No cash to spare to buy a home?  No problem — if you have an investment portfolio. See how some affluent buyers are getting 100% financing, and why banks say these loans are safer than the ones that led to foreclosures during the bust. Yes! No-Money-Down Mortgages are back! But Is the ability of people to borrow without a down payment a strength of the US mortgage system, or a weakness?

According to Peter Ferrara, managing director of the private bank's residential real estate “Demand is two to three times what it normally is” . Some banks are using this product to lure in clients, such as BOK Financial's offer, which is available to new physicians. To provide the loan, the bank must first receive proof that the borrower has cash or investments, like stocks or mutual funds, that equal 10% of the borrowed amount. (The company says it doesn't seek a pledge of those assets but just wants to know that borrowers can meet their obligations over time.)

What are the things you need to know before indulging into this enticing program?

Read more and learn: see online.wsj.com

House hunting is a complicated process. From finding the right home, to locking down a mortgage rate you can afford, it is a process that requires an attention to detail and a well-thought-out plan. Below are seven steps to take as you begin house hunting to ensure you stay focused and on budget.

1. Establish your goal. Searching for your dream house? Upgrading your current digs or looking to downsize? Whatever the goal is behind your impending home purchase, be sure you understand it clearly before beginning your house hunt. This will eliminate wasted time spent viewing homes that don’t meet your top priority.
2. Create a wish list. Once your primary objective is in place, it’s time to list all of the additional features and amenities you expect from the property you eventually buy. Do you want a swimming pool in the backyard, a balcony off of your master bedroom or crown molding throughout? Brainstorming must-haves and also-nice-to-haves helps to further narrow down your search field.
3. Hire a real estate agent. No one understands the intricacies of a local housing market like a real estate agent with years of experience helping others buy and sell property within it. Save yourself time and headache and hire a highly rated agent to see you through the process.

Housing Market going nowhere but up! The signs are there and now the effect is starting to show in sales/corporate results.

"Companies that sell power tools, air conditioners, carpet fibers, furniture and cement mixers are reporting stronger sales for the fourth quarter, providing further evidence that a turnaround in the housing market is taking hold."

Read more here... online.wsj.com

Members of the National Association of Home Builders (NAHB) elected four Senior Officers to top leadership positions within the federation during the association’s International Builders’ Show in Las Vegas.

With more than 800 affiliated state and local home builders associations and more than 140,000 members across the country, NAHB is the “voice of the housing industry,” representing the interests of the nation’s housing professionals through advocacy, education and research.

Taking the helm as NAHB’s Chairman of the Board this year is Rick Judson, a Charlotte, N.C.-based home builder with more than 35 years of experience in the building industry. Judson is the owner of Evergreen Development Group in Charlotte, and is a successful builder and developer with several decades of experience in land development and construction of single-family, multifamily and commercial projects.

Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates changing little over the past four weeks which is helping to spur new home construction. After being flat for three straight weeks, the 30-year fixed edged up to 3.56 percent, while the 15-year fixed remained unchanged at 2.77 percent.

The 30-year fixed-rate mortgage (FRM) averaged 3.56 percent with an average 0.8 point for the week ending February 21, 2013, up from last week when it averaged 3.53 percent. Last year at this time, the 30-year FRM averaged 3.95 percent.

The 15-year FRM this week averaged 2.77 percent with an average 0.8 point, the same as last week. A year ago at this time, the 15-year FRM averaged 3.19 percent.

Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates moving higher from the previous week. The 30-year fixed averaged 3.42 percent, its highest reading since September 29, 2012. Regardless, fixed-mortgage rates still remain highly affordable near their all-time record lows, and should continue to aid in the ongoing housing recovery.

The 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average 0.7 point for the week ending January 24, 2013, up from last week when it averaged 3.38 percent. Last year at this time, the 30-year FRM averaged 3.98 percent.

Additionally, the 15-year FRM this week averaged 2.71 percent with an average 0.7 point, up from last week when it averaged 2.66 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.67 percent this week with an average 0.5 point, the same as last week. A year ago, the 5-year ARM averaged 2.85 percent.

How much evidence is needed to make a decision to get out of the rent race and become a homeowner?

Compare your rent with a mortgage payment on a similar size property. If you want a larger home than your current one, use the rent that property would require instead of what you're currently paying. If it's considerably cheaper, you may not need any further encouragement.

By the time you consider the principal reduction, appreciation and tax savings, your monthly cost of housing could be much less than the rent you're paying.

The principal reduction included in each payment is like a forced savings account that increases as your mortgage balance decreases. Your equity in the property will also grow due to appreciation. The equity is part of your net worth and an investment in your family's future.

The income tax savings can be an additional financial consideration if the combined interest and property taxes exceed the allowable standard deduction.

Trends are showing that both tenants and homeowners are staying in their homes longer. It's been said that whether you rent or own, you're paying for the home. Do you really want to buy the home for your landlord? Check out your numbers on a Rent vs. Own.

Homeowners, check this out! Premiums for wind insurance being discussed as it is said to be too high along SC coast.

"Premiums for wind insurance along the South Carolina coast are too high, and the state’s next insurance director needs to find out why, a coastal lawmaker said in an occasionally tense confirmation hearing Wednesday for Ray Farmer, Gov. Nikki Haley’s nominee to run the department."

Read more here... postandcourier.com

Several builders, remodelers and other home building industry professionals were honored yesterday as winners of the National Green Building Awards given by the National Association of Home Builders (NAHB). The awards were presented during the International Builders’ Show (IBS) in Las Vegas.

Each year, NAHB recognizes individuals, companies and organizations for excellence in residential green design and construction practices and for green building program and advocacy efforts. The awards were presented during the Eco-Disco, a special networking and awards event held during Green Day at IBS, a day featuring education sessions, special events and product and home tours on green building.

“This year’s winners are particularly impressive,” said NAHB Chairman Barry Rutenberg, a home builder from Gainesville, Fla. “All of those honored have shown superior dedication and leadership to the mission of sustainable and eco-friendly living.”

Individual Project Awards
Three single-family home projects were honored:

• The New Edition at Damonte Ranch, Reno, Nev., for Project of the Year: Single-family, Small Volume
• Persimmon – Willis Ranch, San Antonio, Texas, for Project of the Year: Single-family, Production
• Maryland Green Designer Show Home, Gambrills, Md., for Project of the Year: Single-family, Custom
One remodeling project and one multifamily project were also honored:
• Finding Paradise on Picardy, Raleigh, N.C., for Project of the Year: Remodel
• Seabourn Cove, Boynton Beach, Fla., for Project of the Year: Multifamily

Green Building Advocacy Awards
Five awards were given to individuals or organizations for their efforts in green building advocacy:

• Dan Wise, Wise Construction, Boalsburg, Pa., for Advocate of the Year: Builder
• Paul Sullivan, The Sullivan Company, Inc. Newton, Mass., for Advocate of the Year: Remodeler
• Drew Smith, Two Trails, Sarasota, Fla., for Advocate of the Year: Individual
• Maryland Residential Green Building Council, for Advocate of the Year: Group
• Build San Antonio Green, for Advocate of the Year: State/Local Government

Laclede Gas Company of St. Louis, Mo., was also named the Utility Partner of the Year for its dedication to high-performance building, the ICC-700 National Green Building Standard and education at the local and national level.

Additional information about the National Green Building Awards can be found at www.nahb.org/greenbuildingawards.