Real Estate News updates

According to the National Association of Realtors, re-sale home sales increased 4.3 percent in January to a seasonally adjusted annual rate of 4.57 million.  Sales have now risen nationally nearly 13 percent over the past 6 months.  Sales of previously occupied homes are at their highest level since May 2010.

Several factors appear to be responsible for the rebound.  Mortgage rates have never been lower and there is a general optimism because hiring has picked up.  The supply of homes on the market has plunged to 2.3 million, the lowest since March 2005.

Locally, we are seeing very brisk activity.  If you are thinking about moving - there has never been a better time.  Experts believe we are at or near the bottom and the only place to go from the bottom is up.  Don't wait until prices and interest rates begin to rise.  Procrastination could cost you thousands of dollars. 

Whether buying or selling, call us to help you take advantage of this great market!

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President Obama announces extension of mortgage relief program to the end of 2013.  The program will also be altered allowing more homeowners to take advantage of the program.
The Federal Housing Finance Administration program is set up to allow homeowners with higher rate mortgages to refinance at current low rates.  Initially, homeowners had to have a minimum of 25% equity in their home to qualify.  With so many upside down, the program will be extended to include those with less equity.  It is estimated that with these program alterations an additional 1 million homeowners will be able to take advantage of the program. 
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