Effective October 1, 2013, HUD has announced the following changes to their Federal Housing Administration (FHA) short sale requirements. To be eligible, one must successfully complete a short sale under the FHA short sale program. Short Sale Requirements for Gulf Shores Borrowers 1) They cannot list the property with or sell it to anyone with […]
Move Up Gulf Shores Homebuyers Buying Again
More and more homeowners who were once underwater and unable to move are now seeing home equity levels improve. As these equity levels improve, more people are getting in position to become "move-up Gulf Shores homebuyers" once again. These move up Gulf Shores homebuyers are now able to provide a substantial down payment on a […]
Gulf Shores Housing Recovery Will Continue
There is doubt circulating as to whether the Gulf Shores housing recovery will continue. Mortgage applications are down and refinancing is down dramatically since interest rates started rising throughout the summer. A lot of banks are laying off workers in the mortgage refinancing departments in anticipation of slower refinance applications into the future. In a […]
Fed Stimulus Decision Positive News for Gulf Shores Mortgage Rates
In a move that surprised the financial markets, the Federal Reserve has said it is not yet ready to wind down its massive monetary stimulus, and that is believed to be positive news for Gulf Shores mortgage rates. The surprise announcement from the Fed means it might not begin to wind down its bond buying […]
Gulf Shores Home Prices Begin Stabilizing
Gulf Shores home prices rose in June 12.1% over the last year, according to a recent report from S&P/Case-Shiller's home price index. While that gain is still robust, it didn't quite match the gain of 12.2% reported for May. Rising mortgage rates may have something to do with that. "With interest rates rising to almost […]
Gulf Shores Home Sales and Prices Rise in July
Gulf Shores home sales rose in July to their highest level in over three years, with year-over-year prices again showing double-digit gains. Rising interest rates as well as rising prices are expected to tamp down both prices and the number of Gulf Shores home sales in coming months, as homes get less affordable. The shortage […]
Rapid Gains For Gulf Shores Home Prices Expected to Slow
While increases near double digits for Gulf Shores home prices have been common, home appreciation is projected to drop to 6.5% during the 12 months ending March 31, 2014, according to a report released recently. That will follow a 10.2% jump for the preceding 12 months, the first double-digit increase since the peak of the […]
Mortgage Rate Hikes Starting to Affect Gulf Shores Housing
A sharp jump in mortgage rates from May to June are now beginning to weigh on the Gulf Shores housing recovery. The two-month delay can be attributed to several factors—first and foremost that most potential home buyers lock in mortgage rates early, and sale closings can take up to two months to be finalized. Second, […]
First Time Gulf Shores Home Buyers Being Priced Out
First time Gulf Shores home buyers are being squeezed out of the housing market recovery due to a sharp rise in home prices, a recent jump in mortgage rates, tighter lending practices, and competition from investors picking up lower-priced property for cash. This report comes from The Wall Street Journal. Gulf Shores Home Buyers Profile: […]
Gulf Shores Home Buyers Wary of Rising Rates
Rising mortgage rates are the biggest worry for prospective Gulf Shores home buyers. Bigger than rising prices and the lack of available inventory, according to a survey released recently by Trulia. The survey suggested that rates — which remain below 5% — aren't likely to be a deterrent to Gulf Shores home buyers just yet. […]
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