Archive for March, 2009
Thirty Year Fixed clicks down to 4.85%
Related Posts: Real Estate News
hiAfter the Federal Reserve launched a new effort to assist the U.S. housing market, rates on 30-year mortgages fell this week to the lowest level on record, averaging 4.85 percent, according to Freddie Mac’s weekly nationwide survey. This music to the ears of any person wanting to buy property and of course…sell!
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Real GNP 3rdQ to 4thQ 2008 down says BEA
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hiThe U.S. Bureau of Economic Analysis (BEA) has issued the following news release today: Real gross domestic product — the output of goods and services produced by labor and property located in the United States — decreased at an annual rate of 6.3 percent in the fourth quarter of 2008, (that is, from the third quarter to the fourth quarter), according to final estimates released by the Bureau of Economic Analysis.
The full text of the release on BEA’s Web site.
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Home prices Click up a little………..
Related Posts: Florida Listings, Real Estate News, Real Estate Sales, What If Realty News
hiWASHINGTON, DC – March 25, 2009 – U.S. home prices rose 1.7 percent on a seasonally-adjusted basis from December to January, according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index. In December, the FHFA first reported a 0.1 percent increase, which was later revised to a 0.2 percent decline. FHFA (www.fhfa.gov) regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks as authorized by the Housing and Economic Recovery Act of 2008.
For the 12 months ending in January, U.S. prices fell 6.3 percent, and the U.S. index is 9.6 percent below its April 2007 peak.
The FHFA monthly index is calculated using the purchase price of houses sold or guaranteed by Fannie Mae or Freddie Mac. For the nine Census Divisions, seasonally-adjusted monthly price changes from December to January ranged from -0.9 percent in the Pacific Division to +3.9 percent in the East North Central Division.
Month-to-month changes in the geographic mix of sales activity explain most of the unexpected rise in prices in January. Home sales disproportionately occurred in areas with the strongest markets, according to the release issued by FHFA. “While it is difficult to perfectly control for changing geographic mix in estimating house price indexes, the data suggest that if one were to remove those effects, the change in home prices in January, while still positive, would have been far less dramatic,” according to the FHFA release.
Reported sales volume, in absolute terms, was relatively low in January. As a result, the FHFA warns that relatively large revisions could occur later
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WOW….JUMBO LOAN HAVE BEEN SIGHTED
Related Posts: Real Estate News
hiThe hard-to-find jumbo loan may be making a comeback. Bank of America is among the major banks rolling out jumbo mortgage programs and holding the loans in their own portfolios. It will offer loans from $730,000 to $1.5 million with 30-year fixed rates under 6 percent; but borrowers must make a 20-percent downpayment, have good credit, provide proof of income, and hold six months of principal, interest, property tax and insurance payments in reserve. Other banks offering jumbo loans include ING Group’s ING Direct unit and Luxury Loans of San Diego.
Source: Chicago Daily Herald, Ken Harney (03/20/09)
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Buyers & Sellers disagree on values…
Related Posts: Credit & Finance, Florida Listings, Real Estate News, What If Realty News
hiGo figure !
From: HomeGain.com
Homebuyers, home sellers, and real estate pros don’t always agree on what a property is worth, and many buyers thinking that sellers and licensees set the price too high. According to a survey by HomeGain.com Inc., 63 percent of homeowners believe the price their practitioner recommended was too low. About 45 percent of sellers think prices should be 20- to 30-percent higher, and 14 percent believe their home should be priced 30 percent higher. Meanwhile, 21 percent of homebuyers say homes are overpriced up to 10 percent; 32 percent say prices are 10 percent to 20 percent too high; and 6 percent say homes are overpriced by at least 20 percent. Only 18 percent of potential homebuyers believe properties are priced fairly.
Hmmmmmmm….Let’s see …. That means we all have a way to go to meet at a market level where both sides are “somewhat” content.
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