Mortgage Rates Inch Lower
NEW YORK – Mortgage rates remained below the 5% mark, with the benchmark conforming 30-year fixed mortgage rate inching lower to 4.95%, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.
The average 15-year fixed mortgage stepped down to 4.14%, and the larger jumbo 30-year fixed rate reset the low point of the year at 5.40%. Adjustable rate mortgages were also lower, with the average 5-year ARM dipping to 3.69% and the 7-year ARM dropping to an even 4%.
Mortgage rates were lower this week, but the movement in mortgage rates continues to be tame. Mortgage rates have remained within a one-third percentage point band since mid-December. The Federal Reserve did little to rock the boat, holding interest rates steady and changing very little in the post-meeting statement.
Fed Chairman Ben Bernanke’s initial press release was a historic event, but uneventful. While the Federal Reserve confirmed that they will halt their bond purchases at the end of June, this has been widely expected and any resulting volatility in bond yields or mortgage rates is far from certain. Mortgage rates are closely related to yields on long-term government bonds.
The last time mortgage rates were above 6% was Nov. 2008. At the time, the average 30-year fixed rate was 6.33%, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.95%, the monthly payment for the same size loan would be $1,067.54, a difference of $174 per month for anyone refinancing now.
Read more: http://www.houselogic.com
Have the tax credits been extended for 2011?
On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This law extends the tax credits for energy efficiency into 2011, BUT at lower levels. The levels revert back to those in effect in 2006 and 2007, which were 10% of the cost of the improvement, up to $500, with a $200 max for windows, and several other set maximums.
Highlights:
- $500 lifetime limit. If you got over $500 in these tax credits from 2006 – 2010, you are not eligible for anything more.
- 10% up to $500 for insulation, roofs, and doors.
- Windows capped at $200, but qualification now ENERGY STAR
- Furnace and boilers capped at $150, and all furnaces and boilers must meet 95 AFUE
- $50 for advanced main air circulating fan
- $300 for air conditioners, air source heat pumps, water heaters, and biomass stoves
Tax Form:
For products “placed in service” in 2011, you need to file the 2011 IRS Form 5695 and submit it with your 2011 taxes (by April 15, 2012).
On the 1040 form the residential energy tax credit (from Form 5695) is claimed on line 52.
What you need to submit and save:
Save your receipts and the Manufacturer’s Certification Statement for your records. Submit Form 5695 with your taxes.
Rental rates climb as sale prices dip
HotPads: Demand for ‘low-risk’ housing rises
By Inman News, Tuesday, April 26, 2011.
Inman News
Rental listing prices nationwide jumped 7.4 percent in the last year while for-sale listing prices dropped 8.8 percent, according to a report from property search site HotPads.
The report is based on listings active on HotPads in April 2010 and April 2011. First-quarter data shows a reversal of the broader trend — rental prices fell 1.8 percent and sale price rose 3.5 percent — but the report emphasized that the first-quarter trend is likely attributed to seasonal patterns in the real estate housing market.
“We predict investors looking to ride the rental upswing will continue renting properties and will wait for home values to appreciate,” the report said.
“Increasing demand for rental properties is an indicator of a growing preference for low-risk housing options, which is closely linked to the broader economic uncertainty.”
Since April 2010, the national median list price of for-sale homes has dropped in every month except for March 2011 and April 2011.
The median rental listing price is more uneven month-to-month, but has shown a clear upward trend in the past year.
9 Unexpected Energy (and Money) Savers
Here are a few surprising and simple ways to cut your energy bill in your San Diego home this season. Give your pocketbook and Mother Nature a gift this season by taking advantage of these simple, surprising ways to save energy and money.
Put lamps in the corners: Did you know you can switch to a lower wattage bulb in a lamp or lower its dimmer switch and not lose a noticeable amount of light? It’s all about placement. When a lamp is placed in a corner, the light reflects off the adjoining walls, which makes the room lighter and brighter.
Switch to a laptop: If you’re reading this article on a laptop, you’re using 1/3 less energy than if you’re reading this on a desktop.
Choose an LCD TV: If you’re among those considering a flat-screen upgrade from your conventional, CRT TV, choose an LCD screen for the biggest energy save.
Give your water heater a blanket: Just like you pile on extra layers in the winter, your hot water heater can use some extra insulation too. A fiberglass insulation blanket is a simple addition that can cut heat loss and save 4% to 9% on the average water-heating bill.
Turn off the burner before you’re done cooking: When you turn off an electric burner, it doesn’t cool off immediately. Use that to your advantage by turning it off early and using the residual heat to finish up your dish.
Add motion sensors: You might be diligent about shutting off unnecessary lights, but your kids? Not so much. Adding motion sensors to playrooms and bedrooms cost only $15 to $50 per light, and ensures you don’t pay for energy that you’re not using.
Spin laundry faster: The faster your washing machine can spin excess water out of your laundry, the less you’ll need to use your dryer. Many newer washers spin clothes so effectively, they cut drying time and energy consumption in half – which results in an equal drop in your dryer’s energy bill.
Use an ice tray: Stop using your automatic icemaker. It increases your fridge’s energy consumption by 14% to 20%. Ice trays, on the other hand, don’t increase your energy costs one iota.
Use the dishwasher: If you think doing your dishes by hand is greener than powering up the dishwasher, you’re wrong. Dishwashers use about 1/3 as much hot water and relieve that much strain from your energy-taxing water heater. Added bonus: you don’t have to wash any dishes.
Window of Opportunity Has Opened
You may have heard that San Diego home loan rates improved, reaching some of the best levels so far in 2011. In fact, now is the best time in over a decade to take advantage of this wonderful situation. The San Diego real estate inventory levels are at a favorable level, making it easier to get into a home.
But there’s one important point you should understand…
The slowing in our economy is one of the main reasons rates have improved recently, but it’s important to note that the last time rates hit this level, they jumped significantly higher from here. What’s more, signs of inflation are beginning to creep into our economy, and that never bodes well for home loan rates. If you have thinking about buying San Diego real estate, now is a great time to jump in.
Getting preapproved for a San Diego home loan is easy and only takes a few minutes. Applying for a San Diego home loan doesn’t cost anything and is a good way to assess what you qualify for and if you are comfortable with the monthly payment. In may cases, people are pleasantly surprised at how affordable San Diego homes are in todays market. Being that it is still early in the year, there are still money available for San Diego first time home buyer programs which can help with down payment and/or closing costs, which can reduce out of pocket expenses significantly.
Contact Travis Breton to find out more about buying San Diego real estate or to get connected with a reputable San Diego home loans specialist.
The Traditions in La Costa
The Traditions in La Costa is a small community of just 12 homes located off of Levante and La Costa Ave. This community (also known as Tradicions La Costa) of La Costa homes is built by Carlsbad new homes builder, Hallmark Communities. The Traditions La Costa homes features four inspiring two story designs offering elegant appointments, innovative design and building materials that truly distinguish these homes from everyone else. These La Costa homes for sale range in size from 2770-3339sf with floorplans up to 6 bedrooms and 3.5 baths.
Residents of these La Costa homes enjoy the advantage of the private neighborhood ambiance all in a spectacular location inside the San Dieguito and Encinitas School Districts. Many of the 12 homesites offer views of the La Costa hills and even ocean views. The Traditions in La Costa also offers many special features such as, interior courtyards, front porches, second story lofts and some with additional separate living quarters.
These homes for sale in La Costa Carlsbad have no Mello-Roos fees and a low HOA fee of just $162 per month.
Property Line Disputes Between Neighbors
One of the most common sources of aggravation is a neighbor. Most everyone has one and when they’re a problem, they’re a big problem. Boundary interactions with neighbors are controlled by California Codes. Unfortunately, the law is not completely clear.
Trees on The Property Line: The limbs and roots of your neighbor’s trees grow over the property line into your space. That’s easy, just cut off the limbs and cut through the roots. Right? Very Wrong. That’s how you make your lawyer rich. These disputes end up in Court and they are long and costly and your neighbor hates you. Try to work it out with your neighbor before you cut anything.
Look at the tree trunk. If the trunk is entirely on your land, you’re pretty free to do what you want. If the trunk is on the neighbor’s side, only trim limbs & roots on your side. You better be sure how you trim and where the property line really is. The California Civil Code provides for triple damages if you’re wrong.
Common Fences: Many people share a fence with their neighbors. Fences get old and need repairs. Also, fences are sometimes not on the actual property line and part of your land is on the other side of the fence. By law, neighbors must share maintenance costs of fences. Try to work out any disputes. Get bids from several contractors. Take photographs. If the fence is in the wrong location, the law makes little sense. Call me. If you are replacing the fence, your neighbor may have to share the cost.
Article by Law Office of Bernard A. Sherwyn
Buyers Ready to Snatch Bargains This Spring
Bargain prices on San Diego real estate combined with low interest rates below 5 percent may bring the San Diego real estate market its busiest spring season in years, economists say.
Distressed sales continue to put downward pressure on San Diego home prices, which may lure more buyers off the fence and ready to snag a deal during the typical prime-time buying season.
Some San Diego home builders are ramping up discounts on new homes as well as boosting commissions to brokers to try to spark more transactions.
Sellers of existing homes also are getting more competitive in pricing their homes.
“After three years of the housing downturn, people are becoming much more realistic in terms of valuing their homes,” says Lawrence Yun, chief economist at the National Association of REALTORS®.
An improved job market with better income potential may also motivate more people to buy, says David Berson of the PMI Group.
“Household formations are also very important,” Berson says. “Kids may have moved back in with their parents, or two people may have moved in together, because of job concerns. Now they can move into their own place.”
While interest rates are sitting comfortably below 5 percent for now (30-year fixed rates averaged 4.76 percent last week), economists warn the attractive low rates won’t last long.
“Few think mortgage rates are going lower,” says Mark Zandi, Moody’s Analytics chief economist. “It’s more likely they will be 6 percent than 4 percent next spring. This lights a fire under buyers.”
Source: “Discounts Expected in Spring Housing Market,” The Wall Street Journal (March 22, 2011)
Green Clean Countertops and Keep Food Prep Safe from Chemicals
Whip up a batch of homemade vinegar solution to cheaply and effectively green clean your kitchen countertops without harsh chemicals.
From meat juices to milk spills, kitchen countertops can be messy places. But you don’t need to reach for caustic cleaners to get your kitchen countertops sparkling clean. You can make your own green cleaners using items in your pantry for a fraction of the price.
Household vinegar contains acetic acid, a powerful antimicrobial that kills salmonella and E. coli bacteria. Readily available and cheap to boot, vinegar solutions in the proper proportions are a safe and effective alternative to harsh commercial cleaners.
To make your own non-toxic kitchen countertop cleaner, combine equal parts vinegar and tap water. To boost its cleaning power, warm it in a glass bowl in the microwave. A 64-ounce bottle of food-grade vinegar costs about $4, so a 32-ounce batch of homemade kitchen countertop cleaner will only set you back a buck.
In contrast, a 32-ounce bottle of commercial green cleaner like Seventh Generation costs about $5, while the same size conventional cleaner costs about $4.50.
Avoid these products:
Some commercial anti-microbial wipes and sprays contain sodium hypochlorite (bleach) or ammonium chlorides, chemicals the EPA lists as hazardous to our (and our pets’) health. When mixed with other cleaning products, some of those chemicals can even release toxic gases.
Alyson McNutt English has written about the joy of green cleaning for publications like Pregnancy, Conceive, and BobVila.com. She buys her baking soda and vinegar in bulk and uses them liberally for everything from disinfecting laundry to soaking up her kids’ food stains.
Grand Opening of Westcott at La Costa Oaks
Grand Opening of Westcott at La Costa Oaks in on Saturday, April 16 2011 from 11am to 2pm. This weekend will be the first opportunity to tour the Westcott La Costa home models. Attendees will enjoy refreshments, music, face painting and activities at the Splash.
La Costa Oaks is a master-planned village with-in La Costa Carlsbad. The La Costa community is renowned for its rich architectural detail, traditional craftsmanship and an inspired use of authentic materials. Residents of Westcott at La Costa Oaks enjoy a premier location within this sought after neighborhood, a quick drive to Carlsbad beaches and a close proximity to Encinitas Ranch Town Center and The Forum Carlsbad shopping center. La Costa Oaks residents also enjoy inclusion in the acclaimed Encinitas School District and San Dieguito Union High School District as well as the close proximity to dedicated open space including the La Costa Preserve which offers more than 1000 acres of wildlife preserve and hiking trails.
These La Costa homes for sale are built by Standard Pacific Homes. Westcott at La Costa Oaks Carlsbad features three versatile floor plans ranging in size from 2983-3316sf. 4-5 bedrooms plus bonus room or loft are available per plan, as well as 2.5-4.5 baths. Each of the homes for sale in Westcott in La Costa Oaks can be personalized with optional bedrooms, hobby room or office.
Prices for Westcott in La Costa Oaks homes start in the 600′s. Contact Travis Breton at 760-470-2752 or visit http://sdhomesource.com for information about buying or selling Carlsbad real estate or if you’re looking for Carlsbad Realtors.
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