2012 Mortgage Report Shows Rates At Record Low

2012’s final mortgage rate report showed that mortgage rates have fallen near record lows, keeping home prices low and home affordability at a significantly high percent. According to Freddie Mac’s Primary Mortgage Market Survey, 30-year fixed rate mortgage loans dropped from 3.95% to 3.35% from this time last year, and 15-year fixed rate mortgage loans decreased 3.24% from one year ago. The 5-year, Treasury-indexed hybrid, showed that adjustable-rate mortgages are also lower than the 2.88% rate recorded last year. More here

Unemployment Rate Drops Lowest In Years

Jobs are growing in the U.S as the number of Americans filing for unemployment aid drops. Last week, the unemployment aid requests dropped to nearly its lowest level in four years and six months. Employers are hiring at a quicker rate, and the claims data shows that the increase in high numbers of workers being laid-off since the recession is coming to an end. Recently companies having been adding to payrolls. It is forecast that the monthly employment report due January 4th will show a much higher employment rate than months or even years past. More here

Home Buyers Feel Pressure To Purchase Fast

Confidence is growing in many home buyers while the sense of urgency to purchase quickly may, as well, be growing. 70% of home buyers believe that home prices will continue to rise and are acting accordingly. Only 30% of future buyers believed that home prices will likely rise at the beginning of 2012, a 40% jump according to a survey of more than 1,000 home buyers conducted by Redfin, an online real estate brokerage . Many home buyers say that record-low mortgages are the number one reason they feel rushed to purchase a home soon. More here

Housing Market Recovery Rises To 51%

The housing market is continuing to improve according to Trulia, an online residential real estate site. The housing market in October was suggested to be 47% back to normal. Last month the U.S stepped over the halfway mark making the housing market recovery adjust to 51%. Trulia’s barometer showed housing starts 37% recovered, existing home sales 73% recovered and the combined delinquency and foreclosure rates dropping to the lowest level in four years, decreasing to 10.63%. More here

Housing Market Stays Strong

According to Fannie Mae’s Economic & Strategic Research Group, the housing market is still standing strong while in a slower season. Economic activity has taken a slower pace over the last month with many doubts over the fiscal cliff. The recent decrease is not predicted to increase or track in to 2013.  Doug Duncan, Fannie Mae’s chief economist said, “we expect growth in the current quarter to moderate from the pace seen last quarter, on the bright side, the housing market has stayed resilient and continues to show signs of a strong, sustained recovery.” U.S mortgage rates are still close to historic lows, and home sales and prices are continuing to grow. More here

Previously Occupied Home Sales Jump 5.9%

According to the National Association of Realtors, U.S. sales of previously occupied homes increased 5.9%  last month, jumping 4.76 million from October. November now holds the highest level of previously occupied home sales in three years. Sales have grown  considerably in the past year, increasing 14.5%. The National Association of Realtors suggested that with home prices on the rise, low home-loan rates and new job growth, previously occupied home sales are on track for their most successful year  in nearly five years. More here

New Housing Completions Continue To Grow

New housing starts on private residences in November came in 3% below the October estimate of 888,000 starts, according to the U.S. Census Bureau and the Department of Housing and Urban Development. While the estimated percentage was not met,  analysts with Econoday, an economy announcement company said, “the November slowdown is a minor pullback after strong gains the prior two months.” Econoday analysts suggested  the recent decrease in housing starts can be blamed on slow construction in many areas. Building permits grew in November with 899,000 permits filed, a 3.6% increase from October and 26.8% from last year with 709,000 filings. There were  677,000 housing completions in November, 16.1% above the November 2011 rate of 583,000 housing completions. More here

15-Year Mortgage Loans Are Up 10%

Low mortgages have borrowers cutting their mortgage loan time in half. Approximately 16% of the fixed-rate mortgages  sold to Freddie Mac in the third quarter were 15-year loans, as opposed to the standard 30 year mortgage loans. This percentage is up almost 10% from 2011, according to the agency’s data. 15 year mortgages have been increasing since 2007 making up  8.5% of refinancing. Stu Feldstein, who tracks mortgage data at SMR Research and who is also the president of the company said, “the 15-year loan has gone from really being almost a non-issue item to a new trend”. Researchers suggest  the reason 15 year mortgages are becoming  much more desirable is due to the change in lower interest rates. More here

Millennials Stay Positive About Home Ownership

72% of millennials, ages 18- 34 show interest in becoming a homeowner, according to a survey conducted by Trulia, a real-estate website. 93% of the population plan to live out the American dream by becoming a homeowner if not one already. Millennials have not been discouraged by the housing market’s past; many believe that the low mortgages and home prices will continue. Jed Kolko, Trulia’s chief economist said, “home buyers need inventory to choose from, and with fewer foreclosures on the market, new inventory will come from new construction or homeowners wanting to sell. Rising prices will bring out more sellers, especially if price increases lift them back above water.”  The survey also found that 1 out of 4 participants now held positive feelings toward home ownership. More here

Foreclosure Rates At A Six Year Low

Repossessions in the United States jumped to a nine-month high last month, even with foreclosures at their lowest in six years. Foreclosure starts dropped to 77,494 in November, a 13% fall from October’s foreclosure starts and a 28% decrease from November 2011. This is the smallest number of foreclosure starts since December 2006, according to RealtyTrac Inc, a foreclosing listing firm. With the housing market improving and the recent increase in home prices, more homeowners are projected to avoid foreclosure in the future. More here