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Tag Archives: Home Sales

Sales of Existing Homes Post 10% Gain in September: NAR

Sales of previously owned homes rose in September for the second straight month. The National Association of Realtors (NAR) on Monday reported a 10 percent jump. The month-to-month gain was more than analysts were expecting, and NAR says the latest numbers ""affirm a sales recovery has begun."" Some market observers, though, suggest such an assertion is premature. The median sales price of existing homes dropped 2.4 percent in September. Distressed homes accounted for 35 percent of the month's transactions.

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Fed Beige Book Shows Modest Growth but Weak Real Estate Conditions

The Federal Reserve's popular Beige Book released this week suggests economic activity across most of the nation is showing signs of ""modest"" growth, but it's not enough to improve the anemic jobs picture. Housing markets remained weak with most of the 12 regional districts reporting sales below year-ago levels. But the central bank says its seeing stability in home prices. Conditions in the commercial real estate sector were soft, while overall lending activity was described as stable in most districts.

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Mortgage Rates Head Upward for First Time in Five Weeks

The freefall for mortgage interest rates hit a pause this week. Rates on 30-year mortgages rose for the first time in five weeks, edging up to 4.21 percent, according to data released by Freddie Mac Thursday. The 15-year fixed-rate mortgage also inched up to 3.64 percent. Adjustable-rate mortgages, on the other hand, slipped to new record lows. Bankrate says the ongoing foreclosure controversy surrounding court documents and paperwork errors could ultimately be passed along to future borrowers through higher mortgage rates.

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RE/MAX Predicts Increased Home Sales in Coming Months

According to RE/MAX's monthly report, the housing market is attempting to return to traditional seasonal trends after a slow summer following the spring rush to qualify for the government's homebuyer tax credit. September sales were 6.4 percent below those in August and 20.6 percent below sales in September 2009, but RE/MAX officials say they are encouraged by reports of signed contracts in the field, which should translate into increased home sales in the months ahead.

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Mortgage Application Volume Dips 10% in Latest Weekly Survey

Consumer demand for mortgages waned last week, as interest rates edged up for the first time in six weeks. The Mortgage Bankers Association says its index of total mortgage loan application volume dropped 10.5 percent for the week ending October 15. It's the steepest plunge seen in mortgage activity in the past four months, and some market observers are attributing the falloff to the recent turmoil surrounding foreclosure paperwork errors by servicers and the uncertainty it's brought for buyers of distressed properties.

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MLSListings Makes Realtors Property Resource Available to Members

According to MLSListings, Inc., headquartered in Sunnyvale, California, it is one of the first multiple listing service (MLS) organizations in the country to make Realtors Property Resource (RPR) available exclusively for its members. RPR is the National Association of Realtors' online real estate database, providing Realtors with data on every parcel of property in the United States, according to the trade group.

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Shaky Economy Keeping People Out of the Housing Market: Survey

Nearly two-thirds of American adults (63 percent) say the current economic situation makes them less likely to buy a house, especially lower-income individuals and families, according to a new national survey by FindLaw.com, a legal information Web site. Mortgage rates are at record lows and the market is saturated with homes, but only 8 percent of people say the current economic situation makes them more likely to buy a house.

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Mortgage Refinancing Rallies as Rates Fall to New Lows

Home loan applications for mortgage refinancing increased for the first time since late August, as borrowers sought to take advantage of the lowest market interest rates in more than 50 years. The Mortgage Bankers Association (MBA) reported Wednesday that its measurement of refinance applications jumped 21 percent for the week ending October 8, 2010. Refinance volumes are now close to their highest level of the year.

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NAR Meets with Major Lenders on Short Sales and REO Disposition

The National Association of Realtors (NAR) is holding meetings with the nation's four largest lenders to address growing concerns about their processes for short sales and selling REO homes. The trade group's leadership team has already met with representatives from Bank of America and Wells Fargo to discuss, as NAR put it, ""the problems Realtors face every day when working to get deals to the closing table."" Meetings are scheduled later this year with Chase Home Mortgage and CitiMortgage.

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New Smart Phone App Matches Home Seekers to Foreclosures

Visionary Apps LLC recently announced the third release of its suite of real estate-related smart phone applications. The company says the new suite puts detailed information on new foreclosures in the palm of homebuyers' hands. Complete Realty Suite apps include millions of listings nationwide from multiple sources, including MLS listings.

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