ANR's work with the City of Santa Ana's Neighborhood Stabilization Program has been featured on the National Community Stabilization Trust (NCST)'s website as a success story!
The National Community Stabilization Trust (NCST) is a national nonprofit organization working with financial institutions and local housing providers across the U.S. to reclaim neighborhoods hard hit by high levels of foreclosure and abandonment. The NCST creates a bridge between financial institutions and local housing providers across the country; the City of Santa Ana being one of those housing providers.
ANR is proud to be the City of Santa Ana's exclusive Developer Partner/Intermediary for their NSP1, NSP2, and newly awarded NSP3 grants, and has also enjoyed a successful relationship with the NCST in identifying properties to acquire, rehabilitate and sell to moderate income buyers seeking the dream of homeownership.
Visit http://www.stabilizationtrust.com/local_work/success_stories/ to read more about our success story in Santa Ana.
Thursday, September 8, 2011
Friday, August 19, 2011
Mortgage Rates Drop Again
Today's Los Angeles Times features great news for prospective home buyers - mortgage rates have dropped again!
Highlights of the article include:
"Mortgage rates tumbled to the lowest level in the history of Freddie Mac's weekly survey, with 30-year fixed rate home loans being offered at an average 4.15%, down from 4.32% last week.
The mortgage giant said in its weekly report Thursday that loans with variable interest rates also hit record lows, as did shorter-term fixed-rate loans."
For more of this article, visit http://latimesblogs.latimes.com/money_co/2011/08/mortgage-rates-have-tumbled-to-the-lowest-level-in-the-history-of-freddie-macs-weekly-survey-with-30-year-fixed-rate-home-lo.html
Highlights of the article include:
"Mortgage rates tumbled to the lowest level in the history of Freddie Mac's weekly survey, with 30-year fixed rate home loans being offered at an average 4.15%, down from 4.32% last week.
The mortgage giant said in its weekly report Thursday that loans with variable interest rates also hit record lows, as did shorter-term fixed-rate loans."
For more of this article, visit http://latimesblogs.latimes.com/money_co/2011/08/mortgage-rates-have-tumbled-to-the-lowest-level-in-the-history-of-freddie-macs-weekly-survey-with-30-year-fixed-rate-home-lo.html
Thursday, June 23, 2011
ANR featured in today's Orange County Register article announcing $1.3 million award of Neighborhood Stabilization Program Funds for City of Santa Ana
OC REGISTER - June 23rd, 2011
The City of Santa Ana has selected ANR Homes, Inc. to help it revive neighborhoods hard hit by foreclosures and abandoned properties. The Santa Fe Springs-based firm will administer $1.3 million in U.S. Department of Housing and Urban Development funds that are part of the third round of the federal Neighborhood Stabilization Program. The money will be used to purchase and rehabilitate foreclosed homes, which will be available to home buyers who meet income requirements. In the last 2 years, the program in Santa Ana has rehabbed and sold to qualified buyers more than 42 homes, including several multi-family units and a vacant lot, which is being developed into a 35-unit apartment building.
To find out more about the program and see what homes are available for sale, please visit www.santaanahomeownership.org.
The City of Santa Ana has selected ANR Homes, Inc. to help it revive neighborhoods hard hit by foreclosures and abandoned properties. The Santa Fe Springs-based firm will administer $1.3 million in U.S. Department of Housing and Urban Development funds that are part of the third round of the federal Neighborhood Stabilization Program. The money will be used to purchase and rehabilitate foreclosed homes, which will be available to home buyers who meet income requirements. In the last 2 years, the program in Santa Ana has rehabbed and sold to qualified buyers more than 42 homes, including several multi-family units and a vacant lot, which is being developed into a 35-unit apartment building.
To find out more about the program and see what homes are available for sale, please visit www.santaanahomeownership.org.
Thursday, June 9, 2011
Look out! A Housing Shortage is Likely Coming...
Within the next decade, a report says, 16 million new housing units will be needed to meet population growth and shifting demands, according to Harvard University’s Joint Center for Housing Studies in its latest annual "State of the Nation's Housing" report.
That means household growth, which has dropped drastically in recent years, will need to greatly reverse its trend to meet the forecasted spike in demand. From 2007-2010, household growth averaged about 500,000 per year--less than half the 1.2 million annual pace averaged prior from 2000-2007.
To absorb the current rate of foreclosed and distressed homes plaguing most markets, a more normal rate of household formation is critical, according to the report. However, household growth partially has stalled as young adults have delayed home ownership and immigration has slowed.
As such, in recent years, builders have drastically cut production of new homes.
"With inventories of new homes at historic lows, a turnaround in demand could quickly result in tighter markets," the report notes. "Over the longer term, the number of younger households is set to rise sharply, supporting growth in the population that fuels growth in both new renters and first-time buyers. The path of the economy and evolution of the mortgage market will determine when and if this increased demand materializes."
The report predicts a need for greater housing units for several reasons. For example, the report projects demand for 1 million new homes a year is needed to meet population growth in the coming decade. The report also predicts a surge in smaller homes, estimating that 3.8 million baby boomers will be looking to downsize their homes within the next decade. Also in adding to the increase in housing units needed, Immigration growth, the need to replace existing homes, and demand for second homes will contribute to rising demand, the report notes. Therefore, researchers conclude at least 16 million new housing units will be needed over the next decade.
Source: “Harvard: Real Estate Recovery Hinges on Return of Demand,” Inman News (June 6, 2011)
That means household growth, which has dropped drastically in recent years, will need to greatly reverse its trend to meet the forecasted spike in demand. From 2007-2010, household growth averaged about 500,000 per year--less than half the 1.2 million annual pace averaged prior from 2000-2007.
To absorb the current rate of foreclosed and distressed homes plaguing most markets, a more normal rate of household formation is critical, according to the report. However, household growth partially has stalled as young adults have delayed home ownership and immigration has slowed.
As such, in recent years, builders have drastically cut production of new homes.
"With inventories of new homes at historic lows, a turnaround in demand could quickly result in tighter markets," the report notes. "Over the longer term, the number of younger households is set to rise sharply, supporting growth in the population that fuels growth in both new renters and first-time buyers. The path of the economy and evolution of the mortgage market will determine when and if this increased demand materializes."
The report predicts a need for greater housing units for several reasons. For example, the report projects demand for 1 million new homes a year is needed to meet population growth in the coming decade. The report also predicts a surge in smaller homes, estimating that 3.8 million baby boomers will be looking to downsize their homes within the next decade. Also in adding to the increase in housing units needed, Immigration growth, the need to replace existing homes, and demand for second homes will contribute to rising demand, the report notes. Therefore, researchers conclude at least 16 million new housing units will be needed over the next decade.
Source: “Harvard: Real Estate Recovery Hinges on Return of Demand,” Inman News (June 6, 2011)
Subscribe to:
Posts (Atom)