Mortgage Rates Decline as Economic Data Continues to Influence Investors

As economic data continues to influence investors with their decisions, mortgage rates declined again last week bringing them to their lowest levels of 2011. Freerateupdate.com's daily survey of wholesale and direct lenders show that conforming 15 year fixed mortgage rates decreased by .125% and are at 3.375%.

This is good news for borrowers who are interested in refinancing for a reduced term from 30 to 15 years. 5/1 adjustable mortgage rates also dropped by .125% and are at 2.625% which should begin to bring some interest back to ARMs. Conforming 30 year fixed mortgage rates are at 4.250%, remaining the same this week. Borrowers need to have good credit to receive these low mortgage rates with 0.7 to 1% origination fee, as well be ready to provide the required documentation that is necessary for lender approval.

Although FHA mortgage rates have been steady for awhile, this is not affecting the popularity that FHA mortgages have gained over the past several years. FHA offers borrowers, especially first time home buyers, benefits that cannot be found with other mortgage loans. Even with a credit score as low as 580, a low down payment of only 3.5% is required. Approved gifts and housing grants are also acceptable making the mortgage transaction even more affordable.

Current FHA 30 year fixed mortgage rates are at 4.250%, FHA 15 year fixed mortgage rates are at 3.750% and FHA 5/1 adjustable mortgage rates are at 3.000%. While FHA closing costs (APR) tend to be higher because of the upfront mortgage insurance premium and other applicable FHA fees, the benefits are still drawing borrowers to turn to FHA for their mortgage loans.

Good news rolled in for jumbo mortgage loans this past week when jumbo 30 year fixed mortgage rates dropped by .125% and are currently at 4.875%. Jumbo 15 year fixed mortgage rates are at 4.500% and jumbo 5/1 adjustable mortgage rates are at 3.625%. Jumbo mortgage loans are on the rise as high end borrowers are jumping on these low jumbo mortgage rates while they are here. These are the lowest jumbo mortgage rates available with 0.7 to 1% origination fee to borrowers who have maintained excellent credit and can provide documentation necessary for lender approval.

The jumbo mortgage market is not over saturated at this time because of the higher conforming loan limit which is set to decrease to the original amounts this October. This may change as more homes become part of the jumbo mortgage market again.

Markets continue to be volatile as the European debt crisis continues to be a cause of concern to investors. The U.S. debt ceiling agreement is also creating jitters throughout worldwide markets. MBS prices (mortgage backed securities) have become unpredictable each day as economic data is released. Just as unpredictable are mortgage rates which move in the opposite direction of MBS prices. Last week, China reported positive economic growth while here in the U.S., Ben Bernanke reported that additional stimulus action will be taken if necessary. Weekly jobless claims dropped and homebuilder confidence is up, but neither is doing anything for consumer sentiment which is at the lowest level since March, 2009.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard .07 to 1% point origination fee.


Written by Ed Ferrara
July 20, 2011

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Mortgage Rates Consistently Stable Despite Debt Ceiling Issues

Last week, markets appeared somewhat optimistic with mortgage rates remaining consistently stable despite debit ceiling issues and talks that fell apart prior to the weekend. It seems as though things may change this week as the deadline looms and an agreement has not been reached. Regardless, it is still a good time to lock in mortgage rates that are still at the lowest levels of 2011.

Freerateupdate.com's daily survey of wholesale and direct lenders show that conforming 30 year fixed mortgage rates are at 4.250%, 15 year fixed mortgage rates are at 3.375% and 5/1 adjustable mortgage rates are at 2.625%. These low mortgage rates with 0.7 to 1% origination fee are available for borrowers who have maintained good credit and can provide the necessary documentation to receive lender approval. The Mortgage Banker's Association reported the largest increase in refinances for the week ending July 15th which is evidence that borrowers are jumping on this opportunity while it is here.

For those with less than perfect credit, low FHA mortgages rates are still very competitive with conforming mortgage rates, either at the same level or slightly higher. FHA 30 year fixed mortgage rates are at 4.250%, FHA 15 year fixed mortgage rates are at 3.750% and FHA 5/1 adjustable mortgage rates are at 3.000%. With a minimum credit score of 580, FHA will accept a down payment as low as 3.5% which can be combined with housing grants and approved gifts. FHA mortgage loans are consumer friendly and continue to be the choice of first time home buyers, even though FHA closing costs (APR) tend to be higher because of the upfront mortgage insurance premium and other FHA fees.

Jumbo 30 year fixed mortgage rates moved up and down by .125% and are now at 5.000%. Jumbo 15 year fixed mortgage rates are at 4.500% and jumbo 5/1 adjustable mortgage rates are at 3.625%. These low jumbo mortgage rates are available with 0.7 to 1% origination point to borrowers who have excellent credit. The jumbo mortgage market is not over saturated right now because of the higher conforming loan limit. If that limit decreases on schedule in October, this might change since many properties will again fall into the jumbo mortgage market. There is currently a bill in Congress to further extend the conforming loan limit which, if approved, will help to keep jumbo mortgage rates low.

Although investors appeared optimistic last week, MBS prices (mortgage backed securities) fluctuated slightly which had little to no affect on mortgage rates. As MBS prices move, so do mortgage rates move in the opposite direction. Better than expected housing starts for the month of June and a new Greece debt deal led investors to turn to stocks. Markets saw little reaction to the report that weekly jobless claims increased higher than expected. This week can turn out to be completely the opposite as tension sets in over the debt ceiling deadline which is August 2nd. With both parties so far apart on ideas and no sign of an agreement, concern is already influencing markets as MBS prices are starting to drop.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders' rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard .07 to 1% point origination fee.


Written by Ed Ferrara
July 27, 2011

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30-Year Fixed-Rate Mortgage Ticks Up To 4.52 Percent

MCLEAN, Va., -- Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage rates changing little over the previous week following mixed economic and housing data. The 30-year fixed average 4.52 percent and the 15-year fixed averaged 3.66 percent.

30-year fixed-rate mortgage (FRM) averaged 4.52 percent with an average 0.7 point for the week ending July 21, 2011, up from last week when it averaged 4.51 percent. Last year at this time, the 30-year FRM averaged 4.56 percent.

15-year FRM this week averaged 3.66 percent with an average 0.7 point, up from last week when it averaged 3.65 percent. A year ago at this time, the 15-year FRM averaged 4.03 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.27 percent this week, with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago, the 5-year ARM averaged 3.79 percent.

1-year Treasury-indexed ARM averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. At this time last year, the 1-year ARM averaged 3.70 percent.

Frank Nothaft, vice president and chief economist at Freddie Mac, reports, "Mortgage rates were virtually unchanged this week amid mixed economic data reports. Although both the overall producer price index and consumer price index fell moderately in June on lower energy costs, the core price indexes inched up. In addition, consumer sentiment sank to the lowest reading since March 2009, based on figures from the University of Michigan."

"The recent housing data also varied. For example, single-family housing starts jumped 9.4 percent in June to the strongest pace since November 2010 and homebuilder confidence rebounded in July. Yet, existing home sales fell 0.8 percent in June and represented the fewest since November 2010."


July 22, 2011 Published on Realty Times

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Homebuyers Make Lifestyle Options Priority

The adage when it comes to real estate has been "location, location, location." A recent survey, though, shows that lifestyle options are a priority. These include health and safety, access to cultural activities, and family-friendly neighborhoods.

Of course, location is still important, but today's buyers are looking for a sense of belonging in a community as well as creating a desirable lifestyle with the home they buy.

More than 1,000 homeowners and future home buyers were surveyed for the Better Homes and Gardens Real Estate LLC and the Meredith Corp report. The respondents indicated that how satisfied they'll be with the purchase of a new home may depend significantly on the home's surrounding community. About 84 percent of those surveyed were homeowners and an additional 10 percent had plans to buy within three years.

Here are some of the results. The survey found the following lifestyle options are top priorities for buyers.

• Ease of commuting by car: 38%
  
• Access to health and safety services: 34%
  
• Family-friendly neighborhood: 33%
  
• Availability of retail stores: 32%
  
• Access to cultural activities: 21%
  
• Public transportation access: 19%
  
• Nightlife and restaurant access: 18%
  
• Golf-friendly area–access to golf courses: 6%

If you're a seller what should all this mean to you? It's an opportunity to target buyers based on their interest. Just like businesses need to know who their target market is so that they can build a brand and solicit to those consumers, so too, for sellers.

If you're selling your home and you know that the above priorities can influence buyers, it only makes sense to play up the lifestyle options that apply to your home.

Often sellers focus predominantly on their home and the upgrades and amenities. While those features are very important, remember that practically any home can be remodeled. If you're in an excellent location with easy freeway access, on a low traffic street in a friendly neighborhood, surrounded by retail stores and hot dining spots, it's time to play it up. Those features aren't always easy to find.

Promote your lifestyle features with not only creative writing in the Multiple Listing Service detailed section, but also in ads with photos. You should also try using video of your home and the surrounding area. These days marketing goes beyond the MLS and glossy flyers. An archived video on the Internet doesn't get tossed in the trash like a piece of paper often does.

Showcasing your home on social media sites and giving a taste of the neighborhood in a well-produced video can be a fantastic marketing tool. However, don't use a poorly shot video; that may hurt you more than help you. Hiring a videographer or even a video journalist to tell a story about the area is well worth the money you'll spend. This style of storytelling can greatly increase interest in your home and, ultimately, the sales price.

Another option is to use footage (link or embed the video) from local retail outlets and post it on your social sites so that you can showcase some of the fun, nearby entertainment establishments. Create an album on your social sites so that all these photos, videos, links to articles are housed in it and then share it with friends. Don't make this album about you and your family in the home. Instead, make it like a review of the area. You are showcasing, through pictures, videos and words, the great places that you enjoyed while living in your home. Putting all these items online gives you greater exposure as people forward them to others.

Reality TV is popular for a reason; it takes people along for the journey, exposing life as it really is. Showcasing your home, neighborhood, and nearby restaurants allows potential buyers an opportunity to imagine the things that they would do if they lived in your home. We are becoming a very visual society and because so many properties are viewed first, and sometimes only, via the Internet, it's worth making what buyers see online valuable and persuasive. Seeing all that your home and its surrounding area has to offer in a video is as close as they get to actually experiencing it. The next step is literally stepping into your home for a closer look.

A little extra effort and promotion to highlight what's important to buyers may get you the sale faster and the price you're hoping for.


Written by Phoebe Chongchua
July 22, 2011

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Divorce Rate Declines Alongside Home PricesDivorce Rate Declines Alongside Home Prices

A recent study published by the American Economic Review (AER) has shown a surprising correlation between the current housing dip and divorce rates across the nation.

The findings indicate that the state of our economy may have further reaching social affects than many would assume. Home price declines could be positively affecting marital stability.

The AER study reports, "Our findings suggest that house prices have a significant effect on divorce shares." Divorce rates have declined over the past few years. The U.S. Census Bureau reported in 1996 that 50 percent of all marriages ended in divorce. Figures from 2009 showed a 46 percent divorce rate.

TIME Magazine weighed in on the study findings, saying, "Study after study has looked at the impact of the recession on everything from obesity to fashion ... a number of reports all year which, collectively, seem to indicate that the recession has made for estranged bedfellows of couples who would get divorced if it wasn't for the decline in their home's value. Almost 40 percent of couples who were considering a divorce or separation before the recession began said they put aside their plans to split, according to The Great Recession and Marriage, a survey conducted by the University of Virginia's National Marriage Project."

The AER used advanced mathematical formulas to account for variations in educational backgrounds and wealth levels and found that as home prices fall, divorce rates fall with them. What is causing this trend? The AER says, "When house prices rise, equity gains experienced by owners facilitate making down payments on separate homes and so could increase divorce probabilities." Basically, when jobs are easy to attain, credit readily accessible, and homes priced for selling, couples can afford to move on.

Conversely, when jobs are scarce, credit difficult to procure, and home prices on the decline, people become loss resistant. They don't want to face the loss of a home in addition to the loss of a spouse. "The decision to divorce -- which is often made simultaneously with the decision to sell one's home -- could be strongly declining in losses even if it varies little due to gains," reports the AER. This is especially true for the thousands of homeowners who are currently underwater on their mortgages.

Housing prices have declined steadily in all regions of the U.S. Former boom markets, such as Arizona and Florida, have seen double digit declines in home prices.

Add to this the high cost of most divorce proceedings and one reason becomes clear as to why couples have sidelined their splitting-up plans.

The AER suggests that these factors be taken into consideration when advancing new housing policy changes. "Given the high level of current interest in policy to shore up housing markets, it is worth better understanding the broader consequences of such policy."

The unemployment rate has edged back up in recent weeks. Home prices continue to decline and a continuous stream of foreclosures is expected for the foreseeable future. Will these trends continue to keep couples together? Recent evidence from the AER study points to this possibility.


Written by Carla Hill
July 15, 2011

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Mortgage Rates Fall After Weak Jobs Report

MCLEAN, Va., -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates following long-term bond yields lower amid weaker than expected jobs gains and an increase in the unemployment rate.

30-year fixed-rate mortgage (FRM) averaged 4.51 percent with an average 0.7 point for the week ending July 14, 2011, down from last week when it averaged 4.60 percent. Last year at this time, the 30-year FRM averaged 4.57 percent.

15-year FRM this week averaged 3.65 percent with an average 0.6 point, down from last week when it averaged 3.75 percent. A year ago at this time, the 15-year FRM averaged 4.06 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.29 percent this week, with an average 0.6 point, down from last week when it averaged 3.30 percent. A year ago, the 5-year ARM averaged 3.85 percent.

1-year Treasury-indexed ARM averaged 2.95 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. At this time last year, the 1-year ARM averaged 3.74 percent.

Frank Nothaft, vice president and chief economist at Freddie Mac, reports, "Long-term bond yields and mortgage rates fell this week following a weak employment report. The economy added 18,000 jobs in June, well below the market consensus forecast, and the unemployment rate rose to 9.2 percent, the highest since December 2010. In addition, employee wages stagnated. These factors may lead to less consumer spending, which in turn, reduces the threat of inflation in the near term."

Published on Realty Times, July 15, 2011

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Stopping the Debt Cycle

For most Americans, the cycle of debt can seem never-ending. They're never quite out of the hole and are living month to month, just one emergency away from financial disaster.

A recent study by the National Bureau of Economic Research found that 51 percent of Americans would be unable to come up with $2,000 cash in case of an emergency. Yet, the average American household carries thousands of dollars of debt.

New graduates and young families face an uphill battle. The national unemployment rate remains near 9 percent and these young citizens' limited credit histories and work experience mean difficulties landing jobs.

Seniors are facing a different, yet equally as difficult, challenge. Despite good, long credit histories, they've found their retirement plans have dwindled, interest rates have spiked, and their future plans have been soured.

In these situations, it's easy for debt to pile up.

The first rule of debt management today comes from the old adage, "Don't count your chickens before they're hatched." This means don't spend money that you don't already have. Don't plan on a raise in the future or a stock to soar. What you have now is what you have. Rampant foreclosures in today's market are partially due to some buyers counting their chickens before they hatched. As the economy tanked, interest rates rose and jobs disappeared, these homeowners found they couldn't really afford the properties they'd purchased.

Living within your current chicken count means living within your means. This goes against the current American mindset of "what payment can I afford?" rather than "what can I afford to buy with cash right now?" Take a survey of highway billboards over the last decade and you're likely to see a steady switch from total costs advertised to monthly payment amounts. This mentality has led our society into a cycle of debt.

This mounting debt makes it even more difficult to live within your means. When you already have debt, you can't start at square one. You'll have to budget even tighter to pay off your debt without taking on any more.

1. Calculate Debt: How much do you really owe? What are your monthly payments, minimums, and interest rates? You'll want to pay off the higher interest rate loans first. Get rid of any unused cards that charge yearly fees. Refinance and negotiate lower interest rates on cards and loans.

2. Accountability: Record every purchase. Using cash makes it too easy to overspend. Instead, use a debit card which you can track with online banking. Monitor where and when you spend your money. At the end of this first month, add up expenses by category (e.g. grocery/household, clothes, entertainment, gasoline, energy costs, rent/mortgage, etc.).

Recording purchases will show you if there's a particular area where you overspend. It will also show you the true picture of what it costs to run your household. What is the basic amount of money you need to survive and pay all your bills?

3. Prepare a monthly budget: Now that you've seen what your spending habits have been in the last month, make a list of your "necessary" expenses. It's time to funnel funds away from recreation and entertainment and towards the principal on your debts. Pay for necessities first, then debts, then have fun with what is leftover.

4. Have a plan: Discipline is key to sticking with a plan. Decide ahead of time what you are allowed to spend on each category. If you have a particularly hard time sticking to a budget, then use the jar method. Put the budgeted amount of money in jars, one for each category. When the money is gone, it's time to quit spending.

Getting out of debt means having a plan and sticking to it. Being debt-free must be your priority. Yes, we all want to take vacations, buy new clothes, and visit the trendiest restaurants. Going into or staying in debt to do so isn't what the American Dream was meant to be. Be victorious in the small daily battles of spending. Keep you eye on the prize of being debt-free. Your future self will thank you.


Written by Carla Hill
July 13, 2011

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How Much Down Payment Is Enough to Buy A Home?

Most people agree that buying a home without a down payment is a risky decision and soon it might not be an option. As the crippled housing market is beginning to see signs of improvement, lawmakers and key housing industry agencies are debating exactly how much down payment should be required.

Congress and a group of federal regulatory agencies are attempting to create new rules for mortgage lenders in order to avoid a future housing crisis. The loan would be known as "qualified residential mortgages."

The Dodd-Frank law calls for financial reform and the setting of criteria for what would constitute a reasonably safe, basic mortgage. The agencies tasked with this, include the Federal Reserve, the Federal Deposit Insurance Commission, the Department of Housing and Urban Development and the Federal Housing Finance Agency.

The qualified residential mortgages would allow lenders issuing them to sell them to investors. In doing so, the lenders would avoid full risk associated with the possibility of a default on the loan. Other non-qualified residential loans, would be deemed riskier and, therefore, the lender would have to retain 5 percent ownership.

The law is aimed at prompting banks to take ownership and make sure that a borrower truly has the ability to repay a loan. In cases, where a riskier loan is made, and the standard of the qualified residential mortgage is not met, the bank would have to be prepared for a possible default and have set aside extra capital.

A 20 percent down payment is being considered but many are opposed, including banks, real estate agents, and consumer housing advocates. The opposition fears that a 20 percent or 10 percent down payment would price many homeowners out of the mortgage market.

Even if a borrower is creditworthy, coming up with the down payment could be a real stretch. It could take some borrowers more than a decade to save for just a 10 percent down payment.

The Center for Responsible Lending has created charts on its website ResponsibleLending.org to show how borrowers with different occupations would be impacted. According to the chart, it could take a U.S. Army Staff Sergeant, earning a median salary of just over $30,000, nearly 20 years to save for a down payment.

The opposition argues that for the creditworthy borrowers, the loan could cost them more because the lender would raise interest rates on their loans in an effort to cover their extra costs.

Kathleen Day, representing the Center for Responsible Lending, told the New York Times, "We’re not advocating for zero percent down. We think down payments are good. But we think the market should set them, based on the underwriting."

Day says that underwriting (the process of looking at a borrower’s credit history and income and debt levels) should assess risk and determine a borrower’s ability to repay a loan.

Some loans, like those that can be obtained with a small down payment and are insured by the Federal Housing Agency, would be exempt from the qualified mortgage mandates.

For now, the debate continues over if a minimum down payment should be set and, if so, how much. The intense controversy surrounding this matter has prompted the regulatory agencies to extend the public comment period to August 1, 2011.


Written by Phoebe Chongchua
July 8, 2011

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There's Still Value in Homeownership

It may be a down market, but the majority of Americans still see value in homeownership.

According to a recent survey, conducted on behalf of the National Association of Home Builders (NAHB), "An overwhelming 75 percent of the people who were polled said that owning a home is worth the risk of the fluctuations in the market, and 95 percent of the home owners said they are happy with their decision to own a home."

There is good reason for homeowners to feel this way. Homeownership offers people a wide range of benefits, including many that reside outside your pocketbook. The first benefit is stability. According to the National Association of Realtors (NAR) and their 2010 study named "Social Benefits of Stable Housing," "Homeownership and stable housing go hand-in-hand. Homeowners move far less frequently than renters, and hence are embedded into the same neighborhood and community for a longer period. "

This stability has far-reaching affects. Studies have revealed that children of homeowners are more likely to graduate and less likely to live in areas with high crime rates. Responsibility is also passed down to the next generation. Daughters of homeowners have a lower incidence of teen pregnancy.

According to the survey, "First, a home purchase naturally involves one of the largest financial commitments most households will undertake. Homeowners, therefore, tend to minimize bad behavior by their children and those of their neighbors that can negatively impact the value of homes in their neighborhood. Second, homeowners are required to take on a greater responsibility such as home maintenance and acquiring the financial skills to handle mortgage payments. These life management skills may get transferred to their children."

Homeownership even affects our health. This same NAR study found that homeowners report higher levels of physical health, even after the study adjusted for age and socioeconomic factors. "In addition to being more satisfied with their own personal situation than renters," says the study, "homeowners also enjoy better physical and psychological health."

Owning your home gives you stability. Eventually, if a homeowner buys within their means, even the longest of mortgages gets paid off. This makes your home one of your greatest retirement assets.

According to Celinda Lake, president of Lake Research Partners. "People believe overwhelmingly that owning a home is an anchor to the American Dream," she said. "It's an anchor to your retirement, and it's an anchor to your personal economic well-being."

"Homeownership is worth the risk, pure and simple," said Neil Newhouse, a partner and co-founder of Public Opinion Strategies. "Even though the market is weak, people who don't own say they want to buy a house. Almost three-quarters of those who do not currently own a home, 73 percent, said owning a home is one of their goals. And among younger voters who are most likely to be in the market for a home in the next few years, the percentages are even higher."

This is why 80 percent of owners would recommend homeownership to those they know. If you're in the market, maybe it's time you took listened to their advice! Historically low interest rates and high rates of affordability make now a great time to buy.


Written by Carla Hill
July 6, 2011

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30-Year Fixed-Rate Mortgage Unchanged at 4.50 Percent

MCLEAN, Va., -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage rates mixed but holding steady for the second week with the 30-year fixed matching last week's 4.50 percent average and the 15-year fixed edging up to 3.69 percent.

30-year fixed-rate mortgage (FRM) averaged 4.50 percent with an average 0.8 point for the week ending June 23, 2011, unchanged from last week when it averaged 4.50 percent. Last year at this time, the 30-year FRM averaged 4.69 percent.

15-year FRM this week averaged 3.69 percent with an average 0.7 point, up from last week when it averaged 3.67 percent. A year ago at this time, the 15-year FRM averaged 4.13 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.25 percent this week, with an average 0.6 point, down from last week when it averaged 3.27 percent. A year ago, the 5-year ARM averaged 3.84 percent.

1-year Treasury-indexed ARM averaged 2.99 percent this week with an average 0.5 point, up from last week when it averaged 2.97 percent. At this time last year, the 1-year ARM averaged 3.77 percent.

Frank Nothaft, vice president and chief economist at Freddie Mac, reports, "Mortgage rates were virtually unchanged this week amid further indications of a soft housing market. Although new construction on single-family homes ticked up in May from April, it was still below the overall pace set in 2010. Moreover, existing home sales fell 3.8 percent in May to the fewest since November 2010." "The Federal Reserve also reiterated that the housing sector continues to be depressed in its June 22nd policy committee statement. The S&P/Case-Shiller® National Home Price Index fell 2.1 percent between the fourth quarter of 2010 and first quarter 2011. Based on a recent survey by MarcoMarkets of 108 professional forecasters taken in early June, the index is predicted to decline another 1.5 percent by the fourth quarter of this year."


Published on Realty Times

June 24, 2011

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