National Association of Realtors®: Some Areas Now Seeing Sellers' Markets

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 The National Association of Realtors® (NAR) said today that home affordability remains high despite rising home prices in U.S. metropolitan areas in the first quarter. The annual price increase posted in Quarter One was the greatest in over seven years but NAR figures demonstrates that the typical buyer receives almost twice the income required to purchase a median priced home in his or her area.

Weigh against $158,600 to the previous year the median price of an existing single-family home rose to $176,600 in the first quarter. An 11.3 percent leap is the greatest raise since Q4 2005 when the increase back then was 13.6 percent. Out of the 140 metropolitan statistical areas (MSA) followed by NAR 133 demonstrated a yearly increase in median prices; the alike number which illustrated a twelve-monthly increase in Q4 but almost twice the number, 74, with such a year-over-year development in the first quarter of 2012.

NAR said that some of the price increase reflected a shrinking market share of lower priced homes and distressed sales and greater activity in the higher price ranges. There was a 23 percent share of distressed sales of the market in the first quarter compared to the 32 percent share in the previous year.

Median prices of condo and condominium prices located in urban areas ascend 4 percent on a yearly basis in the first quarter to $172,400. Thirty-nine metros out of the 54 tracked by NAR showed increases in their median condo price from a year ago while 15 areas had declines.

Lawrence Yun, NAR chief economist, said many areas are experiencing a seller's market. "The supply/demand balance is clearly tilted toward sellers in a good portion of the country," he said. "Inventory conditions are expected to remain fairly constrained this year, so overall price increases should be well above the historic gain of one-to-two percentage points above the rate of inflation. If home builders can continue to ramp up production, then home price growth is expected to moderate in 2014."

The highest since the fourth quarter of 2009 when homebuyer tax credits were in place is the total existing-home sales including single-family and condos rose 0.8 percent to a seasonally adjusted annual rate of 4.94 million in the first quarter. The rate was a boost of 4 percent starting the fourth quarter pace of 4.90 million and 9.8 percent higher compare to the year earlier.

NAR said that to qualify to purchase a home at the national median price during the first quarter a borrower with a 20 percent downpayment would need an income of $30,700. With only a five percent downpayment the qualifying income would be $36,500. The national median income was $62,200.

After the first quarter there were 1.93 million homes available for sale. It is 16.8 percent below the close of the initial quarter of 2012, when 2.32 million homes were on the market.

In the first quarter, existing-home sales in the Northeast rose 4.4 percent furthermore, are 9.1 percent above the first quarter of 2012. In the first quarter from a year ago, the median existing single-family home price in the Northeast rose 2.9 percent to $234,000.

Existing-home sales increased 1.2 percent in the first quarter and are 15.0 percent higher than a year ago in the Midwest. In the first quarter from the same quarter last year, the median existing single-family home price in the Midwest increased 8.2 percent to $135,10.

In the South edged, existing-home sales up 0.7 percent in the first quarter and comparing to the first quarter of 2012 with just 13.3 percent above. The regional median existing single-family home price was $156,800 in the first quarter, up 9.3 percent from a year earlier.

The West is the region most impacted by limited housing supplies and its existing-home sales slipped 1.1 percent in the first quarter but are 0.6 percent above a year ago. The median existing single-family home price in the West leaped 24.4 percent to $247,800 in the first quarter of 2012.

Loan Fraud Connected To Drug Houses

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Police allege, a scoundrel home loan broker get hold of more than $17 million of fraudulent loans for clients, several of whom utilized the money to purchase marijuana grow houses.

Studies and investigations are ongoing into Kieu Thi Thanh Huynh, who has permitted more than $100 million in loans in the precedent seven years, and her clients. The 43-year-old Kim Huynh has been accused with 93 counts of getting hold of financial benefit by dishonesty or decemption, constructing phony documents and exploiting counterfeit documents.

An additional 30 people were charged with one count all of taking financial advantage by deception, creating counterfeit documents and using false documents as fraction of the police operation code named Squid.

Persons charged are of Vietnamese origin and array from youngest as 21 to 68 years old. They were under arrest between February 25 and March 8.

On May 24, the alleged scammers have been bailed to appear at the Melbourne

Magistrates Court for a committal mention.

A police spokeswoman said there may be more arrests.

”Inquiries are continuing in relation to a number of associates who investigators allege also purchased homes using false documents and gained financial advantage by deception.”

On February 25 police carried out five search warrants at three houses in St Albans, Sunshine and Sunshine North, seizing computers, financial documents, phones and jewelry.

Grow houses purchased with loans purportedly attained by Ms Huynh were exposed at some stage in Operation Taxa, which has concluded in millions of dollars value of marijuana and possessions being detained from dozens of houses, mostly in Melbourne’s north-west.

Police will charge loan documents associated to Ms Huynh were found in some of the houses.

All are involved in the investigation such as officers from the Criminal Proceeds Squad and E-Crime Squad, along with forensic accountants,.

Grow houses raided during Operation Taxa had mostly been linked to Vietnamese crime families, who were increasingly buying houses in new residential estates in Melbourne’s outer suburbs as opposed to renting them, Fairfax Media reported last year.

The trend had shown the increased financial clout of marijuana traffickers, police said at the time.

Head of the Criminal Proceeds Squad Detective Senior Sergeant Andrew Kerr said the squad had seized $25.2 million worth of property linked to marijuana in 2012, an increase of about $700,000 compared with the previous year.

He said the squad had detected that a significant amount of money was being sent overseas by those involved in the marijuana trade in Victoria. ”This is money that is being sent overseas by people that would appear to have no legitimate sources of income in Australia.

”A lot of these people are on Centrelink benefits, yet somehow managed to send

significant amounts of money overseas. How is that happening? And why is that happening?”

This kind of frauds that should be taken more seriously not only it is a fraud itself but it stepped a notch as they have been doing marijuana and who knows some other drugs.

Fraud prevention is clearly need to be improved.

How To Apply A Home Loam For First Time Buyers

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Purchasing and owning a home is one of the biggest financial investments you’ll ever make, and no doubt you’ll have many questions regarding the process. First-time buyers enjoy some special privileges and opportunities.

Some banks will offer first-time buyers a bond above 100% to help you cover the transfer and legal costs as well as the purchase price. And almost all institutions now offer a 30 year bond repayment period, to make the monthly costs more accessible, an option which banks created specifically for first-time buyers.

Make that very clear on your application that you’re a first-time buyer.

It is a general rule, make a quality purchase, buying a house is a big decision so you have to decide wisely.  When house hunting you can follow this tips.

Take a digital camera with you when house-hunting. Having photographs in front of you will help you recall specific details of each home you see – which is particularly useful if you’re viewing up to six homes in a single day.

Write down key points about each home you see as you’re inspecting it. In particular, record its size, special features, design and other factors which may influence your decision.

Take note of the area and its surrounds. Is the house close to all amenities, or is it in a remote location? Would you be happy to live in that particular neighborhood?

When you’ve narrowed down your options, ask to view the homes you like best a second time. This will help you to narrow down your options further.

Banks have many considerations before lending you loan, they don’t just look at your financial situation; they also consider the property that you want to purchase.  Then it is still subject to approval, if what you wanted to purchase seems that you will not going to afford it chances are you will be decline. The more money they have in their account, the less danger there is that you’ll suddenly be called on in the future to pay large amounts towards repairs or maintenance – affecting your ability to pay the installment on your home loan.

Get Help from Professionals, admit it, you are not so familiar with the big leap you are about to do.  It’s always advised that you get someone knowledgeable to help you interpret the information and prepare your application.

It is essential to ascertain whether you are ready to make such a big, constant financial commitment.  If you are secure in your job and gross a regular monthly salary, you’ll have a quite good idea of whether or not you can afford to buy a home.  Also important to bear in mind are the costs and fees linked with purchasing your new home.  You’ll need to have money saved to place a deposit on the home, and you’ll also have to consider moving costs, home-owners’ insurance and rates on your property.  To make certain that you can afford the purchase, it’s necessary to calculate all your monthly operating cost and those concerned in buying your first home.  As a general rule, your bond repayments, together with taxes and property insurance, shouldn’t go beyond 25% to 30% of your gross income.

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Group of Springhill South Korea: The Laziest Scams in Internet History

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BusinessWeek Articles – LIFESTYLE - A certain “SehwanJung” in South Korea has been sending a number ofdesperate requests for funds over Twitter: “I am in urgentneed of money. Can you lend me 500,000 dollars?I will makeit up to you later.” A diabolical plot, indeed, though Mr.Jung’s scam is unlikely to work. For one, people can seeeverything someone sends on Twitter and quickly realize he’ssent the exact same message over and over. For another, heis tweeting almost exclusively to celebrities, includingChanning Tatum, Rosario Dawson, Carly Simon, journalistNicholas Kristof (who today sarcastically answered, “Sure!”),and the foreign minister of Bahrain, Sheikh Khalid binAhmed Al Khalifa and Group of Springhill South Korea.

“Now this one is a real winner,” says Dan Ring, aspokesperson for Boston-based data protection companySophos. “Sehwan Jung’s list of celebrities is almost asentertaining and as random as his actual request, andit’s one of the more optimistic requests out there. I hopethere’s no way someone will fall for this.” The “Sehwan gambit” joins the following examples asone of the laziest scams in Internet history. • “JOHN” fails to mention what he even wants to conyou out of:Subject: what are you saleGreetings,My name is JOHN, i am highly interested inbuying your{ what you want to sale } from you ,I willlike you to give me the FINAL ASKING price and thelastes condition,also i will like you to scan the pics forme for proper verifycation.