KENNETH BARGERS BLOG

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Mortgage Rates Hold at Yearly Low This Week

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Mortgage Rates Hold at Yearly Low This Week

FreddieMac-LogoAugust 29, 2014… The 30-year fixed-rate mortgage is heading into the holiday weekend at its yearly low, giving home shoppers and home owners another opportunity to snag the lowest rate of the year, Freddie Mac reports in its weekly mortgage market survey.

“Mortgage rates were little changed following mixed housing news,” says Frank Nothaft, Freddie Mac’s chief economist. “Existing-home sales rose for the fourth consecutive month to an annualized pace of 5.15 million, the highest of the year. On the other hand, new-home sales fell for the third consecutive month to an annualized rate of 412,000 units.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 28:

  • 30-year fixed-rate mortgages: averaged 4.10 percent, with an average 0.5 point, holding the same as last week’s new low for 2014. A year ago at this time, 30-year rates averaged 4.51 percent.
  • 15-year fixed-rate mortgages: averaged 3.25 percent, with an average 0.6 point, rising from last week’s 3.23 percent average. Last year at this time, 15-year rates averaged 3.54 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.97 percent, with an average 0.5 point, rising from last week’s 2.95 percent average. Last year at this time, 5-year ARMs averaged 3.24 percent.
  • 1-year ARMs: averaged 2.39 percent, with an average 0.5 point, rising from last week’s 2.38 percent average. A year ago, 1-year ARMs averaged 2.64 percent.

Source: Freddie Mac; REALTOR Magazine Online, Daily Real Estate News 082914

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate : marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

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Pending Home Sales Up in Nearly All Regions

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Pending Home Sales Up in Nearly All Regions
Daily Real Estate News | August 28, 2014

REALTORlogoPending home sales mostly increased across the country during the month of July, with all regions except for the Midwest experiencing contract signing gains.

The National Association of REALTORS®’ Pending Home Sales Index, which is based on pending sales of existing homes, hit 105.9 in July, up from 102.5 in June. This marks the third consecutive month that the index is above 100, a score that is considered to be the average level of contract activity.

Regionally, the Northeast saw the biggest gains in pending home sales, with a 6.2 percent jump from 83 in June to 89.2 in July. The South experienced a 4.2 percent increase to an index of 119, while the West’s index rose 4 percent to 99.5 in July.

The Midwest – the only region that did not post gains in pending home sales last month – experienced a slight decline, falling 0.4 percent to 99.5.

The overall increase in pending home sales can be contributed to favorable housing conditions, according to NAR Chief Economist Lawrence Yun.

Yun cited lower interest rates, moderate price growth, and an increase in housing inventory as reasons for the PHSI’s climb.

“The increase in the number of new and existing homes for sale is creating less competition,” Yun said, “and is giving prospective buyers more time to review their options before submitting an offer.”

The improvement of the job market is also helping family finances and giving more people confidence to enter the housing market, Yun said.

Despite the increase in the PHSI, housing sales in 2014 are still below 2013 levels. Yun said he expects existing-home sales to be down 2.1 percent this year, falling from 5.09 million sales of existing homes in 2013 to approximately 4.98 million sales in 2014.

Source: NAR; REALTOR Magazine Online, Daily Real Estate News 082814

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate : marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

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MarketGraphics Releases July 2014 New Home Permit Reports for Greater Nashville

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The Greater Nashville Area (12-County) New Home Permit Reports for July 2014
Courtesy of MarketGraphics Research Group | August 21, 2014

MarketGraphics Research, located in Franklin, Tennessee, releases July’s New Home Permit Reports for the 12-county Greater Nashville area: County/Builder/Subdivision New Home Permit Report, Permits by County New Home Permit Report, Top 50 Builders New Home Permit Report

MarketGraphicsJuly2014

Source: Paula Charles | MarketGraphics Research Group, Inc.
(615) 371-2282 | paula@mgresearch.net | http://www.mgresearch.net

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate : marketing
a proud member of Pilkerton Realtors

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kennethbargers.com blog | www.pilkertonrealtors.com web

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Franklin Wine Festival’s Silent Auction Benefits Big Brothers Big Sisters

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NewsletterWebHeader

F R A N K L I N   W I N E   F E S T I V A L
OCTOBER 17, 2014 | THE FACTORY AT FRANKLIN

Please join me in supporting Big Brothers Big Sisters of Middle Tennessee!

I am proud to once again be a member of Franklin Wine Festival’s Silent and Live Auction Committee benefiting young Tennesseans of the Big Brothers Big Sisters of Middle Tennessee (BBBS). We are now in full swing for the upcoming event and need your support and donations as we collect items for this important fundraising auction.

2014-FWF-Committee-LogoDESCRIPTION  Middle Tennessee’s premier celebration of wine and food, the 10th annual Franklin Wine Festival, presented by Cool Springs Wines & Spirits and supported by Nissan. Extensive offerings by Middle Tennessee’s finest chefs from 35 area restaurants and caterers – 300 selected wines from around the world – live entertainment – silent auction – live auction.

PURPOSE  Funds raised by this event are used to conduct background checks on volunteers to ensure child safety; provide ongoing support for children, families and volunteers to build and sustain long-lasting relationships. BBBS programs introduce children to new opportunities for the future, positively impacting our children and the community. Last year’s event benefited 160 children.

LINKS

I truly appreciate your consideration in supporting the Big Brothers Big Sisters of Middle Tennessee. Please feel free to give me a call or drop me a line with any questions or concerns.  All the best – Kenneth

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate : marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

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Builder Confidence Rises Across the U.S.

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Builder Confidence Rises Across the U.S.

NAHB-LogoBuilder Confidence Rises Two Points in August

August 18, 2014 – Builder confidence in the market for newly built, single-family homes rose two points to 55 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for August, released today. This third consecutive monthly gain brings the index to its highest level since January.

“As the employment picture brightens, builders are seeing a noticeable increase in the number of serious buyers entering the market,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. “However, builders still face a number of challenges, including tight credit conditions for borrowers and shortages of finished lots and labor.”

Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

All three HMI components posted gains in August. The indices gauging current sales conditions and expectations for future sales each rose two points to 58 and 65, respectively. The index gauging traffic of prospective buyers increased three points to 42.

“Each of the three components of the HMI registered consecutive gains for the past three months, which is a positive sign that builder confidence appears to be firming following an uneven spring,” said NAHB Chief Economist David Crowe. “Factors contributing to this rise include sustained job growth, historically low mortgage rates and affordable home prices, which are helping to unleash pent-up demand.”

Every region saw a gain in its three-month moving average HMI score in August. The Midwest posted a seven-point increase to 55 and the West registered a four-point gain to 56. The Northeast posted a two-point gain to 38 and the South was up one point to 52.

Editor’s Note: The NAHB/Wells Fargo Housing Market Index is strictly the product of NAHB Economics, and is not seen or influenced by any outside party prior to being released to the public. HMI tables can be found at nahb.org/hmi. More information on housing statistics is also available at housingeconomics.com.

Source National Association of Home Builders (NAHB), 081814

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate|marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

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Mortgage Rates Roll Back to Yearly Low

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Mortgage Rates Roll Back to Yearly Low
Daily Real Estate News | August 15, 2014

FreddieMac-LogoMortgage rates continue on a low streak this week, with the 30-year fixed-rate mortgage averaging its low for the year, 4.12 percent. It’s the same low the 30-year rate mortgage reached in May as well as during a week in July, Freddie Mac reports in its weekly mortgage market survey.

Fixed-rate mortgage started the year at 4.5 percent, and have countered many forecasters expectations so far by not rising, but instead dropping.

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 14:

  • 30-year fixed-rate mortgages: averaged 4.12 percent, with an average 0.6 point, dropping from last week’s 4.14 percent average. Last year at this time, 30-year rates averaged 4.40 percent.
  • 15-year fixed-rate mortgages: averaged 3.24 percent, with an average 0.6 point, falling from last week’s 3.27 percent average. A year ago, 15-year rates averaged 3.44 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.97 percent, with an average 0.5 point, falling from last week’s 2.98 percent average. Last year at this time, 5-year ARMs averaged 3.23 percent.
  • 1-year ARMs: averaged 2.36 percent, with an average 0.5 point, rising from last week’s 2.35 percent average. A year ago, 1-year ARMs averaged 2.67 percent.

Source: Freddie Mac; REALTOR Magazine Online, Daily Real Estate News (081514)

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate|marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

Subscribe BLOG: EMAIL ME your name/email address to receive Kenneth Bargers Blog
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NAR: Home-Price Slowdown Shows ‘Healthier’ Market

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NAR: Home-Price Slowdown Shows ‘Healthier’ Market
Article by Daily Real Estate News | August 12, 2014

NAR LogoThough the growth in national median home prices slowed in the second quarter of this year, it’s a sign that the market is returning to more sustainable levels, according to the latest quarterly report by the National Association of REALTORS®.

Out of 173 metropolitan areas surveyed, 71 percent showed increases in the median price of existing single-family homes, down from 74 percent in the first quarter. Twenty-seven percent of metro markets reported lower median prices in the second quarter.

Only 19 areas saw double-digit increases in price, a significant drop from the 37 areas that experienced the same in the first quarter.

The slowdown in home-price appreciation should ultimately benefit buyers and sellers, says Lawrence Yun, NAR’s chief economist.

“At this slower but healthier rate, home owners can continue steadily building equity,” Yun says. “Meanwhile, for buyers, increased supply with moderate price gains is giving them better opportunities to choose.”

Despite the price stabilization and overall increase in supply, some markets — especially those on the West Coast, where California alone claims four of the five most expensive housing markets in the country — are still experiencing sharp price increases due to inventory shortages.

“New construction for ownership housing and rentals is needed to alleviate price and rent pressures and accommodate their growing populations,” Yun said.

The national median price for an existing single-family home was $212,400 in the second quarter, compared to $203,400 during the same time last year. For existing condos, the national median price in the 62 areas surveyed was $211,100 in the second quarter, a 5.9 percent increase from a year ago.

Four California metros — San Jose, San Francisco, Anaheim-Santa Ana, and San Diego — as well as Honolulu reported the highest existing single-family home prices, with a median of $899,500. In the five lowest-cost metro areas — Youngstown-Warren-Boardman, Ohio; Elmira, N.Y.; Rockford, Ill.; Decatur, Ill.; and Toledo, Ohio — the median home price was $78,600.

In the second quarter of 2014, 2.30 million existing homes were available for sale, up by 6.5 percent compared to the second quarter of 2013.

NAR President Steve Brown says REALTORS® are reporting faster sales in the second quarter of 2014 than in the first quarter, even with the increase in supply.

“The improving economy and lower interest rates are increasing the pool of interested buyers,” he says.

However, Brown says that despite an improving economy, competition among buyers is still tight and all-cash offers are still common.

“This inevitably is causing hesitation for some first-time buyers, who are more likely to have lower down payments and need to secure financing amidst tight credit conditions,” Brown says.

Source: NAR; REALTOR® Magazine Online, Daily Real Estate News (081214)

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate|marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

Subscribe BLOG: EMAIL ME your name/email address to receive Kenneth Bargers Blog
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