Wednesday, October 10, 2007

NAR: Mortgage Conditions Bode Well for Housing

As reported in REALTOR Magazine OnLine's Daily Real Estate News on October 10, 2007. Conditions in the mortgage market are improving for consumers, which should help to release some pent-up demand in early 2008, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.

Lawrence Yun, NAR vice president of research, notes that widening credit availability will help turn around home sales. “Conforming loans are abundantly available at historically favorable mortgage rates. Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing subprime mortgages,” he said.

Yun said it’s important to place the current housing market in perspective, Read More

REALTOR Magazine OnLine's Daily Real Estate News on October 10, 2007 also reported:

Mortgage Applications Rise Despite Higher Rates

Mortgage applications rose last week after falling for three weeks, according to the Mortgage Bankers Association weekly survey.

The Market Composite Index, a measure of mortgage loan application volume, was 652.0, an increase of 2.4 percent on a seasonally adjusted basis from 636.7 the previous week. On an unadjusted basis, the index increased 2.4 percent compared with the previous week and was up 8.6 percent compared with the same week last year.

The refinance share of mortgage activity increased to 46.2 percent of total applications, while the adjustable-rate mortgage share continued to decline to 13.6 percent of total applications.

Overall, average mortgage rates increased:
30-year fixed-rate mortgages increased to 6.40 percent from 6.32 percent
15-year fixed-rate mortgages increased to 6.03 from 5.95 percent
1-year ARMs decreased to 6.15 from 6.21 percent

Source: Mortgage Bankers Association (10/10/2007)

Pat Ogle and The Annapolishomes4You Team
Champion Realty, Inc
410-224-0660
http://www.annapolishomes4you.com/
PatOgle@AnnapolisHomes4You.com

Your dedicated Real Estate Professionals in Annapolis Maryland , Anne Arundel County, the Maryland Eastern Shore, and the surrounding areas in Maryland. We specialize in Annapolis Relocation, Annapolis Real Estate, Anne Arundel County Real Estate, Arnold Real Estate, Severna Park Real Estate, and Edgewater Real Estate. We specialize in Annapolis Waterfront Real Estate, Arnold Waterfront Real Estate and Severna Park Waterfront Real Estate.

Tuesday, October 9, 2007

10 Cities Where It's a Great Time to Buy

Found this artlice at the REALTOR Magazine Online

Daily Real Estate News October 9, 2007

10 Cities Where It's a Great Time to Buy

The real estate business may be facing a softening in sales, but there are parts of the country where it makes sense to buy now. Forbes magazine examined current home sales patterns and sales projects in the country’s 40 largest real estate markets to identify these attractive markets.Based on models that estimated 2008 housing inventory, sales rates, and turnover, the magazine compiled a list of markets that are experiencing price declines, but where buying looks attractive because there is likely to be an increase in sales in the near future.Here are Forbes’ and Moody’s 10 most attractive markets, along with the median homes sales price and their price change from 2006.

Fort Worth, Texas: $156,500, 1.7 percent
Kansas City, Mo.: $157,700, -0.7 percent
Houston: $154,900, 1.4 percent
Cleveland: $128,700, -7.1 percent
Denver: $255,200, none
Long Island, N.Y.: $482,300, 1.7 percent

Washington, D.C.: $445,300, 0.3 percent

Orlando, Fla.: $265,100, -2.4 percent
Phoenix: $264,800, -2.7 percent
Las Vegas: $307,900, -3.6 percent

Source: Forbes, Matt Woolsey (10/08/07)

Pat Ogle and The Annapolishomes4You Team
Champion Realty, Inc
410-224-0660
http://www.annapolishomes4you.com/
PatOgle@AnnapolisHomes4You.com

Your dedicated Real Estate Professionals in Annapolis Maryland , Anne Arundel County, the Maryland Eastern Shore, and the surrounding areas in Maryland. We specialize in Annapolis Relocation, Annapolis Real Estate, Anne Arundel County Real Estate, Arnold Real Estate, Severna Park Real Estate, and Edgewater Real Estate. We specialize in Annapolis Waterfront Real Estate, Arnold Waterfront Real Estate and Severna Park Waterfront Real Estate.