Archive for the ‘Real Estate Topics’ Category

New Home Sales Jump From Record Low

It is great to see the new home market get a break after it had suffered so much in the past few years. This is very promissing for the recovery of our real estate market.

“Sales of new homes surged 27 percent last month, bouncing off the previous month’s record low and blowing past expectations as better weather and government incentives boosted sales.

The Commerce Department said Friday that new home sales rose in March to a seasonally adjusted annual sales pace of 411,000. It was the strongest month since last July and the biggest monthly increase in 47 years.”

Full Story: http://www.npr.org/templates/story/story.php?storyId=126217213

Seasonal residents, not rebate extension, lift Phoenix housing market

According to AZCentral.com, we are seeing a large number of seasonal buyers who are excited about our weather and prices.

“Homebuyers, especially seasonal residents from outside Arizona, appear to be regaining confidence in the Valley’s new-home market.  David Kitnick is one of several local builders who said the past two months have produced more sales than any comparable period in the past two years, something driven by out-of-state buyers.

“Other builders will tell you that over the last 60 days there’s been a firming of prices,” said Kitnick, founder of luxury-home builder Rosewood Homes in Scottsdale. “Prices have actually gone up in the past 60 days.”

While a handful of buyers have mentioned the tax rebate, he said, most said they are planning to keep their original homes in the Pacific Northwest, the Midwest or Canada and use the Arizona property as a winter getaway.

“Over the last 60 days, almost three-fourths of our homebuyers have been from out of state,” said Kitnick, who has subdivisions in Scottsdale, Goodyear and Peoria.”

White House tries to spur mortgage relief plan

Nov . 30, 2009 Article from the Associated Press:

“WASHINGTON – Faced with sluggish progress in its foreclosure-prevention effort, the Obama administration will spend the coming weeks cracking down on mortgage companies that aren’t doing enough to help borrowers at risk of losing their homes.

Treasury Department officials said Monday they will step up pressure on the 71 companies participating in the government’s $75 billion effort to stem the foreclosure crisis. The will start this week by sending three person “SWAT teams” to monitor the eight largest companies’ work and requesting twice-daily reports on their progress.”

Read Full Article:

http://www.msnbc.msn.com/id/34204856/ns/business-real_estate/

Existing-Home Sales Record Another Big Gain, Inventories Continue to Shrink

According to National Association of Realtors®,  existing-home sales showed another big gain in Octorber driven by the first-time buyer tax credit.

More information from realtor.org:

Existing-home sales – including single-family, townhomes, condominiums and co-ops – surged 10.1 percent to a seasonally adjusted annual rate1 of 6.10 million units in October from a downwardly revised pace of 5.54 million in September, and are 23.5 percent above the 4.94 million-unit level in October 2008. Sales activity is at the highest pace since February 2007 when it hit 6.55 million.

Lawrence Yun, NAR chief economist, was surprised at the size of the gain. “Many buyers have been rushing to beat the deadline for the first-time buyer tax credit that was scheduled to expire at the end of this month, and similarly robust sales may be occurring in November,” he said. “With such a sale spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer.””

http://www.realtor.org/press_room/news_releases/2009/11/record_big

Existing home sales at highest level since 2007

According to CNN Money, Sales activity rises more than expected in October, by 10.1%, to 6.1 million annual units.

“Existing home sales surged in October to the highest level in more than 2-1/2 years, according to a real estate industry report issued Monday.

The National Association of Realtors reported that existing home sales rose 10.1% last month to a seasonally adjusted annual rate of 6.1 million units, up from the downwardly revised rate of 5.54 million in September.

Sales activity is the highest since February 2007, when the annual rate was 6.55 million.”

Read Full Story:

http://money.cnn.com/2009/11/23/real_estate/existing_home_sales/index.htm

Rates on 30-year loans match record low

The average rate on a 30-year fixed mortgage is 4.78 percent

30-year fixed mortgage rates chart
 
Nov . 25, 2009

According to MSNBC News:

“Average rates for 30-year fixed mortgages fell this week, matching a record low set last spring and more than a full percentage point below what they were a year ago, Freddie Mac said Wednesday.

Rates for 30-year mortgages averaged 4.78 percent this week, down from 4.83 percent last week and equaling the record low reached the week of April 30.

Freddie Mac has been tracking rates on 30-year fixed mortgages since 1971. Last year at this time, the 30-year fixed rate mortgage averaged 5.97 percent.”

http://www.msnbc.msn.com/id/7148582/ns/business-personal_finance/