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King of Prussia, PA Real Estate News

By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Mortgage Debt Rises For First Time Since Recession Last week was relatively quiet concerning scheduled housing-related news, but the Federal Reserve's financial accounts report, released on Monday, indicated that mortgage debt in the U.S. had increased for the first time since the first quarter (Q1) of 2008. Mortgage debt increased by a seasonally-adjusted annual rate of $87.4 billion, or 0.90 percent. Mortgage debt remains approximately 12.00 percent below pre-recession levels. Increasing debt is not often considered good news, but in the case of mortgage debt in today's economy, it suggests economic recovery in the form of higher home prices and fewer foreclosures. Another instance of counter-intuitive economic results was released Tuesday. The Bureau of Labor Statistics (BLS) release...
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By Karen Johnson, Realtor, ABR, "Bucks County PA Homes"
(Addison Wolfe Real Estate )
  Market Report & Homes Sales King of Prussia Real Estate December 2013   The median sales price for homes in King of Prussia PA for September 13 to December 13 was $281,000. This represents an increase of 2.6%, or $7,050, compared to the prior quarter and an increase of 2.2% compared to the prior year. Sales prices have appreciated 2% over the last 5 years in King of Prussia. The average listing price for King of Prussia homes for sale was $299,966 for the week ending December 4, which represents an increase of 1.2%, or $3,490, compared to the prior week and a decline of 9.2%, or $30,220, compared to the week ending November 13. Average price per square foot for King of Prussia PA was $161, an increase of 6.6% compared to the same period last year.       King of Prussia Summary The med...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
3 Top Tips For Winter Roof Safety   You’ve probably got a lot on your mind during these busy winter months, but make sure that you don’t neglect the roof of your home. Taking care of your roof is an important part of home maintenance and you don’t want to suffer a leak or any other problem during the cold months. So where do you start? Here are some tips that every homeowner should know: Check Out Your Gutters Your gutters are an important part of your roof, because they allow water to flow away from the roof surface before it causes rot and damage. During the winter, your gutters will be more likely to get clogged with fallen leaves, snow and ice and can get blocked if they are not cleared out. Get yourself a ladder and a friend to hold it for you and clean any leaves, debris and dirt ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Market Report - Mortgage Rates & The Housing Market   The short holiday week brought a flurry of economic reports last week. Highlights included pending home sales, the S&P Case-Shiller Housing Market Indices and the FHFA home price index. No reports were released on Thursday and Friday in observance of the Thanksgiving holiday. The NAR released its Pending Home Sales report for October. Although pending home sales dropped by -0.60 percent, the decline was less than September’s reading of -4.60 percent. NAR cited higher home prices and mortgage rates along with concerns over the then-pending government shutdown as factors that contributed to fewer pending sales. Pending sales are determined by signed purchase contracts and are considered an indication of future completed home sales and ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Winter Checklist - Is Your Home Ready For The Cold Weather?   The calendar has turned and with that we receive less sunlight, colder temperatures, and shorter days ahead, it’s an opportune time to cross those last-minute maintenance items off your homeowner to-do list. Practicing preventive care – both inside and outside your home – can save thousands of dollars in repairs come later this winter. What follows is a brief checklist to get you started. For Outside The Home: Inspect exterior lights and outlets. Be sure that none of the outlets are cracked or broken, or have exposed wires. Clean gutters and clear all blockages. If leaves are falling, redo after leaves are off all trees. Inspect and test outdoor railings and stairs. Have problem trees trimmed, including those that may damage ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Pending Homes Sales - The Aftermath of the Government Shutdown   The National Association of REALTORS reported Monday that pending home sales dropped by -0.60 percent in October after falling at a revised rate of -4.60 percent in September. According to Lawrence Yun, chief economist for NAR, 17 percent of real estate agents reported delays in loan closings due to the government shutdown in early October. Lenders were unable to verify borrower income through the IRS, which was closed during the shutdown. October was the fifth consecutive month with fewer pending home sales reported. Homeowners who owe more on their mortgages than their homes are waiting to sell, and recent spikes in mortgage rates were cited as factors contributing to fewer pending sales. Pending home sales are defined a...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Where Are Mortgage Rates Headed This Week? - November 25th, 2013 Last week’s scheduled economic news was varied, but mortgage rates fell and jobless claims were significantly lower than expected. The minutes for last month’s FOMC meeting were released, and confirmed the Federal Reserve’s intention to leave its quantitative easing program unchanged at least for the near term. The National Association of Homebuilders Wells Fargo Housing Market Index for November indicated that builder confidence, while still positive, dipped by one point to a reading of 54 as compared to an anticipated reading of 55, and October’s revised reading of 54. Retail Sales for October Rose By 0.4 Percent NAHB noted that uncertainty over the federal budget and political gridlock may have kept builder and consumer...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Builder Confidence Remains High, But For How Long?   The National Association of Home Builders released its Housing Market Index  for November on Monday. This month's HMI reading was 54 against expectations of a reading of 55. October's reading was also 54 after being downwardly revised. Readings over 50 generally indicate that a majority of builders surveyed are confident in current housing market conditions, but the current pause came after two months of decline in home builder confidence. While the short term index readings are lower than in past months, the HMI is currently 20 percent higher than last year. David Crowe, chief economist for NAHB said that "the fact that builder confidence remains above 50 is an encouraging sign." Mr. Crowe also cited federal debt and budget issues as...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
What's Ahead For Mortgage Rates This Week - November 18, 2013   The Veterans Day holiday on Monday contributed to a quiet week for economic news. On Wednesday the reading for the federal budget deficit for October fell from September's reading of -$120 billion to -$92 billion. Freddie Mac Released Its Primary Mortgage Market Survey On Thursday The average mortgage rates increased across the board, but remain below historical levels. The rate for a 30-year fixed rate mortgage rose by 9 basis points from 4.16 percent to 4.35 percent with discount points decreasing from 0.80 percent to 0.70 percent. The average 15-year mortgage rate rose from 3.27 percent to 3.35 percent with discount points the same at 0.70 percent. The rate for a 5/1 adjustable rate mortgage increased from 2.96 percent t...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Top 6 Tips to Save You Money on Your Heating Bill   Summer has been over and Fall is really here, temperatures are beginning to drop, and you’re dreading having to turn the heat on for the first time. Firing up the furnace can burn a hole in your pocket, but there’s something you can do about it. Consider these 6 great tips to help lower your heating bill:   1. Replace Your Air Filters Get new air filters for your central heating and cooling. The filters get clogged and it takes more and more energy to keep your house warm. Be sure to clear out any dust bunnies or cobwebs from behind the filter. Use a vacuum if necessary. 2. Does Your Attic Need Insulation? Heat rises, and if your attic is not adequately insulated, then your central heating system will be stuck sending all your hot air ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Creative Ways To Recycle Everyday Household Items   Every week the trash truck comes to pick up our garbage and unwanted items, which are promptly taken to landfills. Instead of filling landfills and just buying new items to stuff our homes, we can help the earth and recycle everyday household items. Below are a few fun and creative ideas for recycling things around your home that you might be ready to trash. Coffee Table Into Bench If you just purchased a new coffee table, don’t give away the old one — repurpose it. Find a space in your home where you could use some additional seating, like at the end of your bed or in the entryway. Push it up against the wall so that any drawers and shelves are facing out. Then add some cushions and pillow. Tada; a bench! Copper Piping Into Bathroom H...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
What You Need to Know Before Applying For A Mortgage   Owning a home can be a sign of independence and success. It allows you to build up equity and the mortgage interest and property taxes are tax-deductible. What can you do to make a home affordable for you? Reputable lenders look at a list of criteria to decide how much they’ll loan you. This List Includes: Credit score Existing assets including cash Car leases or loans Credit card balances Debt consolidation loans Home equity loans Installment loans Student loans Other monthly debts Size/source of your down payment If you’d like to get an idea of what you can afford before talking to a lender, here are a few tools you can use to decide whether a home is within your budget. Here Are Some Guidelines: As a rule of thumb, your house hun...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Are 50 Year Mortgages A Good Financing Option?   When most people are taking out a mortgage on a property, they select either a 15 or 30 year mortgage loan. However, there is a new mortgage option that has been available to home owners since 2006 and that is the 50 year mortgage loan. Although a half-century might seem like a very long loan term, there can be some advantages to taking out a five-decade mortgage. Here are some of the pros and cons to taking out a mortgage that you repay over 50 years. Advantages The main benefit that you will experience with a 50 year mortgage is the ability to take out a larger loan and buy a more expensive house that you might not have otherwise been able to afford. This means that you can enjoy a better standard of living with lower monthly payments. ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
When Should You Shred Your Financial Documents?   How do you know what happens to your documents when you put a piece of paper in the trash? It can be difficult to know who is seeing it and what they are doing with it. It isn’t very common to burn trash anymore; therefore you can be sure that your paper garbage or recycling is likely to pass through several hands on its way to a landfill or recycling center. Step-By-Step, Your Documents Can Get Pilfered Every step that occurs once the trash leaves your control has risk that someone will find personal information they can use to cause you harm. One way to safeguard personal information is to shred it before it goes into the trash. Shredding devices are available at most office supply stores. Cross-cut shredders provide more security than...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
What’s Ahead For Mortgage Rates This Week – November 4, 2013   Last week’s economic news came from a variety of sources. Most significant was the Fed’s Federal Open Market Committee statement after its meeting ended Wednesday. The statement indicated that the Fed saw moderate economic growth. FOMC did not taper its purchase of MBS and Treasury securities. The FOMC statement announced the committee’s intention to closely monitor economic and financial developments ”in the coming months,” which suggested that the FOMC is taking a wait-and-see position on reducing its $85 billion monthly asset purchases. Mortgage Rates, Jobless Claims Fall The Fed’s asset purchase program, also known as quantitative easing, was implanted in 2012 with a goal of stabilizing mortgage rates and other long-term...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Recent Government Activity And Its Effect On Mortgage Interest Rates   Mortgage rates typically are tied more to the yields on the 10-year Treasury note more than any other indicator. With the government in flux as the shutdown happened and ended, mortgage rates are also changing. Overall, mortgage rates have decreased because of a lack of confidence in the government’s ability to get its finances under control. Although rates spiked in September when the Fed hinted that they would not be purchasing as many bonds, they quickly released an announcement that they would actually be maintaining their current purchasing habits. The Time Is Ripe For Homeowners Since then, mortgage interest rates have been dropping back down to their previous levels. With 30-year and 15-year fixed mortgage rat...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Fed Meeting Minutes - Hope Of A Stronger Economy With New Measures   The Federal Reserve’s Federal Open Market Committee released its customary after-meeting statement on Wednesday. In the context of meeting its dual mandate of stabilizing pricing and achieving maximum employment. The FOMC statement indicated that although the economy has improved in areas including household spending and labor market conditions, the national unemployment rate remains high and the housing market recovery has slowed. Fed Says Fiscal Policy Restraining Economic Growth The FOMC statement said that current fiscal policy and ”retrenchment” is restraining economic growth as evidenced by failure to achieve benchmarks set by FOMC as indicators of a healthy economy. Benchmarks include a national unemployment rat...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
What You Should Know About Pending Home Sales This Month   Pending home sales fell in September by -5.60 percent, and were 1.20 percent lower year-over-year. This is the first time in more than two years that pending home sales have fallen below year-earlier readings. September’s reading was below August’s reading of -1.60 percent. The National Association of REALTORS®, which released the report, expects lower home sales for the fourth quarter of 2013 and flat sales into 2014. NAR provided good news in its forecast of 10 percent growth in existing home sales in 2013 as compared to 2012. A spike in mortgage rates in August coupled with rapidly rising home prices were seen as major factors leading to lower pending sales. Real estate analysis firm CoreLogic has reported that August home pr...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
3 Easy Tips To Protect Your Deck This Winter   Barbecue season is all but over, and you won’t be spending as much time out on the deck. Don’t let it get you down, though. Spring will be here before you know it. There are a lot of things that can wear down and damage your deck, so protect your deck and make sure it stays in tip top shape over the winter. Cover The Furniture You want your deck to look as good in the spring as it does now. The first step is to cover all the furniture (don’t forget the grill!). Cover everything with commercial furniture covers or just use a tarp. Be sure that the covers fit snuggly. They won’t do any good if they’re blowing through the neighbor’s yard. If you’ve got the space, make room in the garage for the deck chairs and table. They’ll last longer if you...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
City Lights Or Starlit Nights, What Home Location Is Best?   If you are looking to buy a home, you might be wondering whether you should be looking for properties that are right in the center of the city or property in a rural area a short drive away. The rural or urban decision will ultimately be up to you, as there are advantages and disadvantages to either option. The main difference will lie in your priorities – what type of lifestyle is most important to you? Living In The City One of the main perks of buying a property that is located in the heart of the city is that you may be able to enjoy convenient public transportation and you won’t have to use a car to get everywhere. You are likely to have a shopping center and a supermarket within walking distance of your home, as well as ...
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