What is Considered a Good Credit Score

Calling All Buyers! "it's time to make a move"

At CityDreamHome Realty, we find the best deals for buyers and now is a great time to buy. For new home buyers, the Dallas area builders are bending over backwards to get your business. We pride ourselves in staying up to date with what builders are offering and where they are offering those incentives.

Local builders also have specials running on inventory homes. Please, take some time to check out the Red Hot Deals on CityDreamHome.com

Also you can view a Channel 8 Newscast about builder incentives at year end.
DALLAS NEW HOME INCENTIVES

These incentives and more are still available. Builders are ready to deal. So give us a call, and we'll discuss your needs.

CityDreamHome Realty

214.625.9510 or 214.783.9058

The Real Estate Market: Looking Up?

The Real Estate market is slowly but surely changing as we speak. At this moment, all the good cards are in the buyers hands. If you have been sitting on the sidelines waiting for a bottom, you may be looking at it now.

It's been awhile since I had a blog post. It's been awhile since there was anything good to say, and you know the old saying... "if you don't have anything good to say...". OK, admittedly, I may have taken that too far, but I have my reasons. Real Estate became a part time job for me; not because I wanted to do something else, but because business slowed down. Business slowed down for the entire industry and many of us had to take other jobs to survive. Some of my Realtor friends have left for good, unable to take the uncertainty of the profession. I do understand their position, but I always knew I would come back with a new vigor and dedication to serve my clients. That desire to serve the profession needed help. The economics of our nation had to change in order to allow me and others to fully engage in something we love.

That change is here! It's not magical or mystical. It's the fact that everyone is on board to do what is necessary to get this nation moving in the right direction. This is a nation of hope and a neverending "can-do" attitude... That attitude drives us all to do what we can to make it work; whatever "it" may be.

Market Comment - Week of October 20th, 2008

30 year fixed rate loans in low 6's 

Mortgage bond prices remained nearly unchanged last week holding mortgage rates steady. Trading remained extremely volatile with daily movements in discounts points often exceeding 3/4. Much of the volatility in bonds was tied to the stock market where the Dow Jones Index rose by 933 points only to fall 733 later in the week. Trading in the financial markets remains in disarray as governments around the globe grapple with the credit crisis than has spilled over into most facets of their respective economies. One bright spot on the horizon is the continued decline in oil prices. For the week, interest rates on government and conventional loans fell by 1/8 of a discount point.

Fed Chairman Bernanke's testimony to Congress will likely be the most important event this week. The financial markets remain volatile amid uncertainty. Expect the up and down trading pattern to continue.

Are we headed toward a "Depression" ?

• In the the Great Depression 1300 Banks failed - only 13 banks have been taken over by the FDIC this year.
• Unemployment was 24% back then and is currently around 6%.
• From mid 1929 to 1932 the Dow dropped 90% - lately it has been down roughly 30%
• In 1933 when FDR took over 44% of mortgages were in default.  In the 2nd quarter this year only 6% of all mortgages were delinquent. 
  
  
  
  
  WR Starkey Mortgage - A different kind of company...where people come first!

  
  

  Kurt Gonzalez
  Senior Loan Officer
  
  5055 W. Park Blvd #300
  Plano, TX 75093  Work: 972-985-0000
  Fax: 972-985-8282  kurt@kurtgonzalez.com  www.kurtgonzalez.com 

A Nugget of Good News

Well, the economy definitely has its issues but there is also some good news out there for a change.  NAR said the sales of existing homes rose 5.5% in September! You can read the article here...

Radiant Barrier Update

Well, it's time to climb in the attic and install the radiant barrier. In an earlier post, I was in the process of researching exactly what it does and if it would actually save money. After having EAS come out and give me an estimate; I decided this would be a DIY project, but wanted to wait for a cooler season. That season is here.

The goal next week is to decide exactly what foil to use on the roof rafters.  Thus far I've found Attic Foil to be the most comprehensive website around, when it comes to doing it yourself radiant barriers.  You'll find plenty of pictures and instructions on the best way to accomplish this task for yourself and your location.

Market Update - The Kurt Gonzalez Team

More FHA Changes

Down Payment Assistance Programs are being eliminated as of October 1st.  Many banks and lenders are discontinuing the DPA programs much sooner.  We will allow for a closing in October however the loan will need complete underwriting approval by September 30th. Also, HUD has allowed for the down payment to remain at 2.25% with a 3% required total investment for the rest of 2008! 

 

Rates

Rates are in the low to mid 6's year for 30 year fixed and low  6's to upper 5's for 15 year fixed rate loans.  Of course, the down payment and credit score will impact the rate each client can receive.  The fact remains that mortgage interest rates are historically favorable.  Rates continue to be volatile as inflation concerns are prevalent.  

 

 

Great to be in DFW!  

The Dallas-Fort Worth area had the strongest job market among large U.S. cities in the 12 months ending in July 2008, the U.S. Department of Labor said. But the rate of job growth in North Texas has slowed during the last year, said Stanley Suchman, the Labor Department's regional commissioner in Dallas. Still, employment in the Dallas-Fort Worth area grew 2.3 percent during the year ended in July. Houston was a close second, with a 2.2 percent growth rate. The Dallas-Fort Worth area added 68,000 jobs during the 12 months ending in July. Over the same period, overall U.S. employment fell 0.1 percent, shedding 174,000 jobs. Five of the 12 largest metropolitan areas suffered job losses during that time. The largest job losses occurred in the Detroit area, where employment fell by 1.9 percent or 36,700 jobs; and Los Angeles, an epicenter of the housing bust, where employment fell by 0.8 percent or 45,000 jobs . (Dallas Morning News) 

Programs

 

Our Credit Score Simulator can help a buyer raise a credit score by looking at which debts to pay down and how much!

 

Thanks for making August one of our best months of the year!  Most importantly everyone closed on time with no surprises at closing!

 

 The Kurt Gonzalez Team  at WR Starkey Mortgage

 Real Answers - Real Fast

 www.kurtgonzalez.com 

972-985-0000