Tag Archives: Home Sales

Hudson & Marshall has once again been selected to partner with HUD to auction over 100 foreclosed homes located in Nevada and Arizona. The auction will take place this Saturday, November 5th at the JW Marriott in Las Vegas. There will be two separate auction events on that day - one strictly for owner occupants and the second open to all bidders, including investors. HUD will pay a 3 percent selling agent commission to qualified brokers who are registered with HUD.

Mortgage interest rates dropped sharply this week as investors rushed to U.S. Treasury bonds amid concerns over the European debt crisis. Data released by Freddie Mac Thursday puts the average rate for a 30-year fixed mortgage at 4.00 percent for the week ending November 3rd. That marks its second lowest reading since hitting an all-time low of 3.94 percent in early October. The 30-year rate fell 10 basis points from 4.10 percent last week. Last year at this time, it was averaging 4.24 percent.

Those who know someone who has defaulted on a mortgage are more likely to have a pessimistic outlook on the economy, according to Fannie Mae's third quarter National Housing Survey. However, knowing a defaulter does not seem to cloud their view of homeownership. Ninety-two percent of owners who know someone who defaulted on a mortgage and 89 percent of owners who do not know a defaulter agree that owning a home makes more sense than renting.

Short sales are growing throughout the nation as distressed homeowners and servicers continue to seek alternatives to foreclosure and home buyers increasingly opt for the significant discounts that come with short sales. With 9,145 completed short sales, the Los Angeles area had more short sale transactions than any other metropolitan statistical area (MSA) in the second quarter of this year, according to a recent blog post from RealtyTrac. These short sales came with an average discount of 32 percent and at an average price of $350,237.

More than 42 percent of prospective home buyers believe home values increase by about 7 percent each year, according to a recent survey by Zillow. This estimation is out of line for the current economic times and high even for years prior to the housing crisis. In a normal market, home values tend to increase by only 2 percent to 5 percent per year, according to Zillow. While home buyers revealed a lack of understanding of home values, respondents answered about 65 percent of questions correctly.

Despite indications of economic recovery -- such as job growth and some stabilization in home values -- pending home sales dropped for the third consecutive month in September, according to the National Association of Realtors (NAR). Pending sales of existing homes, including REOs and short sales, fell 4.6 percent from the previous month's reading. NAR describes current market conditions as ""a very strange situation,"" considering affordability is at a record-high, yet consumers are not responding.

Fixed mortgage rates showed little change for the second consecutive week amid mixed consumer confidence and housing data, and remain near their 60-year lows. Freddie Mac puts the average rate for a 30-year fixed mortgage at 4.10 percent for the week ending October 27, and the 15-year rate at 3.38 percent. Adjustable-rate mortgages (ARMs) exhibited slightly wider swings.

Refinance applications and appraisal complications are holding up home sale closings, according to a HousingPulse survey released Monday. The report states that the normal timeline for a closing is about 30 days. That timeline has been extended to between 45 and 60 days. However, the delay is even more exacerbated among short sales and sales of foreclosed homes - which according to the survey made up 44.4 percent of the market in September.

Average mortgage rates were relatively unchanged this week amid mixed economic and consumer sentiment reports, according to Freddie Mac. Adjustable mortgage rates were mixed while fixed mortgage rates held steady remaining near their 60-year lows. The GSE's study puts the average 30-year fixed-rate mortgage at 4.11 percent, down slightly from 4.12 percent last week. The 15-year fixed rate rose one basis point to 3.38 percent.

Foreigners may get an added bonus when they invest in residential real estate in the United States - a visa. Senators from New York and Utah are proposing a bill that would offer residence visas to foreigners when they spend at least $500,000 in the U.S. residential real estate market. Investors may split their spending between two or more properties, as long as they spend at least $250,000 on one home and $500,000 or more total. Economists say low prices resulting from high levels of foreclosures in some states have served to entice foreign buyers.