Homes for Sale
Thursday, July 19th, 2012
The housing market has turned—at last.
The U.S. finally has moved beyond attention-grabbing predictions from housing “experts” that housing is bottoming. The numbers are now convincing.
Nearly seven years after the housing bubble burst, most indexes of house prices are bending up. “We finally saw some rising home prices,” S&P’s David Blitzer said a few weeks ago as he reported the first monthly increase in the slow-moving S&P/Case-Shiller house-price data after seven months of declines.
Nearly 10% more existing homes were sold in May than in the same month a year earlier, many purchased by investors who plan to rent them for now and sell them later, an important sign of an inflection point. In something of a surprise, the inventory of existing homes for sale has fallen close to the normal level of six months’ worth despite all the foreclosed homes that lenders own. The fraction of homes that are vacant is at its lowest level since 2006.
The reduced inventory of unsold homes is key, says Mark Fleming, chief economist at CoreLogic, a housing data-analysis firm. For the past couple of years, house prices have risen in the spring and then slumped; the declining supply of houses for sale is reason to believe that won’t happen again this year, he says.
Builders began work on 26% more single-family homes in May 2012 than the depressed levels of May 2011. The stock of unsold newly built homes is back to 2005 levels. In each of the past four quarters, housing construction has added to economic growth. In the first quarter, it accounted for 0.4 percentage points of the meager 1.9% growth rate.
“Even with the overall economy slowing,” Wells Fargo Securities economists said, cautiously, in a note to clients, “the budding recovery in the housing market appears to be gradually gaining momentum.”
read full article by clicking link below:
http://online.wsj.com/article/SB10001424052702303644004577520414196790098.html#articleTabs%3Darticle
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Friday, July 13th, 2012
News of housing restoration have become a wrongheaded rite of summer, after years of false hopes in the market, evidence shows that enthusiasts may finally be on track.
The housing market is starting to turn for the better. Prices are climbing. Sales are Increasing. Home buliders are framing, and clearing lots to build.
Joe Niece, a real estate agent out of Eden Prairie (a suburb in Minneapolis), said he recently concluded a streak of 13 consecutive bidding battles over homes that his clients wanted to buy. All of which sold above the asking price.
Niece said, “I just had a home that wasn’t supposed to go on the market for two weeks sold before it even went on the market.” “It’s definitely a lot different than what we saw during the last few summers.”
Although the pace of recovery will most likely slow. It’s probable the prices of many homes will continue to decline.
Millions of people remain in debt, owing more on there homes that the house is worth and unable to sell. Many families are facing forclosure. Economic recovery is still fragile, and could easily reverse the upstick in housing prices.
About six years after the housing market began its longest and deepest slide since The Great Depression, a growing number of experts and people who have put money into housing believe that the end is here.
Ronnie Morgan, a San Diego real estate professional said, “Our sense is that the market is recovering, and we’re extremely confident that it’s not going to get worse.” Ronnie recently created a $10 million partnership to purchase foreclosed homes. Alagra Real Estate funds, has already bought about 20 homes in suburban areas, most of which are planned to be held as rentals.
Information in this article was pulled form the New York Times website, read full article at:
www.nytimes.com/2012/06/28/business/economy/new-indications-housing -recovery-is-under-way.html
Tags: Good news for the housing market
Posted in Buy a House, Homes, Homes for Sale, Housing Market, Real Estate, Real Estate Market, Uncategorized | No Comments »
Thursday, July 21st, 2011
By: Krista Franks of dsnews.com
The Helping Responsible Homeowners Act (S. 170), which aims to help underwater homeowners refinance their loans at historically low interest rates, is gaining support.
Sen. Barbara Boxer (D-California) says her bill, which was introduced in January, is now being co-sponsored by Sen. Johnny Isakson (R-Georgia) who previously ran one of the largest independent real estate brokerages in the country.
The Helping Responsible Homeowners Act would eliminate current barriers blocking millions of non-delinquent homeowners from refinancing their mortgages at historically low interest rates.
The refinancing options Fannie Mae and Freddie Mac currently offer these homeowners come with high, up-front, risk-based fees – up to two percent of the loan amount – making them largely unpopular.
The proposed legislation would eliminate these fees for loans for which Fannie Mae and Freddie Mac already bear the risk.
The bill also aims to remove refinancing limits on underwater mortgages and allow these homeowners to receive interest rates comparable to other borrowers.
While mortgage rates remain historically low – below 5 percent – more than 8 million homeowners with loans guaranteed by Fannie and Freddie maintain rates at or above 6 percent.
Several industry groups and professionals have also endorsed the bill, including the National Association of Mortgage Brokers, the National Consumer Law Center, the California Association of Realtors, the California Association of Mortgage Professionals William Gross, managing director and co-CIO of PIMCO, and housing economist Thomas Lawler.
“The time to help struggling homeowners is now – while interest rates remain at near-historic lows,” Boxer said in a press conference call.
“This legislation would help millions of responsible homeowners who are making their payments, but are still struggling to make ends meet,” she continued. By helping these homeowners refinance at lower rates, we will put thousands of dollars back in the pockets of families and strengthen our economy.”
Ronald Phipps, president of the National Association of Realtors also spoke in strong support of the bill. Mark Zandi, chief economist at Moody’s Analytics was also on the press conference call.
Tags: Homeowners, Housing Market, Kingman Housing Market, Kingman Real Estate Market, Mortgages, Real Estate Market
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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 Areas – Conforming 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% |
Tags: Buy a Home, Financing, First Time Home Buyer, Foreclosures, Housing Market in Kingman AZ, Mortgage Rates, Mortgage Rates in Kingman, Real Estate Market, Real Estate Market in Kingman AZ
Posted in Buy a House, Financing, First Time Home Buyers, Homes, Homes for Sale, Housing Market, Mortgages, Property, Real Estate, Real Estate Market | No Comments »
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
Tags: Buy a Home, Financing, First Time Home Buyer, Housing Market, Housing Market in Kingman AZ, Kingman Real Estate Market, Real Estate Market
Posted in Buy a House, Financing, First Time Home Buyers, Homes, Homes for Sale, Housing Market, Mortgages, Property, Real Estate, Real Estate Market | No Comments »
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/
Tags: Buy a Home, Buy a Home in Kingman, Financing, First Time Home Buyer, Housing Market, Housing Market in Kingman AZ, Real Estate Market
Posted in Buy a House, Financing, First Time Home Buyers, Homes, Homes for Sale, Housing Market, Mortgages, Property, Real Estate, Real Estate Market | No Comments »
Monday, May 16th, 2011
Posted in Buy a House, Financing, First Time Home Buyers, Homes, Homes for Sale, Housing Market, Mortgages, Property, Real Estate, Real Estate Market | No Comments »
Wednesday, May 11th, 2011
Tags: Buy a House, Financing, Mortgage Rates in Kingman, Pre-Qualified
Posted in Buy a House, Financing, First Time Home Buyers, Homes, Homes for Sale, Housing Market, Mortgages, Property, Property Investment, Real Estate, Real Estate Market, Relocation | No Comments »
Wednesday, May 4th, 2011
Today’s Rates
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.
Tags: Buy a Home in Kingman, Financing, Kingman Mortgage Rates, Mortgage Rates, Pre-Qualified
Posted in Buy a House, Financing, First Time Home Buyers, Foreclosures, Homes, Homes for Sale, Housing Market, Mortgages, Property Investment, Real Estate, Real Estate Market | No Comments »
Thursday, January 6th, 2011
The Pending Home Sales Index
Lawrence Yun, NAR chief economist, said historically high housing affordability is boosting sales activity. “In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market,” he said.
The PHSI in the West the index jumped 18.2 percent to 123.3 and is 0.4 percent above a year ago.
“If we add 2 million jobs as expected in 2011, and mortgage rates rise only moderately, we should see existing-home sales rise to a higher, sustainable volume,” Yun said.
For perspective, Yun said that the U.S. has added 27 million people over the past 10 years. “However, the number of jobs is roughly the same as it was in 2000 when existing-home sales totaled 5.2 million.
“All the indicator trends are pointing to a gradual housing recovery,” Yun said.
Existing-home sales are projected to rise about 8 percent to 5.2 million in 2011 from 4.8 million in 2010, with an additional gain of 4 percent in 2012.
~ Original Article Written by: Walter Molony
Tags: Buy a Home, Housing Market, Kingman Real Estate, Market Trends, Real Estaet Market, Real Estate News
Posted in Buy a House, Financing, First Time Home Buyers, Homes, Homes for Sale, Mortgages, Property, Property Investment, Real Estate, Real Estate Market | No Comments »
