As usual the two monthly reports on home sales -existing homes and newly constructed houses – were issued in lockstep onWednesday and Thursday and while one was loudly proclaimed as an indicator that things were still getting worse, the second contained agerm of hope.
Lawrence Yun, NAR chief economists pointed out that when many of the sales that closed in October were being negotiated themortgage problems arising out of the sub prime situation were peaking. “We continue to see the biggest impact in high-cost markets that rely on jumbo loans…
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The U.S. Census Bureau and the Department of Housing and Urban Development announced today that sales of new, single-family homes in October increased 1.7 percent compared to September’s numbers.
The National Association of Realtors announced today that total existing home sales – including single-family, townhomes, condominiums and co-ops – decreased 1.2 percent in October when compared to the previous month’s sales.
The average interest rate on a 30-year U.S. mortgage with no upfront points fell to 6.0 percent on Monday, the first time since late 2005 that its been at that level. In addition, 15-year fixed rate mortgages can now be obtained at rates not seen since early 2006.
After three consecutive months of decline, the U.S. Census Bureau and the Department of Housing and Urban Development surprised many, announcing housing starts moved higher in October.
There seems to be a crossroads that many homeowners reach after being in a home a few years: should you refinance your current home or buy a new one?
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