Real Estate News Updates Week Ending 12/26/2010:
Fannie Mae Boost Economic Outlook For 2011 On Several Factors | Fox Business News
Fannie Mae, Freddie Mac: Foreclosures Double Modifications In 3rd Q | Housing Wire
Rising Mortgage Rates Spur First Time Home Buyers In November | Housing Wire
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Real Estate News Updates Week Ending 12/18/2010:
Treasury Selloff ~ 10 Year Yield Jumps ~ Futures Imply 2012 Rate Hike | CNBC
Survey: CEO’s Expect To Hire More As Sales Grow | NPR
Wall Street Finds Lucrative Market In Tax Liens | NPR
Housing Starts Edge Higher In November | CNNMoney
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For most individual home buyers, there are only a few factors that really matter:
Can I afford this home?
Is it a good investment?
Does it meet my family’s needs?
So it’s a bit surprising that the most important housing statistic has gone largely unreported: homes have never been more affordable. Affordability, measured by the median mortgage payment on the current median-priced home ($171,000) as a percentage of the median household income ($62,141), is lower than it’s been in a generation. The chart below shows affordability at a record level, having significantly improved since the height of the recent housing boom in 2006.
Sources: National Association of Realtors, Keller Williams Realty 7 Reasons Why Now Is a Great Time to Buy a Home!
Real Estate News Updates Week Ending 12/11/2010:
Mortgage Rates Hit Six Month High | CNBC
Should You Buy Or Keep Renting? | L.A. Times
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The housing market continues its uneven and gradual recovery without the aid of the tax credit. Experts believe this will be the trend moving forward. Interest rates have started moving back up as the overall economy improves.
Despite a less-than-expected employment report, consumers seem to be feeling brighter about the future. Consumer spending accounts for about half of all economic activity in the US; as long as consumers are spending and using debt responsibly, this is a positive indicator for economic growth.
This march back up continues to provide excellent opportunities: an ample selection of homes, affordable prices, and historically low interest rates. Experts anticipate both the economy and the housing market will continue on a path to a complete recovery.
Sources: Bloomberg.com, nytimes.com, wsj.com
