Tag Archives: Home Sales

Fixed mortgage rate averages remain near their all-time historic lows, fortifying high levels of homebuyer affordability throughout the country. Freddie Mac reported Thursday that the 30-year fixed-rate mortgage has averaged at or below 4.00 percent for five consecutive weeks now, while the 15-year fixed has hovered around 3.30 percent. Adjustable-rate mortgages ticked down slightly this week, averaging new record lows for the second straight week.

The Federal Reserve released a new market-gauging rendition of its Beige Book Wednesday. The publication recounts signs of slow to moderate economic growth across 11 of the 12 Fed districts. The St. Louis district was the lone dissenter, reporting a decline in economic activity. Residential real estate activity overall was described as ""sluggish,"" while commercial real estate activity was depicted as ""lackluster"" across most of the nation. Mortgage refinancing, however, was said to have grown at a rapid pace.

The National Association of Realtors' (NAR) pending home sales index reported strong positive movement over the month of October, rising 10.4 percent from September. The index, which measures sales contracts but not closings, is also 9.2 percent above its rate a year ago. NAR's chief economist Lawrence Yun says the market volatility inflicted by the homebuyer tax credit last year is now past. Thus, the monthly and year-over-year increase in sales contracts is a positive indication for the market.

Freddie Mac has expanded its winter REO sales incentive program to the states of Alaska, Kansas, Kentucky, Missouri, Oregon, and Washington. That makes the promotional offer now active in 33 states and the District of Columbia. The winter sales promo is being offered through HomeSteps, Freddie Mac's REO disposition unit, and pays an extra $1,000 bonus to the selling agent, as well as additional incentives to owner occupant buyers. Offers must be received by January 31, 2012.

Data released by Freddie Mac Wednesday shows mortgage interest rates across the board edged lower for the shortened holiday week, with the 30-year fixed rate slipping to its second-lowest reading on record and adjustable-rate mortgages (ARMs) setting new all-time lows. The 30-year fixed-mortgage rate has averaged at or below 4 percent for four consecutive weeks now. For the week ending November 23, Freddie Mac's study puts it at 3.98 percent. The 5-year ARM is now averaging 2.91 percent, and the 1-year ARM is 2.79 percent.

Investors are making up an increasing share of home purchase transactions, especially in the distressed sector, according to an industry report. In October, investor purchases accounted for 22.3 percent of transactions, in keeping with the last three months during which the rate has remained above 20 percent. At the same time, distressed property transactions grew to take up a larger portion of the market. Investors are seeing profit potential in homes that may need repair because rents are steadily rising.

Sales of previously owned homes got an unexpected boost last month while the number of homes on the market continued to decline, according to data released Monday by the National Association of Realtors. The trade group recorded a 1.4 percent month-over-month increase and a 13.5 percent year-over-year increase for existing-home sales in October. At the same time, housing inventory fell 2.2 percent to 3.33 million existing homes available for sale, which represents an 8.0-month supply. Distressed homes made up 28 percent of October's transactions.

Data released by Freddie Mac shows the average rate for a fixed-rate mortgage with a 30-year term has hovered at or below the 4.00 percent threshold for three consecutive weeks. The GSE's latest study, averaging rate data from 125 lenders for the week ending November 17, puts the 30-year fixed-rate mortgage at exactly 4.00 percent. The 15-year fixed-rate mortgage, a popular refinancing choice, averaged 3.31 percent.

The Michigan Supreme Court ruled Wednesday that MERS, as record-holder of the mortgage, does have the right to initiate foreclosures in the state. The decision reverses an April ruling from the Michigan Court of Appeals, which called into question thousands of cases in which MERS was named as the foreclosing party. The appellate court's judgment sent shockwaves through the distressed housing market in Michigan. Now, with the higher court's ruling, sales of homes that had been foreclosed in the name of MERS can proceed.

Hudson & Marshall conducted an REO auction event for HUD in Las Vegas earlier this month targeting owner-occupants. The result? There are now more than 100 new owners of homes throughout both Nevada and Arizona that were previously sitting idle and vacant as part of the government's foreclosed inventory. The Las Vegas event was the culmination of a five-week aggressive marketing campaign, and was conducted in conjunction with BLB Resources.