By: Mark Lieberman, Five Star Institute Economist
Home prices rose sharply in May, cutting the year-year drop in prices to 0.7 percent from 1.8 percent in April, Standard & Poor’s reported Tuesday in its Case-Shiller Home Price Index. Prices in the 20 cities surveyed rose 2.2 percent month-month, the strongest month-month gain since the 20-city index began in January 2000. read more
Tuesday, July 31, 2012
Monday, July 30, 2012
Is This What a Housing Bottom Looks Like?
Is This What a Housing Bottom Looks Like?
Another housing report shows that market activity is up considerably from one year ago but easing off of the levels set by a surge of transactions earlier this year.
A report Thursday by the National Association of Realtors showed the index of pending home sales, reflecting deals that have gone into contract but haven’t yet closed, fell in June by 1.4% from May, though activity was still above the level of one year ago by 9.5%.
The report is the latest indication of an uneven housing bottom — things aren’t getting better rapidly, but we’re also not in the “hold-your-hat” declines of 2010 or the “spring that never materialized” of 2011. The report is also a reminder that a recovery will have trouble taking hold without meaningful job and wage growth, which has slowed in recent months.
June’s reading is slightly below the level set in both March and May of this year. But it is better than any reading in 2011 and better than all but two months in 2010, when federal tax credits spurred a burst of sales activity. It was the highest level for the month of June since 2007. Read more
Another housing report shows that market activity is up considerably from one year ago but easing off of the levels set by a surge of transactions earlier this year.
A report Thursday by the National Association of Realtors showed the index of pending home sales, reflecting deals that have gone into contract but haven’t yet closed, fell in June by 1.4% from May, though activity was still above the level of one year ago by 9.5%.
The report is the latest indication of an uneven housing bottom — things aren’t getting better rapidly, but we’re also not in the “hold-your-hat” declines of 2010 or the “spring that never materialized” of 2011. The report is also a reminder that a recovery will have trouble taking hold without meaningful job and wage growth, which has slowed in recent months.
June’s reading is slightly below the level set in both March and May of this year. But it is better than any reading in 2011 and better than all but two months in 2010, when federal tax credits spurred a burst of sales activity. It was the highest level for the month of June since 2007. Read more
Sunday, July 29, 2012
Home values rise
Home values rise
-- Home prices hit a bottom and are finally bouncing back, according to an industry report released Tuesday. Nationwide, home values rose 0.2% year-over-year to a median $149,300 during the second quarter, the first annual increase since 2007, real estate listing site Zillow reported. Prices were up 2.1% from the first quarter.
Even though June marked the fourth consecutive month of home value increases, overall home prices are still down almost 24% since April 2007, when Zillow began to track home values.read more
Saturday, July 28, 2012
Economic worries push mortgage rates to new lows
MCLEAN, Va., July 26, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgages rates continuing their streak of record-breaking lows. The 30-year fixed rate mortgage averaged 3.49 percent, more than a full percentage point lower than a year ago when it averaged 4.55 percent. Meanwhile, the 15-year fixed-rate mortgage, a popular choice for those looking to refinance, also set another record low at 2.80 percent.
Thursday, July 19, 2012
Builder Confidence
Builder Confidence
Homebuilder confidence for the newly built single-family home market posted its largest one-month gain since September 2002, according to a July housing index by the National Association of Home Builders/Wells Fargo. The giant leap helped lift homebuilder confidence to 35, its highest level since 2007. Confidence gains were posted in every region of the country too.
So why is homebuilder confidence suddenly soaring? read more
So why is homebuilder confidence suddenly soaring? read more
Tuesday, July 17, 2012
30-year mortgage rate
30-year mortgage rate
drops to record 3.56 percent
Average U.S. rates on fixed mortgages fell again to record lows, giving would-be buyers more incentive to brave the housing market.
Mortgage buyer Freddie Mac says the average rate on the 30-year loan fell to 3.56 percent. That's down from 3.62 percent last week and the lowest since long-term mortgages began in the 1950s.
Last year at this time, the 30-year rate averaged 4.51 percent.
The average rate on the 15-year mortgage, a popular refinancing option, dipped to 2.86 percent, below last week's previous record of 2.89 percent.
The rate on the 30-year loan has fallen to or matched record low levels in 11 of the past 12 weeks.
Cheaper mortgages have contributed to a modest housing recovery this year. Home sales were up in May from the same month last year. Home prices are rising in most markets. And homebuilders are starting more projects and spending at a faster pace. read more
Mortgage buyer Freddie Mac says the average rate on the 30-year loan fell to 3.56 percent. That's down from 3.62 percent last week and the lowest since long-term mortgages began in the 1950s.
Last year at this time, the 30-year rate averaged 4.51 percent.
The average rate on the 15-year mortgage, a popular refinancing option, dipped to 2.86 percent, below last week's previous record of 2.89 percent.
The rate on the 30-year loan has fallen to or matched record low levels in 11 of the past 12 weeks.
Cheaper mortgages have contributed to a modest housing recovery this year. Home sales were up in May from the same month last year. Home prices are rising in most markets. And homebuilders are starting more projects and spending at a faster pace. read more
Friday, July 13, 2012
More Home Owners
More Home Ownershttp
Gain Equity
Rebounding home prices are lowering the number of home owners who are considered “underwater” on their mortgage, according to a new report by CoreLogic.
More than 700,000 home owners are no longer considered “underwater,” owing more on their mortgage than their home is currently worth. read more
More than 700,000 home owners are no longer considered “underwater,” owing more on their mortgage than their home is currently worth. read more
Thursday, July 12, 2012
Yes, The U.S. Housing Bust Is Over
Yes, The U.S. Housing Bust Is Over
Housing Passes a Milestone
The housing market has turned—at last.
The U.S. finally has moved beyond attention-grabbing predictions from housing 'experts' that housing is bottoming. The numbers are now convincing.
Nearly seven years after the housing bubble burst, most indexes of house prices are bending up. 'We finally saw some rising home prices,' S&P's David Blitzer said a few weeks ago as he reported the first monthly increase in the slow-moving S&P/Case-Shiller house-price data after seven months of declines. read moreWednesday, July 11, 2012
Increasing your Credit score Part 2
Increasing your Credit score Part 2
Published on Jul 9, 2012 by slrealtors
Tips to help you....
Published on Jul 9, 2012 by slrealtors
July 9th 2012 Salt Lake Board of Realtors PODCAST. We sat down with Al Bingham, Senion Loan Officer for Republic Mortgage and author of the book 'The Road to 850' to discuss things Realtors should know and tips to help their clients with credit scores. Video 2 of a 2 part series on Credit Scores. read more
Monday, July 9, 2012
Underwater Home Owners
Underwater Home Owners
Say They’re Unable to Move
Several home owners say they want to sell their home but they can’t because they still owe too much on their mortgage.
While home prices have seen a slight uptick in many areas in recent months, home owners are still waiting to see a bigger jump to take them from underwater to above water on their mortgages.
Underwater homeowners’ reluctance to sell is causing inventories of for-sale homes to shrink at a time when home buyer demand has picked up considerably, USA Today reports. read more:
While home prices have seen a slight uptick in many areas in recent months, home owners are still waiting to see a bigger jump to take them from underwater to above water on their mortgages.
Underwater homeowners’ reluctance to sell is causing inventories of for-sale homes to shrink at a time when home buyer demand has picked up considerably, USA Today reports. read more:
Friday, July 6, 2012
Fixed Rates
Fixed Rates
The search for a new low is still on as fixed-rates continue to break record-lows week after week. According to Freddie Mac’s survey, fixed rates fell again following reports showing a slowdown in consumer spending and the manufacturing industry.
The 30-year fixed-rate mortgage fell to 3.62 percent (0.8 point) for the week ending July 5. Last week, it averaged 3.66 percent, and last year at this time, it was 4.60 percent.
The 15-year fixed-rate dropped down to 2.89 percent (0.7 point) from last week’s 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.75 percent. Read More:
See New Bottom
The search for a new low is still on as fixed-rates continue to break record-lows week after week. According to Freddie Mac’s survey, fixed rates fell again following reports showing a slowdown in consumer spending and the manufacturing industry.
The 30-year fixed-rate mortgage fell to 3.62 percent (0.8 point) for the week ending July 5. Last week, it averaged 3.66 percent, and last year at this time, it was 4.60 percent.
The 15-year fixed-rate dropped down to 2.89 percent (0.7 point) from last week’s 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.75 percent. Read More:
Thursday, July 5, 2012
How Buyers Can Snag
How Buyers Can Snag
Mortgage Rates in 3% Range
Mortgage rates are at record lows, with 30-year fixed-rate mortgages—the most popular choice among home buyers—averaging in the 3 percent range for the last several weeks.
So how can home buyers snag such low financing for their home purchase?
Get Start by clicking on this link: “A Mortgage Rate Beginning With a 3,”
So how can home buyers snag such low financing for their home purchase?
Get Start by clicking on this link: “A Mortgage Rate Beginning With a 3,”
Wednesday, July 4, 2012
JUST LISTED
JUST LISTED 5761 S FIELD CIR MLS# 1101078
Cul De Sac excellen location, New Paint, Carpet, Vaulted Ceilings with Beautifull Views. Fenced and Private yard. read more:
Tuesday, July 3, 2012
Lack of Inventory
Lack of Inventory
Causing a Buying Frenzy?
A big drop in inventories of for-sale homes across the nation has led to a buying frenzy in some sought-after neighborhoods, real estate professionals report. A gradual gain in home prices is also following suit, they say. read more:
Monday, July 2, 2012
Low Inventory
Low Inventory
Boosting Prices, Says HousingPulse
Home price purchases were mixed month-over-month in May, with non-distressed prices up and short sales down, according to the Campbell/Inside Mortgage Finance HousingPulse tracking survey.read more:
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