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Interest Rates on the Rise . . . AGAIN!

Sunday, March 17th, 2013

U.S. rate on 30-year mortgage rises to 3.63%

Mortgage Rate Trend Index

Bankrate Pool of industry Experts:

55% say rates will keep going up this week

9% foresee a decline

36% expect little change over the short term.

WASHINGTON – March 15, 2013 – The average U.S. rate on the 30-year fixed mortgage rose this week to its highest level in seven months but remains near historic lows. Low mortgage rates have helped support the gradually recovering housing market.

Freddie Mac said Thursday that the average rate for the 30-year fixed loan rose to 3.63 percent from 3.52 percent last week.

It’s the highest rate since August. But it’s still near the 3.31 percent reached in November, which was the lowest on records dating to 1971.

The average rate on the 15-year fixed mortgage rose to 2.79 percent, up from 2.76 percent last week. The record low is 2.63 percent.

Cheap mortgages are encouraging more people to buy or refinance and are helping sustain the economy’s recovery. The increased sales are also helping lift home prices.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for 30-year mortgages rose to 0.8 point, up from 0.7 point last week. The fee for 15-year loans also rose to 0.8 point from 0.7 point last week.

The average rate on a one-year adjustable-rate mortgage edged up to 2.64 percent this week from 2.63 percent last week. The fee rose to 0.4 point from 0.3 point last week.

The average rate on a five-year adjustable-rate mortgage dipped to 2.61 percent from 2.63 percent last week. The fee rose to 0.6 point from 0.5 point.
AP Logo Copyright © 2013 The Associated Press, Martin Crutsinger. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Home Prices on the Rise. . . Again

Friday, March 15th, 2013

NEW YORK – March 15, 2013 – Several economists have recently revised their predictions on housing values to reflect a stronger-than-expected real estate rebound, and some have even doubled their original forecasts over the rise in home prices. For example, economists at Bank of America revised their home price forecast from 4.7 percent this year to 8 percent.

Capital Economics’ Economist Paul Diggle upwardly revised his home price forecast too, from a 5 percent projection to an 8 percent rise in home prices this year.

“Prices of both new and existing homes are picking up, the latter by over 10 percent year-on-year,” Diggle notes. “Indeed, after a couple of years during which new house prices outperformed, primarily owing to builders constructing more homes for the higher-end market, we now expect existing house prices to close the gap. As more consumers are able to access mortgage credit, home builders should widen their offering, while continued investment demand will bid up existing house prices.”

Consumers are growing more optimistic about home prices too. A recent report of consumers from mortgage giant Fannie Mae showed that 48 percent believe home prices will rise over the next year.

Ivy Zelman, an independent real estate analyst, told CNBC last week that “we’re in a nirvana for housing. I’m the most bullish I’ve ever been.” Zelman said that home prices could rise for another four to six years.  

Source: “Why A Bunch Of Economists Expect The US Housing Market To Go On A Huge Tear,” Business Insider (March 8, 2013)

© Copyright 2013 INFORMATION, INC. Bethesda, MD (301) 215-4688

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Good Things in 2013

Friday, January 18th, 2013

WASHINGTON – Jan. 7, 2013 – A lot of things could happen on the cusp of 2013, but most real estate experts predict an improving recovery for most local U.S. markets.

One variable that’s hard to predict: How long will homeowners hold off listing their home? Many owners have wanted to move for a while, but they’ve been afraid to move forward because they’re underwater or their home is worth less than they wish. As prices recover, when will these homeowners jump into the market?

By the end of 2012, many potential buyers believed that housing values had hit bottom, and – coupled with a fear that record-low mortgage rates could again rise – jumped into the market. An increase in buyers and decrease in inventory kicked off home price increases in many markets and even bidding wars. The number and timing of new listings could slow that process down.

Even so, economists and analysts interviewed by Forbes call for 3.1 percent price appreciation in 2013, and a seller’s market as more buyers enter the market and owners continue to hold off for even higher selling prices.

Mortgage rates should also remain low at least through early 2013, as The Federal Reserve stays actively involved, seeing a housing market rebound as key to a complete U.S. economic recovery. Low rates allow buyers with modest budgets to stay competitive even if home prices rise. At the close of 2012, rates hovered around 3.34 percent.

“Mortgage rates started the year near record lows which should continue to aid the ongoing housing recovery,” says Freddie Mac vice president and chief economist Frank Nothaft.

In the latest Pending Home Sales Index released by the National Association of Realtors® (NAR), homes under contract reached the highest level in two-and-a-half years. Pending home sales rose 1.7 percent to 106.4 in November from a downwardly revised 104.6 in October. Year-to-year, pending home sales rose 9.8 percent. On a year-over-year basis, pending home sales have risen for 19 consecutive months.

“Even with market frictions related to the mortgage process, home contract activity continues to improve. Home sales are recovering now based solely on fundamental demand and favorable affordability conditions,” says Lawrence Yun, NAR chief economist.

Yun predicts that existing-home sales should rise 8 to 9 percent in 2013 to approximately 5.1 million, following a 10 percent gain expected for all of 2012. He predicts that the median existing-home price should rise just over 4 percent in 2013, after rising more than 7 percent in 2012.

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Trump & Who?

Monday, January 14th, 2013

Probably everyone in the world knows that Donald Trump is the man in the middle & my blog followers know me as the man on the right but who is the other man?

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Builders To Catch Up

Monday, January 14th, 2013

Developers scramble to catch up with apartment boom

WASHINGTON – Dec. 19, 2012 – Developers are ramping up apartment construction across the country to cash in on rising rents. Multifamily construction is at nearly two-thirds of its pre-recession peak; single-family home construction is about a third of its way back, David Crowe, chief economist at the National Association of Home Builders, told The New York Times.

The multifamily construction boom is strongest in the South and West, where employment is picking up, driven by young people delaying homeownership.

“People in their early 30s, the age when many might look to buy a first home, are renting for longer periods of time, partly because mortgages are difficult to come by and partly because they have been unnerved by the turmoil in the housing market,” The New York Times reports.

Meanwhile, developers are rushing to meet the demand. Markets like Houston, Denver, Oakland, Seattle, Miami and Charlotte, N.C., are seeing increases in rental demand, according to housing surveys.

“The demand for building is all over the country, really,” says Ric Campo, chairman and chief executive of Camden City Centre, a development of thousands of apartments in the Houston area. “Were seeing higher rents, faster lease-ups, lower construction costs – everything you want to see. Part of it is there’s just a pent-up demand for new product because we didn’t build anything during the downturn.”

Residential rents increased 4.2 percent in 2011 on a national basis, and 3.6 percent so far this year, according to Axiometrics, an apartment market research firm.

Some in the sector now fear overbuilding, particularly with the surges in rent increases now starting to taper off.

“The real test is going to be what happens between now and April or May as we see all these new units introduced to the market,” says Jay Denton, Axiometrics vice president for research.

Source: “Soaring Rents Drive a Boom in Apartments,” The New York Times (Dec. 6, 2012)

© Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688

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Agents Prepare Buyers for Copetitive Market

Wednesday, January 2nd, 2013

Agents prepare homebuyers to compete

WASHINGTON – Dec. 19, 2012 – House buyers in a growing number of areas are finding something they haven’t seen in years when house-hunting: Competition. With housing affordability high and mortgage rates low, homebuyers are ready to cash in – but they’re finding a lot of others are as well.

Bidding wars are becoming more common, particularly as the inventory of for-sale homes remains constrained across the country.

“Buyers have to change their attitude about the way the market is,” says Carol Hooks, a real estate professional with Coldwell Banker Residential Brokerage in Alexandria, Va. “Many still think it’s OK to make a low offer and ask for closing-cost assistance, but they really need to come up with a good, realistic offer and be prepared to pay their own closing costs.

Real estate professionals are helping to prepare their buyers for the increased competition. For example, they’re encouraging buyers to go through the mortgage-approval process and secure financing before they look for a home, armed with more than just a lender’s prequalification letter. Eldad Moraru with Long & Foster Real Estate in Bethesda, Md., says its important for buyers to find a lender who will be able to provide them with an approval letter within an hour of finding the home they want to purchase. The new letter should include the address of the property and the exact amount they plan to offer so they can attach it to the offer.

Homebuyers also need to have their earnest money deposit and downpayment ready to go, Moraru says.

“A lot of buyers will have some money in stocks to sell and some money in a checking account and will tell me they need a few days to get it together,” he said. “You need to have that money consolidated and accessible in one account before you find a house.”

As competition heats up, buyers need to prepare to think fast.

“If (the buyer) moves fast enough, (they) can have a home inspection before (they) make an offer, and then waive the home-inspection contingency,” Moraru says about being competitive in some multiple bid situations if you know when the seller is going to be reviewing all offers.

Some agents compare today’s competitive housing market to the process of dating.

“You need to win on both looks and personality,” says Phil Bolin, a broker with RE/MAX Allegiance in Alexandria, Va. “The personality part is the fundamental issue of financing and downpayment, but the looks part doesn’t cost you anything. It can be as simple as making sure there are no mistakes in your contract. If there are mistakes or missing items in your offer, you don’t look like a serious buyer.”

Source: “Strategies Shift as Buyers Again Face Competition,” Washington Times (Nov. 29, 2012)

© Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688

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Builder Confidence at 6-Year High

Sunday, December 30th, 2012

Builder confidence at six-year high

WASHINGTON – Dec. 18, 2012 – Builder confidence in the market for newly built, single-family homes rose for an eighth consecutive month in December to a level of 47 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. It’s a two-point gain from a slightly revised November reading, and the highest level the index has attained since April of 2006.

“Builders across the country are reporting some of the best sales conditions they’ve seen in more than five years, with more serious buyers coming forward and a shrinking number of vacant and foreclosed properties on the market,” says NAHB Chairman Barry Rutenberg, a home builder from Gainesville. “However, one thing that is still holding back potential home sales is the difficulty many families encounter in getting qualified for a mortgage due to today’s overly stringent lending standards.”

“While there is still much room for improvement, the consistent upward trend in builder confidence over the past year is indicative of the gradual recovery that has been taking place in housing markets nationwide, and that we expect to continue in 2013,” adds NAHB Chief Economist David Crowe.

Two of the HMI’s three component indexes are now above the critical midpoint of 50. (A score above 50 indicates that builders’ attitudes are more positive than negative.) The component gauging current sales expectations rose two points to 51 in December, while the component gauging sales expectations in the next six months slipped one point, to 51. The component measuring traffic of prospective buyers increased one point, to 36.

Derived from a monthly survey that NAHB has been conducting for the past 25 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores from each component are then used to calculate a seasonally adjusted index.

© 2012 Florida Realtors®

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Buyers Optimistic

Saturday, December 29th, 2012

 

Buyers more optimistic about market’s futureSEATTLE – Dec. 18, 2012 – Redfin surveys active buyers to gauge attitudes about the current real estate market. In its latest survey, Redfin found improved attitudes about the direction of home prices and whether it’s a good time to buy.

Overview

• 71 percent of homebuyers surveyed believe that home prices will increase in their neighborhood in the next year, up from 61 percent last quarter and more than double the 34 percent who expected rising prices in the first quarter survey

• 33 percent saw rising home prices as a major concern, up from 23 percent last quarter

• 22 percent were concerned about a weak economy, down from 27 percent in the third quarter

• 57 percent cited low interest rates as a reason to buy now, down seven percentage points from last quarter and sixteen percentage points from the first quarter – but it’s still the most common motivator for buying now

• 59 percent indicated that low inventory was their top concern with buying a home, consistent with last quarter’s rate

• 37 percent of respondents said they’re first-time homebuyers, down from 48 percent last quarter

• 5 percent of respondents are concerned about the “fiscal cliff” and possible changes to the U.S. tax code’s Mortgage Interest Deduction.

Over the past year, Redfin says its survey has showed increasing faith that home prices will continue to rise and, at the same time, worry over those rising prices. Low inventory has been a constant source of frustration for buyers.

© 2012 Florida Realtors®

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Freddie Mac: Expect good things in 2013

Friday, December 28th, 2012

 MCLEAN, Va. – Dec. 12, 2012 – Freddie Mac released its U.S. Economic and Housing Market Outlook for December, which includes a glimpse at expected patterns in 2013. “The last few months have brought a spate of favorable news on the U.S. housing market with construction up, more home sales, and home-value growth turning positive,” says Frank Nothaft, Freddie Mac vice president and chief economist. “This has been a big change from a year ago, when some analysts worried that the looming ‘shadow inventory’ would keep the housing sector mired in an economic depression,” Nothaft adds. “Instead, the housing market is healing, is contributing positively to GDP and is returning to its traditional role of supporting the economic recovery.” Major findings • Look for long-term mortgage rates to remain near record lows for the first half of 2013, then rising gradually during the second half of the year, but remaining below 4 percent. • Expect property values to continue to strengthen with most U.S. house price indexes likely rising by 2 to 3 percent in 2013. • Household formation should step up further to a net 1.20 to 1.25 million household increase in 2013, with housing starts up around a 1 million annualized pace by the fourth quarter. • Vacancy rates for both apartments and the single-family for-sale market could bring aggregate vacancy rates down to 2002-2003 levels as household formation outpaces new construction. • While the refinance boom will continue into early 2013, it will be less compared to 2012, so look for single-family mortgage originations to decline by 15 percent; conversely, expect multifamily lending to rise approximately 5 percent. © 2012 Florida Realtors®

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Credit Unions – Fast & Competitive

Thursday, December 27th, 2012

More borrowers turn to credit unions for mortgages

NEW YORK – Dec. 17, 2012 – Borrowers seeking a mortgage or looking to refinance increasingly turn to credit unions. These financial institutions are expected to surpass a record-breaking $100 billion in mortgage loan originations this year.

The growth has mostly been attributed to a surge of refinancers and a growth from consumers’ “disillusionment with big banks,” The New York Times reports.

“We’d be remiss if we didn’t give a shout-out to the major banks for being annoying to consumers and forcing people to seek out other alternatives,” says Bob Dorsa, the president of the American Credit Union Mortgage Association in Las Vegas.

Credit unions are aggressively going after business, says Ed Kovalefsky, the CUC Mortgage Corp. chief operating officer. “They try to be as competitive as possible with regard to rates,” he says.

Credit unions may offer slightly lower closing costs than banks too. Another potential advantage, housing experts note, is that credit unions mostly keep their servicing on all their mortgage loans in-house – an incentive for them to be more responsive to their customers.

However, credit unions’ bigger bite out of the mortgage market may be short-lived.

“Historically, when rates go up and refi goes down, our share and origination volume drops,” Dorsa says. “We’ve made a concerted effort this time to get out in front of Realtors®, so we hope we won’t take as much of a hit production-wise as we have in the past.”

Source: “The Credit Union Alternative,” The New York Times (Dec. 13, 2012)

© Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688

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