According to a report from the Mortgage Banker’s Association, mortgage applications rose 17% last week, as consumers took advantage of low interest rates. Although refinancing loans dominated demand, applications for home loans hit their highest level since early January. A 30-year fixed-rate mortgage averaged 5.02%, down .13% from the previous week, but rates were still [...]
The deadline to take advantage of the first-time homebuyer tax credit is quickly approaching, but the good news is, there are proposed bills in Congress designed to extend the incentive. The measure would increase the tax credit limit from $8,000 to $15,000 and eliminate income caps. In addition to the tax credit’s perks, observers in the [...]
Last week we heard good news that existing home sales were up 7.2% from last month and up 5% from a year ago- this week there is more good news on the housing front. A new government report shows that new-home sales rose by nearly 10% in July. And although sales were still 13.4% below [...]
Some good news on the housing front- figures released today show that home prices posted their first quarterly increase in 3 years. Although prices are still down almost 15% from last year’s second quarter, they are up 3% from the first quarter- a sign that the housing slump is easing.
As the $8,000 first-time home buyer tax credit nears its deadline, intense lobbying campaigns are heating up and urging Congress to extend, or even broaden the incentive. In order for buyers to take advantage of the tax credit, their home purchase must close by November 30th, which doesn’t leave much leeway for shoppers who haven’t [...]
Record high unemployment rates and pay cuts are plaguing the savings accounts of many Americans, so monthly rent payments that used to be a simple expense are now a struggle to afford. At the same time, landlords are having problems renting out their properties and according to a survey by Rent.com, 45% of landlords reported [...]
Some good news on the housing front- according to a Reuter’s poll, sales of existing homes likely rose to their highest level in 10 months last month. First-time homebuyers rushed to take advantage of the $8,000 tax credit, which is set to end in November, and relatively low mortgage rates added to the steadily improving [...]
Mortgage applications rose last week by 5.6%, as lower borrowing costs attracted more consumers to refinance and purchase homes. Lower rates are helping entice more buyers who can get credit, but still, a rebound may be slow to materialize as prices are cut further and the number of homes on the market exceeds demand. Richard [...]
New numbers released by the Commerce Department indicate that the housing market still has a rocky and gradual recovery ahead- housing starts in July were 38% below the same month last year. New construction missed expectations falling 1% in July to a seasonally adjusted annual rate of 581,000 units. Construction of apartment buildings dropped 13%, [...]
As the November 30th deadline nears, consumers are scrambling to buy their first home and take advantage of the first-time home buyer credit. Many are unaware of the program’s end- qualified borrowers need to have home offers accepted by the end of September to give lenders enough time to close the deal before the tax [...]
