The Media vs the real estate market
Mood:  happy
Topic: Oklahoma real estate

Oklahoma real estate is steady
Mood:  a-ok
Topic: Oklahoma real estate

Housing bust hasn’t hit everywhere
Fort Gibson housing market holding steady

By Cathy Spaulding
Phoenix Staff Writer

FORT GIBSON — While the housing market in other parts of the country remains down from the past year, housing in Fort Gibson retains a steady growth, as the frames going up around town indicate.

And those involved in Fort Gibson’s home sales and construction expect it to remain steady.

“I wouldn’t say it’s a boom. It’s just kept pace while everywhere else has declined,” said Tahlequah builder Jack Rhodes, who is building three spec homes in Spurlock Estates northeast of town.

Spec homes are ones that are built to be sold, not as custom projects for a customer. Rhodes said he expects they will have little problem selling the homes. He said he has a couple more custom houses in the works.

Fort Gibson Building Inspector Jack Roark said he has issued about eight permits for new home construction so far this year. That number is about the same as this time last year, he said. He said Spurlock Estates is not within city limits, so those homes are not included.

“I can see it holding steady,” Roark said, about the Fort Gibson housing market. “The future is going to depend on who buys the homes.”

He said all the homes built last year have been sold.

Steve Clinkenbeard of the Century 21 Clinkenbeard Realty said housing sales, including sales of new houses, is holding steady.

He said the new homes going up are “high end,” ranging from $240,000 to $300,000.

“I haven’t sold anything out here for less than $236,000,” Rhodes said, adding that homes have been between 3,600 to 3,800 square feet.

The National Board of Realtors reported Monday that existing home sales nationwide rose to the highest level in five months, a 3.1 percent increase. However, sales are 13.2 percent lower than the 5.76 million unit pace in July 2007.

Figures on the Oklahoma Association of Realtors Web site indicate more homes sold in the Muskogee area during the first two quarters of 2008 than the first two quarters of 2007. The figures showed sales for the first and second quarter for 2007 were 377, compared with 395 for the same period in 2008. Clinkenbeard said the figures would include Fort Gibson.

Total home sales for the state showed a decrease, 26,796 for the first two quarters of 2007 to 22,548 for the first two quarters of 2008.

Rhodes said the Fort Gibson Public Schools system has a lot to do with people wanting to move to Fort Gibson. The other is its convenience to the Muskogee Turnpike.

“The man works in Tulsa and the woman works in Muskogee, or the man works in Tahlequah and the woman works in Muskogee,” he said. “It’s a central location.”

Oklahoma real estate network

Oklahoma real estate
Mood:  a-ok
Topic: Oklahoma real estate

Housing bust hasn’t hit everywhere
Fort Gibson housing market holding steady

By Cathy Spaulding
Phoenix Staff Writer

FORT GIBSON — While the housing market in other parts of the country remains down from the past year, housing in Fort Gibson retains a steady growth, as the frames going up around town indicate.

And those involved in Fort Gibson’s home sales and construction expect it to remain steady.

“I wouldn’t say it’s a boom. It’s just kept pace while everywhere else has declined,” said Tahlequah builder Jack Rhodes, who is building three spec homes in Spurlock Estates northeast of town.

Spec homes are ones that are built to be sold, not as custom projects for a customer. Rhodes said he expects they will have little problem selling the homes. He said he has a couple more custom houses in the works.

Fort Gibson Building Inspector Jack Roark said he has issued about eight permits for new home construction so far this year. That number is about the same as this time last year, he said. He said Spurlock Estates is not within city limits, so those homes are not included.

“I can see it holding steady,” Roark said, about the Fort Gibson housing market. “The future is going to depend on who buys the homes.”

He said all the homes built last year have been sold.

Steve Clinkenbeard of the Century 21 Clinkenbeard Realty said housing sales, including sales of new houses, is holding steady.

He said the new homes going up are “high end,” ranging from $240,000 to $300,000.

“I haven’t sold anything out here for less than $236,000,” Rhodes said, adding that homes have been between 3,600 to 3,800 square feet.

The National Board of Realtors reported Monday that existing home sales nationwide rose to the highest level in five months, a 3.1 percent increase. However, sales are 13.2 percent lower than the 5.76 million unit pace in July 2007.

Figures on the Oklahoma Association of Realtors Web site indicate more homes sold in the Muskogee area during the first two quarters of 2008 than the first two quarters of 2007. The figures showed sales for the first and second quarter for 2007 were 377, compared with 395 for the same period in 2008. Clinkenbeard said the figures would include Fort Gibson.

Total home sales for the state showed a decrease, 26,796 for the first two quarters of 2007 to 22,548 for the first two quarters of 2008.

Rhodes said the Fort Gibson Public Schools system has a lot to do with people wanting to move to Fort Gibson. The other is its convenience to the Muskogee Turnpike.

“The man works in Tulsa and the woman works in Muskogee, or the man works in Tahlequah and the woman works in Muskogee,” he said. “It’s a central location.”

Oklahoma real estate network

Subprime loans hurt bottom line
Topic: Oklahoma real estate
Subprime loans hurt Countrywide's bottom line
Lender makes gains in investments, insurance businesses
Thursday, April 26, 2007

Inman News

First-quarter revenue from subprime mortgage lending at Countrywide Financial Corp. dropped by $400 million from the previous quarter, the company reported today, while rising delinquencies and increased loss reserves drove up credit costs by $132 million.

Countrywide's net earnings of $434 million, or 72 cents per share, were down 30 percent from $622 million, or $1.01 per share, in the fourth quarter of 2006, and off 36 percent from $684 million, or $1.10 per share, in the first quarter of last year.

Pretax earnings in mortgage banking plummeted from $453 million in the fourth quarter of 2006 to $100 million in the first quarter of 2007. But Countrywide firmed up its bottom line for the quarter by boosting pretax earnings in two other lines of business: capital markets (up 33 percent from the previous quarter, to $132 million) and insurance (up 140 percent, to $180 million).

Countrywide Chief Executive Officer Angelo Mozilo said the company's "increasingly diverse business model" has been generating more than half of Countrywide's earnings from businesses other than mortgage banking since 2006.

Mozilo restated a point that he's made frequently in the past: that the company will benefit from the slowdown in the housing market because other lenders will go out of business and Countrywide will increase its market share.

"Countrywide's residential lending operations continued to grow market share, with first-quarter production representing over 18 percent of U.S. mortgage originations and our servicing portfolio reaching 8.4 million loans, which represents 13 percent of residential loans outstanding," Mozilo said in a statement. "In addition, our pipeline heading into the second quarter is very strong at $69 billion, up 21 percent from the fourth quarter of 2006 and up 8 percent from the first quarter last year."

Subprime lending accounted for less than 7 percent of Countrywide's loan production during the first quarter, but a growing number of loans the company made in the past are starting to show up in the nonperforming-assets column.

Nonperforming residential loans totaled $693.8 million, or .82 percent of assets, up from $519.1 million at the end of 2006, or .63 percent of assets. Only a fraction of those loans, totaling $146.3 million, carried third-party credit enhancements such as pool mortgage insurance.

The value of foreclosed Oklahoma real estate on Countrywide's books quadrupled, from $27.4 million at the end of 2006 to $110.1 million at the end of 2007's first quarter.

At $803.9 million, nonperforming loans and property in foreclosure totaled .95 percent of assets, up from $546.5 million, or .66 percent of assets, at the end of 2006.

Mortgage loan production for the quarter totaled $110.6 billion, including $93.8 billion in prime loans, $7.5 billion in subprime loans and $9.2 billion in home equity loans. In comparison, fourth-quarter-2006 loan production totaled $117.7 billion, including $98.6 billion in prime loans, $9.1 billion in subprime loans and $10 billion in home equity loans.Contact me for all your Oklahoma real estate needs!

Oklahoma real estate internet marketing
Topic: Oklahoma real estate
Oklahoma Real Estate Agents Sell Homes Quicker With New Z57 Listing Exposure Tool
/PRNewswire/ -- Z57(R), Inc., a Oklahoma Real Estate Internet marketing company, announced today a pioneering product to help REALTORS(R) gain more exposure for their home listings. This new product goes a step further than most listings submittal programs. It is specifically designed to get the agent's listings found and sold quicker, not just submitted to search engine websites.
Z57's Featured Listings Program gives Oklahoma Real Estate agents' listings priority placement on popular Oklahoma Real Estate search websites, like Oodle and LiveDeal, as well as includes submission to four other websites - Trulia, Propsmart, Edgeio and Vast. This level of exposure helps ensure that the agent's listings are found by prospects.
In addition, every listing receives a unique URL and landing page, designed to capture leads for the Oklahoma Real Estate agent. This feature is not available with other submittal programs. Most SEO programs concentrate on basic listings submittal, without actually helping Oklahoma Real Estate agents capture more leads.
Z57's Featured Listings Program also has a built-in tool for easy listing posting on CraigsList.com and other popular classified websites like BackPage.com. This benefit provides agents with even more exposure for their listings.
"Oklahoma Real Estate website search results are becoming increasingly crowded. It's more important than ever for an agent's listings to receive priority placement, rather than just syndicated exposure. Z57's Featured Listings Program helps solve this problem by ensuring that listings are found and leads are captured from them," states Ryan Whitlock, Z57 Chief Operating Officer. "We are proud to be the forerunner in this emerging premium listings exposure area," adds Whitlock

Oklahoma interest rates edge up
Topic: Oklahoma real estate
Overnight Oklahoma real estate rates edge up
30-year fixed rate at 5.8%; 10-year Treasury yield at 4.76%
Monday, April 16, 2007

Inman News

Long-term Oklahoma mortgage interest rates inched up slightly Friday, and the benchmark 10-year Treasury bond yield edged up to 4.76 percent.

The 30-year fixed-rate average inched up to 5.8 percent, and the 15-year fixed rate held at 5.54 percent. The 1-year adjustable was up at 5.41 percent.

The 30-year Treasury bond yield edged up to 4.93 percent.

Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.

In other economic news, the Dow Jones Industrial Average gained 59.17 points, or 0.47 percent, finishing at 12,612.13. The Nasdaq was up 11.62 points, or 0.47 percent, closing at 2,491.94.

Stock figures are current as of 7:30 p.m. Eastern Standard Time.

Tax Deduction for Oklahoma home buyers
Topic: Oklahoma real estate
New Federal Income Tax Deduction for Mortgage Insurance Premiums Will Benefit Many 2007 Oklahoma Home Buyers WASHINGTON, April 4 /PRNewswire/ -- Many consumers will enter this year's spring home buying season with a new tax deduction that can put extra money in their pockets when they file their taxes next year. The reason: a new federal tax deduction allows many qualified families to write-off premiums for private and government mortgage insurance on loans that close in 2007. This is the first time that homeowners with low down payment loans will be able to deduct the cost of their mortgage insurance premiums, resulting in an average annual tax savings ranging between $300 and $350 for taxpayers taking the deduction. Under the new law, passed by Congress and signed by President Bush late last year, private mortgage insurance (PrivateMI) premiums are fully tax deductible for borrowers who buy or refinance a home this year if their adjusted gross income is $100,000 or less. Families with incomes of more than $100,000 and up to $109,000 will be eligible for a reduced deduction. Since the new deduction is effective for the 2007 tax year, tax day in April 2008 could bring a bigger refund to qualified borrowers who buy or refinance homes this year with tax-deductible private mortgage insurance. A broad coalition of tax, consumer, civil rights and civic groups strongly supported the mortgage insurance deduction. "Making mortgage insurance tax deductible will amount to real savings for people who need it the most -- families who've worked hard to get into their first homes," said Pete Sepp of the National Taxpayers Union. "Our tax code has long recognized the importance of allowing costs associated with home financing to be tax deductible, and mortgage insurance premiums should be no exception. Congress should uphold this principle by extending the federal tax deduction for mortgage insurance." "Tax deductible mortgage insurance results in hundreds of dollars in savings for low to middle-income families. This important step towards homeownership was long overdue, and it is time for families to take advantage of the new deduction," said Bruce Hahn, president of the American Homeowners Grassroots Alliance (AHGA). "Making the deduction permanent would help lower income and first time home buyers, promote stability in the housing market, maintain home values and limit the impact of the current mortgage turmoil." "Like many Americans, Latinos rely on homeownership to build wealth and are entering the housing market to get a piece of their American Dream," said Brent Wilkes, Executive Director of the League of United Latin American Citizens (LULAC). "This is a well-deserved tax deduction designed to help those who need it most -- families who are buying a home without a big down payment." "Homeownership fosters strong communities," said Melanie Campbell, Executive Director/CEO of the National Coalition on Black Civic Participation. "This new tax deduction can help low and moderate income families move one step closer to realizing their dream of owning a home." This new law comes at a time when real estate market conditions are changing and increasing warnings of exotic loan risks are being voiced by government regulators. Mortgage insurance plays a crucial role in maintaining the stability and health of the mortgage finance system. With rising interest rates and slower appreciation of home prices, many people who used exotic loan structures are being surprised with higher monthly payments. "A loan with private mortgage insurance is a smart choice for many home buyers in today's market, especially low- and moderate-income families," said Steve Smith, Chief Executive Officer of The PMI Group, Inc. and President of Mortgage Insurance Companies of America (MICA). "PrivateMI has always been an easy and predictable way for buyers to finance their home purchase, and it can be canceled when it's no longer needed. Now, this new tax deduction makes it an even better choice." Compared to other financing options, a mortgage loan with PrivateMI is often more affordable. Its fixed, predictable and cancelable premiums provide consumers with peace of mind -- and now a tax deduction. Private mortgage insurance premium prices vary based on the size of the down payment, type of mortgage and amount of insurance coverage. The cost of PrivateMI for a median-priced home -- the projected national median price in 2007 for a single family home is $224,500 -- ranges from $50 to $100 per month. "This new tax deduction will make loans with private mortgage insurance even more attractive for home buyers who are on the cusp of homeownership," said Suzanne Hutchinson, MICA Executive Vice President. "The wide-ranging group of organizations that support this important tax break will certainly be working to extend the deduction beyond 2007."

Contact me today for all your Oklahoma city real estate, Edmond real estate and Oklahoma real estate needs!

Oklahoma real estate
Topic: Oklahoma real estate
Overnight Oklahoma real estate rates up again 30-year fixed rate at 5.72%; 10-year Treasury yield at 4.65% Monday, April 02, 2007 Long-term mortgage interest rates continued higher Friday, and the benchmark 10-year Treasury bond yield rose to 4.65 percent. The 30-year fixed-rate average gained to 5.72 percent, and the 15-year fixed rate climbed to 5.45 percent. The 1-year adjustable held at 5.33 percent. The 30-year Treasury bond yield stayed at 4.84 percent. Rates are current as of 7:15 p.m. Eastern Standard Time. Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4, 000 banks in 50 states. Points on these mortgages range from zero to 3.5. In other economic news, the Dow Jones Industrial Average gained 5.6 points, or 0.05 percent, finishing at 12, 354.35. The Nasdaq was up 3.76 points, or 0.16 percent, closing at 2, 421.64. Stock and bond figures are current as of 7:30 p.m. Eastern Standard Time. Contact me for all your Oklahoma real estate, Oklahoma city real estate and Edmond Oklahoma real estate needs

Oklahoma real estate
Mood:  bright
Topic: Oklahoma real estate
For all your Oklahoma real estate needs contact your Oklahoma real estate Expert