Real Estate New York
Market Update January 2007
Credit Check
Learn what your credit rating is for free. Acknowledging the importance of credit ratings to consumers—especially to home owners and those who intend to be--lawmakers have enacted the Fair Credit Reporting Act (FCRA). This act requires each of the three major credit reporting agencies (Equifax, Experian, and TransUnion) to provide you with a free copy of your credit report once ever twelve months.
To obtain your report visit: https://www.annualcreditreport.com/cra/index.jsp
(or call 877-322-8228) This is the only website authorized by the Federal Trade Commission to provide this service—beware of impostor web sites that promise this free service as a ploy.
If you find errors you can write the credit reporting company and have them corrected before they interfere with an important purchase or home loan. For more information see: http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm
Improved: Real Estate New York Website
In our continuing effort to provide the most useful resource for your housing needs, two more features have been added to our site:
First, the mortgage section has been updated to provide up to the minute mortgage rates and trends specifically for New York State. This page can be found at:
http://reny.net/Mortgage-Rates-New-York-State.html
Today's 30 yr fixed rate is 5.81% (Jan. 19,2007)
Second, improved mapping and driving directions can be found at:
To locate an address simply enter it into the destinations box on the driving directions page. There are also aerial and topographic maps available for most areas. These maps are provided through cooperation with Google.
Please let us know what you think so we can continue to provide the most accurate, up to the minute information to our members.http://RENY.net/comments.html
Also, anyone who is having issues using Microsoft Internet Explorer 7 are encouraged to provide comments. We greatly appreciate your input.
.PDF Brochure FHA Mortgages
Significant changes have been made to Federal Housing Authority (FHA) mortgage programs.
Download this printable brochure for convenient reference.
Download the Brochure (PDF: 456Kb)
Buying versus Renting
GINNIE MAE (U.S. Government backed loan programs) Now offers a clever little calculator designed to make the decision to rent or own easier--at least in financial terms. You can access the page at:
http://www.ginniemae.gov/rent_vs_buy
In addition, there are several fine resources on the topic of home ownership available from the side bar navigation. The topic at: http://www.ginniemae.gov/path_to_ownership discusses the pros and cons of home ownership versus renting.
Market Update
Final Market Statistics for 2006
This graph represents average sale versus list prices
The above graphs indicates that the average sale price for the entire year 2006 is above the 2005 with the greatest divergence seen in the May to August period when prices were significantly higher. However, the months of September and October showed a divergence in this gap with prices nearly equal to what they had been in 2005 for the same period. The average time on market for 2006 was 60 days and the average list price to sale price is 98.10%.
Bottom line: The Capital Region market seems to have thrown off rumors of a market collapse and appears to be resuming its upward trend.
eBooks Available for Free Download
The titles below display on Adobe's eReader which can be downloaded free at http://www.adobe.com/products/reader/ or from the graphic below (8.8 megs)
Buying a Home When You're Single
Buying Real Estate Without Cash or Credit
Home Buyer's Checklist: Everything You Need to Know -- but Forget to Ask -- Before You Buy a Home
These books are provided on a 21 day loan basis from the publisher.
Financial Resources
Veterans Administration home loan program
Affordable housing at Freddie Mac
CICA programs for affordable housing