Early this year, cash sales slid higher showing an increase from December but coming in at a considerably lower percentage than where they were the year before. According to CoreLogic, cash sales totaled 35.5 percent of residential transactions. Reports show that this is 1.9 percent higher than the previous month. Cash sales usually rise in January, but this year’s numbers
The spring housing market continues to experience strong growth. The most recent new home sales report from the Mortgage Bankers Association shows an increase of 17 percent over last month. With the shortage of existing homes for sale, buyers are turning to new construction. Another recent report revealed a sudden uptick in mortgage applications last week that also confirmed the
Although the Federal Reserve raised interest rates Dec. 16, rates charged for home mortgages reached all-time lows in February. The prospect of additional Fed rates hikes in 2016 caused a short-term uptick in mortgage rates in early March. As market fears subsided, mortgage rates drifted lower. Recently, lenders have been quoting rates of 3.875 percent or lower based on the
While the current housing market is facing a lack of real estate sales inventory, the rental market is on a promising upswing for investors. Because the purchasing price of single-family homes continues to rise, possible home buyers are searching for suitable housing options. In essence, an investor could purchase a property for $100,000 and earn $15,300 in rental income for
Nationwide, housing market trends are mixed with the West region showing strong new-home sales numbers. February numbers reflected a 19 percent increase overall based on a jump from 502,000 units in January to 512,000 units based on Commerce Department reports. However, this gain is solely due to a 38.5 percent increase in new-home sales in the West while all other
In 2015, most people who bought a home did so by obtaining a mortgage. The year’s low interest rates increased buyer confidence and expanded the buying power of those who purchased a home. Can we expect the same conditions for 2016? Ups and Downs This year, rates haven’t just declined. They did drop during six of the year’s first nine
As we head into spring, mortgage rates continue to fall. They have officially reached their lowest point in over three years. Presently, the average cost of a 30-year fixed rate mortgage is 3.62 percent, which is down 0.03 percent from last week. This is good news, especially if you will be buying a home soon. This rate decrease has been
Freddie Mac just released its Multi-Indicator Market Index (MiMi) showing improvements in the stability of the U.S. housing market. MiMi keeps track of the nation’s housing market by measuring its stability in all fifty states, Washington D.C. and the top 100 metropolitan markets. Although the beginning of 2015 showed a fairly weak housing market, Freddie Mac’s new report offers a
Besides providing you with a stable place to live and raise a family and a safe long-term investment, being a homeowner also allows you to take advantage of several tax deductions and credits that are not available to anyone else. Following are the top ways homeownership can help lower your income taxes. Mortgage Interest Deductions IRS Form Schedule A can
This week, mortgage rates rose, which was comparative to their usual intraday movement potential. However, the market has been anything but average. In fact, the numbers show that the recent intraday losses are among the worst that’s occurred during the year. The exact levels confirm that it is the fourth lowest within the last year. Losses and Gains The market
