Fixed Rates Soar to Highest Level in a Year

Fixed Rates Soar to Highest Level in a Year

Freddie Mac: Encouraging economic data helped lift fixed mortgage rates to their highest level in the past year this week, according to surveys from Freddie Mac and Bankrate.com.

“Fixed mortgage rates followed long-term government bond yields higher following a growing market sentiment that the Federal Reserve may lessen its accommodative policy stance,” said Frank Nothaft, VP and chief economist at Freddie Mac.

“Improving economic data may have encouraged those views,” he added, referencing the week’s reports of increased consumer confidence and strong home price gains. Short Sales Losing Favor with Lenders?

Lenders may be less inclined to approve short sales due to rising home prices, according to a new report.

House Flippers Re-Emerge,

House Flippers Re-Emerge,

Looking to Cash In: With rising home prices, investors are eyeing house flipping again as a way to make a profit in real estate.  

Much of the house flipping is centered in California, where prices are on the rise by some of the highest amounts. For example, the number of homes sold in California recently that have been bought and resold within six months has reached its highest level since late 2005, according to PropertyRadar research. About 5 percent of all homes in the state have been flipped this year through April, according to the data.  ‘Flippers’ Get a Break From FHA

Short Sales Replacing Mods as New Norm

Short Sales Replacing Mods as New Norm

Among the available foreclosure prevention tools, short sales are becoming the weapon of choice for servicers while the use of loan modifications has slowed, data from Fitch Ratings revealed.

For example, among bank servicers, the percentage of resolutions in the loan modification category decreased to 26 percent in the last half of 2012 from 57 percent in the first half of 2010, according to Fitch’s latest quarterly index.

Meanwhile, short sales showed significant increases over the last couple of years. In 2012, short sales represented 51 percent of resolutions for bank servicers, up from a low of 20 percent in 2010. For nonbank servicers, short sales grew to 16 percent in 2012, up from 11 percent in 2010. Foreclosure Plummets

67% Of Buyers Believe Market Shifted Toward Seller

67% Of Buyers Believe Market Shifted Toward Seller

Report Finds: As sellers hold their grip on the market, buyers are starting to understand what it’s going to take to stay in the game, according to responses in Redfin’s second-quarter Real-Time Home-Buyer Report.

After speaking at length with the buyers, it was determined that although their understandable frustration concerning the low amount of inventory continues to rise, there is an equal elevation in their individuals awareness and recognition of the seller’s market, as well as an overall willingness to actually pay more out of pocket for purchasing real estate.
The report goes on to predict that the prices of property will only continue to escalate, yet likewise finds that the majority consensus of the concern when it comes to an overall stability in the nation’s economy are actually lessening as times goes on. Read More ....

New-Home Prices Soar, Creating Urgency

New-Home Prices Soar, Creating Urgency

Last month the median price for new homes hit a record high and home sales soared, boosting the new-home sector’s recovery, according to figures released from the U.S. Census Bureau Thursday. The median price of a new home sold in April was $271,600, which was 8.3 percent higher than the previous month and 13.1 percent higher than one year ago, the Census Bureau reported.

May Utah Housing Market Statistics

More Buyers Willing to Make Higher Offers

More Buyers Willing to Make Higher Offers

Home buyers are saying they’re willing to pay more for a residential property due to concerns over low inventory. 

In the second quarter of 2013, 41 percent of buyers said they’re willing to offer more, up from 34 percent in the first quarter, according to a survey of more than 1,300 home buyers in 22 major markets by the real estate brokerage Redfin. 

The number of buyers who say they’re concerned about rising home prices has more than doubled in the past year, according to the survey. Seventy-nine percent of home buyers say they believe prices will increase in the next 12 months—with 23 percent of that group saying by “a lot.”  Read more ..

Fixed Rates Rise Again

Fixed Rates Rise Again

Fixed mortgage rates trended higher for the third consecutive week, according to reports from Freddie Mac and Bankrate.com. 

According to Freddie Mac’s Primary Mortgage Market Survey, the

“Fixed-rates moved up for the third consecutive week, with the average 30-year fixed-rate mortgage about a quarter-percentage point higher than three weeks ago. While this may slow some of the refinance momentum, rates are nonetheless low and home-buyer affordability high, which should further aid home sales and construction in coming weeks,” See Rates ...