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Housing Affordability in the U.S. is at a Record Low

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the staff of the Ridgewood blog

Ridgewood NJ, the average rate for the most common type of mortgage in the US has risen to almost 7.1%, according to data from a survey of lenders made by mortgage financing giant Freddie Mac. The figure—for 30-year fixed-rate loans—is the highest since December 2001 and is up two percentage points over the past year (and more than 4.4 points from the all-time low seen in January 2021).

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Who Will Buy My House Fast? Your Best Options

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According to many real estate experts, selling your home to a genuine house-buying company is the only option that is guaranteed to make a sale immediately. However, there are many other options to sell your house fast. Thus, there is no need to worry about “who will buy my house fast?” 

This article will look at the options you have to sell your house fast to reliable buyers. If you have a property that you want to sell and do not know how, then this article is for you. 

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How Much House Can You Really Afford ?

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the staff of the Ridgewood blog

Ridgewood NJ, according to Realtor.com the inventory of homes actively for sale in June decreased by 43.1% over the past year, a lower rate of decline compared to the 50.9% drop in May. A deceleration in the decline of inventory means the market is heading in an encouraging direction, but active inventory still remains at a historically low level. This decline meant there were 415,000 fewer homes actively for sale on a typical day in June compared to the previous year. Nationwide the total number of unsold homes that  includes active listings and listings in various stages of the selling process that are not yet sold– is down 20.3% percent from June 2020.

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Hall of Records portion of the Bergen County Clerk’s Office is closed due to a case of Covid-19

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the staff of the Ridgewood blog

Hackensack NJ, according to Assemblywoman Holly Schepisi , “We have just confirmed that the Hall of Records portion of the Bergen County Clerk’s Office is closed due to a case of Covid-19. While we have not received any additional information it appears that the office will remain closed through Election Day with no firm date for re-opening as of this writing. This closure impacts getting or filing a deed to your home, searches for title records, notary applications and the recording, filing and maintenance of many public records including those effecting property and business ownership.”

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All the Important Things to Know Before Getting for a Mortgage

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We all want a better life for us and our family. However, most life upgrades cost money, and you can’t always just pull out a couple hundred thousand dollars to get something you need. This is where a mortgage comes in. A mortgage is a special type of loan that you can take out to buy a piece of property, and you pay it back in installments over the years. The catch? If you fail to make a payment, the mortgage company can repossess your property and sell it to get their money back. So, mortgages are definitely an option for some, but there are a couple of things you need to be aware of before applying for one. Before we start, it’s also important to understand other types of mortgages, like a reverse mortgage in Nevada, or in any other state.

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Working with Your Mortgage Broker During COVID-19

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While comparing the mortgage broker vs. bank lender, it is important to consider the strengths and weaknesses of each individual. The requirements for qualification are different between the two organizations and both have their strengths and weaknesses. The decision to go with one of these services is based on several factors. The primary difference between the mortgage broker and bank lender is that the latter offers mortgage loans for individuals who do not have a credit history, while the former is primarily focused on those with a decent credit history. It is important to note that these services are not the same.  Continue reading Working with Your Mortgage Broker During COVID-19

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New Jersey leads nation in foreclosures

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Kathleen Lynn , Staff Writer, @KathleenLynn312:06 a.m. EST December 15, 2016

One in every 598 Garden State households with a mortgage had some type of foreclosure filing in November

New Jersey leads the nation in foreclosure activity, as the state continues to unwind the mortgages that went bad in the worst housing crash in decades.

One in every 598 Garden State households with a mortgage had some type of foreclosure filing in November, according to Attom Data Solutions, a real estate research company that is the parent company of RealtyTrac, which tracks foreclosures. That’s down about 7 percent from a year ago – a sign that the worst of the foreclosure crisis may be in the past.

https://www.northjersey.com/story/money/2016/12/14/nj-leads-nation-foreclosures/95423742/?utm_campaign=Observer_NJ_Politics&utm_content=New%20Campaign&utm_source=Sailthru&utm_medium=email&utm_term=New%20Jersey%20Politics

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A false friend :Why governments should stay out of the mortgage business

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A false friend :Why governments should stay out of the mortgage business

Feb 1st 2015 | Business and finance

IN THIS week’s print edition, we explore how mortgage subsidies have encouraged banks to lend more to homeowners and less to firms, with pernicious economic consequences. The Economist has long been a critic of such handouts. Back in 2000, we pointed out that implicit state guarantees for Fannie Mae and Freddie Mac, mortgage insurance giants, may do serious damage to the American economy if they take on too much risk. The federal takeover of the two firms in September 2008 as a result of the subprime mortgage crisis suggests we were right to be worried.

Fannie, Freddie

America’s government should get out of the mortgage business

Apr 15th 2000

FANNIE and Freddie sound like a sweet couple living down the street. But in America they are more likely to own the mortgage on your and your neighbours’ house. For Fannie Mae and Freddie Mac are two of America’s biggest financial institutions—and also two of its most indebted, with around $1 trillion of debt between them. Fannie Mae is the Federal National Mortgage Association, Freddie Mac the Federal Home Loan Mortgage Corporation. They dominate America’s mortgage market, a pre-eminence that is becoming controversial because these “federal agencies” are assumed (despite official denials) to be guaranteed by the government (see article).

Fannie and Freddie stand accused of using their “government guarantees” to steal business from unambiguously private lenders. One think-tank, the American Enterprise Institute, says they are on course to “nationalise” the mortgage market. Some congressmen now wish to change the law to tame these monsters before they stick the taxpayer with a bill reminiscent of the savings-and-loan bust in the 1980s.

The original idea behind Fannie and Freddie was innocuous enough. It was to provide liquidity to mortgage lenders, and so help people to buy homes, at a time when private markets could not stump up enough money. But today the financial markets are more than able to deliver. What the federal mortgage agencies do now is to distort the private market. This is a perfect example of what people mean when they talk of moral hazard caused by government intervention.

https://www.economist.com/news/business-and-finance/21641660-why-governments-should-stay-out-mortgage-business-false-friend?fsrc=scn/tw/te/bl/afalsefriend