Asking prices on for-sale homes rose 0.5 percent in April compared with March on seasonally adjusted basis, according to the latest report by Trulia’s Price Monitor. Together with increases in March and February, asking prices in April rose nationally 1.9 percent quarter over quarter, seasonally adjusted. 

Within the largest metro areas, asking prices rose year on year in some neighborhoods, but fell in others. Rents, however, rose in nearly all parts of these major metropolitan areas.

In Los Angeles, asking prices increased only in the downtown area. Prices fell elsewhere throughout the region, most of all in Long Beach, where rents also fell.

In the San Francisco Bay Area, prices rose most in San Francisco and fell furthest in Alameda County.

Hot off the press from my manager, Joe Cutrufelli …

We ended up the month +127% from last year!!

APR sold over 1 BILLION in the month for the highest sales month in the history of the company!!

Come one come all … Bring all of your old records and tax files … and purge, purge, purge!

You’ve probably heard the routine answers of how to improve your credit score – pay your bills on time, keep your balances low, don’t apply for new credit when you already have plenty. Here are a few tips you might not be aware of:

• Dust off your oldest credit card. Credit history is important and the longer you have a card the better it looks to reporting agencies. What’s more, if you stop using your oldest card, issuers may stop updating them to credit bureaus.
• Don’t close unused credit card accounts. Canceling a card may actually lower your score.
• Don’t consolidate your accounts. Rather than shuffle your balances to a lower rate card, keep several small balances.
• Add an installment loan to your credit mix. A quick way to improve your score is to show you’re responsible with other types of loans, such as auto, personal and student loans.
• Rather than pay down your highest interest cards, pay down the ones closest to their max. As a rule of thumb, you should keep your balances at 30% or less of their max.
• If you need to shop for a personal loan, submit your applications within a two-week period. A cluster of credit inquires won’t be looked at unfavorably if they fall within a short period of time.

Got this from one of my lenders …

Interesting fact:  Did you know that at a 7% interest rate, only 9% of your payment goes towards principal?  At 4% you are paying down your principal by 27%! 

Average interest rates over the last 30 years have been 7%.  This is as close to free money as we’ve ever gotten.  Buy now and build up equity quickly!

Mercury News

Next to filing for bankruptcy protection, nothing wrecks a borrower’s chances of qualifying for a home loan like a foreclosure.  And, some lenders may not look favorably upon borrowers who were able to successfully complete a short sale either.

Making sense of the story

• Although more than 4 million homes have been lost to foreclosure in the six years since the housing market began its descent, it’s a reality that the former owners will have to contend with the repercussions of foreclosures and/or short sales.  However, the passage of time makes all the difference.

• The mortgage-lending guidelines followed by the majority of banks prohibit lenders from making loans to people with foreclosure or short sale in their credit history, often for years. 

• Still, some homeowners who were foreclosed upon when the market first started to skid are now looking to buy another home and are getting approved for new loans.

• The likelihood of a borrower with a real-estate related blemish on their credit history being approved for a new loan depends on several factors, but largely on whether the borrower had a foreclosure or a short sale.

• Generally, borrowers who have a foreclosure in their credit history can expect to wait between two to seven years before a lender will even accept their loan application.  The waiting periods stem from guidelines most banks must follow in order to sell their loans to purchasers such as Fannie Mae and Freddie Mac.

• If a buyer with a past foreclosure is seeking a government-backed mortgage, the waiting period can vary before they can qualify.  The Federal Housing Administration, which insures roughly 30 percent of new loans, requires former homeowners to wait three years from the date of their foreclosure before they can qualify for a loan guaranteed by the agency.

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The New York Times

Homeowners considering finding a new job and refinancing a house may be wondering which task to take on first. According to mortgage experts, homeowners should complete their refinancing before making any major career changes, especially if they are planning to start their own business or become an independent contractor, in which case, income may fluctuate.

Making sense of the story

 During the refinancing process, homeowners may find that actively looking to leave their current job may impact how the bank views giving them a mortgage. The search will raise a question mark about their future employment and their ability to pay the mortgage.

 In addition to checking employment at the start of the application process, many lenders will verify such information as late as the last 72 hours before mortgage closing. If they learn a borrower is starting a new job in the very near future, the mortgage can be delayed or even derailed. And borrowers who withhold such information could be

committing income fraud. Other lenders, however, say they make loans based on a

moment-in-time snapshot of a borrower’s finances.

 An advantage to refinancing first is that the borrowers are freeing up additional cash flow by reducing their monthly payment.

 All that said, however, there are advantages to refinancing later, especially for those who might have to relocate when they change jobs.

 A person may get a new job with more income, which may help him or her qualify for a larger mortgage, or even better terms.

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http://on.car.org/GGAN35

CNNMoney

To help struggling homeowners, Bank of America recently launched a test initiative that will give some a chance to rent the very homes they risk losing.

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http://on.car.org/Hv7TS4

Wall Street Journal

For homeowners who have been waiting for interest rates to fall even further before refinancing, it might be time to pull the trigger on a deal. Rates are moving up – and could stay higher for a while, experts say.