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David Cooley
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Direct: 928-718-7629

Office: 928-718-7629



Company Info

RE/MAX Preferred Professionals
2916 Stockton Hill Road
Kingman, AZ
928-718-7629

Archive for June 2011

Today’s Mortgage Rates

Monday, June 20th, 2011
The current interest rates shown below are based on a purchase of a single-family, primary residence. For current refinance rates, use our Calculate Rates & Payments Tool.
 
Interest rates displayed below require that you pay 1% of your loan amount toward the loan origination charge.1
For information on the many other loan options that are available, contact Wells Fargo.

as of 06/20/2011 12:00 PM Eastern

Product Interest Rate APR
Conforming 1and FHA Loans
30-Year Fixed 4.500% 4.686%
30-Year Fixed FHA 4.375% 5.385%
15-Year Fixed 3.750% 4.069%
5-Year ARM 2.750% 3.083%
5-Year ARM FHA 3.250% 3.236%
Larger Loan Amounts in Eligible AreasConforming and FHA.1
30-Year Fixed 4.500% 4.634%
30-Year Fixed FHA 4.500% 5.466%
5-Year ARM 3.125% 3.167%
Jumbo1 Loans – Amounts that exceed conforming loan limits1
30-Year Fixed 5.000% 5.138%
5-Year ARM 3.375% 3.255%

 

Foreclosure Hot Spots

Monday, June 20th, 2011

Not surprisingly, the most foreclosure sales are being posted in boom-and-bust areas of the West.

Sales of properties with foreclosure filings accounted for 53% of all residential sales in Nevada during the first quarter, the highest of any state, but down from 59% in the first quarter of 2010. Because so many of the sales there are foreclosures, and have been for so long, the discount rate is declining, Sharga says, reaching 18% in the first quarter.

California foreclosures accounted for 45% of all residential sales during the first quarter, up from 43% in the previous quarter, but down from 48% at the same time last year.  The average foreclosure property in the Golden State sold for 34% less than the average price of homes not in foreclosure.

Foreclosures made up 45% of all residential sales in the first quarter in Arizona, down from 50% the previous quarter, and 47% in the same period a year earlier. Foreclosures here traded for a 25% discount to the average traditional listing.

Other states where foreclosures accounted for at least one-quarter of all sales were Idaho, Florida, Michigan, Oregon, Virginia, Colorado, Illinois, Georgia and Ohio.

The biggest discounts on foreclosure properties were in Ohio and Illinois, where foreclosures traded at an average 41% discount to the average nondistressed listing.

Original Article By: Melinda Fulmer of MSN Real Estate

Current Market Trend

Tuesday, June 14th, 2011

Survey shows Americans Are Increasingly Confident about Homeownership

Brookfield Real Estate and Relocation Affiliates Inc., owner of the Prudential Real Estate franchise network, recently released the quarterly Prudential Real Estate Outlook Survey showing that Americans’ confidence in homeownership and real estate continues growing  from the first quarter and a year earlier.

Signs of growing confidence are widespread, according to the national survey. For instance:

Brookfield Real Estate and Relocation Affiliates Inc., owner of the Prudential Real Estate franchise network, recently released the quarterly Prudential Real Estate Outlook Survey showing that Americans’ confidence in homeownership and real estate continues climbing from the first quarter and a year earlier.

Signs of growing confidence are widespread, according to the national survey. For instance:

• 69 percent believe that real estate is a good investment despite the market volatility of the past few years, up 6 percentage points from the first-quarter 2012 survey and 17 percentage points from first quarter 2011.

• 72 percent expressed confidence that the real estate market and property values will improve during the next two years, including a 6-point jump among those “very confident” or “confident” vs. the first quarter 2012, and a 14-point gain in this subset over first quarter 2011.

• Nearly two-thirds (64 percent) of respondents have a favorable perception of the U.S. housing market, up from 60 percent in first quarter 2012 and 52 percent in first quarter 2011).

“The American Dream is clearly on the mend,” says Earl Lee, president, Prudential Real Estate. “Americans are feeling better about homeownership and the ongoing recovery taking place in residential real estate. Many are increasingly optimistic about their personal circumstances and, with housing affordability near all-time highs, they want to act on the opportunity.”

Inmformation from: http://rismedia.com/2012-07-11/survey-shows-americans-are-increasingly-confident-about-homeownership/

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