” the most recent findings on economic attitudes are encouraging:…

  • Fifteen percent are upbeat on the current economic situation and optimistic, double the average since 2008.
  • Thirty-eight percent expect their home value to increase, compared with an average of 23 percent since 2008.
  • The average expected home price rise over the next year jumped to 3.1 percent, compared with 1.6 percent in the March survey. It’s the best number since October 2007.
  • Forty-one percent see higher wages in the next 12 months, the highest reading since 200″

 

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Mortgage Daily news reports home Prices up nationally:

“U.S. house prices rose 0.7 percent from January to February according to data released this morning by the Federal Housing Finance Agency (FHFA).  FHFA said this was the fifth consecutive time its seasonally adjusted Home Price Index (HPI) had risen”

National Home Price Recovery Strong; Regions Mixed

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soldsignPending Home Sales Soar Despite Rough Winter

Rough winter weather across much of the nation at the start of this year apparently did not keep home buyers away. Contracts to buy existing homes in January rose to the highest reading since April 2010.  Read Article.

 

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OPenHouseAdMany potential buyers are still waiting in the wings, not sure that now is the time to buy a house.  They are often afraid of buying before the market has fully recovered, and are concerned that they may lose out if they jump in too early.  Here are 5 reasons they should buy NOW and not wait…

1) Mortgage Interest Rates are on the Rise
While no one has a crystal ball, all of the technical, fundamental, and economic indicators point to mortgage rates moving up in 2013.  All likelihood is that we have seen the best rates already, and waiting is not going to bring them back.

2) Rents are Continuing to Skyrocket
Recently, Zillow reported that rents increased in the U.S. by 4.2% over the last year.  When compared side-by-side, the costs of owning vs. renting a home easily show the benefits of home ownership.

3) Prices are on the Rise
Home prices in most markets are stabilized, and even starting to increase.  This will be hampered slightly with the over cautious approach of appraisers and lenders, but the trend is still showing prices beginning to rise.

4) Mortgage Guidelines Will Continue to Tighten
With government intervention added to an already overzealous underwriting standard, we are poised to see it become even more difficult for the average buyer to qualify for a home loan.

5) FHA Loans To Become Much More Expensive
Starting with FHA Case Numbers pulled on or after June 3rd, 2013, FHA will dramatically raise the costs of FHA Mortgage Insurance, making these loans much more expensive for the consumer.  You can read the FHA Mortgagee Letter yourself HERE.

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According o Reuters now is the time to buy:  Term Life Insurance, TVs, Apps, Used Cars and Real Estate.  Prices are set to rise and money is cheap:

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CoreLogix reports year-to-year home values up 7.4% (November)

From CoreLogic: CoreLogic® Home Price Index Rises 7.4 Percent Year Over Year in November

Home prices nationwide, including distressed sales, increased on a year-over-year basis by 7.4 percent in November 2012 compared to November 2011. This change represents the biggest increase since May 2006 and the ninth consecutive increase in home prices nationally on a year-over-year basis. On a month-over-month basis, including distressed sales, home prices increased by 0.3 percent in November 2012 compared to October 2012. The HPI analysis shows that all but six states are experiencing year-over-year price gains.

Excluding distressed sales, home prices nationwide increased on a year-over-year basis by 6.7 percent in November 2012 compared to November 2011. On a month-over-month basis excluding distressed sales, home prices increased 0.9 percent in November 2012 compared to October 2012. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic Pending HPI indicates that December 2012 home prices, including distressed sales, are expected to rise by 7.9 percent on a year-over-year basis from December 2011 and fall by 0.5 percent on a month-over-month basis from November 2012 reflecting a seasonal winter slowdown.

“As we close out 2012 the pending index suggests prices will remain strong,” said Mark Fleming, chief economist for CoreLogic. “Given the recently released QM rules issued by the CFPB are not expected to significantly restrict credit availability relative to today, the gains made in 2012 will likely be sustained into 2013

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The S&P/Case-Shiller index of property values in 20 cities increased 4.3% from October 2011, the biggest 12-month advance since May 2010. Remember the spring of 2010 was skewed due to the tax credit being given at that time.  Estimates were for an increase of 4.0%. Home prices adjusted for seasonal variations rose 0.7% in October from the prior month, with 17 of 20 cities showing gains. Las Vegas showed the biggest gain with a 2.4% advance, followed by San Diego with a 1.7% increase. Property values dropped the most in Chicago, which fell 0.7% over the month.

This  is positive news for the housing market.

Sustained Recovery in Home Prices According to the S&P/Case-Shiller Home Price Indices

 

 

 

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From CoreLogic: CoreLogic® July Home Price Index Rises 3.8 Percent Year-Over-Year—Biggest Increase Since 2006

Read more at http://www.calculatedriskblog.com/2012/09/corelogic-house-price-index-increases.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CalculatedRisk+%28Calculated+Risk%29&utm_content=My+Yahoo#OWwMUcF9IeVOhrcR.99

 

Calculated Risk: CoreLogic: House Price Index increases in July, Up 3.8% Year-over-year.

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Greece still roiling U.S. mortgage marketsMortgage markets gained last week, picking up momentum into the weekend. Global demand for mortgage-backed bonds helped push mortgage rates to new lows, and closing costs eased somewhat, too.

According to Freddie Mac’s weekly mortgage rate survey, the average 30-year fixed rate mortgage rate fell to 3.89% nationwide. In order to get access to 3.89% mortgage rates, Freddie Mac said, mortgage applicants should expect to pay a full set of closing costs plus 0.7 discount points.

1 discount point is equal to 1 percent of your loan size.

Loans with “low closing costs” or “no closing costs” will be at higher rates than Freddie Mac’s published, average rate.

The biggest reason why mortgage rates fell last week is because — once more — concerns over European sovereign debt resurfaced on Wall Street. This has been an ongoing story for more than a year, and one that won’t likely end soon.

Several Eurozone nations saw their respective credit ratings downgraded last week, a move that sparked safe haven buying of U.S. mortgage bonds. France was stripped of its top credit rating. Slovakia, Italy and Austria were each downgraded, too.

Markets were also influenced by a conflict between Greece’s creditor banks and the nation-state’s government. The breakdown in talks increases the likelihood of the Eurozone’s first sovereign default.

Meanwhile, domestically, in-line Retail Sales figures and rising consumer confidence helped to prop up the U.S. dollar, a move that’s linked to lower mortgage rates.

This week, the markets were closed for the federal holiday Monday, and re-open Tuesday without much data on which to trade. Several inflationary reports are set for release including the Producer Price Index and the Consumer Price Index; and, in housing-related data, we’ll see the Housing Starts report and Existing Home Sales figures for December.

Date Time (ET) Statistic For Market Expects Prior
01/18/12 08:30:00 AM PPI Dec 0.10% 0.30%
01/18/12 08:30:00 AM Core PPI Dec 0.10% 0.10%
01/18/12 09:15:00 AM Industrial Production Dec 0.50% -0.20%
01/18/12 09:15:00 AM Capacity Utilization Dec 78.10% 77.80%
01/19/12 08:30:00 AM Initial Claims 01/14/12 385K 399K
01/19/12 08:30:00 AM CPI Dec 0.10% 0.00%
01/19/12 08:30:00 AM Core CPI Dec 0.10% 0.20%
01/19/12 08:30:00 AM Housing Starts Dec 673K 685K
01/19/12 08:30:00 AM Building Permits Dec 680K 681K
01/19/12 10:00:00 AM Philadelphia Fed Jan 10 10.3
01/19/12 01:15:00 PM 10-year Treasury TIPS Auction n/a n/a n/a
01/20/12 10:00:00 AM Existing Home Sales Dec 4.55M 4.42M

Expect mortgage rates to follow the Eurozone story this week. Pessimism and weak data will be good for mortgage rates in Virginia and nationwide. Strength will lead mortgage rates higher.

If you’re still floating a mortgage rate or have otherwise yet to lock, mortgage rates are lower than they’ve been in history. It’s an ideal time to make aan interest rate commitment.

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