DeTray Group's Blog

Mortgage Rates this week April 16, 2012

Mon, 16 Apr 2012 02:00:00 GMT

What’s Ahead For Mortgage Rates This Week : April 16, 2012

Written on April 16, 2012 by dollarsandhomes in Mortgage Rates

Mortgage markets improved last week as a global flight-to-quality continued. With Spain facing questions on its sovereign debt, investors continued to pare exposure to risky assets, sparking demand for the relative safety of U.S. government-backed mortgage-backed bonds.

As a result, conforming and FHA mortgage rates slipped for the third straight week last week.

According to Freddie Mac’s weekly Primary Mortgage Market Survey, the average 30-year fixed rate mortgage available to borrowers in Missouri is down to 3.88% nationwide with an accompanying 0.7 discount points plus “typical” closing costs.

Last week’s reported 3.88 percent rate for the 30-year fixed rate mortgage is within one-tenth of one percent of the lowest, average mortgage rates in Freddie Mac survey history. However, the last time conforming rates were reported in this range, the accompanying, required discount points were higher than last week’s 0.7.

Meanwhile, at 3.11% nationwide with 0.7 discount points plus closing costs, the 15-year fixed rate mortgage rate is equally low. It, too, set a record last week.

It’s a good time to be looking for a mortgage in Kansas City. Rates and fees are great.

Last week, markets moved on momentum. This week, they’ll move on data. The economic calendar is busy.

Monday : Retail Sales; Housing Market Index
Tuesday : Housing Starts
Thursday : Weekly Jobless Claims; Leading Indicators; Existing Home Sales

In addition, two Federal Reserve members offer prepared remarks Monday. They will be the last public Fed comments before next week’s 2-day FOMC meeting.

Mortgage rates remain low. Consider calling or emailing your loan officer to learn more about your current financing options.

Kansas City Sea Life Aquarium

Mon, 16 Apr 2012 02:00:00 GMT

I recently visited the Kansas City Seal Life Aquarium. WOW! was I amazed. I was born in Kansas City and have lived here all my life. For me having such an amazing attraction come to my home town is really exciting. The aquarium has over 5,000 sea creatures, an underwater ocean tunnel and a touch pool where you can hold a starfish or crab. They have small aquariums where you can get a close up view of seahorses to larger aquaruims that allow you to look up and get amazing views of sharks, stingrays and a host of other amazing sea life. The staff on hand is very eager to answer any questions you might have. In fact they were just as excited as I was about the new aquarium. If you haven't gone it is well worth it. I think that from an educational, entertainment and economic stand point this is a huge plus for our city. I love Kansas City and am excited to see the revitalization of the downtown area.

Here is a link to the aquarium.

http://www.visitsealife.com/kansas-city/

FHA MORTGAGE INSURANCE PREMIUMS INCREASING

Wed, 04 Apr 2012 02:00:00 GMT

FHA Mortgage Insurance Premiums Increasing April 9, 2012

Written on April 3, 2012 by dollarsandhomes in Mortgage Guidelines

Planning to use an FHA-backed mortgage for your next home loan? You might want to get your application in gear today.

Beginning next week, the Federal Housing Administration (FHA) is changing the way it charges mortgage insurance to U.S. homeowners. For the fourth time since 2010, FHA mortgage insurance premiums are rising for all FHA-backed homeowners.

For FHA Case Numbers assigned on, or after, Monday, April 9, 2012, there are two planned changes.

First, FHA Upfront Mortgage Insurance Premiums (UFMIP) will increase by 75 basis points to 1.75%, or $1,750 per $100,000 borrowed. Upfront Mortgage Insurance Premium is paid at closing, and typically added to an FHA borrower’s loan size.

The current UFMIP rate is 1.000 percent.

Second, annual FHA mortgage insurance premiums are rising. All new FHA-backed loans will be subject to a 10 basis point increase in annual mortgage insurance premiums, costing homeowners an extra $100 per $100,000 borrowed per year.

The new FHA annual mortgage insurance premium schedule follows :

15-year loan term, loan-to-value > 90% : 0.60% MIP per year
15-year loan term, loan-to-value <= 90% : 0.35% MIP per year
15-year loan term, loan-to-value <= 78% : 0.00% MIP per year
30-year loan term, loan-to-value > 95% : 1.25% MIP per year
30-year loan term, loan-to-value <= 95% : 1.20% MIP per year

In addition, for loans above $625,500, beginning with FHA Case Numbers assigned on, or after, June 11, 2012, there will be an additional 25 basis point increase in annual MIP.

To calculate your monthly MIP obligation as a FHA homeowners, multiply your starting loan size by your insurance rate from the list above, then divide by 12.

Note that the FHA mortgage insurance changes apply to new FHA Case Numbers only. If you have an FHA mortgage approval in-process, or an existing FHA home loan, you are not subject to the new MIP schedule. To avoid paying the FHA’s new MIP schedule, therefore, begin your FHA mortgage application today.

Once your FHA Case Number is assigned, you’re locked in to today’s lower premiums.

Should You Rent out Your Home?

Thu, 15 Mar 2012 02:00:00 GMT

My Broker emailed this to me this morning and thought I would share.

Another Real Estate agent posted on facebook that he received an email from Christie Dalman about renting a property of his. Her story was on the news about tearing up houses and treating them like dog kennels. PLEASE don't rent to her. If you have clients looking for renters let then know she is back actively seeking a property. Here is the news story in case you missed it.

http://www.kctv5.com/story/16553184/another-house-left-trashed-by-family?clienttype=printable

If you have rental property and are new to the rental business then here are a few tips.

Always use a screening service to screen your applicants. Your application should ask for Residential Information(last 3 years), employment and income verification, bank account#'s, SS#,driver's license#(Not a bad idea to get a copy of their driver's license). This isn't everything the app. should have. Call AAA Screening 816-436-0885 if you want a good screening company. www.AAAscreening.com Most of all ask questions and use your best judgement. If you are thinking of Selling or buying a home call:

Rob DeTray:816-694-9476

Bob DeTray:816-419-7803

DeTray Group

We are Still in a buyer's Market--but for how long?

Tue, 06 Mar 2012 02:00:00 GMT

The National Association of Realtors has just announced that "More Americans are signing contracts to buy existing homes than at any time in nearly two years, boosting the houseing industry's slow recovery." The stats are from the NAR's index of pending home sales.

"Last month saw the highest point on the index since April 2010, when consumers drawn by a home-buyer tax credit pushed the index to 111.3."April's figures pushed the index to 97 in January, up 8% from January 2011!

Lawrence Yun, chief economist for the Natioal Association of Realtors, said "Movements in the index have been uneven, reflecting the head winds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery."

Great news for the housing market. Seller's can finally start to take heart.

A word of caution to buyers. While there are still lots of good deals out there, as the buyer's continue to buy, inventories will shrink and prices will begin to climb. SO--if you have been "fence sitting" GET OUT THERE AND BUY! The next few months may be your last best opportunity to get that great deal!

Are we still in a Buyer's Market?

Tue, 28 Feb 2012 02:00:00 GMT

Are we still in a Buyer's Market? According to a recent blogger who posed that question---it depends on where you are. Here are some of the responses from Agents across the country.

North Virginia---"Booming--Seller's Market"

Miami-- "Low Inventory"

San Diego California--"Multiple Offers"

San Francisco--"Multiple Offers--Low Inventory"

DC Metro Area--"Seller's Market"

"San Antonio is Rocking!"

Boston--Seller's Market--Low Inventory

North Florida--"21% Reduction in Inventory--Price Stabilizing & Multiple Offers"

What does this mean for us Midwesterners. Typically the Midwest--(I am referring specifically to the greater Kansas City area) tends to follow whatever is happening across the country, especially the coast. When the market took a downturn , we were affected but much later than the rest of the country. Now that certain areas are beginning to turn around we can expect the same thing here. It just may take a little longer. I will say that inventory in Kansas and Missouri is much lower than the same time last year and we have also experienced multiple offer situations. This is good news for the economy. People are buying homes and the interest rates are still at an all time low. New construction starts and sales are up. But remember, as the market improves as well as the economy we can expect interest rates and home prices to start creeping higher. If you are a buyer, don't let your ego drive your decision to buy. If you wait too long for the perfect deal the buyer's market may just pass you by.

Kauffman Center for the Performing Arts

Fri, 24 Feb 2012 02:00:00 GMT

Have you been to the brand new Kauffman Center for the Performing Arts? My sons andI toured the center at the grand open house and took a guided tour in December. However, we had not been able to get tickets for a performance until this month. We got to hear the Sunday Matinee performance of Mahler's 2nd Symphony, (the ResurrectionSymphony). The entire symphony orchestra as well as the 165 voice Kansas City Symphony chorus and 2 solo artists kept a packed house enthralled for the entire afternoon. The concert was held in Helzberg Hall, probably one of the finest, best designed concert halls in the United States. The sound is truly indescribable. We can't recommend it highly enough.

High-Tech Glasses

Thu, 16 Feb 2012 14:49:00 GMT

Can You See Me Now?

High-Tech Glasses May Help

A new set of glasses may help people with serious vision impairments. The "Popular Mechanics" website reports that scientists at Oxford University are adapting technologies used in smartphones and gaming systems for use in frames that can help people with age related macular degeneration and other eyesight problems.

The high-tech glasses have tiny video cmeras mounted at the corners. Facial recognition software running on a device in the wearer's pocket can identify people and objects. Then the minuscule LED arrays embedded in the lenses highlight objects in specific colors that help the wearer identify them. The Oxford scientists also believe they might be able to uses optical character recognition to render text into a voice that is sent to headphones on the glasses, enabling wearers to read signs when they're out in public.

Developers are hoping to produce the glasses for about the same cost as a high-end smartphone.

Home Builder Confidence Returns to Pre-Recession Levels

Thu, 16 Feb 2012 02:00:00 GMT

Written on February 16, 2012 by dollarsandhomes in Housing Analysis

New construction buyers in Kansas City , look out. The nation’s home builders are predicting a strong 2012 for new home sales. It may mean higher home prices as the spring buying season approaches.

For the sixth straight month, the National Association of Homebuilders reports that homebuilder confidence is on the rise. The Housing Market Index climbed four points to 29 in February, the index’s highest reading since May 2007.

The Housing Market Index is now up 8 points in 8 weeks. The last time that happened was June 2003, a month during which the U.S. economy was regaining its footing, much like this month. It’s noteworthy that June 2003 marked the start of a 4-year bull run in the stock market that took equities up 54%.

The NAHB’s Housing Market Index itself is actually a composite reading. It’s the end-result of three separate surveys sent to home builders monthly.

The association’s questions are basic :

How are market conditions for the sale of new homes today?
How are market conditions for the sale of new homes in 6 months?
How is prospective buyer foot traffic?

In February, builders reported marked improvement across all three areas. Builders report that current home sales climbed 5 points; that sales expectations for the next 6 months climbed 5 points; and that buyer foot traffic climbed 1 point.

Most notable of all of the statistics, though, is that the nation’s home builders report that there are now twice as many buyers setting foot inside model units as compared to just 6 months ago.

This data is supported by the monthly New Home Sales report which shows rising sales and a shrinking new home inventory.

Because of this, today’s new home buyers throughout Kansas should expect fewer concessions from builders at the time of contract including fewer price breaks on a home and fewer free upgrades. Builders are optimistic for the future and, therefore, may be less willing to “make a deal”.

This spring may mark the best time of year to buy a new home. 60 days forward, it may be too late.

Need a Realtor Call Rob DeTray 816-419-7803/Bob DeTray 816-694-9476

Mothers: They're Human, Too!

Thu, 16 Feb 2012 02:00:00 GMT

Being a mother can be stressful. But admitting that you sometimes need a break can be hard, given the expectations that society has for the "perfect" mother. A survey of some 25,000 moms (reported on the Parenting.com website) uncovered some secrets about what mothers want, and don't want, from their lives. Some of the longings and preferences the mothers admitted to were:

23 percent say what they want most is some time alone
49 percent have sent their children to school knowing that they were sick.
18 percent have medicated their children to ensure a quiet car trip or flight (and 8 percent have done so for the sake of a quiet night at home)
88 percent admit they harshly judge other mothers for such things as a child's misbehavior or weight.
14 percent admit to favoring one child over another.
84 percent admit they have used their parental responsibilities as an excuse to avoid other obligations.

Mortgage Rates & Jobless Claims

Tue, 14 Feb 2012 02:00:00 GMT

Since peaking in mid-2009, the number of U.S. workers filing for first-time unemployment benefits has dropped 44 percent. Over the same period of time, the U.S. economy has added more than 2 million jobs and the national Unemployment Rate is down more than 1 percentage point to 8.3%.

Mortgage rates

3.875%--30yr.Fixed Conv.

3.75%-- 30yr. Fixed FHA

3.125% 15yr. Fixed Conv.

If you are purchasing a home in Missouri and are a first time home buyer then you can get into a home with as little as 1/2 of 1% down.

If you never owned a home or haven't owned a home in at least 3 years then you are considered a first time home buyer.

Give us a call for more information about this special program. Owning a home is still one of the best investments you can make.

The DeTray Group, specializing in Real Estate since 1976

Bob and Rob DeTray

816-694-9476 (Rob)

816-419-7803 (Bob)

Real Estate Today-Where We Live

Tue, 14 Feb 2012 02:00:00 GMT

Where We Live

Making any kind of prediction about the real estate market is a risky proposition. The website of "Housing Finance" magazine, though, cautions readers to be wary of these age-based assumptions.

Generation Y doesn't want to buy a house. In fact, one survey of over 1,200 members of Generation Y found that about 36% already own a house and 70% of those who don't own a home expect to buy one by their early 30s.

Baby Boomers want "Independent Senior living." Instead of moving into housing developments toward seniors, 75 percent of retirement-age Baby Boomers said they prefer to live in a mixed-age community.

Totally Rehabbed 2 Story

Fri, 10 Feb 2012 02:00:00 GMT

Check out our totally Rehabbed 2 story in High Ridge Manor. Click the link below to view tour. You won't find a better deal than this. Give me a call if you would like to see this home. Rob DeTray 816-694-9476. Only $172,500.

http://www.visualtour.com/shownp.asp?t=2687087

Directions: I-435 to shoal Creek Parkway. East to Corrington(entrance to High Ridge Manor) Right(South) to 69th St., left to home.

Or 152 Hwy to Shoal Creek Parkway--South to Corrington(entrance to High Ridge Manor) Left to 69th st., left to home.

FIRST TIME BUYERS

Mon, 30 Jan 2012 02:00:00 GMT

Mortgage interest rates remain at an all time low. This is a perfect time to buy.

If you are purchasing a home in Missouri and are a first time home buyer then you can get into a home with as little as 1/2 of 1% down.

If you never owned a home or haven't owned a home in at least 3 years then you are considered a first time home buyer.

Give us a call for more information about this special program. Owning a home is still one of the best investments you can make.

The DeTray Group, specializing in Real Estate since 1976

Bob and Rob DeTray

816-694-9476 (Rob)

816-419-7803 (Bob)

STOP DOUBLE TAXATION!!!! MISSOURI HOME OWNERS

Mon, 18 Oct 2010 02:00:00 GMT

STOP DOUBLE TAXATION!!!! VOTE "YES" ON AMENDMENT 3 NOV.2ND 2010 TO STOP THE TRANSFER TAX ON REAL ESTATE

The State of Missouri is talking about passing a Transfer Tax on Real Estate.

As a home owner you alread pay annual property taxes. The transfer tax would be on top of that. If you decide to sell your home you would pay a tax. If you inherit Real Estate from a family member which could be a home, a family farm or vacant land then you would pay a tax. The transfer tax takes effect when a deed transfers from one party to another. Missouri is 1 of only 13 states that doesn't have a Transfer Tax. Pennsylvania

is at 4%. If your home sells or is assessed at $200,000 then you would pay $8,000 in taxes. The tax can be assessed by the State, City and County----3 Possible Taxes.

Make Sure you vote "Yes" on Amendment 3 November 2nd 2010. This Amendment will amend the Missouri Constitution to keep this tax from ever being implemented. If this tax occurs this will kill Home Ownership. Most people dont' know about this tax. I need your help in spreading the word. Check out www.yestosavehomes.com ---click on the learn more tab.. Time is of the essence. November 2nd is closing in.

Carol's Kitchen--Great Tasting Healthy Recipes

Tue, 15 Jan 2008 13:23:00 GMT

Spiced Pork With Bourbon Reduction Sauce

I got this out of the Cooking Light magazine, dated April 2006.

Substitute chicken broth for bourbon, if you prefer. Serve with Couscous or rice.

SAUCE:

1/4 cup bourbon

1/4 cup packed dark brown sugar

1/4 cup low-sodium soy cause

3 TBS. cider vinegar

1-1/2 tsp. bottled minced garlic

1/2 tsp. black pepper

PORK:

1/2 tsp. chili powder

1/4 tsp. ground cinnamon

1/8 tsp. ground allspice

1/8 tsp. salt

1 (1-pound) pork tenderloin, trimmed

Cooking spray

1. To prepare sauce, combine the first 6 ingredients in a medium saucepan; bring to a boil. Reduce heat to medium; cook until reduced to about 1/2 cup (About 11 minutes), stirring frequently. Remove from heat.

2. To prepare pork, combine chili powder, cinnamon, allspice, and salt, stirring well; rub evenly over pork. Cut pork crosswise into 12 slices.

3. Heat a large nonstick skillet over medium-high heat. Coat pan with cooking spray. Add pork to pan, cook 4 minutes on each side or until desired degree of doneness. Serve with sauce.

Yield: 4 servings (serving size: 3 pork slices and 2 TBS sauce).

277 calories, 4 grams of fat and 0.5 grams of fiber = "6" points.

I cooked the pork loin out on the grill instead of the stove. It was wonderful. A definite "Keeper".

Recognizing a Stroke

Tue, 15 Jan 2008 11:44:00 GMT

Posted by: Carol Showalter

STROKE: Remember The 1st Three Letters....S.T.R.

My nurse friend sent this and encouraged me to post it and spread the word. I agree.

If everyone can remember something this simple, we could save some folks. Seriously...Please read:

STROKE IDENTIFICATION:
During a BBQ, a friend stumbled and took a little fall - she assured everyone that she was fine (they offered to call paramedics)...she said she had just tripped over a brick because of her new shoes.

They got her cleaned up and got her a new plate of food. While she appeared a bit shaken up, Ingrid went about enjoying herself the rest of the evening.

Ingrid's husband called later telling everyone that his wife had been taken to the hospital - (at 6:00 pm Ingrid passed away.) She had suffered a stroke at the BBQ. Had they known how to identify the signs of a stroke, perhaps Ingrid would be with us today. Some don't die...they end up in a helpless, hopeless condition instead.

It only takes a minute to read this...
A neurologist says that if he can get to a stroke victim within 3 hours he can totally reverse the effects of a stroke...totally . He said the trick was getting a stroke recognized, diagnosed, and then getting the patient medically cared for within 3 hours, which is tough.

RECOGNIZING A STROKE
Thank God for the sense to remember the "3" steps, STR . Read and Learn!

Sometimes symptoms of a stroke are difficult to identify. Unfortunately, the lack of awareness spells disaster. The stroke victim may suffer severe brain damage when people nearby fail to recognize the symptoms of a stroke .

Now doctors say a bystander can recognize a stroke by asking three simple questions:

S * Ask the individual to SMILE..
T * Ask the person to TALK and SPEAK A SIMPLE SENTENCE (Coherently)
(i.e. It is sunny out today)

R * Ask him or her to RAISE BOTH ARMS.

If he or she has trouble with ANY ONE of these tasks, call 999/911immediately and describe the symptoms to the dispatcher.

New Sign of a Stroke Stick out Your Tongue

NOTE: Another 'sign' of a stroke is this:

Ask the person to 'stick' out his tongue...If the tongue is 'crooked', if it goes to one side or the other , that is also an indication of a stroke.

A cardiologist says if everyone who gets this e-mail sends it to 10 people; you can bet that at least one life will be saved.

I will continue to forward this every time it comes around!

STROKE: Remember The 1st Three Letters....S.T.R.

Selling in a Buyer's Market

Sun, 13 Jan 2008 15:02:00 GMT

POSTED BY:

Bob De Tray

The Real Estate market in the metro Kansas City area is following national trends. It is truly a buyer's market--unlike any I have seen in my career. ( I started selling in 1976). So most seller's would ask "why, if I don't have to sell, would I want to list my home for sale in such an atmosphere?"

Kansas City metro prices consistently increased until the last 20 months. They then began to level off and then drop somewhat. If you've lived in your home for several years, you've enjoyed solid appreciation. If you are moving up, you can take full advantage of the soft market in the more expensive homes. Remember, the buyer pool grows smaller as the homes get more expensive. with fewer buyers out there, sellers in higher price ranges, including builders of new homes are increasingly anxious to move their houses. Many builders are carrying large inventories and are very happy to work some great deals right now. We are seeing some HUGE price reductions. If you jump in now, you can make a great deal on the buying side. And if you condition, showcase and price your home right, it will sell without losing on the selling side. You couldn't do this in the hot seller's market of the last 10 years. What profit you made on your sale was more than eaten up by inflated prices on more expensive and brand new homes.

Party Nibble

Mon, 17 Dec 2007 11:38:00 GMT

I haven't tried this recipe yet but it looks so good that I wanted to share it with you. It's from weight watchers.

Cheese and bacon mini quiches

Ingredients

1 spray cooking spray
36 wonton wrappers, 3 ½ inch squares
1 small onion finely chopped
1 cup fat fee egg substitute
1 ½ cups fat free evaporated milk
½ cup low fat shredded cheddar cheese
4 slices cooked crisp turkey bacon, crumbled

Instructions

Preheat oven to 350 F. Coat 36 miniature muffin cups with cooking spray

Gently press 1 wonton wrapper into each muffin cup allowing ends to extend above cups. Spray edges of wrappers with cooking spray; set aside

In a small skillet, stir fry onion over medium high heat until tender, about 3 minutes. Remove from heat and set aside.

In a large mixing bowl, whisk together egg substitute, milk and cheese. Stir in bacon and onion until well combined. Fill each wonton wrapper with about 1 tablespoon of filling mixture.

Bake until quiche mixture is set and edges of wrappers are lightly browned, about 20 minutes. Yields 2 quiche per serving.

POINTS Value 3

Getting shapely after Sixty

Fri, 14 Dec 2007 14:51:00 GMT

Posted by Lenora De Tray

I've decided it's time to get in shape or catch the next ship out. So I've started a daily workout at the Platte County YMCA with my good friend Carol. I've found out that I'm a lot more motivated to stick with it if I have Carol at my side. So far, we are having a great time with a whole group of women. And we've decided that yes, we can be slinky and sexy after sixty.

We walk for an hour on the indoor track and then we do water aerobics.

Yesterday we started a Zumba class. Zumba is a slow version of Salsa. This is fantastic fun. When you've finished, you know you've had a great workout. You will really "glow."

Our new Platte County Y is just fantastic. There is so much going on there constantly. If you want to check it out, go to our links and you'll find the web site.