Tuesday, December 19, 2006

Home Loan Applications UP!

The Mortgage Bankers Association reports that for the week ending December 8th, "The Market Composite Index, a measure of mortgage loan application volume, was 721.2, an increase of 11.4 percent on a seasonally adjusted basis from 647.6 one week earlier." And, refinance loan applications also increased, reaching "...its highest level since April 2004".

To read more: Home Loan Applications as of December 8, 2006

Thursday, December 14, 2006

Slower Home Sales ... Prices Hold

DataQuick Information Systems reports that "Southern California home sales remained at their slowest pace in nine years last month ... Prices are still leveling off ..." In November, sales were down approximately 7.8% from October's levels, while there was over 26% drop from a year ago.

As for prices? "The median price paid for a Southland home was $487,000 last month, up 0.6 percent from $484,000 in October and up 1.7 percent from $479,000 for November a year ago."

To read more: Dataquick reports Home Sales Slowest Since 1997

Tuesday, December 12, 2006

Federal Reserve leaves rate at 5.25%

The Federal Reserve Bank left the funds rate at 5.25%, the fourth straight meeting that has left the rate unchanged.

To read more: Federal Reserve Bank press release

Monday, December 11, 2006

California Property Taxes Due!

The first installmenet of 2006-2007 property taxes are due today.

To read more: Property Taxes

Monday, December 04, 2006

California Association of Realtors reports on October sales

The California Association of Realtors® (C.A.R.) reports that "Home sales decreased 28.7 percent in October in California compared with the same period a year ago, while the median price of an existing home increased 2 percent".

And what about prices? Everyone is waiting to hear if prices are going to drop. Well, CAR reports that "The median price of an existing, single-family detached home in California during October 2006 was $548,680, a 2 percent increase over the revised $537,930 median for October 2005, C.A.R. reported. The October 2006 median price decreased 1.5 percent compared with September’s revised $556,920 median price."

To read more: CAR reports on October 2006 home sales

Saturday, December 02, 2006

Mortgage rates down!

... to a 10-month low, as reported by Bankrate.com. "The benchmark 30-year fixed-rate mortgage fell for the fifth week in a row, this time by 5 basis points, to 6.17 percent ... The 30-year rate dropped to its lowest level since Jan. 25, when it was also 6.17 percent. One year ago, the mortgage index was 6.36 percent; four weeks ago, it was 6.31 percent."

Are you thinking of buying? Yes, typically there are fewer homes on the market, but the right one may be out there for you!

To read more: Bankrate.com