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Conshohocken, PA Real Estate News

By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included readings on home prices, sales of pre-owned homes and pending home sales. Weekly readings on mortgage rates and first-time jobless claims were also released.Case-Shiller Home Price Index: Home Price Growth Slips in AprilCase-Shiller reported slower home price growth in April; home prices were 0.20 percent lower at 3.50 percent. Increasing inventories of homes for sale provided buyers with more choices and eased demand, which increased in recent years due to severe shortages of available homes.Cities on the west coast previously dominated home price growth, but the top three cities with highest home prices reported in April were sunbelt cities located east of high-priced west coast cities. Las Vegas, Nevada reported the highest rate of home price gro...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included monthly readings on housing market conditions, housing starts and building permits issued. Sales of pre-owned homes were released; the Federal Reserve announced its decision not to raise its key interest rate range. Weekly reports on mortgage rates and new jobless claims were also released.NAHB: Home Builder Confidence Slips in JuneThe National Association of Home Builders Housing Market Index for June showed builder confidence was two points lower at an index reading of 64. Builders surveyed said ongoing concerns such as lot and labor shortages impacted their outlook, but builders were also concerned over the impact of trade wars and tariffs on the cost of building materials.Housing starts dipped to 1.27 million starts on a seasonally-adjusted annu...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Homebuilder confidence dropped two points in June according to the National Association of Home Builders Housing Market Index. June’s index reading was 64, which indicates strong sentiment among home builders for current housing market conditions.NAHB component readings also dropped in June with builder confidence in current home sales one point lower at an index reading of 71. Home builder confidence in home sales conditions over the next six months dropped two points to 70 and builder confidence in buyer traffic was one point lower at 48. Buyer traffic readings seldom exceed the NAHB benchmark reading of 50. Index readings over 50 indicate that most builders have positive sentiment toward conditions surveyed.Home Builders Cite Ongoing Concerns and Growing Worry Over TariffsHome builde...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
One renovation that may add value to a home is an in-law apartment. Even if a homeowner does not have any relatives, an in-law apartment makes wonderful guest accommodations. It is possible to rent it when unoccupied to earn some money.Homeowners who rent out part of a home need to check with their insurance agent to upgrade insurance to accommodate commercial use of a part of the home.Additionally, a person staying in an in-law apartment, who is not a member of the owner’s household, may need to get renter’s insurance to cover any personal property kept in the in-law apartment.Renovation PlansAn in-law apartment may be in a basement or attic. Creating one is possible as a home addition, a garage makeover, or as a tiny house in the backyard.Check the building regulations for the area wh...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
One of the best things about moving into a new home is personalizing it and really making it yours. From hanging wall art to arranging furniture to finding the perfect spot for your grandmother’s hand crocheted afghan, it’s a real joy to decorate.But are you forgetting about the big investment you just made? Consider the following important home upgrades that will protect your home and your family.1. Smoke AlarmTake an afternoon and upgrade all your new home’s smoke alarms. Smoke alarms save lives and it’s not worth it to assume that just because it’s there it’s working. 2. Carbon Monoxide AlarmDo the same upgrade with your carbon monoxide alarm. If your new home doesn’t yet have one, go ahead and pick up the latest model. Even if your home has all electric appliances, it’s worth it to ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic releases included readings on construction spending, public and private sector jobs and national unemployment. Weekly reports on mortgage rates and first-time unemployment claims were also released.Construction Spending Little Changed in AprilCensus Bureau readings for April showed a minor dip in construction spending as compared to revised figures for March. $1,295.5 billion was spent on a seasonally-adjusted annual basis and missed the expected reading of $1,314.7 billion.March construction spending was revised to $1,299.2 billion. Falling mortgage rates were good news for home buyers, but concerns over global economic disputes and higher materials prices concerned home builders.Mortgage Rates Fall as Initial Jobless Claims Hold SteadyFreddie Mac reported lower av...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Case-Shiller Indices reported slower home price growth in March with a 3.70 percent gain year-over-year as compared to 3.90 percent home price growth for the year-over-year period in 2018. This was the slowest pace of home price growth in seven years.The 20-City Home Price Index showed Las Vegas, Nevada as having the top year-over-year home price growth rate of 8.20 percent; Phoenix, Arizona had year-over-year home price growth of 6.10 percent. Tampa, Florida had the third highest growth rate for home prices at 5.30 percent. Analysts said that all three cities continue their recoveries from deep home price declines during the recession.Did Home Prices Grow Too Fast?David M. Blitzer, managing director and chairman of the S&P Dow Jones Index Committee, said that given strong economic sign...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings on sales of new and pre-owned homes; weekly readings on mortgage rates and first-time jobless claims were also released.Sales of New and Pre-Owned Homes Lower in AprilSales of brand-new homes fell nearly seven percent in April according to Commerce Department reports. Analysts noted that March sales of new homes were revised upward, which contributed to the difference between March and April readings. 673,000 new homes were sold in April on a seasonally adjusted annual basis. Analysts expected a reading of 670,000 sale of new homes; this reading was based on the initial March reading which was later revised upward to 723,000 sales.Factors impacting new home sales include affordability, strict mortgage qualification requirements and new homes b...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included readings from the National Association of Home Builders on housing market conditions, housing starts and building permits issued. Consumer sentiment was reported along with weekly readings on mortgage rates and new jobless claims.NAHB: Builder Confidence Rises in May, Housing Starts Increase in AprilThe National Association of Home Builders Housing Market Index posted its highest reading in seven months in May as headwinds facing home construction waned. Lower mortgage rates were a positive sign. May’s reading rose three points to 66; component readings also rose.The index of builder confidence in current housing market conditions rose three points to an index reading of 72; the reading for builder confidence in housing market conditions in the next...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings on job openings and inflation. Weekly reports on mortgage rates and first-time jobless claims were also released.April Inflation Falls Short of ExpectationsThe Consumer Price Index for April fell by 0.10 percent to 0.30 percent. Analysts expected a reading of 0.40 percent, which hatched the March reading. The Core Consumer Price Index excludes volatile food and fuel sectors; core inflation grew by 0.10 percent in April, which matched the March reading and fell short of the expected growth rate of 0.20 percent.The Federal Reserve has set an annual inflation rate of 2.00 percent as a benchmark reading for achieving its mandate of price stabilization.Mortgage Rates, New Jobless Claims FallFreddie Mac reported lower average mortgage rates last wee...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Are you the type of real estate investor that has an interest in a treasure hunt? A real estate investment strategy based on hard money is, at its core, a treasure hunt. There must be an underlying value, the “treasure,” for a hard money opportunity to exist.Collateral For A Hard Money Loan Is Only The PropertyHard money loans rely only on the value of the real estate property for collateral. The credit history of the borrower is not important. Usually, the limit for a hard money loan is a 60% loan-to-value. The hard money loan must be in the first position, as a first mortgage lien on the property, in the case of a default on the loan.If the loan amount needed is only 60% of the property value, finding a hard money lender is easy. Just conduct a search on the Internet for a hard money ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings on home builder confidence in housing market conditions and Commerce Department reports on housing starts and building permits issued. Weekly readings on mortgage ratees and first-time jobless claims were also released.NAHB Housing Market Index: Builder Confidence Rises One Point in AprilHome Builder Confidence readings posted by the National Association of Home Builders held steady for April and rose one point overall. Component readings for the NAHB Housing Market Index were mixed; builder confidence in current housing market conditions rose one point to an index reading of 69, but builder confidence in housing market conditions in the next six months fell one point to 62.Home builder confidence in potential buyer traffic rose three points t...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic readings included reports on inflation, mortgage rates, and first-time jobless claims. Monthly reporting on consumer sentiment was delayed.Consumer Price Index: Inflation Rises in MarchThe Consumer Price Index rose 0.40 percent in March, which matched expectations and surpassed February’s month-to -month reading of 0.20 percent growth. The March reading showed the highest consumer price growth in 14 months; higher rents, fuel and food prices contributed to month-to-month price gains in March.The Core CPI excludes volatile food and energy sectors and was unchanged in March although 0.20 percent growth was expected. February’s reading showed 0.10 percent growth. Inflation increased 1.90 percent year over year.Mortgage Rates RiseFreddie Mac reported higher mortgage rat...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
For most people, the mortgage payment is the biggest monthly expense. Whether you’re facing retirement or still working, it would be nice to be free of this debt. Although you probably can’t pay it off in one lump sum, it is possible to pay off your mortgage sooner than expected.Here are four strategies to try.1. Make Bi-Weekly PaymentsYou could shave eight years off a 30-year mortgage simply by breaking down your monthly payments into two payments instead of one. You’ll pay the same amount each month while the interest paid over the length of the loan is reduced. 2. Make Principal-Only PaymentsIf you look at your mortgage payment slip, you’ll notice that the majority of your monthly payment goes toward interest. Slash years off your mortgage by making occasional principal-only payments...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings on construction spending and inflation; labor sector reports on the national unemployment rate, public and private sector employment were also released. Weekly readings on mortgage rates and new jobless claims were also released.Construction Spending Rises, Retail Sales SlipConstruction spending expanded by one percent in February according to the Commerce Department spending was one percent higher month-to-month; analysts expected a negative reading of -0.10 percent. February saw a revised gain of 2.50 percent growth in construction spending.Construction spending grew 1.10 percent year-over-year; by comparison, 2016 construction spending reached 10 percent year-over-year. High demand for homes and lower mortgage rates could compel more constr...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included readings from Case-Shiller on home price growth, Commerce Department readings on housing starts and building permits issued. The Conference Board issued its monthly reading on consumer confidence. Pending home sales and weekly reports on mortgage rates and first-time jobless claims were also released.Case-Shiller Home Price Indices: Price Growth Slows in JanuaryS&P Case-Shiller Indices reported the slowest rate of home price growth in six years. January readings suggested that home price growth slowed due to easing demand. Affordability concerns sidelined buyers; participation of first-time home buyers remained lower than average.Case-Shiller’s 20-City Home Price Index charted its third month-to-month decline in home price growth; the National Home ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic news included readings from the National Association of Home Builders, Federal Reserve Federal Open Market Committee and a press conference by Fed Chair Jerome Powell.Sales of pre-owned homes in February were reported along with weekly readings on mortgage rates and new jobless claims.NAHB: Builder Confidence Unchanged Despite HeadwindsHome builders remained confident about housing market conditions in March. The NAHB Housing Market Index posted a reading of 62, which matched February’s reading and fell one point short of expectations. NAHB Index readings above 50 represent a positive outlook on housing market conditions.Home builders continued to face obstacles including high materials costs and lack of buildable lots and labor. Analysts said builders focused on bu...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Builder sentiment held steady in March as headwinds in housing markets affected homebuilder confidence, but National Association of Home Builders Chairman Greg Ugalde said that builders were looking forward to a “solid spring home-buying season.” Builder sentiment mirrored February’s index reading of 62; analysts expected an uptick to 63.Any Housing Market Index reading over 50 indicates that more builders than fewer have a positive outlook on housing market conditions. The average reading for 2018 was 67, which indicated that builders were less confident current market conditions for new homes than in 2018.HMI Component Readings Mixed in MarchThree sub-readings used to calculate the monthly Housing Market Index reading showed builder confidence in current market conditions rose two poi...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Hunting for your new home can be a confusing process. There are countless factors you need to take into account to ensure your new location fits your family’s lifestyle and preferences. In their excitement, first-time home buyers can easily overlook some essential points about their potential property.When you’re searching for your new residence, ask these questions to get exactly what you’re looking for.Am I Financially Ready For A New Home Purchase?It takes more than money to find the right home. Your credit rating is an important factor in your ability to secure enough funding to finance your dream. Check out your credit score before you buy to make sure you won’t have to settle for less.Some of the things you have the greatest control over include: Payment history Credit utilization...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reports included readings on retail sales, inflation and construction spending. New home sales Consumer sentiment readings were posted along with weekly readings on mortgage rates and first-time jobless claims.Retail Sales Increase after Lowest Reading in 10 YearsRetail sales rose by 0.20 percent in January; analysts expected an increase of 0.10 percent based on December’s negative revised reading of -1.60 percent. Home centers and internet retailers led in overall sales; retail sales without the automotive sector were higher with an 0.90 percent increase in January, which exceeded expectations of an 0.40 percent increase.December had a negative reading of –2.10 percent. Auto dealers had fewer sales to car rental firms and other business customers; the reading for r...
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