Purchases of homes surged to the highest level since May last week, according to the Mortgage Bankers Association as home buying activity showed signs of rising, despite the expiration of the federal tax credit. The seasonally adjusted purchase index rose 9.3% from a week ago as buyers turned out in larger numbers to take advantage… Continue reading Home Buyer Purchases Surge
Category: Housing Market
Investor Real Estate Market Forecast
Lucky 7 Investor Forecast The “Lucky 7” best investor housing market forecasts for 2011 are made up of markets in six different states for investors willing to take a risk buying real estate to make a profit. Don’t worry the risk will be worth the wait! All seven are already showing Housing Predictor analysts that… Continue reading Investor Real Estate Market Forecast
Mega Home Refinancing Proposed
By Kevin Chiu A California Congressman has proposed a sweeping proposal for homeowners to refinance their mortgages at lower interest rates to keep more homeowners in their homes, despite the amount of equity in their property. “This is a market based solution,” said Rep. Dennis Cardoza (D-CA). “The vast majority of home loans are already… Continue reading Mega Home Refinancing Proposed
Pending Home Sales Rise
Second Straight Month By Kevin Chiu Pending home sales rose for the second straight month in August, but are still well off year ago levels, according to the National Association of Realtors. The sale of previously owned homes, condos and townhouses were up 4.3% for the month, reflecting an improving trend for the market. NAR data… Continue reading Pending Home Sales Rise
Bill Proposed to Outlaw Real Estate Transfer Fees
A bill that would halt the controversial collection of private real estate transfer fees in all 50 states has been proposed to outlaw the action. Maxine Waters (D-CA) offered the legislation in Congress as part of an amendment to revise a law approved nearly four decades ago. The bill was proposed after a coalition of… Continue reading Bill Proposed to Outlaw Real Estate Transfer Fees
Jumbo Mortgage Limits Extended
By Mike Colpitts In a crucial policy decision for the housing market, Congress extended the limit on jumbo mortgages the nation’s mortgage titans can purchase to nearly $730,000. Lawmakers agreed to extend the limits through 2011. The measure was included as part of a temporary spending bill forwarded to President Barack Obama for his signature.… Continue reading Jumbo Mortgage Limits Extended
Homes Selling Broadly Cheaper as Foreclosures
By Kevin Chiu Homes that had already been foreclosed represented nearly 1 in 4 sold during the second quarter of the year selling at broadly cheaper prices, according to RealtyTrac. Properties sold in some stage of foreclosure at more than 26% below average prices. Ohio residential foreclosures sold for an average discount of almost 43%… Continue reading Homes Selling Broadly Cheaper as Foreclosures
Rentals Winning Out
In the face of the financial crisis, attitudes over renting versus buying a home are changing, according to numerous public opinion polls, including a survey of more than 2,700 website visitors by Apartments.com. “We are seeing vacancy rates drop, which means the rental market is improving,” said Chris Brown, Apartments.com vice president of product management.… Continue reading Rentals Winning Out
Mortgage Rates Tie Record Low
By Kevin Chiu The rate on a 30-year fixed rate mortgage dropped to tie its all-time low averaging 4.32% for the week, according to Freddie Mac. But the rate on its companion 15-year fixed rate mortgage hit another record low. A 15-year mortgage can now be had for a record low of 3.75% with an… Continue reading Mortgage Rates Tie Record Low
Mortgage Applications Drop as Interest Rates Decline
Applications to refinance mortgages declined for the fourth straight week, according to the Mortgage Bankers Association. Mortgage applications on new home purchases also fell slightly, despite an increase in government purchase applications. The share of refinancing composed the majority of applications, 80.7% as mortgage rates decreased to 4.38% on 30 year fixed rate mortgage on… Continue reading Mortgage Applications Drop as Interest Rates Decline