Providence, RI Real Estate News

By Michael Dutra
(Peoples Home Loans)
    Keeping you updated on the market! For the week of March 1, 2010 MARKET RECAP It appears the trend is no longer our friend, at least when looking at recent data on new and existing home sales. New-home sales, in particular, have had a rough go of it, though not as rough as January's showing, where sales dropped 11.2% to an annual rate of 309,000 units. This is the lowest sales rate going back nearly half a century. The sales drop helped push the national median price down to $203,500, a 5.6% discount from December's median price of $215,600, while helping to push inventory up to a 9.1-month supply. However, the news on new-home sales becomes a little more palatable when placed in a larger context. The fact is that at least a few homebuilders, particularly Toll Brothers, remain upbea...
Comments 0
By Michael Dutra
(Peoples Home Loans)
    Keeping you updated on the market! For the week of February 22, 2010 MARKET RECAP There is something about the calendar flip from December 31 to January 1 that imbues a “clean slate and a new start” mentality. For some ingrained psychological reason, a new year tends to rejuvenate optimism, even though it only represents a completed lap around the sun. That said, we'll take optimism when we can get it. And no group is more primed for a shot of feel-good than homebuilders. More of them are starting to see the glass as half full, at least according to the NAHB housing market index, which rose two points to 17 this month after scraping bottom in December. Fortunately, the latest numbers support the growing optimism. Housing starts increased 2.8% in January compared to December, posting...
Comments 2
By Michael Dutra
(Peoples Home Loans)
    Keeping you updated on the market! For the week of February 8, 2010 MARKET RECAP To belabor the obvious, all real estate is local, so parsing the national data can be of limited use. That said, homebuyers nationally returned in greater numbers at the end of last year, according to the NAR and its Pending Home Sales Index, which increased one point to 96.6 in December from 95.6 in November. That number alone means little. What matters are trends in individual markets. On that front, some encouraging, meaningful data can be gleaned. Home sales in hard-hit Phoenix hit the highest level in four years in December, with total home sales increasing a 12 th consecutive month, according to data from MDA DataQuick. Meanwhile, in even harder-hit Las Vegas , the December home sales volume was a...
Comments 2
By Michael Dutra
(Peoples Home Loans)
                                                                                             Keeping you updated on the market!                                                                                                          For the week of                                                                                             February 1, 2010 MARKET RECAP Can we hit the reset button? We are being factitious, of course, but 2010 has not exactly gotten off to a rousing start. Last week's data releases only added to the perception that we are stumbling into the new year. After three months of increases, sales of existing homes fell 16.7% to a seasonally adjusted annual rate of 5.45 million in December. Not only did the decrease in sales surprise most analysts, it was the bigge...
Comments 0
By Michael Dutra
(Peoples Home Loans)
      Keeping you updated on the market! For the week of January 25, 2010 MARKET RECAP We knew changes in FHA-insured loans were coming. Now it appears they are almost here. Last week, the FHA said it would tighten loan requirements on loans it insures. Specifically, it would raise the MIP to 2.25% – effective this spring – and then seek permission to increase the percentage again. The FHA also proposed requiring borrowers with credit scores below 580 to put up a 10% down payment. Those with higher credit scores would still qualify for a 3.5% down payment. In addition, the FHA proposed reducing seller concessions to 3% from 6% of the mortgage. Both proposals will require a public comment period before taking effect. We have been warning for the past month that anyone considering an FHA-...
Comments 1
By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"You can't hit a home run unless you step up to the plate. You can't catch a fish if you don't put your line in the water. You can't reach your goals if you don't try." Kathy Seligman - Author   So, stop thinking about it, stop complaining about it....step up to the plate and HIT!  Yes, there are buyers who will EXHAUST you.  You will show them many homes, perhaps, but then they choose a home.  The home inspection is next and yet more stumbling blocks may occur.   And, yes, then you have to watch and wait as they go through the financing process.  It may be tedious if they have qualifying issues or the home is a long drawn out short sale.  And then you see yourself at the closing table.  It WILL happen...but, you have to keep fishing!  SUCCESS will result if you TRY!     Ann Sabbagh   V...
Comments 4
By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
If you purchased your home AFTER November 6, 2009, your tax credit will be delayed.   WHY?  The IRS has NOT created a form for the new tax credits that now include "move-up" buyers.  PLUS, they have seen fraud.  Taxpayers have been claiming the credit without actually buying a property.  So, the new form will include requirement of proof of the home purchase, including submission of the HUD from the closing table, copy of a mortgage statement and a license or paystub or bank statement with their name and address on it.   The new form was supposed to be available January 1.  As of this date, it is still not available.  For those who purchased BEFORE November 6, they simply file form 5405.   For more information, please click on the link below:   http://money.cnn.com/2010/01/14/real_estat...
Comments 4
By Michael Dutra
(Peoples Home Loans)
    Keeping you updated on the market! For the week of January 11, 2010 MARKET RECAP The first full week of the new year wasn't one of the more encouraging weeks. It began with a dour report on pending home sales, which tumbled 16% in November, raising concerns among many economists that the housing recovery could be poised for a relapse. The most repeated explanation for the drop in pending sales was that October's numbers were buoyed as buyers rushed in to take advantage of the federal tax credit before its initial expiration on November 30. Of course, we now know that the credit has been extended through April and expanded to include a $6,500 incentive for some buyers who already own a home. The good news is the November report did not account for the new-and-improved federal tax cre...
Comments 1
By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
HERE it is!  The new GFE (Good Faith Estimate).  Is it better?  Does it show the costs clearer?   To see the new GFE, click on below:   http://www.hud.gov/content/releases/goodfaithestimate.pdf   The new Good Faith Estimate is three pages long.  Here is what you will see: Dates: valid dates of the rate and terms of the loan and the rate lock. Summary: including term, rate, amount, whether it is adjustable, negatively amortizing, subject to a prepay penalty and so on. Escrow Account: explanation and information. Summary of Loan Charges:  itemized. Origination Charges: fees charged directly by the lender. Other Settlement Charges: third party fees not quoted by or given to the lender. Instructions:  clearly explaining which charges cannot increase at closing as well as any limits on incre...
Comments 1
By Michael Dutra
(Peoples Home Loans)
    Keeping you updated on the market! For the week of January 4, 2010 MARKET RECAP Is it better to get it right or get it fast? Most of us would prefer the former, though there are some who appear to prefer the latter. To wit, “Bad News for Housing: Prices Flattening” was the headline for a recent CNNMoney.com report, which went on to state that the S&P/Case Shiller Home Price index was “unchanged in October.” Problem is, that's not what happened: The S&P/Case Shiller index actually posted a fifth-consecutive gain in October, edging up 0.4%. Admittedly, the index is showing signs of weakening: When the index started improving in July, 14 of 20 markets posted price increases. In August and September, 18 of 20 markets posted price increases. In October, the number dropped to 8 of 20. It'...
Comments 1
By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
Received the first call today....a borrower wishing to buy a million dollar home who was using a loan officer for an approval and now effective today, this loan officer can no longer write a loan in Rhode Island because they did not pass the state and the national tests.    So, begins 2010.  One third of loan officers failed the test.  The impact will be felt in those states which required passing by December 31, 2009. Those of us who did well on the tests will surely be busy in 2010.   I highly suggest everyone re-group to determine if you are dealing with fully licensed loan officers.  If not, start looking for a licensed loan officer, so your business can continue without any disruption.   Best wishes to all in 2010!         Ann Sabbagh   Vice-President Seacoast Mortgage Corporation ...
Comments 1
By Michael Dutra
(Peoples Home Loans)
    Keeping you updated on the market! For the week of December 28, 2009 MARKET RECAP It hasn't officially been declared over, but it's becoming apparent the economy has emerged from its longest recession in decades. A string of stronger-than-expected data releases has prompted many economists to boost their fourth-quarter forecasts, with most estimates calling for annual economic growth in the 3.5% to 4.5% range. Sales of existing homes were among those stronger-than-expected data releases. Purchases increased 7.4% to a 6.54 million annual rate, in November, exceeding the upper range of nearly all estimates. It's a remarkable recovery from January 2009, when sales were running at an annual clip of 4.5 million. What's more, strong sales have dropped inventory to a 6.5-month supply while...
Comments 1
By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"Could we change our attitude, we should not only see life differently, but life itself would come to be different. Life would undergo a change of appearance because we ourselves had undergone a change of attitude." Katherine Mansfied (1888-1923), Writer   Attitude is everything!  Think positive; act positive and positive things will happen.  Think negative; act negative and negative things will happen.  We all have our bad days, especially at this stressful time in our industry.  But, if we all work TOGETHER and think POSITIVE, we can make this industry recover faster.   Attitude does give ALTITUDE!   Ann Sabbagh   Vice-President Seacoast Mortgage Corporation 401-782-1012 or 508-243-1190 Residential & Commercial Financing MLO10920     "When you choose me as your mortgage consultant, yo...
Comments 2
By Kathleen Cooper, Sposato Realty Group - Broker Owner
(Kathleen Cooper, Sposato Realty Group)
 100 DAYS OF CENTRAL MASS FEATURES PROVIDENCE - CITIES TO WORK IN Providence is the most populated city in Rhode Island and goes back and forth from being the 2nd or 3rd largest city in New England.  Providence is one of the first cities established in the United States.  It is ranked 36th in the country for largest metropolitan population. The city of Providence, RI is only a short 45-60 minute ride from Central Massachusetts.  Providence is home to many major companies such as the GTECH world headquarters, Textron, Nortek Incorporated and the headquarters for Citizen's Bank.  Rhode Island Hospital and Brown University are the largest Providence employers.  Providence covers a span of 20.5 square miles and makes a great place to live and work. To learn more about the area or to get hel...
Comments 2
By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"The more you talk and think about it, the further astray you wander from the truth. Stop talking and thinking, and there is nothing you will not be able to know." Sengtsan (d 606 AD) The third Patriarch of Zen   Remember "gossip line" in school?  You would tell a story to the person next to you  and by the time the story went around the room, it was TOTALLY different.    It also makes sense to do more listening to others than talking to others, so you can LEARN.   Knowledge, after all, is POWER and is necessary for success.   Zen knew what he was talking about!     Ann Sabbagh   Vice-President Seacoast Mortgage Corporation 401-782-1012 or 508-243-1190 Residential & Commercial Financing MLO10920     "When you choose me as your mortgage consultant, you also choose a financial planner who...
Comments 3
By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you." Dale Carnegie (1888-1955), Author and Trainer   What this means to me:   In other words, do NOT: •1)      Be a talker more than a listener •2)      Be a taker more than a giver •3)      Look in the mirror more than you look at others •4)      Focus on making money 1st; client 2nd •5)      ......Please ADD to the list!     Ann Sabbagh   Vice-President Seacoast Mortgage Corporation 401-782-1012 or 508-243-1190 Residential & Commercial Financing MLO10920     "When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."
Comments 7
Providence Rhode Island Residential Real Estate Report - Year to Date (11/30/2009) Homes and Condominium Sales and Activity Single Family Homes - As of November 30, 2009, there were 236 single family homes on the market in Providence, RI, with an average list price of $167,605 and an average days on market of 120. For sales pending, there were 150 homes under contract with an average list price of $117,797 and an average DOM of 75. There were 634 homes sold in Providence YTD with an average sales price of $95,029 and an average DOM of 82. The selling range was a low of $10,250 to a high of $432,500. Condominiums - There were 116 condos on the market in Providence, RI, as of November 30, 2009, with an average list price of $324,765 and an average days on market of 132. There were 32 cond...
Comments 0
By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"Fed will hike rates- in 2011" per Chris Isidore, senior writer December 15, 2009: 8:19 PM ET  CNNMoney.com    The BEST time to BUY a home OR refinance is sooner than later!   Low home prices, low rates, stimulus package from the government for 1st time homebuyers and move-up buyers.....what more can one ask for? Full article: http://money.cnn.com/2009/12/15/news/economy/fed_rates/index.htm       Ann Sabbagh   Vice-President Seacoast Mortgage Corporation 401-782-1012 or 508-243-1190 Residential & Commercial Financing MLO10920     "When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."
Comments 2
By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"Continuous effort - not strength or intelligence - is the key to unlocking our potential." Sir Winston Churchill (1874-1965) Former British Prime Minister.   NEVER say "Quit"!  By going to work every day and "pounding the pavement", you will succeed.  Winners do not quit, and quitters do not win....you know the adage, but do you LIVE it? When you lose the sale, there is another one around the corner.  And when you complete the sale, there is another one around the corner, because happy clients bring on more clients. So, unlock YOUR potential and keep your efforts going! Have a GREAT week!   Ann Sabbagh   Vice-President Seacoast Mortgage Corporation 401-782-1012 or 508-243-1190 Residential & Commercial Financing MLO10920     "When you choose me as your mortgage consultant, you also choo...
Comments 3
By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"If you do not buy a house, you are either STUPID or BROKE".  Well, one more "OR" should be added: FEAR! This blog from Michele Reneau, ABR, GRI, CRS, comments on the article in Business Week (link in blog below) :   http://activerain.com/blogsview/1378992/if-you-don-t-buy-a-house-now-you-re-stupid-or-broke   Who are the first time homebuyers?  Usually, young people who have never purchased a home, thus FIRST TIME homebuyers.  They are watching the news/or reading the news about "1 out of 10 Americans losing their homes".  With so much BAD PRESS coverage, of course they are AFRAID!    So, BIG question is: How do we help them overcome their FEAR?  The government is "throwing money at them" called the "$8000 first time homebuyer" incentive.  Is this the ANSWER to FEAR?  I SAY  "NOOOOO"!!!...
Comments 1