McLEAN, Va. (AP) — Rates on 30-year fixed mortgages fell slightly this week, dipping below 5%, the mortgage financier Freddie Mac said Thursday.
The average rate on a 30-year fixed mortgage was 4.97% this week, down from an average of 5.01% last week. Last year at this time, the rate for a 30-year fixed mortgage averaged 5.16%, Freddie Mac said.
RELATED: January foreclosures up 15% from year ago; surge on way?
Rates fell to a record low of 4.71% in early December. They have held around 5% thanks to a Federal Reserve program to pump $1.25 trillion into mortgage-backed securities to try to keep rates low and make home buying more affordable. That program is set to end March 31.
Low rates also can spur refinancing activity. More than two out of three mortgage applications were for refinance transactions over the first six weeks of this year, according to the Mortgage Bankers Association.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds.
The average rate on 15-year fixed-rate mortgages fell to 4.34% from 4.40% last week, according to Freddie Mac.
Rates on five-year, adjustable-rate mortgages averaged 4.19%, down from 4.27% a week earlier. Rates on one-year, adjustable-rate mortgages rose to 4.33% from 4.22%.
The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 point for 30-year mortgages. It averaged 0.6 point for 15-year, five-year and one-year loans.
Wednesday, February 17, 2010
Monday, February 1, 2010
My first posting of a blog.
Blog. What's a Blog?? As I began to type I wonder how I am going to sell any homes and keep up with Technology at the same time! Good thing I have several Gen Y's on the Schauble team that can guide me in the the next century! I am so excited to start
this process of blogging...I will keep you posted as I go! Christine
this process of blogging...I will keep you posted as I go! Christine
Friday, January 29, 2010
Realtors® Partner with National Community Stabilization Trust to Revitalize Neighborhoods Wracked by Foreclosures
Washington, January 26, 2010
The National Association of Realtors® has joined forces with the National Community Stabilization Trust to help rebuild American communities devastated by the foreclosure crisis.
The collaboration will bring Realtors and the more than 1,400 state and local Realtor® associations into a side-by-side relationship with leading national nonprofits, as well as with state and local leaders, to develop comprehensive and targeted plans to rebuild communities. The partnership was made possible by the new federal Neighborhood Stabilization Program, which provides $6 billion to reclaim neighborhoods wracked by high levels of foreclosed and abandoned property, property disinvestment, extremely low prices and low resident confidence.
“Realtors® build communities and have the market expertise and property transaction tools to help local housing organizations understand local market conditions and how to put foreclosed houses back into the hands of stable homeowners,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “Working in this partnership with NCST gives Realtors® a seat at the community table to perform a leadership role in restoring vitality to communities across this great nation.”
“Neighborhoods across America have been decimated by high concentrations of abandoned and foreclosed homes. To reverse neighborhood decline, we need the Realtor® community working hand in hand with other housing providers,” said Craig Nickerson, president of NCST. “This ambitious new campaign will harness the unique abilities of Realtors® to remarket newly renovated homes and to rebrand the tarnished image of hard-hit neighborhoods.”
Through a nationwide network of state and local associations, Realtors® have been engaged in foreclosure prevention efforts since early 2009 as part of the NAR’s Foreclosure Prevention & Response Program.
“The outstanding leadership of many state and local Realtor® associations over the past year to become active participants in community problem-solving has proven that Realtors® are a valuable local community partner,” said Golder.
She cited strong efforts by the leadership in the Chicago Association of Realtors®, the North Metro Realtors® (Minn.) Association and the Realtor® Association of Great Fort Lauderdale (Fla.) as examples of Realtors® working through NSP to revitalize neighborhoods.
While NAR and the NCST will be working nationwide on this new initiative, a focus will be placed on enhancing capacity in states experiencing the highest levels of foreclosure and abandonment.
Beginning January 27, NAR will initiate contact with targeted state associations, based on severity of foreclosure problems. In addition, NAR will provide in-depth training and education materials developed and provided by NCST on www.realtor.org/foreclosure.
The National Community Stabilization Trust is a nonprofit organization that facilitates the transfer of foreclosed and abandoned properties from financial institutions nationwide to local housing organizations, and provides access to financing in order to promote productive property reuse and neighborhood stability. In collaboration with state and local governments, the Stabilization Trust builds local capacity to effectively acquire, manage, rehab and sell foreclosed property to ensure homeownership and rental housing are available to low- and moderate-income families. Visit www.stabilizationtrust.com to learn more about the National Community Stabilization Trust.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate
The National Association of Realtors® has joined forces with the National Community Stabilization Trust to help rebuild American communities devastated by the foreclosure crisis.
The collaboration will bring Realtors and the more than 1,400 state and local Realtor® associations into a side-by-side relationship with leading national nonprofits, as well as with state and local leaders, to develop comprehensive and targeted plans to rebuild communities. The partnership was made possible by the new federal Neighborhood Stabilization Program, which provides $6 billion to reclaim neighborhoods wracked by high levels of foreclosed and abandoned property, property disinvestment, extremely low prices and low resident confidence.
“Realtors® build communities and have the market expertise and property transaction tools to help local housing organizations understand local market conditions and how to put foreclosed houses back into the hands of stable homeowners,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “Working in this partnership with NCST gives Realtors® a seat at the community table to perform a leadership role in restoring vitality to communities across this great nation.”
“Neighborhoods across America have been decimated by high concentrations of abandoned and foreclosed homes. To reverse neighborhood decline, we need the Realtor® community working hand in hand with other housing providers,” said Craig Nickerson, president of NCST. “This ambitious new campaign will harness the unique abilities of Realtors® to remarket newly renovated homes and to rebrand the tarnished image of hard-hit neighborhoods.”
Through a nationwide network of state and local associations, Realtors® have been engaged in foreclosure prevention efforts since early 2009 as part of the NAR’s Foreclosure Prevention & Response Program.
“The outstanding leadership of many state and local Realtor® associations over the past year to become active participants in community problem-solving has proven that Realtors® are a valuable local community partner,” said Golder.
She cited strong efforts by the leadership in the Chicago Association of Realtors®, the North Metro Realtors® (Minn.) Association and the Realtor® Association of Great Fort Lauderdale (Fla.) as examples of Realtors® working through NSP to revitalize neighborhoods.
While NAR and the NCST will be working nationwide on this new initiative, a focus will be placed on enhancing capacity in states experiencing the highest levels of foreclosure and abandonment.
Beginning January 27, NAR will initiate contact with targeted state associations, based on severity of foreclosure problems. In addition, NAR will provide in-depth training and education materials developed and provided by NCST on www.realtor.org/foreclosure.
The National Community Stabilization Trust is a nonprofit organization that facilitates the transfer of foreclosed and abandoned properties from financial institutions nationwide to local housing organizations, and provides access to financing in order to promote productive property reuse and neighborhood stability. In collaboration with state and local governments, the Stabilization Trust builds local capacity to effectively acquire, manage, rehab and sell foreclosed property to ensure homeownership and rental housing are available to low- and moderate-income families. Visit www.stabilizationtrust.com to learn more about the National Community Stabilization Trust.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate
Wednesday, January 27, 2010
4 Out of 10 Buyer's Rely on FHA Loans
According to the most recent Realtors® Confidence Index, 39 percent of recent buyers purchased a home with a Federal Housing Administration-insured loan. Realtors® who took part in the November survey also reported that the number of first-time home buyers continued to climb to 51 percent.
“FHA helps provide affordable mortgage financing to homeowners, particularly first-time home buyers who are so important in drawing down inventory to help stabilize the current housing market,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “These recent survey results reaffirm that, despite its current challenges, FHA is a critical part of the American housing fabric.”
The RCI results also indicated that distressed sales increased to 33 percent of all home sales last month, and that both investors and first-time home buyers are competing for these properties. The preponderance of distressed properties on the market has also influenced buyers’ perceptions of other homes for sale. Realtors® report that many buyers have pricing expectations that treat every property as if it were in foreclosure.
In addition, Realtors® expressed ongoing concerns with the impact of the Home Valuation Code of Conduct on recent appraisals. According to some survey respondents, inexperienced or out-of-area appraisers continue to rely heavily on sales prices of distressed properties, even when other comps are available.
“As the first, best source for real estate information, Realtors® have their finger on the pulse of current housing trends, and their knowledge and experience offer valuable insights into today’s real estate market,” said Golder. “We know that an economic recovery is not possible without a housing recovery, and we will continue to work with policymakers at all levels to ensure that this happens.”
The RCI is a key indicator of housing market strength based on a monthly survey of more than 50,000 Realtors®; in a typical month there are more than 3,000 usable responses. Participants are asked about their expectations for the demand for homes, price of homes, and other economic conditions.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
“FHA helps provide affordable mortgage financing to homeowners, particularly first-time home buyers who are so important in drawing down inventory to help stabilize the current housing market,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “These recent survey results reaffirm that, despite its current challenges, FHA is a critical part of the American housing fabric.”
The RCI results also indicated that distressed sales increased to 33 percent of all home sales last month, and that both investors and first-time home buyers are competing for these properties. The preponderance of distressed properties on the market has also influenced buyers’ perceptions of other homes for sale. Realtors® report that many buyers have pricing expectations that treat every property as if it were in foreclosure.
In addition, Realtors® expressed ongoing concerns with the impact of the Home Valuation Code of Conduct on recent appraisals. According to some survey respondents, inexperienced or out-of-area appraisers continue to rely heavily on sales prices of distressed properties, even when other comps are available.
“As the first, best source for real estate information, Realtors® have their finger on the pulse of current housing trends, and their knowledge and experience offer valuable insights into today’s real estate market,” said Golder. “We know that an economic recovery is not possible without a housing recovery, and we will continue to work with policymakers at all levels to ensure that this happens.”
The RCI is a key indicator of housing market strength based on a monthly survey of more than 50,000 Realtors®; in a typical month there are more than 3,000 usable responses. Participants are asked about their expectations for the demand for homes, price of homes, and other economic conditions.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Tuesday, January 26, 2010
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