Thursday, June 29, 2006

Feds raise rates for 17th straight time

As expected, the Federal Reserve Bank raised " its target for the federal funds rate by 25 basis points to 5-1/4 percent." Now what remains to be seen is what the Federal Reserve Bank will do in the future.

To read more: Federal Reserve Bank press release

Friday, June 16, 2006

Mortgage Rates Rise Slightly

This week Bankrate.com reports that "The benchmark 30-year fixed-rate mortgage rose 2 basis points to 6.71 percent...One year ago, the mortgage index was 5.73 percent; four weeks ago, it was 6.73 percent."

To read more: Bankrate.com 6-14-06 mortgage rate survey

Note: The author will return in one week.

Wednesday, June 14, 2006

National Association of Realtors® (NAR) reports on Home Sales

The NAR is predicting a calmer real estate market for 2006:
"Existing-home sales are projected to drop 6.8 percent to 6.60 million this year from the record 7.08 million in 2005. New-home sales are forecast to fall 13.4 percent to 1.11 million from a record 1.28 million in 2005. Housing starts are likely to decline 6.2 percent to 1.94 million in 2006 compared with 2.07 million last year."

Stating that rising interest rates have had an impact on the market, and job growth has effected others, the most likely scenario is for "The national median existing-home price for all housing types is forecast to rise 5.3 percent this year to $231,300."

To read more: 2006 Home Sale Predictions

Sunday, June 11, 2006

Residential "Green" Building On the Increase

A recent survey by the McGraw-Hill Construction/National Association of Home Builders (NAHB) indicates that there was a 20% increase in 2005 of "green" construction. It is expected that there will be a 30% increase in 2006.

The movement towards environmentally responsible construction is gaining more recognition in the real estate industry.

To read more: 2005 Residential Green Building Survey

Friday, June 09, 2006

Mortgage rates down a little

Up one week, down the next... Bankrate.com reports that for the week ending June 7th, "The benchmark 30-year fixed-rate mortgage fell 3 basis points to 6.69 percent ... One year ago, the mortgage index was 5.61 percent; four weeks ago, it was 6.67 percent."

Bankrate.com's website has a lot of information. You might want to check out their "Graph the Trend" page, where you can see how rates have changed over time, ranging from one month's time to 5 year's time.

To read more: June 7, 2006 mortgage rate report

Thursday, June 08, 2006

The Tide's Changing (or Changed)

Yes, the theme in the real estate market certainly is that the market is changing, or in many markets, has changed.

An interesting article on MSN.com about the record number of condos on the market. This may spell "opportunity" for the condo buyer.

To read about it: Condo glut

Tuesday, June 06, 2006

Mortgage Rates Up A Little

Bankrate.com reports that for the week ending May 31, "The benchmark 30-year fixed-rate mortgage rose 3 basis points to 6.72 percent ... One year ago, the mortgage index was 5.65 percent; four weeks ago, it was 6.67 percent."

To read more: Bankrate.com June 1 interest rate report

Sunday, June 04, 2006

April Pending Homes Index Slides

The National Association of Realtors® has released their Pending Home Sales Index for the month of April, and for the third consecutive month, the index has gone down. The index has fallen "3.7 percent to a level of 111.8 from an index of 116.1 in March, and is 11.7 percent below April 2005."

To read more: April 2006 Pending Homes Index

Friday, June 02, 2006

June is National Homeownership Month!

June is "National Homeownership Month", the purpose of which is "to raise awareness of homeownership and encourage more Americans to consider the benefits of owning their own home."

To read more: National Homeownership Month