Existing-Home Sales Decline in Economic Uncertainty
(reprinted from my newsletter)Existing-home sales weakened against a backdrop of an eroding economy, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, expected a decline. “The quickly deteriorating conditions in the job market, stock market, and consumer confidence in October and November have knocked down home sales to another level. We hope the home sales impact from the stock market crash turns out to be short-lived, as was the case in 1987 and 2001,” he said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.09 percent in November from 6.20 percent in October; the rate was 6.21 percent in November 2007. Last week, Freddie Mac reported the 30-year rate fell to 5.19 percent – the lowest on record since the series began in 1971.

Despite an overall softening in sales, there has been a solid trend of rising activity in California, Nevada, Arizona and Florida markets. “Sales are rising only in areas with large numbers of distressed properties as bargain hunters take advantage of discounted home prices,” Yun said.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said it’s crucial to enact sufficient housing stimulus to spark an economic recovery. “We need more than low interest rates to encourage enough buyers to enter the market and meaningfully draw down inventory, which would stabilize home prices – that, in turn, would help the economy to recover,” he said.

The national median existing-home price for all housing types was $181,300 in November, down 13.2 percent from November 2007 when the median was $208,800. There remains a significant downward distortion in the current price from a large number of distress sales at discounted prices; the median is where half of the homes sold for more and half sold for less.

Source: The National Association of Realtors®

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30 Year Fixed at a 37 Year Low.

Yes Virginia, there “is” a Santa Claus.  Well that’s how I felt yesterday when I saw that mortgage interest rates had adjusted downward again.  Below is a reprint from the Freddie Mac Site, but I saw that Provident Bank yesterday had a 30 year conforming rate of 4.875 (with 1 point).  I had an email from a colleague where they saw a mortgage broker at 4.75 with no points.  So . . . let the games begin!

Compilation of Weekly Survey Releases for 2008

There are other positive signs in the marketplace as well.  Remember the huge bailout plan to purchase troubled mortgages?  Well part of that plan is being shelved.  Lawrence Yun, NAR Chief Economist writes (Source GHVmls economic and market watch report/Oct) that “Instead the money will be used to support securitization for consumer financing.”  Yun adds that the goal is to get capital to lenders so that they can start issuing loans to consumers and companies.  Yun shares that LIBOR rates (the key rate measurement of liquidity flow in the financial system) have begun to thaw.  But those stubborn residential mortgage rates carry a high spread above Treasury rates, commercial mortgage loans are non-existent and the banks are still not lending to small businesses.

The notwithstanding the above information, the most important thing I want to communicate is YES THERE ARE LOANS OUT THERE ! If you have good credit, (read my post on FICO Scores here)a stable job and some $ to put down, you can get mortgage money.   Property values have digressed to levels not seen in years.  Improved affordability has led to improved home sales.  The huge inventory is being worked off.  As I’ve told you for months now, a shrinking inventory is another sign that the real estate market is stabilizing.  Yun goes on to warn though that while these signs are encouraging, more must be done.

NAR, the National Association of Realtors has proposed that the government buy-down mortgage interest rates to ensure fixed low rates for home buyers.  NAR has also presented a plan to Congress that would eliminate the repayment feature of that $7500.00 first-time home buyer tax credit.  NAR has proposed that this credit be offered to all buyers and that higher FHA and conventional loan limits be made permanent.  This should greatly aid in the housing recovery.

We all know that consumer confidence is at an all time low, but we also know from history that the journey to wealth accumulation begins with owning ones own home.

Gas Prices in Rockland Dip Below $2.00 a gallon.  Hooray!  Time for a roadtrip?

Just in time for our holiday shopping.  There are plenty of places to go.  Head South to New York Cit or North to Woodbury Commons . . . At this writing only 11 more shopping days to go.   So, let’s go shopping.  Anyone want to buy a house for Christmas?  Now wouldn’t that be a unique Christmas Gift.

Hey how would you wrap a house if you gave it for Christmas?

Christmas Lights Gone Mad

OUR PICK OF THE WEEK:

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Almost 1 Acre . . . This home offers lots of potential with its over-sized rooms, additional detached 3-car garage with studio & rough plumbing, fantastic property, neighborhood & location!  Roof 2007; interior/exterior video-camera security system.

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The data relating to real estate for sale on this web site comes in part from the REDX^SM Program of the Greater Hudson Valley Multiple Listing Service. Real estate listings held by brokerage firms other than Rockland County Real Estate are marked with the REDX^SM logo.

Copyright 2008 Greater Hudson Valley Multiple Listing Service. All Rights Reserved.

Rockland Unemployment on the rise.

Strong Buyer’s market

November 2008 - Market Update Newsletter

11.04.08 - Here is the most recent market update

Report compiled utilizing statistics from the Greater Hudson Valley Multiple Listing Service (MLS)

To Give You Some Perspective,
here are Year end statistics
for 2006 through 2008

Click here for the December 2008 Report.

Strong Buyer’s market

December 2008 - Market Update Report

12.11.08 - Here is the most recent market update

OCAR Housing Market Snapshot

Report compiled utilizing statistics from the Greater Hudson Valley Multiple Listing Service (MLS)

The Directory to the right shows archived reports.