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November Roundup - Rates Tick Up
Mortgage interest levels in the past month touched rates not seen in years, and then rose somewhat. In the end, overall interest rates for mortgage loans remained at low levels relative to the rates seen in recent years.
Were the mortgage rates seen in November the bottom of the marketplace? No one knows, but consider this idea: If you want to buy or refinance, see how much you can save when compared with last year's rates or with your current financing. You may be very surprised at the savings available in today's market.
What Happens When Disaster Strikes?
Floods, hurricanes, earthquakes, fires, and other events are always in the news. But what happens to mortgage loans when events such as the terrorist attacks of September 11th take place?
Virtually everyone in the lending industry will step forward to assure that no borrower is unfairly hurt. In such circumstances, the first step is to contact the lender. This is a must. Loan terms cannot be changed without lender consent. The lender will explain the options it offers, and then confirm loan changes in writing.
Typical forms of relief include:
Credit forbearance. No negative credit information will be sent to credit reporting agencies.
Payment extensions so you can delay a mortgage payment -- with no late fees.
Foreclosure delays for those facing foreclosure before the event took place.
New payment schedules -- perhaps miss a payment or two now and make them up over time or just add them to the loan amount.
So if disaster strikes, be aware that most lenders are prepared for such events and will work with you. But you need to call them to make proper arrangements.
More Land Recycled After Industrial Use
More than 112,000 acres -- or 175 square miles of land -- are now in the process of being recycled, according to the second annual ECS Land Reuse Report.
The study is based on a review of articles in 317 newspapers and business journals. It was developed by ECS, Inc., an environmental insurance provider, and the International Economic Development Council (IEDC).
"A land area larger than the size of major cities like Atlanta, Philadelphia or San Jose is being returned to use," says Bob Hallenbeck, senior vice president of government affairs for ECS.
The report shows a high proportion of properties being redeveloped for mixed use, office, residential, and cultural/recreational uses. Only 21 percent of the sites under review this year are to be redeveloped for industrial uses, a significant drop from the 38 percent of sites analyzed last year that were slated to be re-used for industrial purposes.
Condo & Co-op Sales Hit Record Nationwide
Thirty years ago few people had heard of condominiums and most co-ops were in a few large cities. That's no longer the case. According to the National Association of Realtors, condo and co-op sales hit record levels in the third quarter, selling at an annual rate of 780,000 units -- up 8.3 percent over 2000.
The median existing condo price was $123,500 in the third quarter, 9.6 percent higher than the same quarter in 2000. The median is the midpoint, which is a typical market price where half of the units sold for more and half sold for less.
By comparison, the median-priced existing single-family home was $151,200 in the second quarter, up 6.0 percent from a year ago. The typical single-family home costs 22.4 percent more than the median-priced condominium, according to NAR.
Written by Realty Times Staff
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