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 Recent Quotes & Excerpts about the Positive Signs in the Real Estate Market:

Recent Quotes & Excerpts about the Positive Signs in the Real Estate Market:

 

 

Pending Home Sales Jump to Highest Level Since July 2007

 

Pending sales of existing homes unexpectedly jumped in August to the highest level in more than a year. The National Association of REALTORS^® Pending Home Sales Index, based on contracts signed in June, rose 7.4% in August. The August reading was 8.8% higher than a year earlier, and the highest level since June 2007. Home sales are considered pending when the seller has accepted an offer, but the deal has not yet closed. Sales are picking up in places that have seen the most severe declines in housing prices — including California, Florida Nevada and Arizona, plus Rhode Island and the Washington, D.C. area.

 

 

 

-- “Pending Home Sales up 7.4% in August,” Today, Oct. 8, 2008.

 

 

Mortgage Rates Continue to Drop; Applications Rise

 

Fixed mortgage rates fell in the latest week, according to Bankrate Inc.'s survey released (October 9). The average conforming 30-year fixed mortgage rate dropped to 6.20% from 6.41% a week ago, while the average 15-year fixed mortgage rate declined to 5.95% from 6.14% a week earlier.  “From the standpoint of a homebuyer, interest rates aren't in any way a barrier.”

 

 

-- Greg McBride, senior financial analyst at Bankrate.com. “Lower Mortgage Rates May Be Silver Lining in Turmoil,” by Jeff Plungis and Alexis Leondis, Bloomberg, Oct. 9, 2008.

 

 

Interest rates on fixed-rate mortgages decreased last week, and mortgage seekers took advantage: Applications filed for mortgages rose a seasonally adjusted 2.2% compared with the week before, according to the Mortgage Bankers Association. Applications for mortgages to purchase homes rose a seasonally adjusted 3.2% on a week-to-week basis, while refinance applications increased 0.9%.

 

 

-- “Mortgage Applications up 2.2% Last Week,” by Amy Hoak, MarketWatch.com, Oct. 8, 2008.

 

 

Regional Update: Good News from Markets around the Nation

 

 

Orlando, Fla.

 

Orlando area Realtors sold 1,335 homes in September, up 37.6% from the same month a year ago. The median sales price of the homes sold in September rose by 5% to $210,000 from August's revised $200,000 median, according to an Orlando Regional Realtor Association report.

 

 

-- “Number of Existing Home Sales Rise in Orlando Area,” by Jerry W. Jackson, Orlando Sentinel,
Oct. 9, 2008.

 

 

 

Denver

 

Last month provided some encouraging signs for the Denver housing market, according to a monthly report released by Coldwell Banker Residential Brokerage. Home sales in the Denver metro area rose 14.1% last month in comparison to September 2007. Also, the inventory of unsold homes and sale prices for homes in September dropped compared to the same time last year. “People are realizing there are some great deals right now and they are acting on it.”

 

 

-- Greg Zadel, president of the Colorado Association for Real Estate Brokers, “Local Sales Up, Inventory Down, According to Report,” Denver Daily News, Oct. 9, 2008.

 

 

Myrtle Beach, S.C.

 

A new report released Wednesday showed the number of homes with accepted offers jumped by more than 7% in August to the highest level in a year. “We are seeing property that’s actually getting multiple offers, if you can believe that or not. We’re seeing properties sold as much as full-price and some properties sold for higher than their list price. We are at historical interest rate lows, we have ample inventory on the market right now and this inventory has been reduced to a level that the buyers can take advantage of this and really save a lot of money.”   

 

 

-- Rod Smith, director of a Myrtle Beach, S.C. brokerage, “Is the Housing Market Turning Around?,” by Michelle Corrolla, WBTW-TV, Oct. 9, 2008.

 

 

Tulsa, Okla.

 

“I think we’re in a normal market right now. There are a lot (of houses) on the market, but the houses are selling. The average sale price of homes in the Tulsa area has actually increased.”

 

 

-- Harriett Dunham, owner of a Tulsa-area brokerage, “Hope for Home Ownership,” by Sommer Woodward, Pryor Daily Times, Oct. 6, 2008.

 

 

New Haven, Conn.

 

Good job, good credit, no problem! Consumers who want to buy a car or a house should be able to get a loan, as long as they have a job and a good credit score, say those whose livelihood depends on a vibrant credit market. “For people going for conventional financing or FHA financing, there’s plenty of opportunity. I think just the whole economic climate right now is affecting people’s attitudes, but there’s still mortgage money out there.”

 

 

-- Marc Seigel, president of the Greater New Haven Board of Realtors^®, “Credit-Worthy Borrowers OK,” by Ed Stannard, New Haven Register, Oct. 5, 2008.

 

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Lisa Jay is a licensed Realtor in the State of Texas.
Member of the Fort Hood Area Association of Realtors^®