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Updates from May, 2012
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RISMEDIA, July 6, 2010—The House of Representatives recently passed the FHA Reform Act (H.R. 5072). The bill, sponsored by Representative Maxine Waters (D-Calif.), would give authority to the Federal Housing Administration (FHA) to increase premiums (a.k.a. mortgage insurance) on loans guaranteed by the FHA. It passed by a vote of 406 to 4 and now heads to the Senate for a vote.
The FHA does not make home loans, it insures lenders against mortgage defaults. As a matter of fact, the FHA insures nearly one-third of all new mortgages in the U.S. This is up from just 4% percent in 2006. Due to the high number of mortgage defaults that have occurred over the past few years, the FHA reserves have fallen below the limit allowed by law. The proposed bill hopes to bolster the FHA reserve level.
FHA-backed loans are common among first-time home buyers because, unlike the traditional mortgages of today, FHA loans only require that you have a 3.5% down payment. However, because the down payment requirement is so low, a borrower is required to pay both an upfront mortgage insurance premium at closing (currently at 2.25%, up from 1.75% in April 2010) and an annual mortgage insurance premium, paid monthly. (More …) Print This Post
Thursday, 20th May – All eyes were on the Canadian Dollar (CAD) on April 6th as it hit parity against the US Dollar (USD). However the run seems to be over as commodity prices drop off and the CAD falls to 0.9350.
Historically, commodity prices drive the CAD, no real surprise for this export led economy. Volatility is predicted for the commodities market as concerns over demand from Europe continue, this means a volatile time for the CAD in the coming days and weeks.
What does this mean for the many Canadian clients taking advantage of the affordable real estate in Florida at the moment? To put it simply – buy USD now!
Moneycorp can help your clients lock in the exchange rate today, even if they do need to take delivery of the funds for up to 2 years in advance. We will also ensure your clients get the most competitive rates and best possible service.
If you have a client who needs to exchange their Canadian Dollars into US Dollars, call your Account Manager today on +1 407 352 5890. We will help your client and pay you a referral fee!
Laura McLoughlin, Regional Manager Moneycorp USA Print This Post
UK Real Estate Briefing
2010 Election Special
By Nick Churton, Mayfair International Realty
12th April, 2010
As far as the real estate market is concerned it should not really make much difference which party is in power. Any administration will have to deal with the serious aftermath of the global credit crunch and recession, together with the UK’s current national debt, running at over £900 billion ($1,521 billion) – or £14,684 ($23,332) for every man woman and child. This will inevitably mean higher taxes and interest rates, a freeze in public sector pay and a lowering in public investment. Strangely none of the political parties vying for power seem to be saying too much about this at the moment. (More …) Print This Post
Here are some quick facts from The 3rd Quarter of Christie’s Great Estates including top real estate sales, web statistics for http://www.christiesgreatestates.com and top listings . Print This Post
Stable September for Sterling?
We were all excited at the start of August as the GBP/USD rate hit 1.70; however, the movement was all too brief and the rest of August provided for a gradual movement back to the low-to-mid 1.60′s.
The fluctuations in August can be attributed to the ‘risk appetite’ of investors. Improvements in the UK, Euro zone and US pushed the higher yielding currencies to gain over the Dollar, with Sterling taking full advantage of this. Despite continued improvement in the UK, investors could not ignore the minutes from the recent Monetary Policy Commission. The suggestion that a further injection of funds is needed to recover caused Sterling to sink.