Today Freddie Mac released the results of its Primary Mortgage Market Survey,showing average mortgage rates have dropped to new all-time record lows! [...]
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 | Well,I guess my wife and kids aren’t the only people that want to move to Florida! According to a report released by Trulia,house hunters from all over the country are searching for homes in Florida. In fact,of the top 10 metro areas where demand among online house hunters is strongest,seven are located in Florida! Florida also,according to the report,leads the list of states existing residents don’t want to leave as well with many times more people from outside of Florida searching for homes in Florida than searches outside the state by people living in Florida. The metro in the number 1 slot is Palm Bay-Melbourne-Titusville,Florida with 8.8 times more “inbound”property searches than “outbound”property searches. Wow! [...] This morning,the S&P/Case-Shiller Index report for November was released showing US home prices decreased from the month before as well as the year before. The 10-city and 20-city composites fell by 1.3 percent each and the home price indexes were down 3.6 percent and 3.7 percent respectively from the year before. For a second consecutive month,19 of 20 cities covered by the indices also saw home prices decrease. [...] Until recently,home ownership was no bargain compared to renting,according to Paul Diggle,a housing economist at Capital Economics. Recent data from the U.S. Census Bureau and published statistics from Thomson Datastream indicate that rising rents and falling mortgages are tipping the scales towards home ownership. The median monthly mortgage payment has fallen to about the same as a median monthly rent check. [...] Today,the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for December 2011 showing a decrease of 2.2 percent from the month before,and a decrease of 7.3 percent from a year ago. The seasonally-adjusted new home sales rate for December was 307,000 homes,down from an [...] Foreclosure Price 34 Percent Below Average Price of Non-Foreclosures RealtyTrac,today released its third-quarter 2011 U.S. Foreclosure Sales Report,which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 20 percent of all U.S. residential sales in the third quarter of 2011,down from 22 percent of all sales in the second quarter and down from 30 percent of all sales in the third quarter of 2010. [...] Realtor.com,which claims to have more traffic on it’s website than any other real estate website in the world,released their report for December showing how 146 metro areas in the U.S. stack up in terms of popularity for home searches. Chicago was number 1 on the list again this month,followed by Detroit,MI,and Los-Angeles-Long Beach,CA. [...] Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in December were at at a seasonally adjusted-annual rate of 4.61 million units which is an increase of 5.0 percent from the month before and an increase of 3.6 percent from a year ago. The actual number of homes sold in December was 350,000 which is 4.5 percent more than the month before and 1.4 percent more than December 2010 when there were 345,000 homes sold. [...] The last couple of months I have said that,“unless something changes dramatically,2011 will hit a new record low of new home starts. Unfortunately,nothing dramatic happened,and 2011 has ended with only 428,600 new home starts setting a new record low and significantly below the prior all-time low of 445,200 starts in 2009. [...] Mortgage delinquencies in December increased to 2.24 percent of all mortgages,a slight increase from the month before when delinquencies were at 2.22 percent but a decrease of over 25 percent from a year ago when the rate was 3.01 percent. The mortgage delinquency rate is something I pay close attention to because it is the “leading indicator”of foreclosures and foreclosures and REO’s are one of the major hurdles to a recovery in the housing market. Declining delinquency rates are our first clue that the housing market is headed to a recovery. [...] This morning,RealtyTrac released their 2011 year-end U.S. Foreclosure Market Report which shows that 2,698,967 foreclosure filings (default notices,scheduled auctions and bank repossessions) we’re reported on 1,887,777 properties in the U.S. during the year,a decrease of 34 percent from the year before and marking the lowest level since 2007! [...] This morning,Freddie Mac released the results of it’s Primary Mortgage Market Survey revealing that the interest rate on a 30-year fixed rate mortgage averaged 3.91 percent,matching the all-time low! Makes me want to go out and borrow some money! The National Association of Realtors’research staff recently released its comprehensive annual report:Profile of Home Buyers and Sellers for 2011. Market researcher,Paul C. Bishop,Ph. D.,Vice President and Jessica Lautz,Manager of Consumer Survey Research state that they’ve identified “trends that have not been seen in the last 10 years,”which will affect the housing market as we enter 2012. [...] Freddie Mac released the results of its Primary Mortgage Market Survey®(PMMS),showing average fixed mortgage rates finishing the year near their all-time historic lows. Thirty-year fixed rate mortgages averaged 3.95 percent and have been at or below 4.0 percent for the past nine consecutive weeks keeping homebuyer affordability at a near all-time high. [...] Ah the beauty and splendor of Hawaii! Living in paradise comes at a price though as Hawaii,by far,leads the nation in average loan amount on a home,coming at $677,299 according to a report just released by LendingTree.com. Coming in a rather distant second is Washington D.C. at $393,453,followed by New Jersey at $344,240 and New York at $340,124. At the other end of the spectrum,Mississippi has the lowest average home loan at $137,182. The national average is $222,261. [...] The National Association of REALTORS Pending Home Sales Index for November shows an increase of 7.3 percent in the index from the month before (seasonally adjusted),and a 5.9 percent increase from a year ago. This is the second consecutive month that the index has increased and marks the highest level the index has achieved since April 2010 when it was at 111.5. [...] While losing $700 Billion in value in U.S. homes in a year sounds horrible,the good news is,if we end this year around this number the total loss in home values for 2011 will be smaller than the prior four years! This information is from the newly released Zillow Real Estate Market Reports,which also predicts that nine metro areas will see gains in home values this year once the final numbers are in! With all this “good”news,we have to ask ourselves…is the worst of the real estate market crash over? I think the answer is yes,at least when it comes to the housing market. [...] This morning,the S&P/Case-Shiller Index report for October was released showing US home prices decreased from the month before as well as the year before. The 10-city and 20-city composites fell by 1.1 percent and 1.2 percent respectively and the home price indexes were down 3.0 percent and 3.4 percent respectively from the year before. [...] The last couple of months I have said that,“unless something changes dramatically,2011 will hit a new record low of new home starts. Well,the actual numbers this year will still most likely be a record low,but at least the rate of new home starts for November has now inched above the record low New home starts in November were up 2.3 percent from the prior month with the seasonally adjusted annual rate inching its way up to 447,000 homes,just slightly above the all-time low of 445,200 new home starts in 2009. [...] The U.S. mortgage loan delinquency rate was 8.15 percent of all home loans in November,up 2.7 percent from the month before and down 9.6 percent from a year ago,according to the “First-Look”report issued by Lender Processing Services,one of the countries largest loan servicers and aggregators of loan performance data. The foreclosure rate,on the other hand,was 4.16 percent in November,a 3.0 percent decrease from the month before and a 2.0 percent increase from a year ago. [...] This morning,RealtyTrac released their U.S. Foreclosure Market Report for November 2011 which shows that foreclosure filings (default notices,scheduled auctions and bank repossessions) we’re reported on 224,394 properties in the U.S. during the month,a three percent increase from the previous month and a decrease of 14 percent from the year before. During the month,1 out of every 579 homes in the U.S. had a foreclosure filing. [...] A recent survey by Houselogic.com,a consumer website from the National Association of REALTORS,shows that jobs will be the most important issue for voters in the 2012 election,followed next by housing. Over half the respondents said jobs would be the top issue as they head to the polls next November and almost a third cited the housing market as the most important issue. [...] A report released this morning by CoreLogic,one of the nations leading providers of property information shows that home prices in the U.S. fell in October 4.4 percent from the year before and declined by 1.1 percent from the month before marking the third consecutive monthly decline in home prices. [...] “We may indeed being seeing the beginning of at least a ‘soft landing’in housing,”said Michael Feder,President and CEO of Radar Logic. The latest housing market report by RadarLogic contained said,while trends in home prices remain negative in most major U.S. metropolitan areas,there are indications that market conditions are starting to improve. [...] The National Association of REALTORS Pending Home Sales Index for October shows an increase of 10.4 percent in the index from the month before (seasonally adjusted),and a 9.2 percent increase from a year ago. This is the first time in four months that the index has increased and marks the highest level the index has achieved since April 2010 when it was at 110.9. [...] A report released today by CoreLogic shows that 22.1 percent of all homeowners in the U.S. with a mortgage were in a negative equity position in the third quarter of 2011,down slightly from 22.50 percent the prior quarter. Negative equity is also referred to as being “underwater”or “upside down”and refers to homeowners that owe more on their mortgages than the current value of their home. [...] Today,the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for October 2011 showing an increase of 1.3 percent from the month before,and an increase of 8.9 percent from a year ago. The seasonally-adjusted new home sales rate for October was 307,000 homes,up from an adjusted rate of 303,000 homes the month before (originally reported at 313,000 homes). Unfortunately,even with the increase in the rate of new home sales,the current rate of new home sales is still on track to make 2011 new home sales the lowest since the Commerce Department began keeping track of sales in 1963. [...] The U.S. mortgage loan delinquency rate was 7.93 percent of all home loans in October,down 2.0 percent from the month before and down a whopping 14.6 percent from a year ago,according to the “First-Look”report issued by Lender Processing Services,one of the countries largest loan servicers and aggregators of loan performance data. The foreclosure rate,on the other hand,was 4.29 percent in October,a 2.5 percent increase from the month before and a 9.4 percent increase from a year ago. [...] | ||||
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At this time last year,the interest rate on a 30-year fixed-rate mortgage averaged 4.77 percent. [...]
