Tuesday, November 28, 2006

Freddie Mac Announces 2007 Loan Limits

Freddie Mac is leaving the 2007 loan limits unchanged from 2006.

For the loan limits and additional information go here: Freddie Mac 2007 Loan Limits

Saturday, November 25, 2006

National Association of Realtors Reports on 3rd Quarter Housing

The National Association of Realtors has released their report for the third quarter of 2006, and the numbers support the real estate market transition felt nationwide.

Existing home sales were down 12.7% from a year ago, yet some states experienced an increase in sales activity, with the largest sales increase occurring in North Carolina.

The median existing home price is $224,900, representing a 1.2% decrease over the same number one year ago.

To read more: NAR 3rd quarter 2006 housing report

Thursday, November 23, 2006

California Luxury Home Values Up!

The First Republic Prestige Home Index™ by First Republic Bank reports that luxury home values in Los Angeles, San Diego and San Francisco are up slightly in the third quarter of 2006.

First Republic reports:
- "Los Angeles values rose 0.6% from the second quarter of 2006 to the third quarter and climbed 4.4% from a year ago. The average luxury home in Los Angeles is now a record $2.37 million."
- "San Diego values increased 1.9% from the second quarter of 2006 to the third quarter and gained 5.4% from a year ago. The average luxury home in San Diego is now a record $2.18 million."
- "San Francisco Bay Area values increased 1.1% from the second quarter of 2006 to the third quarter and gained 4.0% from a year ago. The average luxury home in San Francisco is now a record $2.96 million."

To read more, including a region-by-region report, go here: California Luxury Home Values Rise Modestly in Third Quarter of 2006

And, a happy Thanksgiving to you!

Wednesday, November 22, 2006

Affordable Housing

Where is the affordable housing in the United States? The recently released National Association of Home Builders/Wells Fargo Housing Opportunity Index says that Indianapolis, Indiana has earned "...the title of most affordable major U.S. housing market in the third quarter of 2006...just under 86 percent of homes sold in the third quarter were affordable to families earning the median household income of $65,100. The median sales price of all homes sold in the metro area during that time was $122,000 – up slightly from $120,000 in the previous quarter."

And, the lease affordable? Welcome to California! The report says that "...Los Angeles-Long Beach-Glendale, Calif. ... was the nation’s least affordable major housing market for an eighth consecutive quarter. There, only 1.8 percent of new and existing homes sold during the third quarter were affordable to those earning the area’s median family income of $56,200. The median sales price of all homes sold in the area during the period was $523,000."

Other California areas earned distinction - "Other major metros at the bottom of the housing affordability chart were all in California, including: Santa Ana-Anaheim-Irvine, Modesto, Stockton, and San Diego-Carlsbad-San Marcos, in that order."

To read more: National Association of Home Builders/Wells Fargo Housing Opportunity Index

Friday, November 17, 2006

Mortgage rates at 11-month low

Bankrate.com reports that "Rates on 30-year mortgages haven't been lower since the last week of January, when the average was 6.17 percent." As of November 16th, "The benchmark 30-year, fixed-rate mortgage fell 8 basis points to 6.24 percent...One year ago, the mortgage index was 6.42 percent; four weeks ago, it was also 6.42 percent."

To read more: Mortgage rates 11-16-06

Tuesday, November 07, 2006

NAR Marketing Campaign

Coming soon to your area ... watch out for a newspaper ad on the real estate market that encourages "... home buyers who have been waiting to buy to act now before the market changes", courtesy of the National Association of Realtors (NAR). This is the first time the NAR has done such a newspaper campaign.

The ad is scheduled to run again over the weekend of November 12 in the Wall Street Journal and USA Today, plus in Sunday's edition of the New York Times, Washington Post, Los Angeles Times and Chicago Tribune.

To read more about this and future planned marketing: NAR Marketing Campaign

Friday, November 03, 2006

Free annual credit report

Just a reminder that you are entitled to receive a free annual credit report. And, there's only one site that you should be using: www.annualcreditreport.com

The Author recently used this service and found several inaccuracies, and used the online dispute service to "clean up" the information shown.

To read more: Free annual credit report

Thursday, November 02, 2006

Mortgage rates DOWN!

Bankrate.com reports (as of November 2nd) that the "30-year, fixed-rate mortgage fell 15 basis points to 6.31 percent ... One year ago, the mortgage index was 6.37 percent; four weeks ago, it was 6.31 percent."

Also, the Mortgage Bankers Association reports a steep drop off in mortgage applications, stating that "mortgage applications fell 3.3 percent last week and are 11.2 percent lower than the same week last year."

To read more: Mortgage rates plunge