Rates on long-term home mortgages are lower than short-term home loans, according to Freddie Mac's weekly survey.
"Interest rates for one-year ARMs exceeded those for 30-year fixed-rate mortgages over the last two weeks; this is the first time this has happened since Freddie Mac began collecting data for ARMs in January 1984," said Frank Nothaft, Freddie Mac chief economist.
The 30-year fixed-rate mortgage averaged 4.80% for the week ended Thursday, down from 4.82% last week and 6.03% a year ago.
Fifteen-year fixed-rate mortgages averaged 4.48%, unchanged from last week's low, and down from 5.62% a year ago.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.85%, down from 4.88% last week and 5.68% a year ago. One-year Treasury-indexed ARMs averaged 4.82%, down from 4.91% last week and 5.29% a year ago. (Printed in The Wall Street Journal, page C9)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on http://www.roxanagreenman.com/ for your area of interest including Newport Coast Real Estate, Newport Beach, Corona Del Mar, and Irvine Real Estate.
Thursday, April 30, 2009
Wednesday, April 29, 2009
Home Sales Jump!
Home sales jumped 65.6 percent in the Los Angeles area in March, compared to the same period a year ago, while the median home price fell 31.9 percent, according to figures released today.
The median price of an existing single-family home in Los Angeles was $295,100 in March, compared to $308,540 the previous month and $433,400 last year, according to the California Association of Realtors.
In Orange County, home sales increased 47.4 percent in March, compared to the same month last year, while the median home price was $444,520, down 24.9 percent from $592,100 in March 2008.
Home sales increased 63.8 percent in March in California, compared with the same period a year ago, while the median price of an existing home declined 39 percent, according to CAR's report.
"The March sales figure of 522,980 homes indicates that the market continues to be very active," said CAR President James Liptak. "All of the regions in the state experienced increases in month-to-month raw sales, with the smallest gain in the Sacramento region at 9.7 percent and the largest gain in the Riverside/San Bernardino region at 32.2 percent."
The median price of an existing, single-family detached home in California in March was $253,040, compared to $247,590 the previous month and $414,520 in March of last year, according to CAR.
"The statewide median price showed the first monthly increase since August 2007, and has remained in the $250,000 range over the past three months," said CAR Chief Economist Leslie Appleton-Young. "A number of regions around the state also have registered monthly gains for one or more months since the beginning of this year. While these are welcome signs, it remains to be seen whether home prices have stabilized."
Statewide, the 10 cities with the highest median home prices in California during March were:
-- Santa Monica, $755,000;
-- Danville, $738,500;
-- Santa Barbara, $735,000;
-- Mountain View, $700,000;
-- Redondo Beach, $630,000;
-- San Ramon, $621,000;
-- San Clemente, $620,000;
-- San Francisco, $617,000;
-- Santa Cruz, $610,000; and
-- Yorba Linda, $561,500.
The cities with the greatest median home price increases in March compared with the same period a year ago were Lemon Grove, 18.6 percent, and Rancho Santa Margarita, 3.1 percent.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast, Newport Beach, Corona Del Mar, and Irvine.
The median price of an existing single-family home in Los Angeles was $295,100 in March, compared to $308,540 the previous month and $433,400 last year, according to the California Association of Realtors.
In Orange County, home sales increased 47.4 percent in March, compared to the same month last year, while the median home price was $444,520, down 24.9 percent from $592,100 in March 2008.
Home sales increased 63.8 percent in March in California, compared with the same period a year ago, while the median price of an existing home declined 39 percent, according to CAR's report.
"The March sales figure of 522,980 homes indicates that the market continues to be very active," said CAR President James Liptak. "All of the regions in the state experienced increases in month-to-month raw sales, with the smallest gain in the Sacramento region at 9.7 percent and the largest gain in the Riverside/San Bernardino region at 32.2 percent."
The median price of an existing, single-family detached home in California in March was $253,040, compared to $247,590 the previous month and $414,520 in March of last year, according to CAR.
"The statewide median price showed the first monthly increase since August 2007, and has remained in the $250,000 range over the past three months," said CAR Chief Economist Leslie Appleton-Young. "A number of regions around the state also have registered monthly gains for one or more months since the beginning of this year. While these are welcome signs, it remains to be seen whether home prices have stabilized."
Statewide, the 10 cities with the highest median home prices in California during March were:
-- Santa Monica, $755,000;
-- Danville, $738,500;
-- Santa Barbara, $735,000;
-- Mountain View, $700,000;
-- Redondo Beach, $630,000;
-- San Ramon, $621,000;
-- San Clemente, $620,000;
-- San Francisco, $617,000;
-- Santa Cruz, $610,000; and
-- Yorba Linda, $561,500.
The cities with the greatest median home price increases in March compared with the same period a year ago were Lemon Grove, 18.6 percent, and Rancho Santa Margarita, 3.1 percent.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast, Newport Beach, Corona Del Mar, and Irvine.
Tuesday, April 28, 2009
Housing Analysts Predict the Bottom Is Near
The bottom of the housing decline is near, predicted analysts and home builders attending the National Association of Home Builders’ semiannual Construction Forecast Conference last week.Mark Zandi, chief economist of Moody’s Economy.com, facetiously picked a date when home prices would stop falling: Dec. 15, 2009. Other observers weren’t so precise, but they did generally agree that the federal government’s efforts to shore up the market would take effect by the end of 2009 or early in 2010.Analysts also predicted that consumers will spend less on remodeling. Eric Belsky, executive director at Harvard University’s Joint Center for Housing Studies, predicted that spending on remodeling would fall 12.3 percent by the end of this year compared to last.Analysts project that the credit crisis will loosen, although people with blemished credit records may continue to have trouble getting mortgage loans.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast, Newport Beach, Corona Del Mar, and Irvine.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast, Newport Beach, Corona Del Mar, and Irvine.
US to offer Incentives to Modify Seconds
The Obama administration is announcing incentives today for mortgages servicers to modify home equity loans and other second mortgages.Servicers must agree to modify second mortgages when the first mortgage has been modified. They must extend the term of the second mortgage and match the rate of the first mortgage. Then the government will share the cost with the servicer of cutting the rate to 1 percent for amortizing loans and 2 percent for interest-only loans. Under the program, the government will pay mortgage servicers $500 upfront and $250 a year for three years for the modifications. Borrowers will receive payments of up to $250 a year for five years if they stay current on the modified loan.There will also be a schedule of incentives for holders of second liens to drop their claims altogether. The Department of Housing and Urban Development and Treasury will make the announcement jointly.Bank of America, Wells Fargo, and JPMorgan Chase have already agreed to participate in the program.A separate announcement will include changes to the Hope for Homeowners program, which helps homeowners refinance into more affordable government-backed loans. To get this program moving, the administration is announcing a $2,500 upfront payment to servicers. Lenders will receive $1,000 a year for three years if the loan stays current.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on http://www.roxanagreenman.com/ for your area of interest including Newport Coast, Newport Beach, Corona Del Mar, and Irvine.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on http://www.roxanagreenman.com/ for your area of interest including Newport Coast, Newport Beach, Corona Del Mar, and Irvine.
Monday, April 27, 2009
Have New-Home Sales Found the Floor?
It looks like sales of new homes have finally bottomed out. The Commerce Department reported Friday that after hitting a record low in January — 74 percent lower than they were in July 2005 — new home sales rose in February and were flat in March. "We believe that the bottom is at hand and that sales will begin turning in the second half of this year," writes IHS Global Insight economist Patrick Newport. "As previous recessions show, demand for new homes does not evaporate altogether, even in the hardest of times."Median sales prices are still falling, down 12 percent in March compared to the same month the previous year. Analysts say they are likely to remain low until inventory is sold off.Source:
The Associated Press, Alan Zibel (04/24/2009)
However, DataQuick’s March report shows Orange County’s median home-selling price up $10,000, or 2.7%, in a month to $385,000. It was the second consecutive monthly price gain
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for Newport Coast, Corona Ddel Mar, Newport Beach, or your favorite area in OC.
The Associated Press, Alan Zibel (04/24/2009)
However, DataQuick’s March report shows Orange County’s median home-selling price up $10,000, or 2.7%, in a month to $385,000. It was the second consecutive monthly price gain
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for Newport Coast, Corona Ddel Mar, Newport Beach, or your favorite area in OC.
Monday, April 20, 2009
Fed Officials: The Worst is Over
The worst of the economic crisis is over, according to U.S. officials speaking at a financial conference Friday at Vanderbilt University.
Frank Nothaft, the chief economist for Freddie Mac, said housing sales have just about hit bottom and a third of home sales are now foreclosed properties.
Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, warned that the declining commercial real estate market still poses a risk to the economy.
New York Fed chief William Dudley complained that the programs the government has put in place are being undermined by public perception that they are unfair to average taxpayers and that has made some potential investors fearful that they would be the focus of public outrage if they profit from the programs."It is worth emphasizing (that) actions that lead investors to shun taking risk, especially in this environment, are ultimately detrimental to the ability of households and businesses to secure credit at reasonable borrowing rates,"
Dudley said.Source: Reuters News, Ros Krasny and Kristina Cooke (04/18/2009)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com. This is even true to some extent in in Newport Coast and Newport Beach real estate.
Frank Nothaft, the chief economist for Freddie Mac, said housing sales have just about hit bottom and a third of home sales are now foreclosed properties.
Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, warned that the declining commercial real estate market still poses a risk to the economy.
New York Fed chief William Dudley complained that the programs the government has put in place are being undermined by public perception that they are unfair to average taxpayers and that has made some potential investors fearful that they would be the focus of public outrage if they profit from the programs."It is worth emphasizing (that) actions that lead investors to shun taking risk, especially in this environment, are ultimately detrimental to the ability of households and businesses to secure credit at reasonable borrowing rates,"
Dudley said.Source: Reuters News, Ros Krasny and Kristina Cooke (04/18/2009)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com. This is even true to some extent in in Newport Coast and Newport Beach real estate.
Friday, April 17, 2009
Market Commentary
Looks like Market is improving for Newport Beach, Newport Coast Area Real Estate.
Last week we discussed expanding loan guidelines and parameters for jumbo loans, which I believe is a good sign because it indicates banks are becoming more comfortable with the state of the market. Corporate earnings reporting is in full swing right now and surprise, surprise… large companies such as JP Morgan Chase, Wells Fargo, Google, and conglomerate GE are reporting better than expected earnings. While we are not out of the thick of it yet, it is very encouraging to me to see companies from different sector of the economy doing well despite the current economic environment.
The New York Federal Reserve Bank reported that they purchased nearly $21.7 Billion in mortgage backed securities, mostly in the 4-6% range. It is important for us to remind our clients that unless the Fed starts buying 3.0% and 3.5% mortgage bonds, rates will not improve further. The Fed has given no indication they are going to buy 30 year fixed coupons in the 3.0% - 3.5% range and I personally do not see them doing this, thus now is probably the most opportune time to lock a 30 year fixed rate mortgage. Additionally, interest rates really have no where to go but up.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
Last week we discussed expanding loan guidelines and parameters for jumbo loans, which I believe is a good sign because it indicates banks are becoming more comfortable with the state of the market. Corporate earnings reporting is in full swing right now and surprise, surprise… large companies such as JP Morgan Chase, Wells Fargo, Google, and conglomerate GE are reporting better than expected earnings. While we are not out of the thick of it yet, it is very encouraging to me to see companies from different sector of the economy doing well despite the current economic environment.
The New York Federal Reserve Bank reported that they purchased nearly $21.7 Billion in mortgage backed securities, mostly in the 4-6% range. It is important for us to remind our clients that unless the Fed starts buying 3.0% and 3.5% mortgage bonds, rates will not improve further. The Fed has given no indication they are going to buy 30 year fixed coupons in the 3.0% - 3.5% range and I personally do not see them doing this, thus now is probably the most opportune time to lock a 30 year fixed rate mortgage. Additionally, interest rates really have no where to go but up.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
Thursday, April 16, 2009
Foreclosures are up!
Foreclosures Jump as Moratorium Ends Foreclosures jumped 46 percent in March compared to a year earlier and were up 17 percent compared to February with more than 340,000 properties affected nationwide, according to foreclosure marketer RealtyTrac.Nearly 804,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier, RealtyTrac says.Many lenders and servers had put a moratorium on foreclosures, waiting for the details of the Obama administration’s foreclosure plan. But now they are back with a vengeance. The end of the moratorium is also driving an increase in the availability of REO properties, according to RealtyTrac.Nevada, Arizona and California had the nation’s highest foreclosure rate. Other states in the top 10 in the first quarter were Florida, Illinois, Michigan, Georgia, Idaho, Utah and Oregon.States with the highest number of actual foreclosures, 60 percent of the total, were California, Florida, Arizona, Nevada and Illinois. Rounding out the top 10 were Michigan, Ohio, Georgia, Texas and Virginia.One in every 159 homes nationwide was at some stage of foreclosure, according to RealtyTrac.Source: RealtyTrac (04/09/2009)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals in Newport Coast, Newport Beach, Corona Del Mar or your favorite city do a search on www.RoxanaGreenman.com
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals in Newport Coast, Newport Beach, Corona Del Mar or your favorite city do a search on www.RoxanaGreenman.com
Thursday, April 9, 2009
Pending home sales increased in February
Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January, but is 1.4 percent below February 2008 when it was 83.3.
"Pending home sales have a way to go for there to be a meaningful increase, but recent increases in shopping activity are hopeful indicators that we’ll see additional sales gains,” said Lawrence Yun, NAR’s chief economist. “More buyers are getting into the market to take advantage of stimulus incentives and much-improved housing affordability conditions, but it will take a few months before we could see this turn up in measurable sales contract activity.”
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for Newport Beach, Newport Coast Real estate or your favorite area.
"Pending home sales have a way to go for there to be a meaningful increase, but recent increases in shopping activity are hopeful indicators that we’ll see additional sales gains,” said Lawrence Yun, NAR’s chief economist. “More buyers are getting into the market to take advantage of stimulus incentives and much-improved housing affordability conditions, but it will take a few months before we could see this turn up in measurable sales contract activity.”
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for Newport Beach, Newport Coast Real estate or your favorite area.
Wednesday, April 8, 2009
Mortgage Applications on Rise in Newport Beach and Newport Coast
Mortgage applications continued to rise as home owners took advantage of low rates to refinance and more buyers put their toes in the market, according to the Mortgage Bankers Association’s weekly survey.Mortgage application volume rose 4.7 percent last week on a seasonally adjusted basis to 1,250.6 from 1,194.4 the previous week. On an unadjusted basis, the index rose 4.9 percent. It was up 67.6 compared with the same week a year ago.The refinance share of mortgage activity declined slightly to 77.9 percent of total applications from 79.1 percent the previous week, while the seasonally adjusted purchase index increased 11.1 percent. Mortgage rates rose slightly, but fixed rates remained below 5 percent:
30-year fixed-rate mortgages increased to 4.73 percent from 4.61 percent.
15-year fixed-rate mortgages increased to 4.49 percent from 4.45 percent.
1-year ARMs increased to 6.23 percent from 6.20 percent.
Source: Mortgage Bankers Association (04/08/2009)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for newport Beach and Newport Coast real estate or your favorite location.
30-year fixed-rate mortgages increased to 4.73 percent from 4.61 percent.
15-year fixed-rate mortgages increased to 4.49 percent from 4.45 percent.
1-year ARMs increased to 6.23 percent from 6.20 percent.
Source: Mortgage Bankers Association (04/08/2009)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for newport Beach and Newport Coast real estate or your favorite location.
Friday, April 3, 2009
A Record Low for Mortgage Rates, Again
A Record Low for Mortgage Rates, Again
This is a great time refinance your current mortgage, buy an investment home, or trade up to get the house of your dreams in Newport beach, Newport Coast or Cornona del Mar. Take advantage of the record low mortgage rates to achieve your real estate dream.
Just one week after 30-year mortgage rates fell to a record low of 4.85 percent, the average dropped even further to 4.78 percent this week, Freddie Mac reported. Refinancing activity has picked up because of the low rates, and the Mortgage Bankers Association says approximately 80 percent of mortgage applications came from borrowers seeking to refinance.
Source: Boston Globe (04/03/09)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
This is a great time refinance your current mortgage, buy an investment home, or trade up to get the house of your dreams in Newport beach, Newport Coast or Cornona del Mar. Take advantage of the record low mortgage rates to achieve your real estate dream.
Just one week after 30-year mortgage rates fell to a record low of 4.85 percent, the average dropped even further to 4.78 percent this week, Freddie Mac reported. Refinancing activity has picked up because of the low rates, and the Mortgage Bankers Association says approximately 80 percent of mortgage applications came from borrowers seeking to refinance.
Source: Boston Globe (04/03/09)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
Thursday, April 2, 2009
Mortgage Protection for First home time buyers
More help for first home time buyers interested in buying in Newport Beach, Newport Coast, Corona Del Mar or any where in California. Good time to buy real estate ... see below.
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today launched the C.A.R. Housing Affordability Fund Mortgage Protection Program for first-time home buyers. Through the Housing Affordability Fund Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.’s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that as many as 3,000 families will benefit from the program this year.
To qualify for the Mortgage Protection Program, applicants must:
· Be a first-time home buyer – someone who has not owned a home in three or more years
· Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
· Use a California REALTOR® in the transaction
· Purchase the property in California
· Be a W-2 employee (cannot be self-employed)
To apply for the program please contact me!
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today launched the C.A.R. Housing Affordability Fund Mortgage Protection Program for first-time home buyers. Through the Housing Affordability Fund Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.’s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that as many as 3,000 families will benefit from the program this year.
To qualify for the Mortgage Protection Program, applicants must:
· Be a first-time home buyer – someone who has not owned a home in three or more years
· Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
· Use a California REALTOR® in the transaction
· Purchase the property in California
· Be a W-2 employee (cannot be self-employed)
To apply for the program please contact me!
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
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