Mortgage Rates Drop To New Low


Mortgage rates were back to breaking records for the second consecutive week. All mortgage products, except for the 5-year adjustable-rate mortgage, averaged a new record low, Freddie Mac reports in its weekly mortgage market survey.

For those who can qualify, the low rates are helping to keep home buyer affordability high and refinancing strong, Freddie Mac reports.

“Fixed mortgage rates continued to decline this week, largely due to the Federal Reserve’s purchases of mortgage securities, and should support an already improving housing market,” says Frank Nothaft, Freddie Mac’s chief economist.

The Fed recently announced it would purchase $40 billion in mortgage-backed securities every month until the economy shows more improvement. The move is expected to send rates lower.

Here’s a closer look for the national average rates for the week ending Sept. 27:

30-year fixed-rate mortgages: averaged a new record low of 3.40 percent this week, with an average 0.6 point, dropping from last week’s previous record low of 3.49 percent. A year ago at this time, 30-year rates averaged 4.01 percent.
15-year fixed-rate mortgages: averaged a new low of 2.73 percent, with an average 0.6 point, dropping from last week’s previous record low of 2.77 percent. A year ago, 15-year rates averaged 3.28 percent.
5-year adjustable-rate mortgages: averaged 2.71 percent, with an average 0.6 point, dropping from last week’s 2.76 percent average. Last year at this time, 5-year ARMs averaged 3.02 percent.
1-year ARMs: averaged a new low of 2.60 percent this week, with an average 0.4 point, dropping from last week’s 2.61 percent average. A year ago, 1-year ARMs averaged 2.83 percent.

Of you are thinking of buying or selling, talk to a REALTOR who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs please feel free to text or call me at 615 417-8182 or email me at RolandLow1@gmail.com.

Real Estate Market Returns To 2003 Level


Real Estate Market Returns To 2003 Level

In another sign of a turnaround in the long-battered real estate market, average home prices rebounded in July to the same level as they were nine years ago.

According to the closely watched S&P/Case-Shiller national home price index, which covers more than 80% of the housing market in the United States, the typical home price in July rose 1.6% compared to the previous month.

It marked the third straight month that prices in all 20 major markets followed by the index improved, and it would have been the fourth straight month of improvement across the full spectrum if not for a slight decline in Detroit in April.

The index was up 1.2% compared to a year earlier, an improvement from the year-over-year change reported for June. While home prices have been showing a sequential change in recent months, it wasn’t until June that prices were higher than a year earlier.

The July reading matched levels last seen in summer 2003, when the market was marching toward its peak in 2006. The collapse of the market after that led to the financial crisis of 2008.

“The news on home prices in this report confirm recent good news about housing,” said David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “Single-family housing starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing.”

Record low mortgage rates and a tighter supply of homes available for sale have helped to lift home prices.  Lower unemployment also has helped with home prices, although job growth in recent months has been slower than hoped.

Earlier this month, the Federal Reserve announced it would buy $40 billion in mortgage bonds a month for the foreseeable future. This third round of asset purchases by the central bank, popularly known as QE3, is its effort to jump start the economy through even lower home loan rates.

If you are thinking of buying or selling, talk to a REALTOR who can give you the answers you need to make an informed decision.

As always, if I can help with any of your real estate needs, please don’t hesitate to text or call me at 615 417-8182 or email me at RolandLow1@gmail.com.

Roland

source: CNN Money

Home Buyers Worried They’re Losing Bargaining Power


Home Buyers Worried They’re Losing Bargaining Power

While home buyers have been holding a lot of bargaining power in the housing market the last few years, more of them say they are now feeling the market shift against them, according to a new survey.

Seven in 10 home buyers say they’ve faced competition on a home for at least one offer, according to a recent survey. Of those surveyed, 46 percent say now is a good time to purchase a home — that’s down from 56 percent in the first quarter. On the other hand, the number of those who are saying it’s a good time to sell grew by 13 percent in that period. Thirty-two percent now say it’s a good time to sell.

“Many buyers who emerged from hibernation this spring eager to take advantage of low rates and near-bottom prices now seem to have become demoralized by the intense competition for a limited selection of homes for sale,” Redfin said in a public statement about the survey results.

Home buyers may feel more urgency too. The survey found the number of buyers expecting home prices to rise drastically grew — 61 percent say prices will rise compared to 32 percent during the first quarter. However, they are reluctant to get in a multiple-offer situation. Thirty-one percent of those surveyed said that if they faced a multiple-offer situation, they would back off.

If you are thinking of buying or selling, talk to a REALTOR who can provide you with the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please feel free to text or call me at 615 417-8182 or email me at RolandLow1@gmail.com.

Roland

Real Estate Market Conditions Today


Real Estate Market Conditions Today

The real estate market continues to show a rebound in virtually every part of the nation.  This is due in part by the continuation of the employment numbers showing steady growth, the low mortgage interest rates, and in large part to the reduction of distressed properties on the market.

This week the 30 year fixed mortgage rate was at 3.55%.  Although it has ticked up slightly in the last couple of weeks, this rate is still remarkably low.  The chart below shows the steady decline in mortgage interest rates in the United States since 1979.

For sellers, there is also good news.  The chart below shows a significant increase in the median price of homes.  This combination of increased price of homes and the lower interest rates should provide for a robust – although not stellar – fourth quarter.

If you are thinking of buying or selling, or a first time home buyer – or even thinking of buying a home in the next year, I encourage you to talk to a REALTOR® now who can give you the information you need to make informed choices.  This is probably a once in a life time chance to get the home of your dreams at a price and an interest rate you can afford.

As always, if I can help with any of your real estate needs, please don’t hesitate to text or call me at 615 417-8182 or email me at RolandLow1@gmail.com

Roland

Better Housing Market Improves Americans’ Finances


Better Housing Market Improves Americans’ Finances

Americans are feeling the best they have about their financial situation in many years, according to the latest CredAbility Consumer Distress Index, a nonprofit credit counseling service.

The improvements in the housing market is lessening the stress on Americans’ wallets, according to the report, which analyzed the financial condition of U.S. households in the second quarter, taking into account factors like employment, housing, credit, family budgets, and net worth.

Americans’ improving finances lately, according to the report, is mostly being driven by the number of home owners who have been able to cut their housing costs by refinancing into ultra-low mortgage rates and a big decrease in the number of home owners who are late on their mortgage payments.

“Slowly but surely, consumers have worked to repair their finances during the past four years by paying down debt and better managing their credit,” says Mark Cole, executive vice president of CredAbility. “They are more in control of their household budgets, increasing their savings even as gasoline prices have risen and the drought has started to affect food prices. While millions of people continue to battle unemployment, the majority of households with stable jobs and housing has made wise financial choices and are moving in the right direction.”

As the housing market continues to improve and the interest rates remaining very low, you may find that now is the time to buy or sell; if so, talk to a REALTOR who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please don’t hesitate to text or call me at 615 417-8182 or email me at RolandLow1@gmail.com.

Roland

www.GreaterNashvilleRealEstate.info

www.SpringHillRealEstate.info

Source: REALTOR Magazine

 

Distressed Home Sales Continue to Decline


Distressed Home Sales Continue to Decline

The number of distressed home sales continued to decline, while the overall number of home sales continues its upswing.

The number of distressed homes – foreclosures and short sales – made up 24% of sales for July, 2012 versus 31% of the sales for July, 2011.  In addition, many of the transactions of the distressed properties had multiple-biddings resulting in higher than expected offers.

One drawback continues and that is a frustrating lending and appraisal process experience.

The chart below shows the continued decline in distressed property sales.  July 2012 reported 12% of the transactions were foreclosures and an additional 12% were short sales.

Mortgage interest rates continue very low hovering below 4% for a 30 year fixed rate.

If you are thinking of buying or selling talk to a REALTOR® who can give you the facts you need to make an informed decision.

As always, if I can help with any of your real estate needs, please feel free to text or call me at 615 417-8182 or email me at RolandLow1@gmail.com.

Roland

http://www.GreaterNashvilleRealEstate.info

http://www.SpringHillRealEstate.info