Thursday

 

Mortgage applications fall

Applications for home mortgages fell last week as refinancing activity slumped and mortgage rates were little changed, an industry group said.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity declined 1.7 percent to 677.4 in the week ended Dec. 24, after remaining steady in the MBA's prior week survey. The MBA's seasonally adjusted index of refinancing applications fell 7.9 percent to 1,803.9 last week, more than offsetting a 5.7 percent gain the prior week.

Fixed 30-year mortgage rates averaged 5.72 percent last week, excluding fees, up 3 basis points from 5.69 percent the prior week. The MBA's purchase index, a gauge of loan requests for home purchases, rose 2.7 percent to 483.8 last week, partly offsetting a 3.6 percent drop the prior week.

Refinancings made up 46.2 percent of all mortgage applications last week, down from 48.9 percent the prior week.
Applications for adjustable-rate mortgages were 33.8 percent of all applications, down from 34.4 percent.

One-year adjustable-rate mortgage rates averaged 4.05 percent, excluding fees, last week, down 10 basis points from the prior week.

# posted by Reloblog Admin @ 9:32 PM

Sunday

 

Discover How To Get Wholesale Mortgage Rates

Wholesale Mortgage Rates Are Within Your Reach

There is a new kid on the block in the game of mortgage lending, and they go by the name of upfront mortgage brokers.

What does this mean to consumers looking to buy a home or refinance an existing mortgage? It means the rules of the mortgage lending game have changed, and for the better.

Upfront mortgage brokers are bringing borrowers a fresh, new way to go about getting a home loan or refinance a mortgage. With traditional mortgage brokers, borrowers pay a premium but normally do not realize it. This is because the premium is rolled into the quote they receive from the broker when they are discussing their mortgage needs.

While a conventional mortgage broker is in the business of providing a service to borrowers, they think of themselves as more of a salesperson providing borrowers a product, and they view their fees as a normal markup in the process of doing business.

Upfront mortgage brokers see themselves as more of a service provider. The borrowers are their clients, and as such, the upfront mortgage broker has the best interests of the borrower in mind. Rather than hiding their fee from the borrowers, the upfront mortgage broker plainly discloses the costs of their services. The upfront mortgage broker discloses the wholesale cost of the loan to the borrower, and the borrower pays the broker the discussed fee as payment for getting them the loan at that rate.

So what does this mean for borrowers? Now borrowers have the option of paying a broker to get a wholesale mortgage or refinance rate. Since the brokers fees are paid up front by the client, the broker passes on any third-party rebates back to the borrower, rebates that conventional brokers may decide to keep for themselves.

The next time you’re looking to purchase or refinance a home, you may want to make an appointment with an upfront mortgage broker. With a “what you see is what you get” way of doing business, and an honest and ethical approach to mortgage lending, it should be a refreshing and low-stress experience.

Written by Craig Romero

Discover how to quickly build a minimum of $40,000 worth of home equity and pay your mortgage off in 10 years or less without making biweekly mortgage payments. Visit: www.wisemortgageinfo.com

# posted by Reloblog Admin @ 10:19 PM

Thursday

 

Real Estate rates rise

Long-term mortgage rates increased this week, according to Freddie Mac's weekly mortgage survey.

Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.75 percent for the week ended today, up from last week when it averaged 5.68 percent. The average for the 15-year fixed-rate mortgage this week is 5.18 percent, up from last week when it averaged 5.11 percent. Points on both the 30- and 15-year averaged 0.6.

One-year Treasury-indexed adjustable-rate mortgages averaged 4.17 percent this week, with an average 0.6 point, down very slightly from last week when it averaged 4.18 percent.

"In November, the ARM share of loan applications slipped to 34 percent from 36 percent in October, in response to the Fed's sequential actions to push short-term interest rates higher," acording to Freddie Mac vice president and chief economist. "As ARM rates began to rise, long-term rates showed no inclination to follow and remained at very affordable and attractive levels.

"Going into the new year, we expect that the ARM share will continue to run at about 30 percent to 35 percent of loan applications and that the Fed will continue to push short-term rates upward for the time being."

# posted by Reloblog Admin @ 12:12 PM
 

Real Estate refinancings jump

Despite a drop in purchase applications, an increase in refinancings last week hiked overall mortgage application volume by 0.1 percent on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey.

The MBA seasonally adjusted refinance index increased by 5.7 percent to 1,958.2 from 1,852.4 one week earlier. The seasonally adjusted purchase index decreased by 3.6 percent to 471.1 from 488.9 the previous week.

The refinance share of mortgage activity increased to 48.9 percent of total applications from 46 percent the previous week. The adjustable-rate-mortgage share of activity increased to 34.4 percent from 34.2 percent of total applications. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.69 percent from 5.65 percent one week earlier. Points including the origination fee increased to 1.39 from 1.28 the previous week for 80 percent loan-to-value ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.11 percent from 5.04 percent one week earlier. Points including the origination fee increased to 1.28 from 1.24 for 80 percent loan-to-value ratio loans. The average contract interest rate for one-year adjustable-rate mortgages increased to 4.15 percent from 4.1 percent one week earlier. Points including the origination fee decreased to 0.98 from 0.99 for 80 percent loan-to-value ratio loans.

Washington, D.C.-based Mortgage Bankers Association is a national association representing the real estate finance industry.

# posted by Reloblog Admin @ 2:17 AM

Tuesday

 

Real estate tax lien investment secrets - New Book

If you or someone you know wants to earn high profits on your invested dollars but without property management headaches, the new book "Profit by Investing in Real Estate Tax Liens" by Florida attorney Larry B. Loftis will answer your questions. It is the first book explaining all the benefits of investing in property tax liens and tax deeds.

Until now, property tax liens and tax deed profit methods have been kept secret from the general public. Author Larry B. Loftis not only explains how to profit from bidding at local tax lien and tax deed sales, but he shares his personal success examples in many states. To add more realism, the book is filled with photos of properties on which Loftis acquired tax lien certificates (or was outbid by a competitor). The author seems to view investing in high-profit tax liens and tax deeds as a game. He explains how the game rules are different in each state. That's why his state-by-state law summary is so valuable. He even includes his personal experiences in states where he has bid on tax liens and deeds. A unique feature of the book, at the end of each chapter, is "Larry's reminders." It is a summary of the key chapter topics, such as "do your homework before the sale, set your maximum bid ahead of time, be assertive, yell out your bid as if someone has robbed you, and be aware of the late bidding shock investors and their strategy."

This easy-read book is filled with the author's practical advice, plus fascinating examples and success stories. The many photos illustrate the type of properties sold for unpaid property taxes, including luxury homes and condos of well-known individuals.

"Profit by Investing In Real Estate Tax Liens," by Larry B. Loftis, Esq. (Dearborn-Kaplan Publishing Co., Chicago), 2005, $19.95, 235 pages; Available in stock or by special order at local bookstores, public libraries and www.amazon.com

Related download : Tax Lien Certificate Investing - Steven E. Waters

# posted by Reloblog Admin @ 1:19 PM

Monday

 

Central Ohio reports record real estate sales

Central Ohio home sales jumped 17.6 percent in November from their year-ago level, while the average home price grew more than 4 percent, according to the Columbus Board of Realtors Multiple Listing Service.

The 1,875 homes sold in November 2004 is the highest number of sales on record for the month of November, the association reported, although sales slowed from the 2,073 units sold in October. Year to date, 24,812 homes have been sold, putting the Columbus market 9.7 percent ahead of the same period last year.

Columbus-area home sales have continued to stay almost 10 percent ahead of last year," acording to the president of the Columbus Board of Realtors. "We attribute this to the high demand for housing and interest rates remaining relatively stable over the last few months. It will be interesting to see if the Fed's recent increase has any noticeable affect on the home-buying market in Central Ohio."

The average sale price of a home in Central Ohio last month was $171,588, which is 4.8 percent higher than homes sold in November of 2003 but down from $176,527 in October 2004. Year to date, homes sold have averaged a 2 percent increase in sale price over last year. Condo sales also increased in November. Last year 188 condos sold in November, and this year it has risen to 222, which is an 18 percent jump.

# posted by Reloblog Admin @ 1:09 PM

Sunday

 

New credit score monitoring service

Credit reporting agency Equifax and myFICO.com, a division of Fair Isaac Corp., have launched a credit score monitoring service that allows consumers to track their FICO credit score and see how it impacts interest rates they're likely to be offered.

Score Watch continuously monitors subscribers' Equifax credit file for changes that can affect their FICO score, the most commonly used gauge of creditworthiness. Once a change is detected, Score Watch alerts subscribers via e-mail or wireless text message, advising them to visit a secured Web site for a detailed explanation of the change in credit status. If the subscriber's credit score changes by a significant amount due to changes in their credit file, the Score Watch alert also will include their up-to-date score. Subscribers also can preset a target score and be notified when they reach it. Score Watch information is updated daily about current average interest rates for various types of loans and the specific credit score ranges that are currently receiving those rates.

---------------------------------------------------------------------------------------------------
Related Link :
The Web's Top Credit Repair Service : www.creditrepair.com

# posted by Reloblog Admin @ 10:04 PM
 

Interest rate concerns drive real estate market

Home sellers' concerns about rising interest rates helped drive the residential real estate market to new heights in California in 2004, with the Boomer Generation dominating the market, accounting for 74 percent of all home sales, according to the California Association of Realtors' "Survey of California Sellers".

"Because of its size and current life-cycle, the Boomer Generation is likely to play a significant role in the housing market over the next several years," said C.A.R. President Jim Hamilton. "Trading up and the purchase of second homes will continue to put pressure on the housing market. "While most home sellers indicated that they sold because they wanted a larger home or different location, pricing and financing clearly entered the picture," he said.

According to the report, a typical California home seller was married, 47 years old, earned nearly $135,000 annually, and had sold a home at least once before. Just over half of all sellers in 2004 fell between the ages of 45 and 54 years, while another one-third fell between 35 and 44 years of age. Most sellers remained within their original county of residence after selling their home, with 94 percent of sellers in Southern California remaining within the original county, compared with 99 percent in the San Francisco Bay Area and 88 percent in the rest of the state. Five percent of all home sellers moved out of state in 2004. Following the general trend in the population toward greater utilization of the Internet, sellers also increased their use of the Web as a part of the home-selling process. The percentage of sellers who used the Internet as a significant part of the home-selling process nearly quadrupled from 12 percent in 2003 to 47 percent in 2004. This development was much more dramatic than with buyers, whose reported use of the Internet rose from 45 percent in 2003 to 56 percent in 2004.

"While use of the Internet was up, 59 percent of home sellers said that the information they received from the Internet was less useful than the information they received from their Realtor, compared with just 7 percent who said that the Internet provided information that was just as useful as that provided by their Realtor," Hamilton said. There was a shift in the mix of homes sold from 2003 to 2004, with those selling a detached single-family home declining from 90 percent a year ago to 76 percent in 2004; those selling a condo or townhouse increased from 10 percent in 2003 to 24 percent this year.

Additional highlights of the "Survey of California Sellers" report include:
- Twenty-nine percent of sellers said they had sold their home because of investment or tax advantages;
- Twenty-four percent of sellers moved because of a change in family status;
- Low interest rates were cited as important by about 40 percent of sellers because it enabled them to either acquire a larger home or move to a preferred neighborhood;
- Just over one-quarter of all respondents were motivated to sell because they expected mortgage rates to increase in the future;
- Fifteen percent cited price appreciation and "cashing out" of the market as a reason for selling;
- Eighty percent of all sellers had previously sold a home;
- Twenty percent reported that this was their first home sale;
- Sixty-one percent of all sellers were married compared with 39 percent who were single;
- While just over two in three repeat sellers were married, only one in three first-time sellers was married;
- Ninety-one percent reported that they used the Internet to research comparable prices.

Los Angeles-based C.A.R. is a state trade organization with more than 155,000 members

# posted by Reloblog Admin @ 7:20 PM

Thursday

 

If the bubble bursts - how at risk are you ?

Real Estate, If it is a bubble, and it bursts, how at risk are you?

Standard& Poor's housing volatility index seeks to measure which markets are most vulnerable. Like almost everything else in real estate, it depends on your location, according to a report from information provider Standard& Poor's. S&P has developed a housing volatility index (HVI) that attempts to identify which of the 331 U.S. metropolitan statistical areas (MSAs) are most vulnerable to housing price losses during an economic downturn. The HVI examines historical records of housing prices, as reported by the Office of Federal Housing Enterprise Oversight, and focuses on the variabilty of those prices over the years. it reflects not just how much homes in those markets have gone up in price during the good years, but how much they have gone down during the bad. The steeper the price rises and price descents, the more vulnerable. The index ignores other economic factors, such as consumer debt or mortgage rates.

------------------------------------------------------------------------------
Most likely to pop?
The ten most volatile housing markets in the United States

Rank, Metropolitan area, One-year price rise (Through June 30)
1 San Luis Obispo, CA 20 percent
2 New Bedford, MA 17 percent
3 Ventura, CA 21 percent
4 Barnstable -Yarmouth, MA 15 percent
5 Santa Rosa, CA 13 percent
6 Orange County, CA 22 percent
7 Riverside, CA 25 percent
8 Los Angeles, CA 22 percent
9 Yuba City, CA 20 percent
10 Fort Pierce, FL 22 percent
------------------------------------------------------------------------------

The index's most volatile housing market is the San Luis Obispo area of Southern California and includes the towns of Atacascadero and Paso Robles. Other top Sun Belt finishers include Los Angeles, Fort Pierce Florida, and Miami.

Northern locations scoring in the top twenty for volatility are Providence, Rhode Island, Long Island New York, and Jersey City New Jersey. Locales that could expect to suffer the least during an economic downturn include Austin Texas, which the HVI judged as the market with the lowest probability of market value decline, Provo Utah (third) and Fort Wayne Indiana (fourth). Many of the least volatile markets, however, had price run-ups of less than 2 percent during the last year. Tough to get rich on real estate at that rate.

The report points out that the highest house values are on the coasts with California and the Northeast, and that these tend to be among the most volatile. But homeowners tempted to cash in their gains and move to a lower cost area might want to consider carefully; the index indicates that many of those same areas will also provide the best opportunity for growth.

# posted by Reloblog Admin @ 1:10 PM
 

Home ownership rates lower in emerging gateway cities

Both foreign-born and U.S.-born migrants who move to one of 14 "emerging gateway cities" have lower home ownership rates than households that move within a metropolitan area, according to the results of a study at the University of Southern California's Lusk Center for Real Estate.

The study looks closely at comparisons of 1990 and 2000 census data. Immigration patterns are noted to have changed over the last decade. While previously most immigrants came to this country through one of the six "gateway" cities of New York, Chicago, Miami, San Francisco, Los Angeles or San Diego, large numbers of immigrants are migrating from overseas to one of the 14 fast-growing emerging gateways located nationwide.

The 14 emerging gateway cities are Atlanta, Boston, Dallas, Denver, Houston, Las Vegas, Orlando, Philadelphia, Phoenix, Sacramento, Seattle, Tampa, the Washington, D.C./Baltimore corridor, and West Palm Beach.

While it remains true that home ownership rises with age, younger immigrants are more likely to own a home than U.S.-born households of the same age. Previous research indicates that these immigrants have strong upward mobility and make home ownership a priority in their goal to attain status in this country. Early home ownership is less of a priority for their U.S.-born counterparts.

Because immigration and migration provide engines of population growth and new labor market entrants, Painter said his research will continue to focus on the long-term impacts of large-scale migration on U.S. housing and labor markets.

# posted by Reloblog Admin @ 1:55 AM

Wednesday

 

Home builders confident in real estate markets

The nation's home builders are in good holiday spirits this December, maintaining the same high level of confidence as the last two months, according to the National Association of Home Builders/Wells Fargo Housing Market Index released today. A new regional breakout of the index also reveals that western builders are, on the whole, the most optimistic of all their colleagues.

The December index held firm at 71, indicating there has been no discernible change in overall builder attitudes in the last three months.

"Builders have every reason for good cheer this holiday season," NAHB President Bobby Rayburn said. "The bottom line is that buyer demand continues to keep builders busy and, like most business owners, builders are happiest when we're busy."

The NAHB/Wells Fargo Housing Market Index is derived from a monthly survey of builders that NAHB has been conducting for nearly 20 years. Each month, builders report current sales of single-family homes and prospects for sales in the next six months as either "good," "fair" or "poor." They also rate traffic of prospective buyers as "high to very high," "average" or "low to very low." Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view sales conditions as good than poor.

A new addition to the index this month is a seasonally adjusted regional component that measures builder confidence in each of the four Census regions.

In December, the index component gauging current single-family sales remained unchanged at 77 while the component gauging expected sales in the next six months rose one point to 79 and the component gauging traffic of prospective buyers rose three points to 52.

Regional scores show the greatest confidence prevailing among western builders, followed by their counterparts in the South, Northeast and Midwest, respectively. The western index score was well above the national average, at 80.1; the southern index was also very high, at 76.1; and the northeastern index score just surpassed the national average, at 71.9. The Midwest had the lowest score, at 56.7, which still reflects a positive balance of opinion among builders in the region.

# posted by Reloblog Admin @ 9:58 PM

Tuesday

 

Get Top Dollar For Your Homes By Financing It For The Buyer

How To Buy With $0 Down Payment - The Basics!

"Get Top Dollar For Your Homes By Financing It For The New Buyer!"

Last In A 6 Part Series

by Joe Crump

You want to get top dollar for the properties that you sell to maximize your profits, but this is sometimes difficult to do if you don't use a Realtor and pay the 6-7% commission. Here is a way to advertise the home and sell it without paying the real estate agent fee. It has been extremely effective for me.

I give you many, many additional ideas in my 6 month program... so check it out if you want to take your investing career to the next level go here.

Use what I call, "The Ugly Sign Technique."

When you are ready to sell a house, go to the local sign store and purchase a good solid, metal real estate sign frame. Don't get the cheap wires... they get blown over and lost and won't stand up to weather.

Also buy a piece of yellow "coreplast." Coreplast is corrugated plastic sheeting. Have them cut it so that it fits into the metal frame.

On the bright yellow coreplast write down the down payment and monthly payment of your property.

It will look something like this: (depending on the price of the house)

$1,200
Down Payment

$897
Per Month
Total Payment

Call 222-2222

Buyers must be able to qualify for these loans. That means...
reasonably good credit and established income.

Use the conventional financing techniques that I give you in my course to show owner occupants how to get this kind of financing. I don't have enough room in this article to go into qualifying buyers and helping them buy your property for full price and very low down payments.

If you get too many calls that aren't qualified, put a small note at the bottom of the sign that says, "must qualify." You may want the unqualified calls if you have another piece of property that you are trying to sell with a lease option or are trying to rent. You can convert the callers to another house.

I have sold so many homes using this technique that I've lost count.

--> Joe Crump is a Real Estate Investor and author. He has helped clients sell Millions of dollars worth property. Like this material he covers hot tips, and insider secrets in *exacting* step-by-step detail in his 26 Week online course.

If you haven't checked out Joe Crump's "26 Week Virtual, Online Real Estate Investment Coaching Program yet, go to his web site for full details. It is located at http://zerodowninvesting.com

While you're there, download his FREE Audio titled, "Quit Your Job AND Increase Your Monthly Income!" It is a full blown, moneymaking, *extremely detailed*, sample of what you get when you sign up for the full 6-month course.

You will get to hear him speak for about 30 minutes about how to replace your income using real estate investments... even if you don't have money for a down payment or good credit. Best of all... it's FREE.

Joe Crump is also the well known author of the ebook "Zero Down Investing with Bad Credit and No Job" The information of his past articles is just a tiny sample of what is contained in his awesome 324 page e-book, learn more on how this entire book can help you make money investing in Real Estate. More information and instant download details are available here http://realestatemoneymaker.com.

# posted by Reloblog Admin @ 2:28 PM

Monday

 

Home-equity investing can be risky

U.S. regulator warns that too many Americans borrow money against their homes to play the market.

Too many house-rich Americans are borrowing money against their homes to play the stock market, according to the brokerages regulator NASD. In an alert to brokers who may be encouraging the trend, the NASD reminded Wall Street that it has a responsibility to steer investors away from unsuitable financial strategies.

Many homeowners have become wealthier -- at least on paper -- because of escalating home values. And more than ever before are tapping into their increased home equity to purchase securities according to the NASD Vice Chairman. But turning equity into cash to make financial investments, poses significant and unique risks, and failure to understand those risks could cost homeowners their biggest asset.

About 11 percent of gains from mortgage refinancings were plowed into the stock market and other financial investments in 2001 through mid-2002, up from less than 2 percent in 1998 through mid-1999, a recent Federal Reserve study showed. Brokers should make sure investors understand that they could lose their homes if investment returns will not cover new mortgage or credit line obligations.

Further, investors need to know that brokers earn fees and commissions by getting clients to invest in the market with money from refinancings or home equity lines of credit.

# posted by Reloblog Admin @ 4:37 PM

Friday

 

Nashville breaks real estate sales record

Home sales in the Greater Nashville, Tenn., housing market rose 13.7 percent in November from the same month a year ago, and have already broken last year's record, according to data released by the Greater Nashville Association of Realtors. There were 2,762 home closings reported for the month of November, compared to 2,429 closings reported for November 2003. Year-to-date closings through November are 33,584, a 14.7 percent increase from the 29,262 closings reported through November 2003. Total sales for 2003 were 31,855.

Observed currently is some very active sales activity, there is also a tendency for people to take their homes off the market at this time of year if the property has been available for awhile. Typically inventory will remain lower into the early part of a new year, then increase as spring and more favorable weather allow potential buyers to get out and see more of what is available. The Greater Nashville Association of Realtors is one of Middle Tennessee's largest professional trade associations and serves as the primary voice for Nashville-area property owners.

# posted by Reloblog Admin @ 4:47 PM

Thursday

 

Real estate foreclosures dip

Residential mortgage delinquencies and foreclosure inventory fell in the third quarter from the previous quarter, due to a strengthening economy, the Mortgage Bankers Association said today.

The seasonally adjusted delinquency rate for mortgage loans on one- to four-unit residential properties fell to 4.41 percent in third quarter 2004, down two basis points from the second quarter of this year and down 24 basis points from the third quarter of last year.

The foreclosure inventory percentage at the end of the third quarter was 1.14 percent, down 10 basis points from the same quarter last year and down two basis points from the second quarter. The seasonally adjusted percentage of new foreclosures remained unchanged from the second at 0.39 percent, down five basis points from the third quarter of last year.

The performance of delinquencies and foreclosures is improving as expected according to MBA's chief economist and senior vice president. The continued modest declines in both delinquencies and foreclosures reflect the strong pace of economic growth and its steady, modest job creation. These improvements override the effects of the increased subprime and adjustable-rate mortgage shares and the aging of the young mortgage portfolio. This trend of modestly declining delinquencies and foreclosures is expected to continue.

--------------------------------------------------------------------------------------------------------------
Realtytrack.com the nation's most comprehensive foreclosure data service. Save on homes! 20-50% off market value. Try it free here.

# posted by Reloblog Admin @ 2:20 PM

Wednesday

 

Real estate a top investment choice, says poll

Real estate is the top place to put your money, according to a quarterly survey of about 1,100 investors conducted for the National Association of Investors Corp.

About 22 percent of respondents selected real estate as the best industry to invest in now, 39 percent selected real estate as one of the top three best investment opportunities, and 54 percent said the industry's past performance is an indication of future promise. Pharmaceuticals and technology also ranked high in this latest Voice of the American Shareholder poll. The pharmaceutical industry ranked second with 16 percent of shareholders choosing it as a good investment in the current environment, and 42 percent of respondents selected pharmaceuticals as one of their top three investment choices, while 14 percent of respondents said technology was a good choice.

"Growth potential" was cited by 64 percent of the respondents as the reason for selecting an industry as a good investment. Also, 43 percent of shareholders said they evaluate an industry's past performance to anticipate future promise.

This poll was conducted online by Harris Interactive from Nov. 3-10, immediately following the 2004 presidential election.

"With this survey, we are able to gain insight into what's on investors' minds and how they plan to approach the coming year," said Ken Janke, NAIC chairman. "The Voice of the American Shareholder Poll truly takes the pulse of individual investors and helps us understand their perspectives."

-------------------------------------------------------------------------------------------------------------
Top Links - How to make money investing in Real Estate :
Controlling Real Estate without Credit Checks
No Money Down Investing
Jeffrey Ringold's Massive Foreclosure Profits


# posted by Reloblog Admin @ 10:12 PM

Tuesday

 

Home sales expected to reach record-high this year

Stronger than expected home sales and higher median prices have caused the National Association of Realtors to revise upward its year-end forecast. Existing-home sales are expected to jump 7.9 percent to 6.58 million in 2004, which tops last year's record, the association reported today.

For 2005, the association projects 6.38 million sales, which would be the second-highest level on record.

The national median existing-home price is projected to rise 7.9 percent to $182,500 for the year. The median new-home price should increase 8.9 percent to $214,600.

New-home sales will rise 8.9 percent to 1.18 million this year and 1.13 million are forecast for 2005, just shy of the record expected this year. Housing starts are seen at 1.95 million this year, the highest level since 1978; housing construction is projected at 1.87 million units in 2005.

David Lereah, NAR's chief economist, said that some of the backup in housing demand is being met. "We're setting our fourth consecutive record year for existing-home sales, and even with strong fundamentals such as household growth, low interest rates and an improving economy, we simply can't set records every year," Lereah said. "Given the sharp rise over last year's record, a lot of buyers have found the home they've been looking for and we can expect a bit of a breather in 2005, which will remain a historically strong year."

Lereah predicts the 30-year fixed-rate mortgage should rise slowly but average only 6.4 percent next year.

In 2005, Lereah expects the median existing-home price to rise 5 percent and the typical new home price to grow by 5.8 percent. "The slowing rate of price growth will be good news for first-time buyers, but since inflation is expected to remain modest, home prices will still be rising a little faster than the historic norm of one to two percentage points above the rate of inflation," Lereah said.

NAR forecasts tame inflation with the Consumer Price Index rising 2.7 percent this year and 2.1 percent in 2005. The U.S. gross domestic product should grow by 4.4 percent for all of 2004 and another 4 percent next year. The unemployment rate is projected to decline to 5.1 percent by the second half of next year.

Inflation-adjusted disposable personal income is forecast to increase 3.1 percent this year and 3.9 percent in 2005, while the consumer confidence index should rise to 105 in 2005.

More detailed information about the association's economic outlook, as well as other analysis of real estate industry statistics, can be found in the December issue of the association's "Real Estate Outlook: Market Trends and Insights." The publication may be purchased by calling (800) 874-6500.

# posted by Reloblog Admin @ 9:51 PM

Monday

 

New web site for women do-it-yourselfers

A new web site launched today for the women's home improvement and do-it-yourself industry, which is reportedly valued at about $50 billion.

Be Jane Inc., which has relationships with Kmart, Sherwin-Williams, Zircon and the Great Indoors, has created www.be-jane.com which features articles, information, tips, glossaries and message boards designed for women do-it-yourselfers who are seeking a collaborative peer environment. Through the Ask Jane column and Be Jane Community Message Boards, consumers can seek advice, share questions and answers, receive referrals and advice from other "Janes," and hear about new how-to videos, animated tutorials and celebrity stories, among other offerings. Established in 2003, Be Jane is a multimedia developer and licensor of products and services designed specifically for women home improvement consumers – the fastest growing segment of the do-it-yourself category.

According to Baker and Clark, the home improvement industry is now more aware of the buying power of female consumers. "This market is already exploding, yet is surprisingly underserved by the media and online communities," said Baker and Clark. "The $50 billion women's home improvement market represents a highly significant buying demographic – within a traditionally male industry. Women do-it-yourselfers have already become a credible and prevalent force in the home improvement retail and information marketplace. We believe that through mass merchandising, and now through the power of our online presence, the Be Jane brand will come to equal a mark of quality for women and a source that corporations will turn to for home improvement for years to come."

Industry research shows that the women's home improvement market is booming. According to the American Express Home Improvement Index, more than 67 percent of women surveyed describe themselves as "do-it-yourselfers," and 57 percent of women queried said they would rather work on their homes than on their careers. Fannie Mae states that currently more than 17 million single women own homes – and that number is expected to increase to more than 30 million in the United States alone by the year 2010.

# posted by Reloblog Admin @ 8:13 PM

Friday

 

Signs Of Stronger Economic Growth Push Long-Term Rates Higher

Freddie Mac (NYSE:FRE) released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 5.81 percent, with an average 0.6 points, for the week ending December 2, 2004, up from last week when it averaged 5.72 percent. Last year at this time, the 30-year FRM averaged 5.89 percent.

The average for the 15-year FRM this week is 5.23 percent, with an average 0.6 points, up from last week when it averaged 5.15 percent. A year ago, the 15-year FRM averaged 5.22 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.19 percent this week, with an average 0.6 point, unchanged from last week when it averaged 4.19 percent. At this time last year, the one-year ARM averaged 3.77 percent.

"Recent economic indicators came out better than had been anticipated, buoying financial markets this week, and reinvigorating confidence in financial markets that the last three months of the year will post a very positive rate of economic growth," said Frank Nothaft, Freddie Mac vice president and chief economist. "Of course, with the signs of strong growth come fears of inflation and that tends to push up long-term mortgage rates.

"Freddie Mac's survey on house price appreciation released earlier today continues to reflect a robust housing industry. Currently, our forecast is for sales of new and existing homes to top 7.88 million this year, which is an increase of nearly 10 percent over 2003's record sales."

# posted by Reloblog Admin @ 10:00 PM

Submit My Article Add to Favorites


Past Smart Articles & News Archives

Top How To Invest In Real Estate And Make Money Resources

How To Make Money This Month In Real Estate No Money Down Real Estate Investing Make Money with Fixer Upper Homes Making Money Help With Real Estate Foreclosures Preforeclosures - How Fortunes Are Made How To Payoff Home Mortgage Quickly Credit Repair Fix Bad Credit Report Services

Top Home Search Resources

Search for Homes in your Local MLS Buy Homes For Half Price - Preforeclosure NOD NTS Auction HUD VA Government and Bank Homes ZipRealty - Where Buyers and Sellers Make Money


Best Real Estate Investment Help Resources For All Locations

Anywhere in USA - Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho State Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

Real Estate Investing Help applicable for most of the major countries - USA UK Canada Australia New Zealand and all countries with an open-economy.



Million Dollar Real Estate Home Submit Article Feedback/Contact WebMasters Links Google