Real Estate Information Archive


Displaying blog entries 11-20 of 45

30-Year Fixed-Rate Mortgage Drops to 4.8%

by Anthony Litz

MCLEAN, Va., April, 21 2011 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage rates dropping after four consecutive weeks of inching higher.  

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.80 percent with an average 0.7 point for the week ending April 21, 2011, down from last week when it averaged 4.91 percent. Last year at this time, the 30-year FRM averaged 5.07 percent.  


  • 15-year FRM this week averaged 4.02 percent with an average 0.7 point, down from last week when it averaged 4.13 percent. A year ago at this time, the 15-year FRM averaged 4.39 percent.  



  • 1-year Treasury-indexed ARM averaged 3.16 percent this week with an average 0.6 point, down from last week when it averaged 3.25 percent. At this time last year, the 1-year ARM averaged 4.22 percent.  


Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions.


Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

  • "Low inflation is keeping mortgage rates at bay. The core consumer price index rose just 0.1 percent in March, below the market consensus forecast. The 12-month growth rate in core prices was 1.2 percent, which is also rather low by historical standards.



Get the latest information from Freddie Mac's Office of the Chief Economist on Twitter:  @FreddieMac

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

Find more information about Freddie Mac at

SOURCE Freddie Mac

Fannie Mae Announces 3.5% Buyer Assistance

by Anthony Litz

Washington, DC — Fannie Mae announced today that people purchasing a Fannie Mae-owned HomePath property will receive up to 3.5 percent in closing cost assistance. The initial offer must be submitted on or after April 11, 2011; and the sale must close on or before June 30, 2011 to be eligible for the incentive. Additionally, buyers must reside in the home as their primary residence (sales to investors are excluded).

"Attracting qualified buyers to the market and reducing the inventory of vacant homes remains essential to stabilizing neighborhoods and helping the market recover," said Terry Edwards, Executive Vice President of Credit Portfolio Management. "Since interest rates remain low, the incentive will go a long way toward helping even more families buy a new home so this is a great time for Fannie Mae to offer some assistance."

All Fannie Mae-owned HomePath properties are listed on and most listings include detailed property descriptions, photographs, community and school information, and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.

Fixed-Rate Loans at New Low!

by Anthony Litz


Fixed rate mortgages have reached a new low this week says Freddie Mac. On Tuesday (Nov 9, 2010) the average of 4.24% fell down to 4.17% on a 30-year loan.  15-years fixed rate loans have a new average of 3.57%.  5-year fixed rate loans have a new low average of 3.25%.

Mortgage rates fall to fresh low. These average rates from Freddie Mac are calculated by tallying rates country wide Monday-Wednesday.  As we have mentioned before, you can expect rates to be different at different lenders and throughout the country.  These average rates do not include fee's, which are also competitive and different depending on lender and customer's credit scores.

Call The Pistol Tingen Team at 252-321-6161 or send us an email if you would like some lender recommendations along with their phone numbers.  We are a wealth of information; please don't hesitate to contact us with any questions or for advice.


Resources: USA TODAY, Associated Press


Fannie and Freddie Homes: $2billion+ Carrying Costs Per Year

by Anthony Litz
Foreclosure sign, Fannie Mae,

Fannie Mae and Freddie Mac now own about 25% of all foreclosures in the United States. It is being reported their maintenance and and carrying costs are now over $2 billion (aka $2,000,000,000.00) annually!

"Fannie and Freddie, which buy mortgages from lenders and package them into securities to sell to investors, own or guarantee half of all U.S. mortgages. Together, they have more than twice as many foreclosed homes now as they did this time last year, with a combined value of $24 billion."

With so many homes in their foreclosure inventory to maintain, the costs buildup fast. Fannie Mae, for example, pays up to $400 for an initial cleaning of a foreclosed property and up to $125 to have the grass cut two times month. Frequently the homes have so much "trash" left behind from the previous owner, there are additional costs during the initial cleaning. Another cost included with almost all foreclosures is a locksmith to re-key the property.

Freddie Mac currently has 82% more homes in their inventory than last year and the numbers seem to be on the rise with many foreclosure companies. So more than likely Freddie and Fannie's holding costs will continue to increase for some time.

Currently we are seeing more than half our foreclosure inventory in the Pitt County area being put "on hold and unable to market status" until officials have investigated whether the foreclosure documents were properly executed.  This recent development is entering the second month, causing increasing losses from this inventory that is not selling. Mean while costs are adding up as all of these "on hold" homes still have utilities turned on and require normal maintenance.

"The longer foreclosed homes stay on their books, the larger taxpayers' expenses will be. "Taxpayers are covering their losses. We are the ultimate deep pocket," says Lawrence White, a New York University economics professor."


For more information about current real estate topics including foreclosures or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Resources: and

Student Rentals: Still A Great Investment!

by Anthony Litz

Over 19 million people are currently attending or enrolled at colleges and universities in the united states.  Many of these students attend schools away from home and need a place to live, which makes this investment niche thrive!  Experts say this market will flourish until at least 2018, when the last baby-boomer's children enter college.

ecu student housing rental investment Today's students look for homes with the most amenities, such as appliance-filled kitchens, furnished units and washer/dryers. Not often thought of, many students look for fenced-in backyards for their privacy or dogs.  Almost always a rental with a fenced yard rents faster.

Investors can look forward to rental incomes that are sometimes 10-20% greater than with normal tenants.  But on the other hand, time and money put into managing these kind of properties also increases by about 10%, according to an expert that owns over 50 rental homes across the United States.  In Greenville, NC the East Carolina University student properties are almost always occupied with renters, but these type of homes do have more turn over due to a young lifestyle and roommates that come and go.  Single-families stay at rental houses longer than students typically.

Pitt County and ECU offer a lot of opportunity for investors and landlords!  We enjoy a growing student population that will soon have a major increase with the new Dental School, which starts their first class in August of 2011.  "East Carolina University is the academic home to over 27,000 students and is a constituent member of The University of North Carolina", according to their website. There are always good potential rentals in our market for sale, including quite a few single family homes, duplexes and an apartment building from time-to-time.

Would you like more tips? Want a free list of potential university rental properties to look at?  Please call or email us, we are happy to help whether you are a seasoned or new investor!


Resources: &

Top 10 Features 55+ Baby Boomer Buyer's Want In A Home.

by Anthony Litz

A recent survey given to 55+ Home Buyers shows what their 10 most important design features are.  This can be important information to you when selling a home or when buying and thinking of selling down the road.  Surprisingly a downstairs master bedroom isn't higher on the list!  --In Pitt County and the Greenville Area, we as Realtors get asked more often about what floor the master bedroom is on than if the house comes with a washing machine.

  1. 90% - Washer/Dryer in the Home
  2. 84% - Storage Space
  3. 81% - Windows that Open Easily
  4. 73% - Garage Door Opener
  5. 73% - Easy-to-use Thermostat
  6. 71% - Master Bedroom on 1st Floor
  7. 67% - Private Patio
  8. 66% - Porch
  9. 65% - Attached Garage
  10. 64% - Bigger Bathrooms.


For more information about current real estate topics including selling your home or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Resources: National Association of Home Builders

google map to real pro systemsFannie Mae-owned foreclosed properties are currently available for purchase to owner-occupied buyers before investors have an opportunity to buy them.  Fannie Mae calls this program First Look and has offered this incentive for a little more than a year, and recently revamped the program to include some HUD homes. In the Greenville, NC-Pitt County area, the First Look time period is typically the first 15 days the property is initially on the market.  Fannie Mae has made it easy to see what day of First Look the listing is on by visiting

Home owners who plan to occupy a purchased home can put a property under contract during the first 15 days of the listings life. While investors, who typically buy about 70% of all foreclosures, have to wait until the First Look period is over with; ie: day 16.  Fannie Mae says, "While investors play an important role in the REO market, home buyers who intend to occupy a home make an immediate and lasting commitment to the community and therefore merit priority consideration in the REO sales process."  This program is making some inventory sit on the market longer than you would expect; even up to 90 days before investors can make an offer.

The truth of the matter is that most foreclosure and bank owned properties are in unlivable or undesirable conditions and are generally not the type of homes owner-occupants purchase. Buyers typically do not want a lot of clean-up and projects to work on when they first buy and move into a home.  Plus, many foreclosure homes will not qualify for conventional loans because of even small defects in the properties, such as a hole in a wall.  This means foreclosure homes cater to investors because investors more often have the resources to renovate these distressed properties.

From The Pistol Tingen Team’s experience Fannie Mae's First Look program does give more opportunity for home owners to have a leg up on investors.  On the other hand, quite often the program is letting the wrong person buy the house. Which has actually made more deals fall through, foreclosures stay on the market much longer and end up selling for less!

Foreclosures typically are not in the pristine condition that owner-occupant buyers are hoping for. Or buyers can't get a loan because of a defect in the home.  So, the owner-occupant buyer may by contract legally walk away from the deal during their inspection period. Thus the home goes back on the market, still belonging to Fannie Mae and the First Look period restarts at day 0.  In this example, 30+ days of marketing time have been used up, for no deal and to start all over again.  Our Team is seeing some single family Fannie Mae homes that fit this description go under contract 2-3 times before someone actually closes on the home. A lot of times it is an investor, who had realistic expectations to start with (that the home was in poor condition) that finally purchases the house.  Ironically the investor will buy the home for less because the listing is now “old” and due for price reductions. And all the while the investor could have purchased and closed within a fraction of time and would have probably paid more for the home.

In a perfect world it is nice that Fannie Mae is giving such opportunity to these owner-occupants.  But in the real world their program is clogging the market with aging, distressed properties while we are heading into the slowest marketing season of the year.

For more information about current real estate topics including foreclosures or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.


New Trend? Interest Rates Increase -2nd Week In A Row.

by Anthony Litz

Not too long ago mortgage rates reached an all time low, and are still the best that any buyer could hope for.  But a new trend is emerging; 30-year fixed interest rates have increased for the second week in a row according to national averages with Freddie Mac.  This comes after around 10 weeks of decline.

9-17-2010 30-year mortgage rates increase

We may have hit the bottom.  If you are "on the fence" waiting for the house buying market to get even sweeter, it may be time to make a move.

Of course rates are going to vary on a case-by-case basis depending on an individual’s credit history and what programs a lender can offer. Rates are negotiable and competitive.  Shop and compare a couple lenders' quotes to get the best rate and combination of fees. Call The Pistol Tingen Team at 252-321-6161 or send us an email if you would like some lender recommendations along with their phone numbers.  We are a wealth of information; please don't hesitate to contact us with any questions or for advice.

3 Hot Foreclosure Listings:

by Anthony Litz

103 N Outerbridge St, Robersonville, NC

Foreclosure home for sale in Robersonville, 103 N Outerbridge St

Tax Value=$122,970
2 Bedrooms
2 Bathooms
1-Car Attached Garage
1-Car Detached Garage/Shop

3086sqft, Covered porch, 2-Sunrooms, 1-Detached Garage/shop, 1-Attached Garage, Hardwoods, Home has somewhat been updated recently, but repairs are not complete and home does need work. Foreclosure, Fannie Mae Home. Purchase this prop for as little as 3 percent down! Home is approved for Mortgage Renovation Financing. Property to be re-keyed at buyers expense.

Click here to view this listing via our team's website with additional photos.


671 Tabard Rd, Winterville, NC

Foreclosure home for sale in Winterville, 671 Tabard Rd

Tax Value=$221,509
3 Bedrooms
2.5 Bathooms
2-Car Attached Garage

Built by The Evans Company, this one-owner home is now available for sale as a foreclosure. Situated in Winterville’s Canterbury subdivision, on a tree-lined .24 acre lot with an open backyard, deck, covered front porch and attached 2-car garage makes this home great for family fun and relaxation! The floorplan features approximately 2,228 sq. ft., 3 bedrooms, 2.5 bathrooms, formal dining room, dine-in kitchen and laundry/mud room. Richly toned hardwood floors flow throughout the foyer and dining room. An oversized master suite awaits featuring 2-walk-in closets, private bathroom with tiled shower, oversized-whirlpool tub and double vanity. Other desirable features of this fantastic home include wood trim/ moldings throughout, all bedrooms have ceiling fans, many rooms have recessed lighting, finished bonus room, extra eve-storage as well as an attic. Don’t miss seeing this charming home in a great neighborhood and priced to sell—truly a rare  find!

Click here to view this listing via our team's website with additional photos.


2113 5th Street, Greenville, NC

Foreclosure home for sale in Greenville, 2113 5th Street

Tax Value=$152,403
5 Bedrooms
3 Bathooms
2-Car Attached Carport

Conveniently located near downtown Greenville and in the University Area this home sits across the street from Wahl Coates Lab Elementary School. Updated some, this home includes approximately 2,340sq. ft., 5 bedrooms and 3 bathrooms, and a spacious family room with fireplace.  Both cooking and dining  alike will be a pleasure within either the formal dining room, or eat-in kitchen which offers a gas range, and dishwasher. Lots of cabinetry and counter space offer ample, accessible storage solutions.  The fenced-in patio with big backyard is a wonderful area where seasons of outdoor fun and memorable family activities can be created!  Plus, the backyard patio is the perfect spot for both grilling and entertaining. This is a Fannie Mae HomePath property, it is pre-approved for HomePath Mortgage and Renovation Financing. The home may be purchased with as little as 3% down with HomePath. Call us today for a tour or to get more information on HomePath and Fannie Mae Foreclosures!

Click here to view this listing via our team's website with additional photos.

For more information about these foreclosure listings or for assistance searching for other real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

East Carolina University Announces Changes for Dental School

by Madeleine Tingen

The East Carolina University dental school recently announced two major changes that received final approval by UNC General Administration in May 2010. Located in Greenville, North Carolina, the dental school now will be entitled the East Carolina University School of Dental Medicine.  This name reflects the dental profession’s recognition that dental health and oral health are an essential part of one’s overall health, rather than a separate ancillary discipline. The other change is that graduates of the ECU School of Dental Medicine will be awarded the DMD (Doctor of Dental Medicine) degree.  This is the degree awarded by the vast majority of dental schools that have opened since the 1960s, and is used for the same reason for having Dental Medicine in a school or college’s title.

The D.M.D. and D.D.S. degrees are considered equivalent--offering the same education and accreditation standards, as well as requiring the same licensure examinations.  Both degrees are recognized by all national and state dental associations and state and specialty boards. The scope of practice allowed by law is also the same for both degrees.  Throughout the United States, the state of North Carolina, and the city of Greenville, there are dentists with both degrees.

For more information regarding East Carolina University or real estate in Greenville, NC and the Pitt County area, please contact The Pistol Tingen Team at (252) 321-6161.

Displaying blog entries 11-20 of 45

BERKSHIRE HATHAWAY HomeServices Prime Properties,   Greenville, NC, 2625 Charles Blvd.