Demand for mortgages surged last week, hitting its highest level in nearly four years as interest rates fell, the Mortgage Bankers Association reported today.
Mortgage application volume reached 906.4, an increase of 28.4 percent on a seasonally adjusted basis, up from 706 one week earlier. On an unadjusted basis, the index increased 64.8 percent compared with the previous week, which was shortened by the New Year holiday and was up 39 percent compared with the same week a year ago.
The refinance share of mortgage activity increased to 62.7 percent of total applications, up from 57.7 percent the previous week.
Adjustable-rate mortgages were only 9.2 percent of total applications.
Meanwhile, mortgage rates slipped during the week. They were:
30-year fixed-rate mortgages decreased to 5.62 percent from 5.73 percent.
15-year fixed-rate mortgages decreased to 5.07 percent from 5.21 percent.
1-year ARMs decreased to 5.77 percent from 6.04 percent
Source: Mortgage Bankers Association (01/16/08)
Wednesday, January 16, 2008
Tuesday, January 8, 2008
10 Most Expensive Cities for Renters
It’s good news for landlords that mortgage applications fell to their lowest level in a year last month because people have to live somewhere and if they can’t or won’t buy, they’ll have to rent.
Here are the nation’s 10-most-expensive cities for renters and the average rents. The data is provided by Marcus & Millichap. Note that Seattle is not on the list and will likely experience one of the larger price increases during 2008 and 2009.
New York, N.Y.: $2,922
San Francisco: $1,904
Boston: $1,658
San Jose, Calif.: $1,612
Los Angeles: $1,452
San Diego: $1,304
Washington, D.C.: $1,302
Miami: $1,080
Philadelphia: $1,014
Chicago: $1,010
Source: Forbes, Matt Woolsey (01/07/08)
Here are the nation’s 10-most-expensive cities for renters and the average rents. The data is provided by Marcus & Millichap. Note that Seattle is not on the list and will likely experience one of the larger price increases during 2008 and 2009.
New York, N.Y.: $2,922
San Francisco: $1,904
Boston: $1,658
San Jose, Calif.: $1,612
Los Angeles: $1,452
San Diego: $1,304
Washington, D.C.: $1,302
Miami: $1,080
Philadelphia: $1,014
Chicago: $1,010
Source: Forbes, Matt Woolsey (01/07/08)
Existing Home Sales to Hold Steady in Early 2008
Over the next few months, existing-home sales are expected to hold fairly steady as indicated by pending sales activity, and then rise later in the year and continue to improve in 2009, according to the latest forecast by the National Association of REALTORS®.
Lawrence Yun, NAR chief economist, says there is a pull and tug exerting itself on the market. “On the one hand, we have a pent-up demand from the four million jobs added to our economy over the past two years of sales decline,” he says. “On the other, consumers continue to wait for additional signs of market stabilization. There are more people with financial capacity now than in 2005, but many are trying to market-time their purchase. As a result, the exact timing and the strength of a home sales recovery is a bit uncertain. A meaningful recovery in existing-home sales could occur as early as this spring, or it may be further delayed toward late 2008.”
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 2.6 percent to a reading of 87.6 from a strong upward revision of 89.9 in October, but remains above the August and September readings and indicates a broad stabilization. The index was 19.2 percent below the November 2006 level of 108.4. “Although there could be some minor slippage in the first quarter, existing-home sales should hold in a narrow range before trending up,” Yun says.
Lawrence Yun, NAR chief economist, says there is a pull and tug exerting itself on the market. “On the one hand, we have a pent-up demand from the four million jobs added to our economy over the past two years of sales decline,” he says. “On the other, consumers continue to wait for additional signs of market stabilization. There are more people with financial capacity now than in 2005, but many are trying to market-time their purchase. As a result, the exact timing and the strength of a home sales recovery is a bit uncertain. A meaningful recovery in existing-home sales could occur as early as this spring, or it may be further delayed toward late 2008.”
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 2.6 percent to a reading of 87.6 from a strong upward revision of 89.9 in October, but remains above the August and September readings and indicates a broad stabilization. The index was 19.2 percent below the November 2006 level of 108.4. “Although there could be some minor slippage in the first quarter, existing-home sales should hold in a narrow range before trending up,” Yun says.
Thursday, January 3, 2008
Manhattan Prices Setting Records
Manhattan condominium and co-op prices are setting records while the rest of the country’s real estate markets are struggling.
The average price for an apartment reached $1.4 million in the last quarter of 2007, up 17.6 percent from the fourth quarter of 2006, according to data tracked by the brokerage firm Prudential Douglas Elliman.
Average prices were pushed upward by the increasing number of units selling for more than $10 million. The number of sales jumped by 3.2 percent compared with the previous year, and days on the market declined by an average of 18. The inventory shrunk by 13.5 percent.
The average price for an apartment reached $1.4 million in the last quarter of 2007, up 17.6 percent from the fourth quarter of 2006, according to data tracked by the brokerage firm Prudential Douglas Elliman.
Average prices were pushed upward by the increasing number of units selling for more than $10 million. The number of sales jumped by 3.2 percent compared with the previous year, and days on the market declined by an average of 18. The inventory shrunk by 13.5 percent.
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