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
Category: Sales
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
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
Home Sales Soar Higher
By Mike Colpitts Home sales of existing properties soared in August to an annual rate of 4.13-million units, increasing 7.6% from July’s low numbers despite the expiration of the federal tax credit for home buyers, according to the National Association of Realtors. Sales, however, still remain 19% below last year’s levels. The upturn in home… Continue reading Home Sales Soar Higher
Price Slashed on Hearst Mansion
By Kevin Chiu The one time Beverly Hills mansion of late newspaper magnate William Randolph Hearst has been re-listed to sell at a steeply reduced price of $95-million. The price was slashed from $165-million the owners were asking just a few years back. The nine bedroom fifteen bathroom estate where Hearst and actress Marion Davies… Continue reading Price Slashed on Hearst Mansion
Refinances and New Home Mortgages Stall
By Mike Colpitts Demonstrating there is a tipping point for home sales to decline, applications for refinancing and home mortgages declined for the third straight week, according to the Mortgage Bankers Association. The four week moving average also showed a decline, indicating that home sales are stalling further after the expiration of the federal buyer… Continue reading Refinances and New Home Mortgages Stall
Refinances Rise on Soft Home Sales
Refinance applications hit another milestone as homeowners came out in droves to take advantage of mortgage rates that are hovering in record low territory, according to the Mortgage Bankers Association. Applications on new home purchases also inched up slightly for the week, despite a major fall-off in home sales. The bankers refinance index rose 2.8%… Continue reading Refinances Rise on Soft Home Sales
Outrage Rises over Sinking Home Prices
By Kevin Chiu Home mortgage purchase applications fell for nearly two straight months. The plunge in home sales was evident to real estate economists, yet those polled for the survey some how refused to see the evidence for what it was. Refinancing mortgages is becoming the main-stay of the mortgage business, indicating that homeowners who… Continue reading Outrage Rises over Sinking Home Prices
Mortgage Rates Lower Record
Mortgage rates dropped for the ninth time in the last 10 weeks to another low record amid growing worries that the U.S. economy is weakening, according to Freddie Mac. The rate on a 30-year fixed rate mortgage fell to 4.36%. The rate was 4.42% last week. It’s the lowest since Freddie Mac has been keeping… Continue reading Mortgage Rates Lower Record
Miami Condo Sales Soar
By Kevin Chiu Once the nation’s epicenter in the real estate collapse Miami, Florida condo sales are soaring, up 43% over year ago levels, according to the Miami Association of Realtors. The Miami housing market has now experienced rising sales for nearly two straight years. Miami ’s condominium market tanked even before the financial crisis… Continue reading Miami Condo Sales Soar