Archive

Archive for March, 2011

News Updates 3/26/2011:

March 26th, 2011 Comments off

Coordinated

Real Estate News Updates Week Ending 3/26/2011:

New Mortgage Roadblocks On The Horizon | Inman

Cash Takes Record Bite Out Of Dwindling Home Sales: NAR | HousingWire

Housing Double Dip Could Be Coming: MacroMarkets | HousingWire

New Home Sales Crater 17% In February To Lowest Level Yet | HousingWire

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News Updates 3/19/2011:

March 19th, 2011 Comments off

Rainbow

Real Estate News Updates Week Ending 3/19/2011:

New Arizona Mortgage-Aid Plan: Investors Lend To Owners | AZCentral

New Rules Make Condos Harder To Sell | Inman

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News Updates 3/12/2011:

March 12th, 2011 Comments off

Remodeling

Real Estate News Updates Week Ending 3/12/2011:

DataQuick Finds Increased Sales Of High End Homes In 2010 | HousingWire

House Committee Votes To End HAMP And NSP | HousingWire

Foreclosure Filings At A 3-Year Low | Inman

Forecast: Housing Will Continue To Lag Recovery | Inman

House Votes To End Mortgage Assistance Program For Unemployed | HousingWire

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Market Trends March 2011

March 7th, 2011 Comments off

Gradual progress in the housing market continues at a steady pace without government support. The market has shown remarkable improvement from the initial drop after the expiration of the home buyer tax credit this past July. Although higher-than-normal distressed sales skew the overall picture of home prices downward, inventory continues to shrink and sales continue to rise. The rock-bottom interest rates of 2010 are likely to trend upward. As economists anticipate rates at or above 6% by the end of 2012, buyers are moving off the sidelines and into the market.

A good sign for long-term market stability is that the median down payment on conventional mortgages has risen to 22%, up from 4% in 2006 and slightly above the 20% standard in the 1990s. This may keep buyers looking in slightly lower price ranges, but it is a good sign of future sustainability for homeowners and banks alike. There are still ample opportunities for those who would like down payments below 20%, including some conventional mortgages and those backed by the Federal Housing Administration, Veterans Affairs, and the Department of Agriculture’s Rural Development loans.

As the economy improves, stimulus efforts by the government and the Federal Reserve Board will gradually wind down, which typically means rising interest rates. Meanwhile, buyers continue to benefit from historically favorable buying conditions and sellers are encouraged by increased market stability.

Housing affordability hit a new record in January. The relationship between mortgage rates, home prices, and family income is the most favorable on record for buying. The home price-to-income ratio continues to remain well below the historical standard. Stabilizing home prices and rising interest rates are expected to reverse the recent affordability trend.

The Federal Housing Administration (FHA) will be increasing mortgage insurance premiums that its borrowers pay each year by 0.25% starting April 18, 2011.

Loans backed by the FHA currently account for more than one-third of all new loans, up from only 2% in 2006. The FHA has taken several steps to strengthen its financial standing since September 2009, when it indicated that reserves would fall below the 2% minimum. Measures taken in January 2010 include raising the upfront insurance fees by 0.5%, capping seller contributions to buyers closing costs at 3%, down from 6%, and requiring a higher down payment for those with poor credit.

As the FHA remains a great option among first time home buyers, those with smaller down payments, and those with spotty credit, its strength and continued viability of FHA is key to the housing market. Upcoming changes to FHA insurance premiums also mean that buyers who are out looking and who intend to use FHA financing will want to finalize their deal and close before April 18.

Sources: National Asoociation of Realtors, Wall Street Journal, Bloomberg and Forbes

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News Updates 3/5/2011:

March 5th, 2011 Comments off

Sunbaked

Real Estate News Updates Week Ending 3/5/2011:

Obama Administration Defends Housing Bailout | CNBC

House Committee Votes To End The FHA Short Refi | HousingWire

NAR Lobbying To Preserve Mortgage Interest Deduction, 30 Year Fixed Mortgage | HousingWire

Pending Home Sales Down Except The South | HousingWire

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