Category: Sales

U.S. Home Sales Rise as Prices Fall

By Mike Colpitts Home sales rose during the first quarter of the year in 49 states as home prices fell in most areas of the U.S. from a year ago, according to the National Association of Realtors. The median price of a home fell in 118 of 153 metropolitan statistical areas the organization tracks. Existing… Continue reading U.S. Home Sales Rise as Prices Fall

Refinancing Soars On Lower Mortgage Rates

By Kevin Chiu A five week drop in mortgage interest rates grabbed the attention of homeowners who are refinancing at the highest level since last December as refinances soared 13.2% for the week, according to the Mortgage Bankers Association. Mortgage applications for refinancing and new home loans combined rose 7.8% as the spring home buying… Continue reading Refinancing Soars On Lower Mortgage Rates

Interest Rates Fall Four Straight Weeks

By Mike Colpitts Mortgage interest rates fell for the fourth straight week to the lowest level of the year as an over supply of homes on the market pressure lenders’ to keep rates low to draw more buyers back into the market. The rate on a 30-year fixed rate mortgage had a fall of 0.08… Continue reading Interest Rates Fall Four Straight Weeks

New Home Sales May Have Hit Bottom

By Kevin Chiu The housing market has some good news to celebrate after the Commerce Department reported a new home sales increase of 11.1% in March, which may represent a bottom for the new home sales market. The rise in sales reached an adjusted rate of 300,000 homes, but still remains below the 700,000 annual… Continue reading New Home Sales May Have Hit Bottom

States Outlaw Extra Home Sale Charges

By Kevin Chiu Washington State became the twenty-fifth state in the country to outlaw extra home sale charges to the new owners of homes for 99 years. The action means that half of all U.S. states have now outlawed private transfer fees by adopting new state laws prohibiting their collection. But a federal effort to… Continue reading States Outlaw Extra Home Sale Charges

Almost Half Are Distress Sales

By Mike Colpitts Nearly half of all U.S. home sales are now either foreclosures or bank-assisted short sales, according to the Campbell Inside Mortgage Finance survey taken monthly. Distress sales composed 48.6% of sales in March. The survey polls more than 3,000 real estate agents and brokers monthly. The latest poll also found that buyer… Continue reading Almost Half Are Distress Sales

Mortgage Qualifying Standards Tighten

By Kevin Chiu Qualifying for a conventional home mortgage has gotten tougher in the fallout of the financial crisis, but Freddie Mac and Fannie Mae requirements show that obtaining a conventional mortgage has gotten much tougher even before Congress implements changes as part of the Dodd-Frank Financial Reform Act. The average credit score approved for… Continue reading Mortgage Qualifying Standards Tighten

Huge Drop in Realtor Membership

By Mike Colpitts Slammed by the real estate crash, the National Association of Realtors membership has dropped 21% since 2006 when real estate agents and brokers began to realize markets were heading down to just 1.06-million members, according to a real estate survey conducted annually. Real estate agents and brokers are also finding that the… Continue reading Huge Drop in Realtor Membership

Mortgages Jump Higher as Rates Drop

By Kevin Chiu The volume of applications for home mortgages jumped higher for the week as mortgage rates dropped, according to the Mortgage Bankers Association. The composite index, a figure compiled from both new purchase applications and refinances jumped 8.2%. Refinancing led applications as homeowners with mortgages they were trying to get a lower rate… Continue reading Mortgages Jump Higher as Rates Drop