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Sales and prices of vacation homes in 2010 plunged to almost half the record number of sales in 2005 and 2006. The National Association of Realtors recently reported that sales plummeted from a high of 5.02 million in 2005 to a mere 3.81 million in 2010. Vacation homes accounted for only 10% of all sales … Continue reading Vacation Home Sales Lower in 2010 The Wall Street Journal recently reported on the recent fall of mortgage rates. According to Freddie Mac’s weekly survey of mortgage rates, this week saw a decline in mortgage rates with the average rate on a 30-year fixed-rate mortgages dropping to 4.80% the week of April 21, compared to 4.91% the week before. A 15-year … Continue reading Affordable Financial Services’ Weekly Finance Review 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% … Continue reading Affordable Financial Services Finance Review Pending home sales rose 2.0% in December, says the National Association of REALTORS. It was the fifth increase in the past six months. The NAR says its pending home sales index rose to 93.7 from a downwardly revised 91.9 in November. However, the index is still 4.2% below the figures from December 2009. (Pending home … Continue reading Affordable Financial Services’ Weekly Finance Review The National Association of Realtors said existing home sales in December jumped 12.3% from the previous month. The NAR recently reported a seasonally adjusted rate of 5.28 million units in December, compared to the upwardly revised figure of 4.70 million units in November. However, the December 2010 figures are 2.9% below the December 2009 figure … Continue reading Affordable Financial Services’ Weekly Finance Review Mortgage rates hit its highest levels in seven months last week, Bloomberg News recently reported. According to data from Freddie Mac, the 30-year fixed-rate loan went up from 4.81% two weeks ago to 4.86% last week. The 15-year fixed-rate was at 4.2% last week, compared to 4.17% the previous week. Rising mortgage rates may mean that … Continue reading Mortgage Rates Reach 7-Month High The National Association of Realtors recently reported that existing home sales in November rose 5.6% from the previous month. The NAR reported a seasonally adjusted rate of 4.68 million units in November, compared to the seasonally adjusted figure of 4.43 million units in October. However, the November 2010 figures are 27.9% below the November 2009 … Continue reading Affordable Financial Services Weekly Finance Review Bloomberg recently reported that U.S. banks will close 5,000 branches in the next 18 months as they face falling profits, decreased loan demand and lower fee revenue. Analyst Meredith Whitney, formerly of Oppenheimer & Co., said banks are facing an “uphill battle” to generate loan growth as consumers reduce debt; in addition, banks will collect … Continue reading Affordable Financial Services Weekly Finance Review CNNMoney.com reported today that an additional 2.1 million houses have been added to the supply at the end of August — up from 1.9 million units in August 2009. These are homes that are either repossessed by lenders or are very seriously delinquent. This “shadow inventory” has increased by 10% during the past year to an … Continue reading 2.1 Million More Homes Added to Already Glutted Inventory The National Association of REALTORS recently announced that pending home sales fell during the month of September, snapping a two-month streak of gains. Pending home sales reflect the number of sales going into contract; it does not reflect the number of closings. The index of sales agreements in September was 80.9, down 1.8% from August’s … Continue reading Affordable Financial Services Weekly Finance Review |
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