Friday, June 24, 2011

Five Charming Porches Perfect for Lazy Summer Lounging

http://bit.ly/kj2gKn


A good porch, with shade, views, and cool breezes, is the perfect place to spend a summer afternoon, hence their common association with antebellum Southern plantations, Gone With The Wind and all that.


Thursday, June 23, 2011

Existing-Home Sales Decline in May with Market Constraints, Temporary Conditions

http://bit.ly/mreYeM


RISMEDIA, June 23, 2011—Existing-home sales were down in May as temporary factors and financing problems weighed on the market, according to the National Association of REALTORS®.


Wednesday, June 22, 2011

Why Now Has Never Been a Better Time to become a Landlord

http://bit.ly/jRXOga


RISMEDIA, June 21, 2011—Greg Rand (@gsrand), CEO of OwnAmerica.com hosts “Rand on Real Estate” on 77WABC Radio in New York - this week’s discussion - it has never been a better time to become a landlord.


Tuesday, June 21, 2011

Weekly Mortgage Update for the week of June 20th, 2011...Here's Joe!


This will likely prove to be another active week in terms of mortgage rate movement due to the economic data and other events that are scheduled, but we may see less intra-day swings than we did the past two weeks. There are four economic reports scheduled for release in addition to another Federal Open Market Committee (FOMC) meeting.



There is no relevant economic news scheduled for release tomorrow. Tuesday brings us the first data with the release of May's Existing Home Sales report. The National Association of Realtors will give us figures on home resales late Tuesday morning. This data helps us measure housing sector strength and mortgage credit demand, but it usually takes a large variance from forecasts for it to cause a noticeable change to mortgage rates. It is expected to show a decline in home sales from April to May.



Wednesday’s only event is the adjournment of the FOMC meeting that began Tuesday. It is widely expected that Mr. Bernanke and company will not change key short-term interest rates at this meeting. But, as we have seen so many times in the past, it is the post meeting statement that often creates the most volatility in the markets. They could give an opinion of the overall economy or inflation, hinting at a possible future move or lack of one. Statements like these could cause a knee-jerk reaction in the markets and possibly mortgage pricing after the 12:30 PM ET adjournment.



Thursday's only report is the release of May's New Home Sales. It is similar to Tuesday's Existing Home Sales report, but tells us how well sales of newly constructed homes were last month. It is also expected to show a decline in sales, but will likely not have much of an impact on mortgage rates because this data tracks only the 15% of home sales that Tuesday's data does not.



There are two reports being released Friday morning. The first is the final reading to the 1st Quarter Gross Domestic Product (GDP). The GDP is the sum of all products and services produced in the U.S. and is considered to be the best measurement of economic growth or contraction. However, this data is quite aged now (covers January through March) and will likely have little impact on the bond market or mortgage pricing unless it varies greatly from previous readings. Market participants are looking more towards next month’s release of this quarter’s GDP reading. Last month's first revision showed a 1.8% rise in the GDP, which is what analysts are expecting to see again.



May's Durable Goods Orders will also be posted early Friday morning, giving us an indication of manufacturing sector strength. It is known to be quite volatile from month to month and is expected to show an increase of 1.0% in new orders from April to May. A large decline would be the ideal scenario for the bond market and would likely lead to a decline in mortgage pricing because it would indicate manufacturing sector weakness.



Overall, tomorrow will likely be the quietest day of the week unless the stock markets stage a rally or sizable sell-off. The most active should be Wednesday with the FOMC meeting adjourning or Friday due to the Durable Goods report being posted that day. Tuesday's news may also affect mortgage rates, but likely not as much as other days.



 



Information courtesy of Joe Patterson (408)674-7438 with Princeton Capital


Thursday, June 16, 2011

Clos La Chance Thursday!!!

Clos La Chance Thursday!!!

It's not a national market but a regional one...these were some interesting numbers


What I found interesting is that when you take out the short sales and bank owned homes, the prices in California actually ticked up! 



 



April Home Price Index











Overall home prices fell by 7.5% in April over the same period a year earlier, according to CoreLogic. If you exclude distressed sales, which are short sales and sales of homes owned by a lender or bank, prices were off just 0.5%. Click on column headers to sort data.



 





















































































































































































































































































State




Change in Single-Family Home Prices, April 2010-April 2011




Change Excluding Distressed Sales




Loading...




Alabama




-10.9%




-0.8%




Alaska




1.0%




1.7%




Arizona




-11.9%




N/A




Arkansas




-3.7%




1.1%




California




-5.4%




1.2%




Colorado




-5.0%




0.0%




Connecticut




-5.6%




-4.3%




Delaware




-1.9%




-0.2%




District of Columbia




2.2%




3.1%




Florida




-8.9%




-1.3%




Georgia




-7.1%




-4.1%




Hawaii




-1.8%




5.8%




Idaho




-15.2%




-9.5%




Illinois




-11.4%




-3.2%




Indiana




-3.9%




-0.1%




Iowa




-4.3%




-2.1%




Kansas




-4.0%




1.8%




Kentucky




-6.7%




-2.7%




Louisiana




-4.8%




0.9%




Maine




-1.2%




-1.2%




Maryland




-4.4%




1.7%




Massachusetts




-5.7%




-3.0%




Michigan




-13.2%




-5.1%




Minnesota




-8.7%




-5.6%




Mississippi




1.4%




5.0%




Missouri




-9.9%




-3.0%




Montana




-11.4%




-4.1%




National




-7.5%




-0.5%




Nebraska




-1.3%




-0.3%




Nevada




-11.4%




-10.3%




New Hampshire




-11.0%




-5.4%




New Jersey




-1.4%




-0.5%




New Mexico




-8.8%




-1.9%




New York




3.2%




4.4%




North Carolina




-0.9%




1.4%




North Dakota




4.2%




4.5%




Ohio




-10.4%




-1.2%




Oklahoma




-3.2%




-0.1%




Oregon




-9.4%




-3.0%




Pennsylvania




-4.0%




0.2%




Rhode Island




-11.6%




-4.1%




South Carolina




-2.5%




6.1%




South Dakota




-9.8%




-5.9%




Tennessee




-1.6%




2.0%




Texas




-2.2%




4.5%




Utah




-10.4%




-2.5%




Vermont




3.4%




2.2%




Virginia




-1.1%




2.4%




Washington




-5.9%




-1.7%




West Virginia




-0.8%




8.4%




Wisconsin




-5.8%




-2.6%




Wyoming




-1.8%




4.2%








Source: CoreLogic

Write to the Online Journal's editors at newseditors@wsj.com



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