Existing Home Sales slipped for the sixth straight month in July. But the good news was, median prices fell 2.4%, inventory continued to rise, and demand was strong, with 82% of homes sold in less than a month. Housing Starts dropped in July. Starts for single-families are down 18.5% yearly, but up 17.4% for buildings with 5 units or more. Building Permits are down 11.7% annually for...
Real Estate
The biggest story of 2022's housing market has been rapidly rising mortgage rates. After all, mortgage rates haven't risen so fast in 40 years. The average rate on 30-year fixed rate mortgages was 2.7% last August, and reached 5.7% in June 2022. Higher rates affect the entire housing market, as higher monthly payments mean depressed buyer demand and homeowners who decide not to sell because they don't...
Realtor.com reports active inventory continues to grow, up 30% from a year ago. This jump in supply gives today’s shoppers an extra home to consider for every three that were on the market this time last year. Freddie Mac tells us: “Declines in purchase demand continue to diminish while supply remains fairly tight….The consequence is that house prices likely will continue to rise, but at a...
This is a GREAT article from The EPOCH TIMES that gives one an understanding of how the Housing Market is looking. From The EPOCH TIMES By Naveen Athrappully Housing sentiment in the United States, as measured by the Fannie Mae Home Purchase Sentiment Index (HPSI), has fallen to its lowest level in more than 10 years. In July, the HPSI declined by two points, to 62.8, the lowest level since 2011...
Today with interest rates raising, one wants to ensure their credit score is the best it can be. Your credit score, also known as your FICO Score, plays an important role when you apply for a mortgage. You can get a free credit report from each of the three credit bureaus once a year at AnnualCreditReport.com. This is the only source for free credit reports, and it’s authorized by federal law. It...
By David Sparks/May 27, 2021 Generally speaking, the criteria come down to three basic areas: Restricted to first-time homebuyers Buyers must meet income levels Homebuyer education course required Of course, there may be other criteria, so it is always helpful to speak with a knowledgeable lending professional to get a complete picture of all applicable qualifying criteria. What is...
The housing market is shifting. Since the beginning of the year, mortgage rates have moved up. Home prices are still increasing just at a slower rate. These higher rates and prices have reduced the number of buyers, while sellers have more competition as more listings hit the market. In light of these developments, here are five things sellers need to know, according to real estate experts. There is a...
No one really knows if it is the RIGHT time to purchase a home but there are better times for one to purchase a home depending on their circumstances. Over the past year interest rates were at an all time low. This made it very inviting for homebuyers. Their interest rate was low making their payments low. But at the same time there were way fewer homes on the market making the process of getting...