The Supply Of New Homes For Sale Just Dropped Off A Cliff
The supply of newly-built homes for sales plummeted in April, a positive indicator for the housing market as we head into the summer months. It’s no wonder that homebuilders are breaking new ground at the fastest clip in 2 years. At the current sales pace, the nation’s complete supply of new homes would be sold [...]
Should You Refinance Your Mortgage?
Because of strife in Greece, Spain and North Korea, conforming mortgage rates are back to all-time lows. They’re at levels not seen in 50 years. For homeowners that missed the Refi Boom of November 2009, it’s a second chance. In this well-presented, 3-minute video from NBC’s The Today Show, you’ll get tips getting low rates [...]
Home Price Index Rises 0.3% in March 2010
Home values rose in March, according to the Federal Home Finance Agency’s most recent Home Price Index. Values were reported higher by 0.3 percent, on average, from February. We use the phrase “on average” because the Home Price Index is broad-reaching, national housing statistic. It ignores the dynamics of neighborhood real estate markets as well [...]
Home Supplies Tick Higher, Creating An Opening For Today’s Home Buyers
Sales of existing homes rose in April, buoyed by an expiring home buyer tax credit and exceptionally low mortgage rates. As compared to March, April’s Existing Home Sales rose by 410,000 units nationwide — the second straight month of large gains. An “existing home” is a home resold by a prior owner (i.e. not new [...]
What’s Ahead For Mortgage Rates This Week : May 24, 2010
Another week, same old story. Mortgage markets improved again last week on worsening news out of Greece and the Eurozone. Then, as contagion mentality set in, U.S. mortgage bonds gained and mortgage rates fell. It’s the 4th straight week in which conforming mortgage rates improved and, against the expectations of experts everywhere, it’s now late-May [...]
Home Opportunity Index Ranks 225 Metro Areas For Affordability
With home prices still relatively low and mortgage rates trolling near their all-time best levels, it’s no surprise that home affordability is extraordinarily high in most U.S. markets. According to the quarterly Home Opportunity Index as published by the National Association of Home Builders, more than 72 percent of all new and existing homes sold [...]
The Fed’s April Minutes Push Mortgage Rates Even Lower
After starting the day in the red, mortgage rates rebounded Wednesday afternoon after the Federal Reserve released its April 27-28, 2010 meeting minutes. It’s good news for home buyers and would-be refinancers. Mortgage rates continue to troll along multi-year lows. “Fed Minutes” are lengthy, detailed recaps of Federal Open Market Committee meetings, not unlike the [...]
Housing Starts Rise In April, Exerting Downward Pressure On Home Prices
Single-family Housing Starts rose by 55,000 last month, suggesting ample housing stock from which can choose this summer. The report is a slightly larger read than what economists had expected. Furthermore, for the first time since June 2009, Housing Starts appears to have broken away from its half-million unit plateau. 593,000 new homes were started [...]
The Right Way To Take A Cash Gift For Downpayment
As lenders tighten mortgage guidelines for home buyers, minimum downpayment requirements are increasing. Several years ago, you could finance a home with nothing down. Today, most conventional mortgages require at least 10 percent. Anecdotally, guideline changes have led to an increase in the number of home buyers accepting cash gifts from family. Gifts are allowed [...]
What’s Ahead For Mortgage Rates This Week : May 17, 2010
Mortgage markets improved last week — but barely — as ongoing doubt surrounding the health of Greece and the Euro pushed additional investors into safe assets, including mortgage bonds. Mortgage rates were wildly volatile between Monday and Friday before closing the week slightly better than their best levels of the year. It’s the 3rd straight [...]