by Jim Crowder | May 5, 2011 | HOUSING MARKET
Freddie Mac’s April Economic Outlook forecasts a boost in sales activity in the second quarter of 2011. After a slow winter, home sales will rebound due to the traditional seasonal uptick, low mortgage rates, and prices below their peak. Homebuyer affordability...
by Jim Crowder | May 4, 2011 | HOUSING MARKET
According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell for the third straight week, dropping to 4.76 percent from 4.80 percent the week before. The drop in rates fueled...
by Jim Crowder | May 3, 2011 | HOUSING MARKET
As the job market recovers, young adults are moving out on their own and creating new households, which has driven the household formation rate to its fastest pace since 2007. Economists and industry experts are predicting the trend will lead to between 750,000 and 1...
by Jim Crowder | May 2, 2011 | HOUSING MARKET
The number of privately owned, vacated homes fell in the first quarter. The Department of Commerce’s Census Bureau reports that the national homeowner vacancy rate was 2.6 during the first three months of 2011, down from 2.7 percent in the previous quarter and...
by Jim Crowder | Apr 29, 2011 | HOUSING MARKET
Buyers in today’s market can expect to pay about 17 percent of their gross monthly income on their mortgage. The average, since 1975, has been 25 percent and at times, such as the early 1980s, mortgage payments were as much as 45 percent of gross income....
by Jim Crowder | Apr 28, 2011 | HOUSING MARKET
The National Association of Realtors’ Pending Home Sales Index rose 5.1 percent in March, the sixth increase in the past nine months. The Index is a forward-looking indicator that tracks contract signings but not closings. Lawrence Yun, NAR’s chief...
