In Freddie Mac's results of its Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 5.03 percent with an average 0.7 point for the week ending October 29, 2009, up from the previous week when it averaged 5.00 percent. Last year at this time, the 30-year FRM averaged 6.46 percent.
The 15-year FRM this week averaged 4.46 percent with an average 0.6 point, up from the previous week when it averaged 4.43 percent. A year ago at this time, the 15-year FRM averaged 6.19 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.42 percent this week, with an average 0.6 point, up from the previous week when it averaged 4.40 percent. A year ago, the 5-year ARM averaged 6.36 percent.
The one-year Treasury-indexed ARM averaged 4.57 percent this week with an average 0.6 point, up from the previous week when it averaged 4.54 percent. At this time last year, the 1-year ARM averaged 5.38 percent.
"Interest rates for 30-year fixed mortgages have averaged just below 5 percent this year, which is the lowest 10-month average since the survey began in 1971," said Frank Nothaft, Freddie Mac vice president and chief economist. "As a result, refinance activity has accounted for almost seven out of 10 mortgage applications on average this year," according to Freddie Mac's survey.
"Economic data releases this week offered mixed signals as to the current state of the housing market. For example, total existing home sales jumped 9.4 percent to an annualized rate of 5.57 million homes in September, the strongest pace since July 2007, according to the National Association of Realtors®. However, new home sales unexpectedly fell 3.6 percent to 402,000 houses, the weakest since June of this year, based on figures from the Department of Commerce. Nonetheless, stronger housing demand has lowered the inventory of unsold existing homes in September to the lowest since January of this year and for new homes the lowest since November 1982, which should help stabilize falling house prices."
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Wednesday, November 4, 2009
Monday, November 2, 2009
Vital Information for First-Time Buyers
The first-time homebuyer Federal tax credit for $8000, record-low interest rates, and nationwide median home prices dropping to the lowest point in five years, makes this an enticing time to consider buying a home. By the way, that tax incentive isn't truly just for first-time buyers -- it's defined as those not having owned a home in the last three years. Research and knowing your options are critical. Check with your tax accountant for more details. It’s increasingly likely that Congress will extend and expand the popular home buyer tax credit, which will expire at the end of this month.
According to an article in August in the Raleigh News & Observer, 10.8 percent of buyers are motivated to buy due to Federal and state tax incentives. So far only 1.14 million buyers have filed for the credit but many more are expected to file for it on their 2010 returns. However, the National Association of Realtors reports that the first-time homebuyer figure in July was still about 10 percent below the average for the past six years.
There are many aspects to consider when buying your first home. Your price point, location, lifestyle, expert help, mortgage programs, inspections, how quickly you want/need to move, the list goes on. It can seem like an overwhelming process for first-time buyers. In fact, some shy away and continue to rent simply because they don't know who to turn to or where to begin. Today there are more resources than ever available with just the click of a mouse; however, that can create information overload! But if you take a breath and relax, I'll sort through some important factors for home buying. And even if you're a seller, it's good to review this material because it helps to remind you where first-time buyers' mindsets are when they make an offer on your home.
Give yourself more time than you think you need. Due to the housing crisis and credit crunch, the mortgage process can take even longer than it did previously. Searching for a home is averaging about 12 weeks while getting the mortgage process wrapped up can take up to 60 days, according to information released by National Association of REALTORS 2008 Profile of Buyers and Sellers.
Give yourself plenty of time to understand how much home you can afford, what kind of loan is most suitable for your needs, and, of course, plenty of time to select the home that fits your lifestyle. First-time homebuyers often don't have a lot of comparison shopping experience. Frequently they're just getting started. What is acceptable for a rental is likely different from what first-time buyers expect and accept when purchasing their first home. However, first-time buyers must understand that shopping for a home is akin to shopping for a mate... there are always some compromises that are necessary. If you don't allow enough time, you'll find that it will lead to headaches, rushed decisions, and, in the end, you may feel pressured to buy something that you have not had enough time to completely consider—maybe because you have to relocate and start your job.
Never skip an inspection. You simply can't spot everything that could be wrong with the home. While not all sellers do it, some hire an inspector to inspect the home when they list it on the market. However, the burden of the inspection typically falls on the buyer to pay for it. And the information you receive is invaluable. Hiring a certified inspector to give the home a once-over will help you discover problem areas that your agent can then negotiate for repair work or price adjustment. Also, note that the home inspections (yours and the sellers) may differ; examine both, this way you'll learn more about your potential home.
Frank Schulte-Ladbeck, a licensed home inspector says that when you get your home inspection be certain to have everything turned on. In one case, "The water valve to the house was turned to almost off. When you turned it on to regular pressure... the seller had water spurting out of almost all of the faucets because all of the O-rings, the seals, had all dried so much that they were just allowing water to spill right out of them," said Schulte-Ladbeck.
Use experts to help prepare. Having a team of experts who can expedite your search by finding the most suitable properties for you will save you endless hours of looking. Also, the right mortgage expert simplifies the loan process. You'll be guided through the home-buying process instead of becoming overwhelmed by the options, paperwork, and tasks. Using the best specialists can truly make buying your first home a wonderful experience.
This article was published in Realty Times
Written by: Phoebe Chongchua
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
According to an article in August in the Raleigh News & Observer, 10.8 percent of buyers are motivated to buy due to Federal and state tax incentives. So far only 1.14 million buyers have filed for the credit but many more are expected to file for it on their 2010 returns. However, the National Association of Realtors reports that the first-time homebuyer figure in July was still about 10 percent below the average for the past six years.
There are many aspects to consider when buying your first home. Your price point, location, lifestyle, expert help, mortgage programs, inspections, how quickly you want/need to move, the list goes on. It can seem like an overwhelming process for first-time buyers. In fact, some shy away and continue to rent simply because they don't know who to turn to or where to begin. Today there are more resources than ever available with just the click of a mouse; however, that can create information overload! But if you take a breath and relax, I'll sort through some important factors for home buying. And even if you're a seller, it's good to review this material because it helps to remind you where first-time buyers' mindsets are when they make an offer on your home.
Give yourself more time than you think you need. Due to the housing crisis and credit crunch, the mortgage process can take even longer than it did previously. Searching for a home is averaging about 12 weeks while getting the mortgage process wrapped up can take up to 60 days, according to information released by National Association of REALTORS 2008 Profile of Buyers and Sellers.
Give yourself plenty of time to understand how much home you can afford, what kind of loan is most suitable for your needs, and, of course, plenty of time to select the home that fits your lifestyle. First-time homebuyers often don't have a lot of comparison shopping experience. Frequently they're just getting started. What is acceptable for a rental is likely different from what first-time buyers expect and accept when purchasing their first home. However, first-time buyers must understand that shopping for a home is akin to shopping for a mate... there are always some compromises that are necessary. If you don't allow enough time, you'll find that it will lead to headaches, rushed decisions, and, in the end, you may feel pressured to buy something that you have not had enough time to completely consider—maybe because you have to relocate and start your job.
Never skip an inspection. You simply can't spot everything that could be wrong with the home. While not all sellers do it, some hire an inspector to inspect the home when they list it on the market. However, the burden of the inspection typically falls on the buyer to pay for it. And the information you receive is invaluable. Hiring a certified inspector to give the home a once-over will help you discover problem areas that your agent can then negotiate for repair work or price adjustment. Also, note that the home inspections (yours and the sellers) may differ; examine both, this way you'll learn more about your potential home.
Frank Schulte-Ladbeck, a licensed home inspector says that when you get your home inspection be certain to have everything turned on. In one case, "The water valve to the house was turned to almost off. When you turned it on to regular pressure... the seller had water spurting out of almost all of the faucets because all of the O-rings, the seals, had all dried so much that they were just allowing water to spill right out of them," said Schulte-Ladbeck.
Use experts to help prepare. Having a team of experts who can expedite your search by finding the most suitable properties for you will save you endless hours of looking. Also, the right mortgage expert simplifies the loan process. You'll be guided through the home-buying process instead of becoming overwhelmed by the options, paperwork, and tasks. Using the best specialists can truly make buying your first home a wonderful experience.
This article was published in Realty Times
Written by: Phoebe Chongchua
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Friday, October 30, 2009
Four Things Not to Forget on Moving Day
You're likely approaching moving day with equal parts excitement and dread.
The excitement: a new home, a new life – a fresh start!
The dread: moving. However, you can't go from "Old, Boring Life" to "New, Exciting Life" without passing through "Moving Day." Thankfully, the day itself needn't be an ordeal, if you keep in mind four things you absolutely should not forget to do.
Don't forget to make sure everything is loaded on the van.
It's not unheard of for moving companies to neglect to load some items, so before they leave, make sure you go through the house to ensure everything's on the moving van. And don't overlook those places where things like to hide, particularly your closets and cabinets. We're aware of one recent mover who missed a closet full of Christmas decorations – and had to spend $250 to ship them to her new place.
Don't forget to have a plan for your kids or pets.
A house that's being packed up is no place for a kid or a pet. They tend to get underfoot, which can pose dangers to both the movers and your kid/pet. Your best bet is to have someone watch them – have the kids stay with relatives, and get a kennel for your pet. If you don't have that luxury, have them in a separate room with the door locked and with plenty of toys and/or a TV to occupy them. Pack that room last when loading the truck; when unloading the truck, unpack that room first so they're occupied while the rest of your house is unpacked.
Don't forget to pack.
OK, you might not forget to pack, but you might not give yourself enough time to get it done by the time moving day rolls around. Here's why that's such a bad thing. First, if you leave packing until the last second, you might have to pull an all-nighter to get it all done. Those might have been fun in college, but they're no fun when you know there's going to be a bunch of big burly guys showing up at 9 a.m. looking to move packed boxes. And being tired while packing is not a good idea, particularly if you'd like your items to show up in one piece at your new place. Even if a Herculean effort to get everything done doesn't do the trick, the moving company will help you – but they'll charge you for their labor and the moving supplies. These prices are pre-set by their tariff, and they're not cheap. So be honest with yourself when packing: Can you get it all done yourself? And if you can, can you set aside enough time so it's not done hastily at the last second?
Don't forget to check your moving paperwork thoroughly.
On moving day, you'll get two very important pieces of paper. The inventory is a listing of the items that will be moved, as well as their condition, and usually the driver compiles it. Make sure you agree with the assessment of your belongings. That's important in case you need to file a claim for damages; if it was listed in damaged condition before the move, you might not be able to claim much. (You can also use the inventory to check off that you received everything that was loaded onto the moving van.) The bill of lading is essentially the contract for your move. It should match the estimates that you received when you got the quote for your move. The time to contest any charges is before you sign the bill of lading, so make sure you do so.
Moving can be one of life's most stressful experiences, but it shouldn't prevent you from looking forward to your new home and all the excitement that comes with it. Keep these four tips in mind as you plan for the "Big Day," and you'll be heading off to your new place with a strong start.
Published in Realty Times
Written by Tim Johnson
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
The excitement: a new home, a new life – a fresh start!
The dread: moving. However, you can't go from "Old, Boring Life" to "New, Exciting Life" without passing through "Moving Day." Thankfully, the day itself needn't be an ordeal, if you keep in mind four things you absolutely should not forget to do.
Don't forget to make sure everything is loaded on the van.
It's not unheard of for moving companies to neglect to load some items, so before they leave, make sure you go through the house to ensure everything's on the moving van. And don't overlook those places where things like to hide, particularly your closets and cabinets. We're aware of one recent mover who missed a closet full of Christmas decorations – and had to spend $250 to ship them to her new place.
Don't forget to have a plan for your kids or pets.
A house that's being packed up is no place for a kid or a pet. They tend to get underfoot, which can pose dangers to both the movers and your kid/pet. Your best bet is to have someone watch them – have the kids stay with relatives, and get a kennel for your pet. If you don't have that luxury, have them in a separate room with the door locked and with plenty of toys and/or a TV to occupy them. Pack that room last when loading the truck; when unloading the truck, unpack that room first so they're occupied while the rest of your house is unpacked.
Don't forget to pack.
OK, you might not forget to pack, but you might not give yourself enough time to get it done by the time moving day rolls around. Here's why that's such a bad thing. First, if you leave packing until the last second, you might have to pull an all-nighter to get it all done. Those might have been fun in college, but they're no fun when you know there's going to be a bunch of big burly guys showing up at 9 a.m. looking to move packed boxes. And being tired while packing is not a good idea, particularly if you'd like your items to show up in one piece at your new place. Even if a Herculean effort to get everything done doesn't do the trick, the moving company will help you – but they'll charge you for their labor and the moving supplies. These prices are pre-set by their tariff, and they're not cheap. So be honest with yourself when packing: Can you get it all done yourself? And if you can, can you set aside enough time so it's not done hastily at the last second?
Don't forget to check your moving paperwork thoroughly.
On moving day, you'll get two very important pieces of paper. The inventory is a listing of the items that will be moved, as well as their condition, and usually the driver compiles it. Make sure you agree with the assessment of your belongings. That's important in case you need to file a claim for damages; if it was listed in damaged condition before the move, you might not be able to claim much. (You can also use the inventory to check off that you received everything that was loaded onto the moving van.) The bill of lading is essentially the contract for your move. It should match the estimates that you received when you got the quote for your move. The time to contest any charges is before you sign the bill of lading, so make sure you do so.
Moving can be one of life's most stressful experiences, but it shouldn't prevent you from looking forward to your new home and all the excitement that comes with it. Keep these four tips in mind as you plan for the "Big Day," and you'll be heading off to your new place with a strong start.
Published in Realty Times
Written by Tim Johnson
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Wednesday, October 28, 2009
Fall At North Lake Tahoe
Fall at Lake Tahoe, often called the “Jewel of the Sierra” due to its unique emerald-blue color, is a great time to visit. The leaves are turning, there is a crisp to the air and the summer tourists have all gone away. There is still much to do after summer is gone, but before the snow flies - hiking, fishing, horseback riding, biking, tennis and great entertainment nearby.
Here are just a few highlights to mention:
Hike or Bike to Marlette Lake in October when the Aspen leaves are reaching their full golden and red colors. The hike begins at Spooner Lake, near Incline Village, and is 9.5 miles so be sure to pack a lunch!
October 29th - Trail of Treats and Terror - Free community wide safe family Halloween event. Families follow a trail by foot that visits several community locations. Please come with costumes on and flashlights ready. This annual event will start at two locations this year. You can park in the Incline Middle School parking lot or the Sierra Nevada College parking lot. A shuttle will run in between the two parking lots to deliver you back to your vehicle. This event is a collaboration between Parasol Community Collaboration-DWR Center, IVGID, Sierra Nevada College, Lake Tahoe School, Parasol Tahoe Community Foundation, and Parasol AmeriCorps Program. Please bring old eyeglasses for this "Sight Night" event. Time 4:00 PM – 8:00 PM
Contact: pcc@parasol.org, (775)298-0119Location: DWR Center, 948 Incline Way, Incline Village
October 29th - Family Night Out at the Tahoe Maritime Museum - Spend time with your family and explore the Museum. Time: 5pm - 7pm Children's activities from 5 - 5:30, with a family-friendly movie shown at 5:30. Costumes encouraged!
November 27th - This is the best! The Holiday Jazz Festival at the Hyatt Regency, Incline Village, featuring Chris Botti and Boney James.
I would be remiss if I didn’t add this wonderful December event to our Fall line-up:
December 2nd - Toys for Tots! Coldwell Banker and the United Sates Marine Corp Reserve
celebrate their 30th Annual “Kick Off ” Party!!! Th e event will be held at the Chateau in Incline
Village from 6:00pm-9:00pm. Admission is one NEW unwrapped toy.
Please visit http://www.laketahoechamber.com/ for all Fall and Winter happenings.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Here are just a few highlights to mention:
Hike or Bike to Marlette Lake in October when the Aspen leaves are reaching their full golden and red colors. The hike begins at Spooner Lake, near Incline Village, and is 9.5 miles so be sure to pack a lunch!
October 29th - Trail of Treats and Terror - Free community wide safe family Halloween event. Families follow a trail by foot that visits several community locations. Please come with costumes on and flashlights ready. This annual event will start at two locations this year. You can park in the Incline Middle School parking lot or the Sierra Nevada College parking lot. A shuttle will run in between the two parking lots to deliver you back to your vehicle. This event is a collaboration between Parasol Community Collaboration-DWR Center, IVGID, Sierra Nevada College, Lake Tahoe School, Parasol Tahoe Community Foundation, and Parasol AmeriCorps Program. Please bring old eyeglasses for this "Sight Night" event. Time 4:00 PM – 8:00 PM
Contact: pcc@parasol.org, (775)298-0119Location: DWR Center, 948 Incline Way, Incline Village
October 29th - Family Night Out at the Tahoe Maritime Museum - Spend time with your family and explore the Museum. Time: 5pm - 7pm Children's activities from 5 - 5:30, with a family-friendly movie shown at 5:30. Costumes encouraged!
November 27th - This is the best! The Holiday Jazz Festival at the Hyatt Regency, Incline Village, featuring Chris Botti and Boney James.
I would be remiss if I didn’t add this wonderful December event to our Fall line-up:
December 2nd - Toys for Tots! Coldwell Banker and the United Sates Marine Corp Reserve
celebrate their 30th Annual “Kick Off ” Party!!! Th e event will be held at the Chateau in Incline
Village from 6:00pm-9:00pm. Admission is one NEW unwrapped toy.
Please visit http://www.laketahoechamber.com/ for all Fall and Winter happenings.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Monday, October 26, 2009
Beautiful Condo Just Minutes Away From Lake Tahoe!
Great News for Buyers!If you are looking for a property that is just minutes away from Lake Tahoe...We have the perfect solution!
The attractive and tranquil setting of this upper level condo creates the feeling of an afternoon in the park. With a private setting, this unit is in flawless condition, impeccably maintained and well cared for. Vaulted ceilings spanning living area, an inviting window seat with storage, and an inspiring river rock fireplace provide the ideal focal point of any hostess’s dreams. A windowed door provides convenient access onto a private deck from the living area. The master bedroom features a charming garden window overlooking the common area, and mirrored closets. A mirrored wall in the dining area adds to the spaciousness of this cozy Tahoe retreat. This complex features a common spa and sauna along with its beautifully landscaped common grounds. Its prime location is just minutes away from skiing, golfing, restaurants, shopping and is within walking distance of the lake!
Call us for details!
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Friday, October 23, 2009
Buy Your Vacation Home Now in Lake Tahoe!
National Average Long-Term Mortgage Rate Rises to 5 Percent
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.00 percent with an average 0.7 point for the week ending October 22, 2009, up from last week when it averaged 4.92 percent. Last year at this time, the 30-year FRM averaged 6.04 percent.
The 15-year FRM this week averaged 4.43 percent with an average 0.6 point, up from last week when it averaged 4.37 percent. A year ago at this time, the 15-year FRM averaged 5.72 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.40 percent this week, with an average 0.6 point, up from last week when it averaged 4.38 percent. A year ago, the 5-year ARM averaged 6.06 percent.
The one-year Treasury-indexed ARM averaged 4.54 percent this week with an average 0.6 point, down from last week when it averaged 4.60 percent. At this time last year, the 1-year ARM averaged 5.23 percent.
"Following bond yields, long-term mortgages rates edged up slightly this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "Although rates for 5/1 ARMs and traditional 1-year ARMs are around half a percentage point below 30-year fixed mortgages, consumers appear to be seeking the stability of fixed-rate mortgages. According to the Mortgage Bankers Association, ARMs averaged only about 6 percent of the number of mortgage applications in September and October thus far."
"The housing market is still trying to recover in the second half of the year. The Federal Reserve reported in its October 21st regional economic review that housing market conditions improved in recent weeks, primarily from a pickup in sales of low-to medium-priced houses. However, residential construction activity was reported to remain weak in most areas. New construction of single family homes rebounded in September, rising at a 3.9 percent annual rate, but did not erase all of the declines set in August, based on figures released by the Department of Commerce. Moreover, homebuilder confidence, as measured by the National Association of Homebuilder's Housing Market Index, fell slightly in October and marked the first decline since January of this year."
This article was Published on Realty Times
October 23, 2009
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.00 percent with an average 0.7 point for the week ending October 22, 2009, up from last week when it averaged 4.92 percent. Last year at this time, the 30-year FRM averaged 6.04 percent.
The 15-year FRM this week averaged 4.43 percent with an average 0.6 point, up from last week when it averaged 4.37 percent. A year ago at this time, the 15-year FRM averaged 5.72 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.40 percent this week, with an average 0.6 point, up from last week when it averaged 4.38 percent. A year ago, the 5-year ARM averaged 6.06 percent.
The one-year Treasury-indexed ARM averaged 4.54 percent this week with an average 0.6 point, down from last week when it averaged 4.60 percent. At this time last year, the 1-year ARM averaged 5.23 percent.
"Following bond yields, long-term mortgages rates edged up slightly this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "Although rates for 5/1 ARMs and traditional 1-year ARMs are around half a percentage point below 30-year fixed mortgages, consumers appear to be seeking the stability of fixed-rate mortgages. According to the Mortgage Bankers Association, ARMs averaged only about 6 percent of the number of mortgage applications in September and October thus far."
"The housing market is still trying to recover in the second half of the year. The Federal Reserve reported in its October 21st regional economic review that housing market conditions improved in recent weeks, primarily from a pickup in sales of low-to medium-priced houses. However, residential construction activity was reported to remain weak in most areas. New construction of single family homes rebounded in September, rising at a 3.9 percent annual rate, but did not erase all of the declines set in August, based on figures released by the Department of Commerce. Moreover, homebuilder confidence, as measured by the National Association of Homebuilder's Housing Market Index, fell slightly in October and marked the first decline since January of this year."
This article was Published on Realty Times
October 23, 2009
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Wednesday, October 21, 2009
Real Estate Outlook: Sales Stats and Rates
We've got a bumper crop of positives this week for housing, starting with pending home sales, which jumped by 6.4 percent in August.
That was the seventh straight month of increases in the National Association of Realtors' forward-looking index -- the longest streak since 2001.
The pending sales index measures signed contracts heading for closing, and is an important indicator of where the real estate market is headed in the coming couple of months.
Regionally, pending sales were up by 8.2 percent in the Northeast, 7.6 percent in the Midwest, by just less than one percent in the South, and up a stunning 16 percent in the Western states.
But pending sales are hardly the only bright spot this week: New home sales were also up in the latest month -- by seven tenths of one percent nationwide, according to the Commerce Department.
Even home prices, which had been on the negative side in dozens of areas for most of 2008 and into early 2009, have now turned around and are rising just about everywhere. The Case-Shiller 20-city price index took its biggest jump in four years last month, up by 1.6 percent.
Prices were positive coast to coast, with Los Angles and Washington D.C. up 1.8 percent, San Francisco 3.3 percent, Chicago 2.7 percent and Minneapolis up an extraordinary 4.6 percent for the month.
And remember: the Case-Shiller index has been the darkest, gloomiest measure of the real estate market's direction for years, and the last major index to turn around this year. So it's a very welcome change we're looking at here.
Mortgage rates continued to be helpful as well last week, with rates continuing their slide. Average 30-year fixed rates dipped to 4.9 percent, according to the Mortgage Bankers Association, while fifteen year rates dropped to 4.3 percent.
If rates slip just a few more notches, they'll be approaching 40-year low points ... and we could see not only a spike to home sales, but a refinancing boom as well.
Now of course, the news never all bright in any given week. We saw a surprise drop last week in a key measure of consumer confidence -- the Conference Board's index, which slipped by 1.4 points after months of generally improving outlook among consumers.
Analysts attributed widespread worries about future job layoffs and a national unemployment rate close to 10 percent -- and much higher rates in some major local markets -- to the drop in confidence.
Unemployment is obviously sobering, and no doubt is restraining the housing sector. But all in all, that sector looks very promising at the moment.
This article was published in Realty Times
Written by: Kenneth R. Harney
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
That was the seventh straight month of increases in the National Association of Realtors' forward-looking index -- the longest streak since 2001.
The pending sales index measures signed contracts heading for closing, and is an important indicator of where the real estate market is headed in the coming couple of months.
Regionally, pending sales were up by 8.2 percent in the Northeast, 7.6 percent in the Midwest, by just less than one percent in the South, and up a stunning 16 percent in the Western states.
But pending sales are hardly the only bright spot this week: New home sales were also up in the latest month -- by seven tenths of one percent nationwide, according to the Commerce Department.
Even home prices, which had been on the negative side in dozens of areas for most of 2008 and into early 2009, have now turned around and are rising just about everywhere. The Case-Shiller 20-city price index took its biggest jump in four years last month, up by 1.6 percent.
Prices were positive coast to coast, with Los Angles and Washington D.C. up 1.8 percent, San Francisco 3.3 percent, Chicago 2.7 percent and Minneapolis up an extraordinary 4.6 percent for the month.
And remember: the Case-Shiller index has been the darkest, gloomiest measure of the real estate market's direction for years, and the last major index to turn around this year. So it's a very welcome change we're looking at here.
Mortgage rates continued to be helpful as well last week, with rates continuing their slide. Average 30-year fixed rates dipped to 4.9 percent, according to the Mortgage Bankers Association, while fifteen year rates dropped to 4.3 percent.
If rates slip just a few more notches, they'll be approaching 40-year low points ... and we could see not only a spike to home sales, but a refinancing boom as well.
Now of course, the news never all bright in any given week. We saw a surprise drop last week in a key measure of consumer confidence -- the Conference Board's index, which slipped by 1.4 points after months of generally improving outlook among consumers.
Analysts attributed widespread worries about future job layoffs and a national unemployment rate close to 10 percent -- and much higher rates in some major local markets -- to the drop in confidence.
Unemployment is obviously sobering, and no doubt is restraining the housing sector. But all in all, that sector looks very promising at the moment.
This article was published in Realty Times
Written by: Kenneth R. Harney
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
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