May’s “This Month in Real Estate” report can be accessed by clicking here. Check back over the next few days for June’s “This Month in Real Estate” video, which will feature the latest real estate news and updates directly from KWRI.
Here is a snippet of the report:
The housing market and the overall economy are improving at modest rates nationally, and in some areas they have actually gained momentum. The Conference Board’s CEO confidence index is up a notable 14 points—from 49 last quarter to a current reading of 63. A reading of 50 is the threshold above which indicates an optimistic outlook and below indicates pessimism. Rapidly growing optimism is a good sign for future hiring and growth.
As always, for all of your real estate needs, contact us today!
According to REALTOR® Magazine, mortgage rates are once again on the rise for the fourth consecutive week. Still, despite the slow increase, rates remain just below 5 percent, equaling affordability for buyers.
Frank Nothaft, chief economist for Freddie Mac, also noted that consumer purchases rose for the ninth straight month, indicating a potentially positive upswing for the economic recovery.
Below are the most current mortgage rates for the week:
- 30-year fixed-rate mortgages: averaged 4.91 percent, up from last week’s 4.87 percent. Last year at this time, 30-year rates averaged 5.07 percent.
- 15-year fixed-rate mortgages: averaged 4.13 percent, up from last week’s 4.10 percent average. Last year, 15-year rates averaged 4.40 percent at this time.
- 5-year adjustable-rate mortgage: averaged 3.78 percent, an increase from last week’s 3.72 percent average.
For more information on the real estate market, contact us today!
After decreasing by nearly 30 prcent in July, existing home sales bounced back in August. Although this recovery does not signal an end to the current housing recession, it remains a positive sign for the industry.
According to Lawrence Yun, chief economist for the National Association of REALTORS®, the steps to stabilization may take some time.
“Despite very attractive affordability conditions, a housing market recovery will likely be slow and gradual because of lingering economic uncertainty.”
– Lawrence Yun
Due to the market’s current pace, mortgage interest rates remain at all time lows. Take advantage by contacting us today!
A recent report released by the U.S. Census Bureau in conjunction with the American Housing Survey highlights several key statistics on the nation’s housing in 2009. Some of these numbers are highlighted below. For a full report, please click the “Full Article” link at the bottom of this post.
- The nation’s homeowners paid a median of $1,000 in monthly housing costs in 2009, compared with $808 for renters. However, renters usually paid a higher percentage of their household income on these costs than did owners (31 percent compared with 20 percent).
- About 70 percent of respondents rate their homes an 8, 9, or 10 on a scale of 1 to 10 with 28 percent giving them the “best” rating of 10.
- The median purchase price of homes was $107,500; for a newly constructed home, it was $240,000.
- Thirty-two percent of owner-occupied units were owned free and clear, 66 percent had a regular and/or home equity mortgage and 2 percent had only a line-of-credit.