Zac Pasmanick - The Zac Team


Displaying blog entries 1-10 of 17

U.S. Housing Still Affordable for the Sixth Month in a Row

by the zac team at Ponce Realty

Greetings neighbors,

Wondering if buying a home in the U.S. is still affordable? According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), the answer to that question is yes. The index shows home affordability around the country is at its highest level for the 6th month in a row.

Out of the total number of all new and existing homes that were sold during the 2nd quarter of 2010, the HOI reported that 72.3% were affordable to U.S. families making at least $64,000 which is the national median income.

In addition, the 2nd quarter of 2010 proved to be slightly more affordable when compared to the previous quarter.

As for the most affordable area in the country during the 2nd quarter, Syracuse, NY came in at the top of the list for the most affordable with 97.2% of the area's homes affordable to U.S. families making $64,300.

Other major metro markets among the most affordable include: Detroit-Livonia-Dearborn, Mich.; Youngstown-Warren-Boardman, Ohio-Pa.; and Buffalo-Niagara Falls, N.Y.

On the flip side, the least affordable major markets noted on the HOI included: San Francisco-San Mateo-Redwood City; Santa Ana-Anaheim-Irvine, Calif.; Los Angeles-Long Beach-Glendale, Calif.; and Honolulu.



July 2010 Produces Nearly a 10% Decrease in Foreclosure Filings Compared to July 2009

by the zac team at Ponce Realty

Hello neighbors,

Foreclosure filings have shown a decline in comparison to a year ago at this time according to recent data released by RealtyTrac. Last month's foreclosure filings reported a 9.7% drop from July 2009 producing the second consecutive month of yearly declines.

After enduring a 1% increase 3 months ago during the month of May, filings witnessed a 6.9% annual drop the following month in June and the almost 10% drop last month in July.

There were a total of 325,229 properties that received foreclosure filings last month which produced a 4% increase from May.

In addition to the decline of annual foreclosure filings, default notices also showed an annual decline in comparison to this time last year. There were a total of 97,123 properties that received default notices last month which was a 28% decrease from July 2009. However, in comparison to the previous month, this number increased by 1%.

RealtyTrac also reported a total of 92,858 properties that were placed back in the banks hands as REO's last month. This number was 1% below May's number of 93,777.

Recent Survey by MBA Show an Increase in Mortgage Applications

by the zac team at Ponce Realty

Greetings neighbors,

There has been an increase in the amount of mortgage applications according to a recently released survey from the Mortgage Bankers Association (MBA). According to the survey which ended the week of July 30th, there was a 1.3% increase of the Market Composite Index which measures the volume of mortgage loan applications. This increase was on a seasonally adjusted basis from the previous week. When looking at an unadjusted basis there was a 1.4% increase when compared to the previous week.

The survey also reported a 1.3% increase in the refinance index when compared to the previous week. There was a 1.5% increase in the seasonally adjusted Purchase Index as well as 3.4% increase in government purchase applications which was said to have contributed to the increase of the Purchase Index for the third week in a row. In addition, the unadjusted Purchase Index showed a 1.5% increase when compared to the previous week.

As for the four week moving average for the seasonally adjusted Market Index there was a 0.3% increase. In addition, there was a 0.9% increase in the four week moving average for the seasonally adjusted Purchase Index, while this average is up 0.2% for the Refinance Index.

The survey went on to show that the refinance share of mortgage activity stayed flat with 78.0% of total applications from the week prior. Adjustable-rate mortgages actually decreased from the previous week's percentage of 5.7 to 5.4 of total applications.

In addition, the survey showed a decrease from 4.69% to 4.60% in the average contract interest rate for 30-year FRM's with an increase of points from 0.88 to 0.93 (including the origination fee) for 80 percent loan-to-value ratio loans.

There was a decrease to 4.03% from 4.12% in the average contract interest rate for 15-year FRM's with point increases from 0.83 to 1.01 (including the origination fee) for 80 percent LTV loans. This number marked the lowest ever recorded in MBA's survey.

Lastly, one-year ARM's average contract interest rate declined from 7.15% to 7.10% with points decreasing from 0.23 to 0.21 (including the origination fee) for 80 percent LTV loans.

Life After the Tax Credit, Pending Home Sales Show a Bit of Serenity

by the zac team at Ponce Realty

Hello neighbors,

According to recent numbers produced by the National Association of Realtors, the index of pending home sales showed a decline of 2.6% to 75.7 with contracts signed in June when compared to an upwardly revised level of 77.7 in May. When compared to last year's number, the current pending home sales index decreased by 18.6% from 93.0 in June 2009.

Some economist say the market expects lower home sales for the short term in addition to slow home sales activity before gaining momentum pending the job market of course.

As for a more in depth look regionally for the PHSI: the Northeast experienced a 12.2% drop to 58.8 in June which is 25.4% lower than June 2009, the Midwest index fell 9.5% to 64.1 and is 27.8% lower than last year, the South experienced a 3.7% increase to an index of 85.8, but are 13.3% below last year's index, and the West dropped to 0.2% to 85.1 but is 14.2% below last year's number.

2-Story Brick Home Waiting for New Owners @ 1503 Pangborn Station Dr.

by the zac team at Ponce Realty

Hello neighbors,

Take a look at this 2-story, all brick home located at 1503 Pangborn Station Dr. in Decatur. You are sure to love this 4 bedroom, 2.5 bath home with a bonus 3rd level finished room that would be perfect for a media room!

With appliances such as: a dishwasher, garbage disposal, electric oven, microwave, and eat-in breakfast bar, the cook of the family will have no choice but to be content while preparing meals in the home's updated kitchen.

Other interior features that you should definitely appreciate include: hardwood flooring, an entrance foyer, and cable modem.

You will also find that this gorgeous home has a separate dining room, living room, and fireplace!

The new owners of this home will also find nice sized bedrooms with a superbly updated master suite bath with separate tub and shower!

In addition, you are sure to enjoy relaxing on your back deck with hot tub!

Other exterior features of the home include: gorgeous landscaping, front porch, fenced yard, driveway, and attached two car garage!

This wonderful home is a must see, come check it out!

View pictures here!


Future of Mortgage Giants Freddie Mac and Fannie Mae Shall Be Determined Next Month

by the zac team at Ponce Realty

Greetings neighbors,

According to recent reports, The Obama Administration has decided to hold a conference in August to determine the fate of Fannie Mae and Freddie Mac after being criticized for not having a set plan for the mortgage giants.

As for a little background of the two, these companies were created by the U.S. government as a combination of private company and federal agency to assist with the availability of mortgages. The two companies purchase home loans from lenders, package them into bonds with a guarantee against default, and sell them to investors. Both companies combined own or guarantee approximately 31 million home loans in the U.S. that are worth more than $5 trillion. This number makes up more than half of all the country's mortgages.

Two years ago, the two companies started experiencing financial difficulty and was soon taken over by the government.

Early this week, the Obama Administration said they will hold the conference on August 17th at the Treasury Department.

New Home Sales Have Risen!

by the zac team at Ponce Realty

Greetings neighbors,

According to recent data from the U.S. Commerce Department, the number of sales for newly built single family homes is rising nicely after hitting record lows back in May. Recent reports showed a 23.6% rise to a seasonally adjusted annual rate of 330,000 units last month.

Industry experts feel that recent numbers are very encouraging as well as a sign that sales for these homes are bouncing back from the much anticipated slow period following the expiration of the tax credit.

When comparing the country's regions, sales rose tremendously in 3 out of 4 regions with the Northeast producing the largest increase in percentage with a 46.4% gain. In addition, the South followed with a 33.1% gain and the Midwest with a 20.5% gain. The West was the only region that did not experience any improvement in new-home sales, but fell to a record low of 6.6%.

Greetings neighbors,

In their recently released midyear market report for 2010, RealtyTrac reported a total of 1,961,894 foreclosure filings, default notices, auction sale notices, and bank repossessions on 1,654,634 properties here in the U.S during the first six months of this year.

These numbers have shown a 5% decrease from the previous six months however an 8% increase was reported in total properties when compared to the first six months of last year. In addition, RealtyTrac reported that 1.28% of all housing units in the country received one foreclosure filing during the first half of this year.

In addition, last month produced a total of 313,841 foreclosure filings on U.S. properties which was a 3% decrease when compared to the previous month and almost a 7% decrease from June 2009.

As for the second quarter, there was a total of 895,521 foreclosure filings reported on U.S. properties. This number was a 4% decrease from the first quarter and less than a 1% increase from last year's second quarter.

Also during the first quarter, default and auction notices were down on a month- over-month and year-over-year basis. However, REO's showed a 5% increase in comparison to the previous quarter and a 38% increase to 269,962 from last year's second quarter.

The report also showed that Nevada, Arizona, and Florida had the top state foreclosure rates. In addition California, Florida, and Arizona held the top place for highest foreclosure totals.

30-Year Fixed Mortgages Still Holding Steady at an All Time Record Low

by the zac team at Ponce Realty

Hello neighbors,

Looks like mortgage rates are still holding pretty steady with the conventional 30-year fixed rate at 4.25% with a 1 point origination for well qualified borrowers according to In addition, 15-year financing came in at 3.75%. Both of these interest rates are at all time record lows.

As for the jumbo 30-year fixed mortgage rate, recent data showed 5.25% accounting for another all time record low.

Current rates for FHA loans are also looking pretty good according to recent numbers.

Although rates are at their lowest in 50 years, home buying is still lagging behind after the expiration of the tax credit.

Thinking About an FHA Loan? Check out a Few Factors Borrowers Should Know

by the zac team at Ponce Realty

Greetings neighbors,

With the growing popularity of FHA loans amongst home buyers, there is a lot of misconception regarding these loans that are mortgages issued by qualified lenders and insured by the Federal Housing Administration. Take a look at some factors borrowers should know regarding FHA loans.

FHA loans are not only for borrowers in the lower-income bracket:

There is no income restrictions associated with FHA loans and they are available to everyone. However, borrowers are required to show proof of income and assets through proper documentation to ensure they will be able to afford a home.

FHA loans are not only for first time buyers:

FHA loans are for first time buyers, 2nd time buyers, 3rd time buyers, and so forth. Those in the market to buy a home can look into FHA loans as an option.

FHA loans are not necessarily small amounts; some can be over the amount of $700,000:

Recently there has been an increase in the maximum amount of the original cap of $362,790 to $793,750 of FHA loans by the government to help keep the housing market stabilized. Based on what county you live in determines the amount of money that can be borrowed.

FHA loans are not in conjunction with section 8:

Even though both programs are provided by HUD, FHA loans are not affiliated with section 8, these mortgages are only insured by the Federal Housing Administration. This insurance enables lenders to lend more freely knowing they will be repaid even in the event of a default by the borrower.

FHA loans are often more affordable than conventional loans:

Normally, borrowers will find that FHA loans offer the same interest rates as other loans however, FHA loans offer a lower down payment, some as low as 3.5%.

Displaying blog entries 1-10 of 17




Contact Information

Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
600 Virginia Avenue NE
Atlanta GA 30306
Office: 404-564-7272


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