Just wanted to wish everyone a very MERRY Christmas! And a Happy New Year’s
Interest Rates & New Construction
There wasn’t a ton of news impacting the housing market last week, but we did get more talk about the move up in mortgage rates. Freddie Mac’s weekly survey of conforming mortgages showed the average rate on a 30-year fixed-rate mortgage back at the level it was last June. That still puts mortgage rates below where they were a year ago when everyone was happy to get in on those bargains. So none of this is bad news in the absolute sense but the trend should be noted. People who want to buy or refinance should not drag their feet!
It was encouraging to see new construction spending UP in October, now two months in a row, and the gain mostly came from a rise in residential construction. The U.S. Census Bureau put residential construction UP 2.4% in October to an annual rate of $240.3 billion. Though headed in the right direction, residential construction is still down 8% from a year ago.
~Courtesy of Liz Standow
Sterling Savings Bank
NW WA Nov. Home Sales up 2%
Members of NWMLS, which covers 21 counties in Washington, reported 4,987 pending sales of single family homes and condominiums during November. That volume of mutually accepted offers was up about 2 percent from twelve months ago, when brokers logged 4,888 pending sales.
~Northwest Multiple Listing Service 2010
Huge home on 5 acres reduced again!
This house MUST SELL! Over 3,000 sq feet, 5 acres, 4 bedrms, 4 bathrms, daylight basement, large 2 bay shop, vaulted great rm, and so much more! Seller says ‘Bring an offer!!’ For more pics, information, or to schedule a showing, call Danielle (me) anytime! 360-483-6490
U.S Home Sales Up 10.4% in October
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U.S. home sales and homebuilding also came roaring back to life in October. October pending home sales jumped a record 10.4 percent, lead by a 27 percent jump in the Midwest and a 20 percent gain in the Northeast. October construction spending also grew again in October, rising 0.7 percent, confounding analyst forecasts for a -0.3 percent monthly decline. Private residential construction alone jumped 2.5 percent in October, the biggest increase in private residential construction since April 2010. |
~U.S Outlook, Wells Fargo Securities LLC
Market Report
The National Association of Realtors (NAR) reported that home prices stayed essentially flat in the third quarter compared to the same time frame a year ago. This price stabilization is encouraging, given that sales of existing homes in the period did drop compared to both the prior quarter this year and to the same quarter a year ago. Of course, both those time periods saw buyers rushing in to take advantage of the federal tax credits.
~Inside Lending Newsletter From Liz Standow
Right of Rescission
There is sometimes a misconception on the part of the public that all credit agreements have a three-day right of rescission. There is no right of rescission for credit extended for the purchase or construction of real property.
The Beginning…
I am so excited about my website. I have worked my butt off creating it and I hope all who enter enjoy! Can’t wait for Thanksgiving this year. Looking forward to cooking a delicious moist turkey. Yumm!