San Joaquin Homes Community Blog

1/2 are being denied...March 5, 2009
March 30th, 2009 7:01 AM
The Mortgage Bankers Association estimates that approximately half of all mortgage applications are being denied due to a variety of factors: credit worthiness, amount of debt owed, or applying for a loan with too high of a limit.  Paying down credit cards and/or personal loans, applying for a reduced loan amount, or cleaning up blemishes on a credit report may help a borrower be approved.
Posted by Norbert G. Huston on March 30th, 2009 7:01 AMPost a Comment (0)

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Renters lose edge on homeowners
March 22nd, 2009 6:50 AM

Declining home prices are helping to close the gap between the costs of renting versus the cost of owning a home, making homeownership more appealing and affordable in many metropolitan markets.

· Historically, after-tax mortgage payments have averaged 26 percent more than rent payments, according to Greet Street Advisors. At the peak of the current real estate cycle, mortgage payments reached as high as 66 percent more than rent payments. However, by the end of 2008, mortgage payments averaged just 24 percent more than rent payments, the narrowest gap since 2001.

· In Los Angeles , mortgage payments averaged 60 percent more than rent payments between 1990 and 2008, but have since fallen to only 30 percent more than rent payments.

· Some economists predict mortgage rates could fall to 4.5 percent, which could push mortgage payments to an average of 14 percent more than rent payments, a level last reached in 1998.

· In some markets, well-qualified home buyers are finding that they can pay less for a mortgage payment than they spend on rent.

· Although mortgage payments in some areas may be slightly higher than rent payments, the long-term benefits of homeownership outweigh the costs. Homeowners can deduct the interest they pay annually on their mortgage.

· Additionally, homeowners can build up equity in their homes over the long term. Historically, homeowners who remain in their homes for at least five years have an average annual rate of return of nearly 12 percent.

· Unlike rent payments, a mortgage can be paid off, enabling the homeowner to live in a house free and clear.

Posted by Norbert G. Huston on March 22nd, 2009 6:50 AMPost a Comment (0)

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3/18/09 POLL FINDS AMERICANS OPTIMISTIC DESPITE THE RECESSION
March 19th, 2009 8:38 PM
Nearly eight-in-10 Americans believe it still is possible to improve their economic standing and remain optimistic that their family's economic circumstances will improve within their lifetime and across generations, according to a new study by Pew's Economic Mobility Project This is true across racial lines and even among lower-income, less-educated and unemployed people, according to the poll.

"Although the current economic crisis seems to be deepening each day and many families are feeling the pinch -- either through company layoffs, decreasing home values or loss of retirement savings -- Americans are taking a longer-term view," said John E. Morton, managing director of Economic Policy at The Pew Charitable Trusts. "We may be struggling in our daily lives, but Americans are confident in themselves and their ability to get ahead in the future."

Many Americans said the government currently does more to hurt than help people trying to move up the economic ladder, according to the poll. However, a majority support a wide range of policies the government could adopt to encourage upward economic mobility, such as making college more affordable, investing in early childhood education, making retirement savings easier, or providing job training and financial education. In addition, 71 percent said it is more important for the country to provide people a fair chance of improving their economic standing than it is to reduce inequality in the United States.
Posted by Norbert G. Huston on March 19th, 2009 8:38 PMPost a Comment (0)

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Leasing Solar Panels
March 3rd, 2009 4:43 PM

While buying and installing a set of solar panels can cost a homeowner tens of thousands of dollars, leasing the same system can be a cost-effective alternative.  Many companies -- most of them in California – will install solar panels, and then charge for the power generated by the panels.  The rate is often lower than a regular utility rate.

Posted 2-21-09

Posted by Norbert G. Huston on March 3rd, 2009 4:43 PMPost a Comment (0)

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