively well, losing less than 2% or even, in a few places, growing. The stability is found in the middle of the country, which never saw the stunning boom-year price increases that now are unraveling in former boom markets like Florida, California, Arizona and Nevada.
In eight states, house prices rose year over year: Utah, 9.3%; Wyoming, 8.3%; North Dakota, 7.8%; Montana, 6.9%; Texas, 6.2%; New Mexico, 5.4%; Washington, 5.4%; and Oklahoma, 5.1%.
Courtesy of: MSN.com and www.WyattPoindexter.com
Wyatt Poindexter
Keller Williams Realty
405-417-5466
wyatt@wyattpoindexter.com
Despite the drama in those places, though, prices in most of the rest of the country held up relatively well, losing less than 2% or even, in a few places, growing. The stability is found in the middle of the country, which never saw the stunning boom-year price increases that now are unraveling in former boom markets like Florida, California, Arizona and Nevada.
In eight states, house prices rose year over year: Utah, 9.3%; Wyoming, 8.3%; North Dakota, 7.8%; Montana, 6.9%; Texas, 6.2%; New Mexico, 5.4%; Washington, 5.4%; and Oklahoma, 5.1%.
Courtesy of: MSN.com and www.WyattPoindexter.com
Wyatt Poindexter
Keller Williams Realty
405-417-5466
wyatt@wyattpoindexter.com
Wednesday, February 20, 2008
Obeo Partners with Zillow.com
Obeo, the largest provider of full-service residential real estate online marketing products in North America, today announced a partnership with real estate Web site Zillow. Zillow's newly launched free Listings Feed program allows brokerages and Web vendors across the country to automatically bulk feed their for-sale listings to Zillow.com, which reaches 4 million people each month.
Through Listings Feed, Zillow will also offer a virtual Sold Sign program in the coming months. Virtual Sign Sold allows a broker's branding and contact information to become permanently embedded in a sold home's Zillow page.
"An enhanced Obeo listing that offers a high-quality virtual tour and interactive tools such as SpaceDesigner, a drag-and-drop furniture layout planner; and StyleDesigner, a virtual home-remodeling tool, help our customers better market properties," said Glade Jones, Obeo's president and CEO. "Combine those features with the expanded reach Zillow's Listings Feed program provides and you've got an Obeo customer positioned to greatly improve their numbers - in any market."
Having that dynamic visual content and interactive research tools is critically important but only one component, according to Brent Gray, Obeo's chief operating officer. "An agent has to have the means to deliver that content to buyers," he said. "Establishing a relationship with a forward-looking industry giant like Zillow will help us give our customers the competitive edge they seek."
"At Obeo, our mission has always been to bring the best online marketing solutions to real estate professionals across North America, and to align ourselves with others doing the same thing," Jones said. "We are elated Zillow.com has joined our elite group of marketing partners that includes Google Base, Trulia, Realtor.com, Yahoo! Real Estate and Homes.com."
www.OBEO.com
Through Listings Feed, Zillow will also offer a virtual Sold Sign program in the coming months. Virtual Sign Sold allows a broker's branding and contact information to become permanently embedded in a sold home's Zillow page.
"An enhanced Obeo listing that offers a high-quality virtual tour and interactive tools such as SpaceDesigner, a drag-and-drop furniture layout planner; and StyleDesigner, a virtual home-remodeling tool, help our customers better market properties," said Glade Jones, Obeo's president and CEO. "Combine those features with the expanded reach Zillow's Listings Feed program provides and you've got an Obeo customer positioned to greatly improve their numbers - in any market."
Having that dynamic visual content and interactive research tools is critically important but only one component, according to Brent Gray, Obeo's chief operating officer. "An agent has to have the means to deliver that content to buyers," he said. "Establishing a relationship with a forward-looking industry giant like Zillow will help us give our customers the competitive edge they seek."
"At Obeo, our mission has always been to bring the best online marketing solutions to real estate professionals across North America, and to align ourselves with others doing the same thing," Jones said. "We are elated Zillow.com has joined our elite group of marketing partners that includes Google Base, Trulia, Realtor.com, Yahoo! Real Estate and Homes.com."
www.OBEO.com
Tuesday, February 19, 2008
Breaking News from CNBC
Breaking News! CNBC just reported the six mortgage banking entities involved with the Fed to help resolve the foreclosure mess has agreed to a 30 day moratorium on foreclosures.
And now, the rest of the story...Interest rates were beating feet higher last week before the 3 day holiday and have not eased as of this morning. The Stock Market is attempting to break resistance this week to go higher and bonds are sliding-yields up. The Ten Year Note Yield was up 12 basis points last week (0.12 percentage point) and up almost 9 this morning. Oil prices are again up ~$3 to near $99 a barrel.
As always, enjoy the day and the warm weather, a joy-killing swine Canadian air mass comes tomorrow night.
Courtesy of:
Kevin Foreman
Globe Capital Home Loans
405-478-8484 direct
405-605-6141 office
405-605-6147 fax
kevinforeman@cox.net
And now, the rest of the story...Interest rates were beating feet higher last week before the 3 day holiday and have not eased as of this morning. The Stock Market is attempting to break resistance this week to go higher and bonds are sliding-yields up. The Ten Year Note Yield was up 12 basis points last week (0.12 percentage point) and up almost 9 this morning. Oil prices are again up ~$3 to near $99 a barrel.
As always, enjoy the day and the warm weather, a joy-killing swine Canadian air mass comes tomorrow night.
Courtesy of:
Kevin Foreman
Globe Capital Home Loans
405-478-8484 direct
405-605-6141 office
405-605-6147 fax
kevinforeman@cox.net
Monday, February 18, 2008
Oklahoma not following recession's path
WHAT IF the national economy threw a recession, but Oklahoma decided not to attend?
"We're not going to play along with the nation,” said Keith Geary, president of Capital West Securities in Oklahoma City. "For us here everything is going really well.”
Two sectors that are slowing the national economy — housing and energy — are positives for the local economy.
The average sales price of an existing home in Oklahoma rose last year by 4.24 percent while the number of foreclosures filed in the state declined nearly 13 percent. Meanwhile, about 39 percent of homes bought nationally last year are worth less than what the homeowners still owe, according to zillow.com.
While local consumers are no happier with near-record gasoline prices than those who live elsewhere, Oklahomans pay among the lowest prices for fuel. And those high prices have fueled expansion in Oklahoma's robust energy sector, which produces jobs, higher wages and taxes for the state.
Courtesy of: www.newsok.com
"We're not going to play along with the nation,” said Keith Geary, president of Capital West Securities in Oklahoma City. "For us here everything is going really well.”
Two sectors that are slowing the national economy — housing and energy — are positives for the local economy.
The average sales price of an existing home in Oklahoma rose last year by 4.24 percent while the number of foreclosures filed in the state declined nearly 13 percent. Meanwhile, about 39 percent of homes bought nationally last year are worth less than what the homeowners still owe, according to zillow.com.
While local consumers are no happier with near-record gasoline prices than those who live elsewhere, Oklahomans pay among the lowest prices for fuel. And those high prices have fueled expansion in Oklahoma's robust energy sector, which produces jobs, higher wages and taxes for the state.
Courtesy of: www.newsok.com
Economic stimulus package will help jumpstart housing market
The economic stimulus package passed by Congress the first week of February may significantly boost the real estate market, according to the National Association of Realtors.
"We believe the economic stimulus bill that Congress sent to the president today is strong legislation that will quickly impact the nation's families and economy," said NAR President Richard Gaylord. "We are pleased that the Federal Housing Administration (FHA) and the Fannie Mae and Freddie Mac (GSE) loan limits have been increased, even if only temporarily. This will be a major stimulus for the housing industry and for people who want to own a home."
Mortgage Bankers Association Chairman Kieran P. Quinn also hailed last week's passage in the House and Senate of an economic stimulus package, saying: "This is an important step toward helping the U.S. economy. The housing components of the stimulus package should provide much needed liquidity for the mortgage markets, especially in areas with high housing costs. The temporary increase in the loan limits for FHA, Fannie Mae, and Freddie Mac will help consumers by providing important financing options, and will help restart the securitization market for higher value loans."
Increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home, according to NAR research. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the severely stressed housing finance market by immediately infusing much needed liquidity into the nation's mortgage market. "While such an increase will not solve the full range of housing challenges, it will play a vitally important role in improving the nation's economy and making the dream of homeownership more attainable for thousands," said Gaylord.
An economic impact study conducted by NAR earlier this month estimated that increasing the conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points. "These are real results and will have an immediate and sustainable impact for families across our country," said Gaylord.
"We believe the economic stimulus bill that Congress sent to the president today is strong legislation that will quickly impact the nation's families and economy," said NAR President Richard Gaylord. "We are pleased that the Federal Housing Administration (FHA) and the Fannie Mae and Freddie Mac (GSE) loan limits have been increased, even if only temporarily. This will be a major stimulus for the housing industry and for people who want to own a home."
Mortgage Bankers Association Chairman Kieran P. Quinn also hailed last week's passage in the House and Senate of an economic stimulus package, saying: "This is an important step toward helping the U.S. economy. The housing components of the stimulus package should provide much needed liquidity for the mortgage markets, especially in areas with high housing costs. The temporary increase in the loan limits for FHA, Fannie Mae, and Freddie Mac will help consumers by providing important financing options, and will help restart the securitization market for higher value loans."
Increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home, according to NAR research. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the severely stressed housing finance market by immediately infusing much needed liquidity into the nation's mortgage market. "While such an increase will not solve the full range of housing challenges, it will play a vitally important role in improving the nation's economy and making the dream of homeownership more attainable for thousands," said Gaylord.
An economic impact study conducted by NAR earlier this month estimated that increasing the conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points. "These are real results and will have an immediate and sustainable impact for families across our country," said Gaylord.
Saturday, February 16, 2008
Mortgage Rates Falling
Freddie Mac reported that the average 30-year Fixed Rate Mortgage (FRM) dropped to 5.67% in early February, down from a January of average of 5.76% and continuing a slide from a July peak of 6.73%. During the same time last year, FRMs averaged 6.22%. The average rate for a 5/1 Fixed Adjustable Rate Mortgage (ARM) fell to 5.21% in early February, down from a January average of 5.45%. The 1-year Treasury-Indexed ARM averaged 5.03% in early February, down from an average 5.23% in January. With all rates down, the 30-year FRM remains the value choice in this market; with the 5/1 Fixed ARM providing a balance between increased affordability and long-term security.
Existing-home sales to hold in narrow range, then begin upward trend
The housing market may continue to be in the buyer's column over the next few months, according to the latest forecast by the National Association of Realtors. Sales activity is likely to remain soft during the next six months, in spite of low interest rates and lower prices. However, pent-up demand will likely bring potential buyers off the sidelines to boost home sales in the second half of the year. An economic stimulus package that increases access to conventional and government loans can also have a strong impact on the market.
"Existing-home sales have moved narrowly since last September, but when the full impact of higher loan limits for conventional mortgages begins to impact the market there is likely to be a notable rise in home sales and prices," said NAR Chief Economist Lawrence Yun. "If higher limits are enacted very quickly, we'll see a faster and more meaningful recovery by expanding safe, affordable financing in high-cost areas – that, in turn, would help to stimulate overall economic activity."
"Areas with a high prevalence of subprime lending will continue to feel downward price pressure. Where builders have cut construction sharply, and in most areas with improving affordability conditions, we'll generally see moderately higher home prices," Yun said.
New-home sales are likely to decline 17.7% to 637,000 in 2008 before rising 7.6% to 685,000 in 2009. "Builders will further lower new home construction throughout this year and into 2009 to bring inventory under control," Yun said. Housing starts, including multifamily units, are estimated to fall 20.1% to 1.08 million this year, and decline another 1.3% to 1.07 million in 2009. The median new-home price is expected to fall 4.3% 2008, and then increase 5.0% in 2009.
The 30-year fixed-rate mortgage is forecast to rise slowly to the 5.9% range in the fourth quarter, and then average 6.3% in 2009. "Affordability conditions are anticipated to rise 14.2% this year, permitting more people to become homeowners, but buyers should avoid aggressive lenders and not over-stretch to enter the market," Yun said. NAR's housing affordability index is expected to rise from 113 in 2007 to 129 in 2008.
"Existing-home sales have moved narrowly since last September, but when the full impact of higher loan limits for conventional mortgages begins to impact the market there is likely to be a notable rise in home sales and prices," said NAR Chief Economist Lawrence Yun. "If higher limits are enacted very quickly, we'll see a faster and more meaningful recovery by expanding safe, affordable financing in high-cost areas – that, in turn, would help to stimulate overall economic activity."
"Areas with a high prevalence of subprime lending will continue to feel downward price pressure. Where builders have cut construction sharply, and in most areas with improving affordability conditions, we'll generally see moderately higher home prices," Yun said.
New-home sales are likely to decline 17.7% to 637,000 in 2008 before rising 7.6% to 685,000 in 2009. "Builders will further lower new home construction throughout this year and into 2009 to bring inventory under control," Yun said. Housing starts, including multifamily units, are estimated to fall 20.1% to 1.08 million this year, and decline another 1.3% to 1.07 million in 2009. The median new-home price is expected to fall 4.3% 2008, and then increase 5.0% in 2009.
The 30-year fixed-rate mortgage is forecast to rise slowly to the 5.9% range in the fourth quarter, and then average 6.3% in 2009. "Affordability conditions are anticipated to rise 14.2% this year, permitting more people to become homeowners, but buyers should avoid aggressive lenders and not over-stretch to enter the market," Yun said. NAR's housing affordability index is expected to rise from 113 in 2007 to 129 in 2008.
Thursday, February 14, 2008
Happy Valentines Day!
Happy Valentines Day!
Home prices fell in a record number 77 U.S. metro areas in the fourth quarter according to the NAR. On a better note, President Bush signed the stimulus package which will send checks to American consumers starting in May...your check may vary in size. One thing that will interest your Jumbo Loan customers, currently at a $417,000 limit loan size, is a provision that will raise the Jumbo Loan limit to $729,750. I am waiting on more information on this and will pass it on to you. This is great news for larger home buyers as the Jumbo Rates have been really high for months now.
Although the Fed cut short term interest rates 1.25% in the last few weeks, the lending institutions are still tightening the lending practices. Many programs available 6-9 months ago no longer exist and having a Lending Partner able to help you help your buyers and sellers is becoming more and more important. Call me and let's talk about how I can help you be more successful.
Thanks and enjoy the warmth...a winter storm cometh...(and it is bringing some wet stuff for the weekend!)
Enjoy the day!
Courtesy of:
Kevin Foreman
Globe Capital Home Loans
405-478-8484 direct
kevinforeman@cox.net
Home prices fell in a record number 77 U.S. metro areas in the fourth quarter according to the NAR. On a better note, President Bush signed the stimulus package which will send checks to American consumers starting in May...your check may vary in size. One thing that will interest your Jumbo Loan customers, currently at a $417,000 limit loan size, is a provision that will raise the Jumbo Loan limit to $729,750. I am waiting on more information on this and will pass it on to you. This is great news for larger home buyers as the Jumbo Rates have been really high for months now.
Although the Fed cut short term interest rates 1.25% in the last few weeks, the lending institutions are still tightening the lending practices. Many programs available 6-9 months ago no longer exist and having a Lending Partner able to help you help your buyers and sellers is becoming more and more important. Call me and let's talk about how I can help you be more successful.
Thanks and enjoy the warmth...a winter storm cometh...(and it is bringing some wet stuff for the weekend!)
Enjoy the day!
Courtesy of:
Kevin Foreman
Globe Capital Home Loans
405-478-8484 direct
kevinforeman@cox.net
Wednesday, February 13, 2008
Oklahoma February Listing of the Month
$265,000.00
3035 NW 16th Street
Newcastle, Oklahoma 73065
Virtual Tour: www.HomesofNewcastle.com
This Yankee Barn style home was custom built in 1998 and sits on 5 acres. The unique property features stunning country views from every vantage point. The entry has a wonderful stream, walk over bridge and koi pond that greets you as you enter the front door. One of the most impressive aspects of this property is its spacious great room with soaring post and beam construction 30 foot ceiling, 7 inch wide oak flooring, massive stone fireplace and beautiful staircase that leads to the study, library and second master suite. The hallway has narrow barn windows with shutters that replicate milking stalls where a lantern hangs over each window. The kitchen is large and open with breakfast bar, walk-in pantry, and dining room with brick paver flooring. The first floor master suite has it's own living area, master bathroom with antique claw foot tub and walk-in closet. Some of the other impressive features of this property include: full surround sound and audio system, security alarm, satellite hook-up in every room, dog run, 220 wiring in garage, working library ladder, zoned heating & air, fenced acreage for horses, wild blackberry bushes, redbud & maple trees, etc. This home gives you the real country setting with just a 20 minute drive to Downtown Oklahoma City. Call Wyatt Poindexter at 405-417-5466 for your private tour!
This home is listed by:
Wyatt Poindexter
Keller Williams Realty
405-417-5466
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