Some encouraging signs ahead of the spring housing market. New home construction numbers just out have shown a steep rise. This may shed some light on the hope of a stronger housing market in 2010. The article is below and the link is here. HOUSING STARTS

Housing starts post sharp rebound

A sign marks a house for sale by the owner in the Capitol Hill neighborhood in Washington, January 24, 2010. REUTERS/Jonathan Ernst

WASHINGTON (Reuters) - Housing starts rebounded more strongly than expected to their highest level in six months in January, while permits fell slightly less than forecast, a government report showed on Wednesday.

The Commerce Department said housing starts increased 2.8 percent to a seasonally adjusted annual rate of 591,000 units, reversing the prior month’s weather-induced drop.

Analysts polled by Reuters had expected housing starts to rise to 580,000 units. December’s housing starts were revised upwards to 575,000 units from the previously reported 557,000 units. Compared to January last year, starts surged 21.1 percent, the largest increase since April 2004.

Groundbreaking for single-family homes rose 1.5 percent last month to an annual rate of 484,000 units after declining 3 percent in December. Starts for the volatile multifamily segment increased 9.2 percent to a 107,000 unit annual pace after rising 12.6 percent in December.

Housing, which is at the core of the most painful economic downturn since the Great Depression, is crawling out of a three-year slump, supported by government programs. New home construction contributed to economic growth in the third quarter of 2009 for the first time since 2005.

But activity slowed sharply in the fourth quarter and while homebuilder sentiment edged up this month, it remains at levels consistent with poor conditions.

New building permits, which give a sense of future home construction, fell 4.9 percent to 621,000 units last month after rising to a 14-month high of 653,000 units in December, the Commerce Department said. That compared to analysts’ forecasts for 620,000 units.

The inventory of total houses under construction fell 2.3 percent to a record low 503,000 units last month, while the total number of units authorized but not yet started eased 0.9 percent to 94,300 units.

(Reporting by Lucia Mutikani; Editing by Andrea Ricci)

We have taken the necessary steps to allow homebuyers and home owners who want to refinance the ability to go to the web page of Eversley Capital Mortgage LLC, Norwalk CT and put in their loan scenario and get their interest rate back in seconds.

There are mortgage calculators available, they can check and compare any loan program that they wish 24 hours a day and 7 days a week. This allows our customers to be able to get online loan rates at a few strokes of their keyboard.

You can call and speak to one of our mortgage consultants or take the liberty yourself to fill out a quick and secure application at the site and get your tentative loan decision within minutes. The best rates are a click away at Eversley Capital Mortgage LLC.

Here is some mortgage advice for all types of borrowers. It does not matter whether you are purchasing a home or trying to refinance a home in CT or anywhere in the US for that matter. Here are some good tips:

The biggest question asked is whether it is best to use a mortgage broker or your local bank. The best answer that I can give is if you go to your local bank whatever rate they are offering is what you are getting. Where as a mortgage broker is looking over all the different banks and lenders to see what the best deal is available for you. For the most part you can often get a better rate from a mortgage broker than your bank. And there are several instances where your local bank may have a special program that has a great rate. The best advice is to shop around and compare the two

A mortgage broker needs to be licensed and pass a test to originate loans where as the employee at your bank does not.

If you are looking for definitions of terms of the mortgage process I wrote a vast database of terms and definitions that you can use. Go to www.LoanClassroom.com and look under the glossary.

If you are looking for a payment calculator or want to apply for a mortgage go to www.EversleyCapital.com and you will find a free mortgage calculator, a secure place to apply and also get more questions you may have answered.

And as always I am around any time via phone or e-mail if you have any questions 203-838-6760.

One thing is certain; you have a choice when it comes to your mortgage. Home owners in Connecticut can turn to banks, credit unions or mortgage brokers. Eversley Capital Mortgage is a local Norwalk CT mortgage broker that is offering some of the lowest rates in the state.

By offering low mortgage rates and low closing costs it allows Eversley Capital to separate themselves from the other banks and lenders out there. If you are in the market to buy a home or refinance you are a click away from one of Connecticut’s lowest mortgage rate brokers.

www.EversleyCapital.com

Phone: (203) 838-6760

Looking for a great site to calculate mortgage rates? If you go to my website www.EversleyCapital.com and go to the calculators tab on the page you can get a wide range of choices.

You can use a standard mortgage calculator to figure out payments based on the calculated mortgage rate as well interest only mortgage calculators, a refinance calculator, bi-weekly mortgage calculator, amortization calculator and most important a how much home can I afford calculator.

All these calculators are free for homeowners and potential ones to use so feel free. When you are done click the secure “apply now” tab and let us help you finance your home with Connecticut’s mortgage price leader, Eversley Capital Mortgage LLC.

It should come as no surprise that FHA is tightening the belt where mortgages are concerned. Homeowners in Connecticut and across the country will soon see higher fees for an FHA mortgage and they will also see much stricter guidelines.

Presently an FHA mortgage is the only option if you do not have a large down payment to buy a home. The minimum is still a 3.5 percent down payment where as conventional loans through Fannie Mae and Freddie Mac is roughly 10 percent depending on the property.

As the mortgage crisis hit conventional loans raised the credit score requirements for borrowers to obtain mortgages. FHA still kept the same guidelines, lending to borrowers with credit scores below 600 so now as the default rate is jumping for FHA loans the bar is being raised. There was a great article in the New York Times this past weekend that talks about this very topic. NY TIMES ARTICLE