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DC Metropolitan - One of the Best Markets! (according to Forbes magazine)
04 March 09 12:09 PM | Elena & Kirill Gorbounov(a) | 0 Comments   
10 Best New York City Washington, DC Charlotte, N.C. Portland, Ore San Diego Denver Boston Dallas Los Angeles Seattle According to: Forbes: Matt Woolsey (02/24/2005) via NAR: Read More...
What should you do if you can't pay your your mortgage?
03 March 09 12:03 PM | Elena & Kirill Gorbounov(a) | 0 Comments   
One of the biggest errors homeowners make when experiencing financial difficulties is not speaking to their lender! More than half of the people who lose their home through foreclosure never spoke to their lenders - who never realized that the customer was in trouble. You know that the lender will lose money if you foreclose. The note holder is interested in you staying in the home and making your payments - so call them and talk about options! Some of those options might be refinancing, a different repayment plan, or postponement of payments for a short time. Read More...
Foreclosure - Guess what got lost in the loan pool? by GRETCHEN MORGENSON
02 March 09 11:56 AM | Elena & Kirill Gorbounov(a) | 0 Comments   
March 1, 2009 Fair Game Guess What Got Lost in the Loan Pool? By GRETCHEN MORGENSON WE are all learning, to our deep distress, how the perpetual pursuit of profits drove so many of the bad decisions that financial institutions made during the mortgage Read More...
Mortgage Rates Update - January 25th
25 January 09 12:20 PM | Elena & Kirill Gorbounov(a) | 0 Comments   
January 25th, 2009 According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.29 percent in December from 6.09 percent in November; the rate was 6.10 percent in December 2007. Last week, Freddie Mac reported the 30-year rate was 5.12 percent. Read More...
Northern Virginia Housing Market Statistics - Things that you don't hear
15 December 08 12:08 PM | Elena & Kirill Gorbounov(a) | 0 Comments   
December 15th, 2008 Interesting Points: 1) The DC metro area has the lowest unemployment rate out of the fifteen largest metro areas and about two percentage points less than the national average. 2) According to a national survey conducted in 2004: the average renter's net worth: $4,800. The average homeowner's net worth: $171,000 3) In a recent survey, 8 out of 10 economists stated they believed housing prices would be higher five years from now. 4) An overwhelming majority of economists surveyed - by a better than 5-to-1 ratio - agreed with the statement, "A person can increase their long-term wealth by purchasing a house rather than renting." 5) Over the past 40 years, home values have risen more than 7 percent annually in NoVA. 6) People who purchased homes six years ago have, on average, seen the value of their homes rise over 24 percent, despite recent price declines. 7) Homeowners benefit from the power of leverage. At an annual appreciation rate of 5 percent, a 10 percent down payment on a home will return 94 percent after three years. After five years, it increases to 225 percent. After ten, 623 percent. 8) The median selling price of a single family FSBO in Virginia was $249,500 compared with $313,400 for REALTOR assisted home sales. Is 26% more for a seller's home worth paying a commission for? I'd like to think so. 9) Virginia's population is expected to grow by 500,000 by 2010. 10) RE/MAX Associates averaged 39 percent more transactions than our nearest national competitor. Read More...
Long Term Appreciation Rates
10 December 08 12:02 PM | Elena & Kirill Gorbounov(a) | 1 Comments   
Five Year Appreciation on Housing was (cutoff was Sept 30, 2008): Virginia: 50% Maryland: 57% DC: 64% US: 29% Read More...