Existing Home Sales Decline
A real-estate industry report released this week showed existing home sales fell in the month of December. According to the National Association of Realtors, existing home sales dropped 16.7% nationally. This is the largest monthly drop on record in 40 years. Existing home sales totaled 5,156,000 in 2009, higher than the previous year by 4.9%. [...]
Pending Home Sales Drop, Market Looks Bleak
The National Association of Realtors’ index on pending home sales dropped by 16% in November. This is more than three times what economists expected to see. The pending home sales index showed a decline in every region, 26% in the northeast and mid-west, 15% in the south and 3% in the west. The drop-off was [...]
California Legislation Tightens Restrictions On Lenders
Governor Arnold Schwarzenegger has approved new legislation that will provide a wide range of protection to the borrowing consumer. The Governor signed seven new laws that will take effect at the beginning of next year starting with AB 260 which was authored by Assemblyman Ted Lieu (D-Torrance). AB 260 tightens restrictions on mortgage brokers which [...]
First Time Home Buyer Tax Credit Deadline Looms
Upon the signing of the American Recovery and Reinvestment Act of 2009 (otherwise known as the “2009 economic stimulus plan” or “government stimulus package”), certain United States taxpayers became eligible for an $8,000 tax credit upon the purchase of a home. First time home buyers are looking for guidance while negotiating their way through the [...]
Mortgage Rates Rise as Foreclosures Increase
The Federal Reserve announced that the average rate of a 30 year fixed rate mortgage rose to 5.38%, up from 5.17% the week before. The average rate for a 15 year fixed rate mortgage is now at 4.71%, up from 4.6%. Real estate research firm Zillow reported on Tuesday that, while home values continue to fall, [...]
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