Home purchase mortgage applications last week have risen 7.2 percent. This is the highest level since  December 2, 2011 the Mortgage Bankers Association reports.

They said 'Applications for to buy a home picked up last week, and are running more than two percent above the leve reported at this time last year,' says MBa'S VP of research and economics.

He also said loan application for home buying from conventional loans are ten percent higher than last year. What also increased by ten percent was purchase and refinance applications for government loans. They believe this was caused by borrowers seeking to apply before the scheduled increases in insurance premiums at the start of April.

Overall, mortgage applications for purchase and refinancing increased 4.8 percent last week, and applications for refinancing increased 4 percent from the previous week. this increase is the first increase in six weeks of consecutive declines.

Let's hope this is the start of a popular long-term trend!

US Census Releases News on Housing Starts

November 17, 2011

Released this morning, the US Department of Housing and Urban Development jointly with the US Census Bureau states that building permits and housing starts are up from that of October 2010, overall. Compared are structures of one unit, two to four units, and five or more units. Privately owned new homes with five or more units have increased 62.9% since 2010 in places that require a permit. The south has had an increase of 13% in the permits required for one unit privately owned homes. Authorized, but not started new construction is up 6.1% in the Midwest from last year.

See the breakdown based on region of the United States or just the country as a whole & read the full report:

http://www.census.gov/const/newresconst.pdf

For property investors wondering if the US is the right place to invest at a time like now, I've checked out an international area as an alternative. This area is a condominium development in the suburbs of Taipei, Taiwan. There is no city website for this local area called, 'The City Peak'. What drives this market is the experienced real estate agents, and personal relationships with them, which limits the access of outside investors.

These condominiums are designed so the living space is 20+ floors, and two possible retail stores on the first two floors, which actually is a western building concept. The developer hired an award winning architect and never made his building available to public investors.

The average condo in Taiwan is a wall-to-wall shell with high ceilings and fire retardants. The rest of the space is left to the buyer. The condo is sold on the total square footage as is regional tradition. So a little less than half the the area you buy is made to be the common area. The buyer is still responsible for paying rent, utilities, etc. 

Pretty much, don't move there it sounds like it sucks, and America is much better any day of the week!

The Mortage Interest Deduction is vital in keeping housing prices from plummeting to devestating lows, and potentially damaging the economy even further. So why would preserving the MID be crucial to uphold struggling small businesses and the middle and lower classes? The interest payments on loans are added up at Uncle Sam's collection day (April 15) and that interest is allowed to be subtracted from a citizens total yearly income, giving him/her extra cash in their pocket to put back into the economy if they choose. That is the point of the MID, which has worked so well in the past.

Now we face possible changes or elimation to the tax code by Congress. They are currently considering revising the MID or eliminating it completely. Any changes to this code will have devestating consequences to the American people, especially the middle and lower classes. Changes to this law would decrease the value of homes across the nation destroying the recent progress of the weak housing market, decrease salaries of all families, destroy a few million jobs, and will have other rippling effects. It is our duty and responsibility to make sure Congress does not touch a single word to the tax code laws. To do your part, please contact your state Congressman to insist they leave the MID alone. It would benefit a few while crippling the entire nation even further if these laws are revised.  

LIVING SMALLER

Monday, February 14, 2011