With the Central Valley leading the way, California’s statewide pending home sales reversed a three-month slide and posted higher in April, but an ongoing shortage of homes on the market may diminish the upcoming home-buying season, according to the California Association of Realtors (CAR). CAR’s April Market Pulse Survey also reflected a slowdown in market activity, with a decrease in
California homeowners need to be on the lookout for scammers offering to alter and decrease their mortgage payments, according to the California Department of Justice, which has received numerous complaints from homeowners and mortgage servicers expressing concern about fraudulent mortgage loan modifications. How does it work? Masquerading as mortgage servicers or representatives from the Home Affordable Modification Program (HAMP), these
If you’re looking to buy a home this spring, you’re timing couldn’t be better. Mortgage rates are hitting their lowest levels in years, according to Freddie Mac’s recently released Primary Mortgage Market Survey. “The Fed’s decision to stand pat, followed by a week of assorted unsettling news drove Treasury yields lower,” says Sean Becketti, Freddie Mac’s chief economist. “As a
In March 2016, U.S. home sellers reaped the highest prices since the onset of the Great Recession in December 2007, according to RealtyTrac, which provides comprehensive housing data nationwide. Sellers across the nation received $30,500 more (an 17 percent average gain in price) than they purchased their homes for in March, according to the organization’s March and first-quarter 2016 U.S.
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
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