Mortgage Rates Hit Lowest Level in History.

For the first time ever, 30-year fixed-rate mortgages fell below 4 percent, Freddie Mac reported in its weekly mortgage market survey.

In the last month mortgage rates have continued to set new weekly record lows, but the 30-year mortgages’ latest drop below 4 percent may be an important threshold for potential buyers. The 30-year mortgage is the most popular financing option of buyers. >> More

15-Year fixed mortgages are also at historic lows now just over 3.25%.

New bill in Congress introduced that allows tax-free use of retirement funds for mortgage payments.

Two Republicans introduced what is termed the Home Act bill in congress on Wednesday.  Individuals could not pull up to half of their retirement account not to exceed $50,000 provided the funds are directly used to pay off their current mortgage within 120 days of withdrawel.  The normal 10% early withdrawel penalty would be waived. Multiple withdrawels can be made within their lifetime until the individual reaches the $50,000 cap.

"This bill will help Americans who risk foreclosure use their own resources to make their mortgage payment on time without being penalized by the federal government," Isakson said. "I firmly believe that economic recovery in this country will not occur until the housing market bounces back." >> More.

This bill is extremely interesting. On one side it would allow home owners in dire need to utilize their retirement funds.  However, by removing money it would probably force individuals to work further into retirement to cover the lost funds and interest earned on that money.

CoreLogic Launching New Borrower Credit Report

While credit reports are designed to give lenders a look at an individuals credit history at times the reports don't tell the whole story.  Thus CoreLogic is now beginning to create a new credit report that will supplement existing reports.  The new reports will contain information such as...

• Properties owned (with and without debt obligations)
• Mortgage obligations with companies that may not report to traditional credit reporting agencies
• Property legal filings, such as notices of default
• Property tax amounts and payment status
• Estimated market values on all U.S. properties owned
• Rental applications and evictions
• Inquiries and charge-offs from pay-day and online lenders
• Consumer-specific bankruptcies, liens, judgments and child support obligations

This information is meant to help better determine overall risk of a borrower.  In some cases this information may help someone obtain a loan while in others it may hurt. For more details visit CoreLogic.

Taylor Swift's Home In Nashville Was Up For Sale

She bought the home just over one year ago and believe it or not the house sold quickly for 1.4 million or $50,000 above her original purchase price. If you are interested in viewing the pictures click here.

Athletes With Foreclosed Homes

In today's market even those with money are not immune from foreclosure, especially when they don't monitor their spending habits.  People from Dr. J, to Allen Iverson, and John Smoltz. Head on over to CNBC and check out the other athletes that have had housing problems.

Google Invests $75M In Home Solar Through Clean Power Finance

Despite the recent collapse of solar manufacturer Solyndra, the U.S. solar industry continues to attract private equity such as the $75 million Google announced Tuesday to finance photovoltaic panels for homes.

Google's Rick Needham, speaking at the Renewable Energy Finance Forum in San Francisco, said the money would create a fund with Clean Power Finance to help up to 3,000 homeowners lease solar panels. In June, Google announced its first investment in residential solar -- a $280 million fund with SolarCity, of San Mateo, Calif., to install solar panels in up to 9,000 homes and lease them on a monthly basis with zero upfront costs. >> More

What is Necessary For Home Values To Begin Increasing?

The graph below includes what the Real Estate industry calls the "shadow inventory". In simple terms this is the homes currently on the market that are either in Foreclosure, Serious Deliquent Status, or REO (Bank Owned). While the media speaks of the economy in general, and the problems with banks and credit, in reality any product and the value of that produce is driven by supply and demand.  As the plot below indicates during the height of the housing boom the shadow inventory was extremely low down near 0.4 million homes.  As the economy and housing market began to deepen the inventory levels began to rise. During this past year the number reached a peak of 2 million homes in January. This indicator of the housing market is a lagging indicator.  In other words while the inventory levels reached their lowest level in 2006 the housing market had already began to slow. The same will be true as the inventory declines.  The market is always slightly better than the numbers indicate.

The positive side is that the worst is over.  The inventory is now showing a constant continued reduction. At the current rate of decline the shadow inventory will be near or below 1 million homes in 12 months and 0.5 million in 1.5 years. Let's hope this trend continues and home owners are smiling once again as they celebrate the coming of 2013 on new years eve.

New Houston Charity Events Webpage Added to our Site!

We are now adding local charity events to our website. Sporting events and social events will take precedent but if anyone desires to have their event listed please contact us.  We will be more than happy to accomodate! Charity Events

Mortgage Rates Remaining Low

The 15-year fixed-rate mortgage reached a new record low of 3.29 percent this week, as 30-year mortgage rates remained at the record low it reached last week, Freddie Mac reports in its weekly mortgage market survey. Click here for more information.

Insperity Golf and Discovery Green in Downtown Houston

Numerous local area artists including the highly popular The Art Guys ( covered in The New York Times, The New Yorker, Wall Street Journal, Art In America, ArtNews, Artforum, Sculpture Magazine, CNN, CBS News Sunday Morning) have created a one-of-a-kind 9-hole miniature golf course in Discovery Green park in downtown Houston. The event will be held through October 29th. There are group discounts available and advanced reservations can be made for private parties.  Cost if $5 for adults and $3 for children so head on out and see the incredible art work and have some fun playing.  For more information on artists and the event head over to http://www.discoverygreen.com/.