More homebuyers are appearing as we move into the hot spring selling season. Demand for purchase mortgages rose for the second week in a row—up 7.1% for the week, according to the Mortgage Bankers Association. Good news for buyers. Realtor.com reports the median listing price last week came in lower than it did in the same period a year ago. That marked the first week of year-over-year price...
Real Estate
I thought you may want to know what the housing market is looking like with all the craziness going on in the finance world. So below is a report I received this morning about that. Increasing for the first time in six months, housing starts shot up 9.8% in February, with both single-family and multi-unit projects posting gains. Building permits did even better—up 13.8%, the largest monthly gain...
This past week, home loan rates improved to their lowest levels in a month in response to the closures of Silicon Valley Bank (SVB) and Signature Bank. Let's walk through what happened as we approach the Fed Meeting next week. "Bringin' on the heartache, Can't you see?, Can't you see?" Bringin' on the Heartbreak? Def Leppard. SVB Failure and Rates It's important to remember that bonds enjoy bad news,...
This is from one of lenders I work with, Chris Maxwell from Bank of Albuquerque. You can reach him at: 505-804-3191/cmaxwell@bankofalbuquerque.com National Real Estate News Bottoming out Existing home sales for January 2023 fell (a very modest) 0.7% MoM to an annualized pace of 4,000,000 units. That was the 12th straight month of decline. But look at the chart: it's bottoming. Existing home...
This is from New Mexico Association of Realtors for December 2022 Key Highlights • The median sale price increased by 4.24 percent compared to last year. • Home sellers are less active this month 11.63 percent fewer homes being listed. • Sales for the month were down 32.68 percent compared to last year. • Homes are spending 48 days on market, which is three days longer than last year but...
Some forms of debt can help improve your financial situation in the long run, while others may not be the best investment. “Debt” is a scary word for many of us. If you are “in debt,” it means you owe something (typically money) to someone else, and that’s usually not a great feeling. Did you know that some debt is considered “good debt,” though? Not all debt is bad – especially not...
Dave Stevens on understanding this housing market 5 things loan originators need to remember December 5, 2022, 9:51 am By David Stevens, CMB I have been part of the mortgage banking industry since 1983 — 39 years to date through different housing markets. And while my more recent roles were more senior in stature, my mind tends to think like I did when I was a top loan originator in Denver back in...
I haven't posted much lately as the news for home buying seemed to always be bad. While it is true interest rates are going up it is not all bad. Here is some information I received from a lender at Bank of Albuquerque. It seemed to make sense to me, so I wanted to pass it on. The number one question that we are all getting is "Should I buy a home right now or wait?" It's a very valid question...