Fannie Mae is rolling out a new program that lets lenders include income from nonborrowers within a household, such as extended family members,toward qualifying for a loan.This program will only be open to low income or minority dominated areas. In some cases parents who do not live in the home may contribute income.There can be a down payment of 3% or less on this program. This is an excellent opportunity for the unique characteristics of minority groups which make up a growing share of of new households. With home ownership at an all time low this program allows more people to enter the buying market. 

The stock market underwent some tumult last week and early this week but some investors are taking comfort in housing stocks. The housing sector and related industries are still on solid footing. The Homebuilders Exchange Traded Fund is up 9.2 in the year to date. The S& P has fallen 4.3% in the same period. The last few days the housing sector has been showing strength when the rest of the market appears to be breaking down, The housing market appears to be gaining steam and this could offset the weaknesses abroad that have rattled the markets. With the recent corrections in the Stock Market an investment in one of our core industries is a risk worth taking. 

Last months sales pace was the highest since 2007 and 10.3%  higher than a year earlier. The median sales price for a home is $ 234,000 still 5.6% higher than a year earlier. July’s prices mark the 41st straight month of year over year price gains. However; there is a broad based inventory shortage listings receiving as many as 30 inquiries in a 5 day period. Housing starts starts rose 0.2% which indicates there will be some inventory making its way into the market. With  the rates being super steady what a great time sell a home. With a good realtor not only can you sell and make a profit,but also capitalize in a market with appreciating value. Give us a call to take advantage of this unique opportunity.

New goals effective from this year to 2017,24% of Fannie and Freddie’s mortgages to will be expected to go to families with incomes no higher than 80% of their areas’ median income. These goals establish a solid foundation for affordable and sustainable homeownership and rental opportunities in this country. If you are looking to purchase a home or find a nice rental we would love to help. Please give us a call to help with your search. There is available money for you.

Rent growth in so called Class B and Class C apartment buildings and single family  now outpaces increases in luxury apartment buildings and high end single family homes. With the continued construction of high end apartment buildings and single family residences there is a shortage of housing available to middle income residents. If you have an investment property, your return should be at an all time high. Providence Team Realty provides you property management which maximizes your investment. If you feel your investment is not achieving the results you desire give us a call.

Today is our first post and we are excited you have joined us on our journey to provide unique information that can enhance your real estate experience.  We look forward to being a provider you can turn to for practical and insightful knowledge in today’s real estate market. We thank God and our family & friends who provided us timely advice as we have launched this business adventure.

Yours truly,

Kathy & Tony