Current government data shows that there is a steady increase in job creation. This, in turn, provides reassuring signs that housing is on its way to recovery. Certain aspects in the workforce are allowing for a growth in home sales. Fewer unemployment claims, steady job growth, and fewer layoffs are all economic signs that are […]
For the first time since March, mortgage rates have gone up last week, mostly as a result of the jobless rate and the stock market’s milestone. The average rate for a 30-year fixed-rate mortgage increased from 3.52% two weeks ago to 3.6% last week, according to Bankrate.com. The mortgages in last week’s survey had an […]
Multiple Listing Service of Long Island (MLSLI) reported today that, in Suffolk County, 698 residential properties were sold last month, up from 632 in February. Pending home sales, meanwhile, soared from 896 in February to 1,101 in March. Last month’s pending sales were 12.6% higher than they were 12 months ago, when there were 978 […]
Economists at Fannie Mae recently released their first economic forecast of 2013. The survey, titled “Transition to Normal,” describes where the direction the housing market is going will be affected by economic policy decisions being made and yet to be made by the federal government. The forecast states that the Federal Reserve will not raise […]
Multiple Listing Services of Long Island recently reported that there were 2,368 closings in December 2012 — a 25.7% jump over November’s figure of 1,885 and 7.5% higher year over year when there were 2,202 closings in December 2011. There were also 1,928 pending sales in December, compared to 1,838 in November (a 4.9% increase), […]
Freddie Mac recently released the results of its Primary Mortgage Market Survey for the week ending October 12. The report showed fixed- and adjustable-rate mortgages were up following the recent unemployment report that came out for September. For the week, the 30-year fixed-rate mortgage was up to 3.39%, compared to 3.36% the previous week. However, […]
The Commerce Department reported today that spending on non-residential real estate construction fell in August, despite gains made in the housing market. Overall construction spending — residential, commercial and government — fell 0.7% in August compared to July, according to Commerce. It was the second straight month of losses. This drop has lowered construction spending […]
CNNMoney recently reported that the number of foreclosures in February fell 14%, compared to January and 27% compared to February 2010. According to RealtyTrac, that is the largest year-to-year drop the company has ever recorded. While some see this as a sign of recovery in the housing market, the company says part of the decline […]
The number of mortgage applications fell 6.5% last week, according to the Mortgage Bankers Association. The MBA also reported that refinancing activity also fell by 6.5% to 64.9% of total applications last week, down from 65.7% the week before. The four-week moving average for all mortgage applications was down 2.5%. Adjustable-rate mortgages made up 5.5% […]
A recent article in USA Today broke down how the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 that was signed into law by President Obama will affect employers, employees and homeowners. Under the new tax law, homeowners can still take deductions on mortgage insurance premiums, the USA Today article states. This […]