Rich Patterson, Realtor, RE/MAX Urban, Downtown Dallas, Uptown Dallas, Oak Lawn, Oak Cliff

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Sunday, 02/05/2012

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2011
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Another mixed bag this week as the Gross Domestic Product came in at 2.8% which fell short of the wish-estimate of 3.2%. Add to this the uncertainty in Europe and it’s like we are floating down a river which has rapids. We have to just tread water so we can keep our head up to see what rock is coming at us. Once we get to some smooth water, we can feel comfortable putting our head down and swimming forward with out worrying about crashing into an economic rock that would knock us out.

Anyway…the good news is that because of this the Fed announced again that it will continue to keep rates low. Excellent! Remember what I said last week about buying power. Tell your clients that they have approximately 25% more buying power today than in 2007. What an opportunity!

This week Freddie Mac’s 30 year fixed rate ticked up a bit to 3.98% depending on program, credit and points. Have a great weekend and have your buyers call us so we can get them approved to buy.

This update is provided by my friends at WR Starkey Mortgage. Contact Susan Moore with WR Starkey for your loan approval and call or email me to help you find and close the sale on your new home.

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Do the math ... affordability of homes depends on many factors
I did some math this morning when I saw 30-year mortgage rates still under 4%. That's unbelievably low.
Ask George and Chuck
Should I buy a home with my boyfriend? Can I take over my neighbor's mortgage?
Ask George and Chuck
How can I get out of my listing agreement? Why has my bank cancelled my home's foreclosure?
Demystifying exchanged-property timelines
The start of 2012 has many investors looking for bargain properties, sometimes in bunches. The ways of funding the purchases also have become more creative as buyers rethink the role of real estate not only for their portfolios but also for their residences.
Selling this spring? Start cleaning now
Spring is the busiest time of the year for selling a home. The trees are budding, the grass is green, the songbirds return, and homebuyers feel the urge to begin their home-buying search.


Hampton Road DART Rail Station - Click the photo for station information

National Real Estate News

National Association of REALTORS® News
Pending Home Sales Decline in December, Remain Above a Year Ago
After reaching a 19-month high, pending home sales eased in December but stayed above year-ago levels.
Homeownership Matters to Nation
President's speech supports homeowners and struggling housing market.
December Existing-Home Sales Show Uptrend
Existing-home sales continued on an uptrend in December, rising for three consecutive months and remaining above a year ago.
Pending Home Sales Rise Again in November, Highest in a Year-and-a-Half
Data shows pending home sales continued to gain in November and reached the highest level in 19 months.
Existing-Home Sales Continue to Climb in November
Existing-home sales rose again in November and remain above a year ago. Also released today were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.
Exterior Replacement Projects Rated Best Investment
According to the 2011-12 Remodeling Cost vs. Value Report, exterior improvements are among the most valuable home investment projects.
NAR Applauds Mortgage Industry Reform Bill
The legislation provides for sensible reform of the secondary mortgage market and protects the interest of taxpayers.
NAR Urges Comprehensive Mortgage Finance Reform
(Dec. 7) Reforming the secondary mortgage market is essential for consumers and the nation, NAR said in testimony today.
Workforce Housing Forum Addresses Crisis
NAR, in partnership with the National Housing Conference, hosted a forum in Portland, Ore., to develop solutions to the workforce housing shortage.
NAR President Testifies Before Congress
Moe Veissi testified before the House Financial Services Committee on the health and importance of FHA.
MSNBC News Real Estate Section
Slideshow: What you can get for ... $400,000

Each week, TODAY real estate expert Barbara Corcoran looks around the U.S. to see what home buyers can get for their money. Each week, TODAY real estate expert Barbara Corcoran looks around the U.S. to see what home buyers can get for their money.
Sponsored By:
Where they touch down: Homes of the NFL stars

NFL stars past and present are not exactly hurting when it comes to palatial digs big enough to host the neighbors Super Bowl Sunday. Which one of these guys would you like to score an invite from?NFL stars past and present are not exactly hurting when it comes to palatial digs big enough to host the neighbors Super Bowl Sunday. Which one of these guys would you like to score an invite from?
N.Y. foreclosure lawsuit could slow home seizures
Bankers struggling to deal with faulty foreclosure paperwork just got hit with another major headache. New York State Attorney General Eric Schneiderman, recently tapped by President Obama to head a new task force to investigate mortgage fraud, sued three major U.S.
Trump's golden graves might not be costliest

In this Tuesday, July 20, 2004 file photo, a stone sphinx is shown at the entrance to the Woolworth mausoleum at Woodlawn Cemetery in the Bronx, New York. Burial in a Woodlawn mausoleum can cost more than $1 million.They say you can't take it with you when you die, but that's not necessarily true for the wealthiest Americans — like Donald Trump.
Neighborhood wins against off-campus wildness
Residents still talk about the night of the naked dancing girl. They describe how she grooved au naturel on their block in Stillwater, Okla., as another kegger raged at a rental house nearby.
Listing of the week: A work of whimsical art

While building their home goods business, Richard and Victoria MacKenzie-Childs also repaired a 1790s farmhouse. Now the 42-acre, whimsical, property is for sale.While building their home goods business, Richard and Victoria MacKenzie-Childs also repaired a 1790s farmhouse. Now the 42-acre, whimsical, property is for sale.
America is becoming a nation of renters

There was fresh data from the government Tuesday showing that the American dream of owning a home is fading fast. There was fresh data from the government Tuesday showing that the American dream of owning a home is fading fast.
Sponsored By:
Corzine apartment up for grabs — for $2.9M
The listing alone is enough to make most New Yorkers green with envy: a 2,400 square foot, 2 bedroom, 3.5 bath penthouse with floor to ceiling windows overlooking the Hudson River.
Forbes Real Estate Section
The New Homebuyer Tax Credit Won't Die --Should It?
The government has given buyers using the credit another three months to close sales, and the initiative is being imitated on a smaller scale by states and private companies. But some think the market would be better off if we laid it to rest for good.
Middle-Of-Nowhere Mansions
Ultra-high-end homes are on the market for tens of millions in Door County, Wis., and other unexpected spots. What are they doing there?
The World's Most Expensive Cities For Expats
A new study reveals the cities that cost the most for foreign-based companies and individuals.
Wall Street Journal Real Estate News
The House a Storm Built
When violent winds knocked down trees and damaged their home, a Minnesota couple seized the opportunity to start over.
Anna Kournikova Sells in Miami
Anna Kournikova sells in Miami, Nobu Matsuhisa Buys in Los Angeles and a Kauai beachfront home asks $24 million.
A Modest Home for Palm Beach
This 2,286-square-foot house, built around 1925, has no garage but does boast original details like pecky cypress ceilings, handblown stained-glass panes in the powder-room door and Cuban tile floors.
Home Sales Drop In Connecticut
A real-estate tracking group says home sales in Connecticut dropped 13% in 2011 and sank to the lowest total since the firm began monitoring property data in 1987.
Eateries Cross the Bridge to Williamsburg
In a New York real-estate fantasy come true, young foodies driven from the East Village by rising apartment rents are seeing many of their old restaurant favorites appear in their new neighborhood, Williamsburg.
New York Times Real Estate News - Ads are New York Advertisers
Developers Eye Garages and Parking Lots
In Manhattan, parking lots and garages are making way for all sorts of development, especially luxury condominiums.
Habitats | Lower East Side: Lower East Side/Habitats - Living Small, Decorating Large
Gray Burton lives in a 250-square-foot space he furnished with antiques he’s been collecting for years.
The Hunt: The Hunt | In Westchester, an Aspiring Landlord Changes Her Plans
MacKenzie Thompson’s plan to buy a multifamily house in foreclosure did not pan out. She decided to buy a home in Westchester County.
Living In | Katonah, N.Y.: Katonah, N.Y./Living In - The Hamlet That Got Up and Went
A photogenic Westchester suburb with high-profile residents is also known for its art museum and a performing arts center.
On the Market in New York City
A Ditmas Park co-op, Upper East Side co-op and an Upper West Side condo.

©2011 Rich Patterson, CDPE, REALTOR®

Connecting home buyers and sellers in Dallas, Fort Worth and surrounding Metroplex communities.

Dave Perry-Miller & Associates
2828 Routh Street, Suite 100
Dallas, Texas 75201
Texas License #0578882
(214) 563-1667 mobile
(214) 853-9497 fax
(214) 303-1133 office

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