August 2011

Found 3 blog entries for August 2011.

The New York Times just reported that mortgage rates have hit incredible 50 year lows, which was confirmed by Frank Nothaft, vice president and chief economist at Freddie Mac. "The average rate on a 30-year fixed-rate loan fell to 4.15 percent, with borrowers paying an average point of 0.7 percent ... and the averate rate on a 15 year mortgage fell to 3.36 percent, with an average of 0.6 points."

This should be good news for the battered housing market because lower interest rates make homes more affordable for the substantial numbers of buyers who are getting a home loan. It may also trigger another wave of refinancing which may allow some more homeowners to stay in their homes and reduce future foreclosures.

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July Residential Highlights

Closed and pending sales were both up in July 2011 compared with July 2010. Additionally, the inventory level in July 2011 was down 3.8 months compared with the same month a year ago. Closed sales grew 21% in July 2011 compared to July 2010. Pending sales were up 18.4%, and new listings dropped 27%. Comparing June 2011 with July 2011, closed sales decreased from 1,958 to 1,709 (-12.7%). Pending sales decreased from 2,001 to 1,928 (-3.7%). New listings went down from 3,143 to 2,942 (-6.4%). At the month’s rate of sales, the 11,970 active residential listings would last about 7 months.

Sale Prices

Average sale price for July 2011 declined 7.4% compared to July 2010. Median sale price also fell 7.6%. See residential

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June Residential Highlights

While closed sales were down in June 2011 compared with June 2010, pending sales jumped compared with the same month a year ago, and inventory hit the lowest level since July 2007. Closed sales were down 2.7% in June 2011 compared to June 2010. Pending sales were up 23.7%, and new listings dropped 22.4%. Comparing May 2011 with June 2011, closed sales increased from 1,742 to 1,958 (12.4%). Pending sales decreased from 2,167 to 2,001 (-7.7%). New listings went down from 3,338 to 3,143 (-5.8%). At the month’s rate of sales, the 11,817 active residential listings would last about 6 months, a drop of 1.3 months since the inventory level in June 2010.

Sale Prices

Average sale price for June 2011 declined 7.8% compared to June

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