http://www.batonrougerealestatebuzz.com/ – Baton Rouge Real Estate: To Refi Or Not To Refi. THAT Is the Question In September 2010

The KCM Blog (Keeping Current Matters…building a home for real estate information) has posted financial tips advice on refinancing in today’s low mortgage rate environment: To Refi Or Not To Refi….THAT Is the Question . Read the entire article at this link and Buzz is providing a few snippet paragraphs below:

“Holy Cow! Have you taken a look at where interest rates are these days??? There are Ten Year Mortgages in the 3.75% range for heaven’s sake! Yes, 3.75%!!! What are some of the issues to consider as you (and all of America) contemplates a refinance?”

1. Does it make financial sense?

If you are considering a “rate/payment reduction” refinance, I typically recommend that people do one simple calculation.

2. What about a refinance to shorten the term of a mortgage?

When examining the possibility of cutting years off your mortgage, you should take a good hard look at how such a move can affect your monthly cash flow.

3. What will my home appraise for?

This is the biggest challenge facing most people. With so many homes underwater, there are many people who won’t be able to refinance.

4. Should I lock in?

Even though conventional wisdom is that rates are likely to stay low for a while, history has shown that when they do go up, they go up quickly and dramatically; therefore, my advice is that if you like the rate you are quoted, lock it and sleep well.

5. How will my income and credit be looked at?

Your refinance creates a new loan that will likely be bundled and sold in a new mortgage-backed security; therefore, this new loan will be underwritten to today’s guidelines (which are tighter than they were a few years back).

The most important thing is to speak with a solid mortgage professional and try to address any hurdles BEFORE you spend your money. Compare the proposed savings; honestly assess your home’s value; review your income, assets and credit; all ahead of time to improve the likelihood of a desired outcome.”

http://www.batonrougerealestateappraisal.com/ – Good Legal News For Greater Baton Rouge Home Owners Dealing With Chinese Drywall!

Below is news about Chinese Drywall Litigation for Florida and Louisiana as quoted below from: http://www.lawyersandsettlements.com/case/chinese-drywall-problems.html?ref

“Chinese Drywall Litigation Heats Up News

July 28, 2010. By Jane Mundy

Miami, FL: Having recently lost a
<http://www.lawyersandsettlements.com/case/chinese-drywall-problems.html?ref
=article14638> Chinese drywall lawsuit, Banner Supply Company is now facing
a class action lawsuit, which will attempt to include all Florida homeowners
who bought drywall from the distributor. The class action alleges that
Banner knew the drywall was defective in 2006 and was negligent in not
warning consumers.

Chinese Drywall Litigation Heats UpMeanwhile, homeowners with defective
drywall are also concerned that their home insurance policy may not cover
Chinese drywall. LawyersandSettlements recently reported on the
<http://www.lawyersandsettlements.com/articles/14512/chinese-drywall-china-2
8.html> decision by Judge Robert Doumar, in the federal court in Norfolk, VA
(Travco Insurance Co. v. Ward).

However, there may be good news for Louisiana homeowners.

Louisiana Governor Bobby Jindal signed legislation barring insurers from
ending homeowners’ insurance coverage if a policyholder files a claim based
on tainted Chinese drywall. In late 2009, Louisiana Insurance Commissioner
Jim Donelon said if the policyholder has been with the insurer for more than
three years, the state’s insurers will not be able to cancel policies
related to tainted drywall manufactured overseas. The state’s last resort
insurer, Louisiana Citizens Property Insurance Corp., now has a “bare bones”
policy to meet the requirements of lenders when a homeowner needs to vacate
a house.

On the federal level, experts predict that a bill known as the Foreign
Manufacturer Legal Accountability Act will likely be passed in the next
month or so. Developed in response to the public outcry that resulted when
consumers found out that the Chinese manufacturers could not be held
accountable under US law for the defective products, the law would allow
Americans to sue foreign consumer-product makers in US courts.

The Act will require foreign manufacturers of “covered products” to
designate a registered US agent to receive service of process on behalf of
the company. This basically means that foreign manufacturers can be sued in
the United States for any civil action related to those covered products.
The law would also prohibit any person from importing covered products from
manufacturers who do not have registered agents in the US.

Possibly more good news for homeowners: lawyers are currently trying to set
some rules in Chinese drywall settlements. According to court papers filed
in New Orleans, Knauf Plasterboard Tianjin Co. Ltd. (KPT) and builders could
unfairly use settlements to get homeowners to unwittingly waive their legal
rights or to agree to inadequate remediation. The lawyers want US District
Judge Eldon Fallon, who has ruled in favor of homeowners in two early test
cases, to require greater disclosure by KPT and builders-including
settlement details and prior court decisions-in any communications with
homeowners.

Judge Fallon ordered KPT and another manufacturer to remediate those homes
by gutting and rebuilding their interiors. But attorneys contend that
disclosure is needed because the settlement attempts are intended to bypass
the judge’s rulings and undermine the judge’s rulings as the basis for a
national remediation standard. Manufacturers are appealing, but KPT is
beginning to seeking settlements with builders who used its drywall.

Chinese Drywall Problem Legal Help

If you have suffered losses in this case, please send your complaint to a
lawyer who will review your possible [
<https://www.lawyersandsettlements.com/submit_form.html?label=chinese-drywal
l-problems&ref=article14638> Chinese Drywall Problem Lawsuit] at no cost or
obligation.

[
<http://www.lawyersandsettlements.com/case/chinese-drywall-problems.html?ref
=article14638> READ MORE CHINESE DRYWALL PROBLEM ARTICLES ]“

http://www.southpointappraiser.com/ – Denham Springs Housing Statistics: South Point Subdivision August 2010

Solds In South Point from 1/2010 to 8/31/2010 revealed:
Average Sales Price: $147,476
Average Sold Price Sq. Ft.: $88/sf (-$5.33/sf Decline From 2009)
Median Sold Price: $149,500 (+4,500 Increase From 2009)
Number of Sales: 21
Low To High: $106,500 to $198,500
Number of Sold REO/Foreclosures Noted In MLS: 5
Current # Listings: 26 (NOTE: MORE LISTINGS THAN SALES)
Current Listings Prices: $103,500 To $198,900

The BIG Change is that while the Median Sales Price has increased +8.1%, the Average Sold Price Per Sq. Ft. has declined by -$5.33/sf. And, there’s more listings now than total sales in all of 2010.

Tags: denham springs, denham springs real estate, south point subdivision, denham springs real estate agents, denham springs realtor, denham springs realtors, denham springs housing, denham springs homes

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http://www.denhamspringsappraisers.com/ – Walker La 70785 Real Estate: Collins Place Subdivision Housing Report July 2010. In this video, Western Livingston Parish’s Home Appraiser, Bill Cobb, reports on Collins Place Subdivision Stats with Video Tour.

Tags: Walker La, Walker Louisiana Real Estate, Collins Place, Livingston Parish Real Estate, Denham Springs Real Estate, Baton Rouge Real Estate, 70785

This is the monthly Keller Williams Realty “This Month In Real Estate US” edition.

http://www.denhamspringsappraisers.com/ – Bankrate.com: Summary Of Real Estate Appraisal Rule Changes In Dodd-Frank Act 2010. These are the new rules that apply to Denham Springs Louisiana Home Appraisals!

I have provided a few snippet paragraphs from this two page article below. Read the full article here: Real Estate Appraisal Rules Changing

“According to Lucien Salvant, a spokesman for the National Association of Realtors, or NAR, in Washington, D.C., the law is intended to:

*Strengthen appraiser independence.
*Sunset a problematic industry agreement known as the Home Valuation Code of Conduct, or HVCC.
*Regulate appraisal management companies.”

“Buyers, sellers can inform appraisers

That said, the end of the HVCC should help to clear up widespread confusion over who can present information — including data about recent sales — to an appraiser.

“The intent of the HVCC was to put a firewall between the lender and appraiser, but it put up such a big wall that everybody was afraid to talk to appraisers,” Salvant says. “The (new law) does say that Realtors and sellers and buyers can talk to (appraisers).”"

“Appraisal management companies

The new law also regulates appraisal management companies, or AMCs. AMCs aren’t new, but they have gained more control over real estate appraisers and appraisals in the 15 months since the HVCC was implemented.

The financial reform law requires federal oversight of AMCs controlled by federally regulated financial institutions. It also requires state registration of all other AMCs, according to the Appraisal Institute.”

“Questions to ask (editor’s note: should be rephrased “Questions AMC’s should be asking those appraisers they intend on hiring for the appraisal order”)

If there is an upside to the confusion over appraisals, it’s that homebuyers, sellers and homeowners are now more aware of these issues, says Richard Koestner, a partner at Koestner, McGivern & Associates, an appraisal firm in Davenport, Iowa. He says they are more likely to ask questions about the appraiser’s experience and expertise and calls the development “encouraging.” He also offers a few examples of questions buyers and sellers might want to ask:

How long have you been an appraiser?
How many appraisals have you completed?
How often do you appraise homes in this area?
How familiar are you with the local market?
Where do you get the data that you use in your appraisal reports?”

Read the full article here: Real Estate Appraisal Rules Changing

http://www.denhamspringsappraisers.com/ - Denham Springs FHA Appraisers Study: Livingston Parish Housing Bucks National Trend Plunge Of 15 Year Lows!

This morning, “The Guys” from TBWS reported existing home sale fell 27.2%, the lowest number of sales since 1968, see the video below.

The Baton Rouge Business Report is reporting on a National Assocation of Realtors housing study and I quote: “Sales of previously occupied homes fell to the lowest level in 15 years last month as the economy weakened. The National Association of Realtors says July’s sales fell by more than 27% to a seasonally adjusted annual rate of 3.83 million. It was the largest monthly drop on records dating back to 1968. June’s sales pace was revised downward to 5.26 million. Home sales picked up in the spring when the government was offering tax credits. But the market has struggled since the tax credits expired on April 30. It would take 12.5 months to sell off the 4 million unsold homes on the market at the current sales pace. The median sale price was $182,600, up 0.7 percent from a year ago.” I have included three charts below from Mortgage News Daily’s July Existing Home Sales: Recap and Charts to help put this in perspective. I then discuss the local Baton Rouge Housing Market Numbers.

While the NAR study covers the entire U.S., how do the local Western Livingston Parish housing sales numbers compare? By Western Livingston Parish, I’m defining Denham Springs, Watson and Walker, MLS Areas 81, 82 and 83, the more active portion of Livingston Parish. The answer is that I see Western Livingston bucking the national trend. Within the Greater Baton Rouge Association of Realtors data extracted from 1999 through August 25, 2010, covering almost 12 total years, the lowest yearly rate of home sales was in 1999 with 759. As of 8/25/2010, there have been 654 home sales. If this pace of home sales continues, 2010 projections will be approximately 980 sales, which would conclude a healty housing market.

The chart below, extracted from data from the GBRMLS on August 20, 2010, shows that the median sales price in MLS Area 81, Denham Springs north of Interstate 12, has continued to remain stable to increasing slightly. The chart actually shows an increase in median sales price from 8/2009 to 8/2010 of +3.49%. The chart also shows a fairly low 7.4% REO or Foreclosure Rate for this market as well, 235 foreclosures out of 3,175 homes sales since 1/1/2004.

HOWEVER

I want to responsibly point out that just because the NATIONAL “number” of home sales have been declining in 2010 doesn’t mean the LOCAL “housing prices” are equally declining significantly! And, this is an important point. As a home appraiser, the one thing I hear from local homeowners is a misunderstanding of the local market. They say things to me like, “I know this is a horrible time to be refinancing and getting an appraisal with the housing market the way it is, but we just couldn’t pass up the low mortgage rate”. I hear this constantly from locals and you can’t watch the national news and apply that to our local market. Linda Fredericks, former President of the Greater Baton Rouge Association of Realtors, is correct when she delivered the message that housing marketings are “local” and you can’t apply the national news headlines to a one size fits all local housing market!

Take The Baton Rouge Business ReportPoll: When will the U.S. housing market recover? So far results are:

NOTE: Data Used With Permission of the GBRAR MLS. Data was extracted on 8/25/2010 from periods 1/1/2009 through 8/25/2010.

Tags: Western Livingston Parish, Denham Springs Housing Study, Denham Springs Real Estate, Watson Louisiana Housing Study, Walker Louisiana Housing Study

http://www.batonrougerealestatebuzz.com/ - July 2010 U.S. Home Sales Plunge To 15-Year Low, How Does Western Livingston Parish Compare?

This morning, “The Guys” from TBWS reported existing home sale fell 27.2%, the lowest number of sales since 1968, see the video below.

The Baton Rouge Business Report is reporting on a National Assocation of Realtors housing study and I quote: “Sales of previously occupied homes fell to the lowest level in 15 years last month as the economy weakened. The National Association of Realtors says July’s sales fell by more than 27% to a seasonally adjusted annual rate of 3.83 million. It was the largest monthly drop on records dating back to 1968. June’s sales pace was revised downward to 5.26 million. Home sales picked up in the spring when the government was offering tax credits. But the market has struggled since the tax credits expired on April 30. It would take 12.5 months to sell off the 4 million unsold homes on the market at the current sales pace. The median sale price was $182,600, up 0.7 percent from a year ago.” I have included three charts below from Mortgage News Daily’s July Existing Home Sales: Recap and Charts to help put this in perspective. I then discuss the local Baton Rouge Housing Market Numbers.

While the NAR study covers the entire U.S., how do the local Western Livingston Parish housing sales numbers compare? By Western Livingston Parish, I’m defining Denham Springs, Watson and Walker, MLS Areas 81, 82 and 83, the more active portion of Livingston Parish. The answer is that I see Western Livingston bucking the national trend. Within the Greater Baton Rouge Association of Realtors data extracted from 1999 through August 25, 2010, covering almost 12 total years, the lowest yearly rate of home sales was in 1999 with 759. As of 8/25/2010, there have been 654 home sales. If this pace of home sales continues, 2010 projections will be approximately 980 sales, which would conclude a healty housing market.

The chart below, extracted from data from the GBRMLS on August 20, 2010, shows that the median sales price in MLS Area 81, Denham Springs north of Interstate 12, has continued to remain stable to increasing slightly. The chart actually shows an increase in median sales price from 8/2009 to 8/2010 of +3.49%. The chart also shows a fairly low 7.4% REO or Foreclosure Rate for this market as well, 235 foreclosures out of 3,175 homes sales since 1/1/2004.

HOWEVER

I want to responsibly point out that just because the NATIONAL “number” of home sales have been declining in 2010 doesn’t mean the LOCAL “housing prices” are equally declining significantly! And, this is an important point. As a home appraiser, the one thing I hear from local homeowners is a misunderstanding of the local market. They say things to me like, “I know this is a horrible time to be refinancing and getting an appraisal with the housing market the way it is, but we just couldn’t pass up the low mortgage rate”. I hear this constantly from locals and you can’t watch the national news and apply that to our local market. Linda Fredericks, former President of the Greater Baton Rouge Association of Realtors, is correct when she delivered the message that housing marketings are “local” and you can’t apply the national news headlines to a one size fits all local housing market!

Take The Baton Rouge Business ReportPoll: When will the U.S. housing market recover? So far results are:

NOTE: Data Used With Permission of the GBRAR MLS. Data was extracted on 8/25/2010 from periods 1/1/2009 through 8/25/2010.

Tags: Western Livingston Parish, Denham Springs Housing Study, Denham Springs Real Estate, Watson Louisiana Housing Study, Walker Louisiana Housing Study

http://www.denhamspringsappraisers.com/ – With Federal Tax Credit Expiration, Denham Springs Livingston Parish Home Sales Numbers Decline Into July 2010!

The Baton Rouge Business Report Daily PM Report is report a Capital Region home sales plunge of 21% in July 2010. “The number of homes sold in metro Baton Rouge fell by 21% in July compared with the year before, as the market corrected itself after being bolstered by the federal homebuyer tax credit. There were 523 homes in the Capital Region sold in July, compared with 665 sales in July 2009, according to figures from the Greater Baton Rouge Association of Realtors Multiple Listing Service. An $8,000 tax credit for homebuyers expired earlier this year, and transactions had to be under contract at the end of April to qualify for the money. That led to Capital Region home sales posting 21% and 28% increases in April and May over last year. The average sale price in July was $197,076, down from the $203,735 average in July 2009. Sales were down nearly 31% in Ascension Parish in July, from 111 in 2009 to 77. Livingston Parish saw a 25% drop, from 114 homes changing hands to 85. In East Baton Rouge, there was a 24% drop in home sales, from 414 to 313. The other category, which includes MLS sales in West Baton Rouge, Iberville and the Feliciana parishes, actually saw an 85% increase, from 26 to 48. Through the first seven months of the year, home sales continued to run slightly ahead of the 2009 pace. There were 4,107 homes sold through the end of July, up 3% from the 3,985 sales total at the end of July 2009.”

http://www.batonrougerealestatebuzz.com/ – Walker Louisiana Estate Home For Sale Video: 32145 North Corbin Road 70785

Change “360p” to “480p” to watch in higher quality

Watch more Greater Baton Rouge Homes For Sale Pro Videos Here:

Tags: Baton Rouge Real Estate, Baton Rouge Real Estate Agents, Baton Rouge Realtors, Greater Baton Rouge Real Estate, Real Estate Baton Rouge