Mortgage Rates Inch Up for Second Week
MORTGAGE RATES INCH UP FOR SECOND WEEK
Article by: Daily Real Estate News | Friday, May 17, 2013
Fixed-rate mortgages climbed this week after signs of stronger consumer spending, Freddie Mac reports in its weekly mortgage market survey.
Here are the national averages for mortgage rates for the week ending May 16:
- 30-year fixed-rate mortgages averaged 3.51 percent, with an average 0.7 point, increasing from last week’s 3.42 percent average. A year ago at this time, 30-year rates averaged 3.79 percent.
- 15-year fixed-rate mortgages averaged 2.69 percent, with an average 0.7 point, rising from last week’s 2.61 percent average. Last year at this time, 15-year rates averaged 3.04 percent.
- 5-year adjustable-rate mortgages averaged 2.62 percent, with an average 0.5 point, rising from last week’s 2.58 percent average. Last year at this time, 5-year ARMs averaged 2.83 percent.
- 1-year ARMs averaged 2.55 percent, with an average 0.4 point, rising from last week’s 2.53 percent average. A year ago at this time, 1-year ARMs averaged 2.78 percent.
Source: Freddie Mac; Daily Real Estate News (051713) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee
May 18, 2013 Posted by kbargers | real estate | tennessee, Nashville, kenneth bargers, bargers solutions, home buying, home selling, mortgage rates, freddie mac, in the news, blog, current economic conditions, pilkerton realtors, daily real estate news, refinancing, current housing conditions, new home loans, may 2013, mortgage rates inch up for second week | Leave a Comment
Builders More Upbeat About New-Home Sales
BUILDERS MORE UPBEAT ABOUT NEW-HOME SALES
Article by: Daily Real Estate News | Friday, May 17, 2013
Builders are feeling more confident about new-home sales, sales expectations for the next six months, and prospective buyer traffic, according to the May reading on the National Association of Home Builders/Wells Fargo Housing Market Index.
The index—which gauges builders’ sentiment on those three indicators—rose three points to 44 in May. Still, it takes a number over 50 on the index to indicate that more builders view conditions as good rather than poor.
All three indicators posed gains in May, with expectations for future sales reaching 53 on the index—the highest level since February 2007, NAHB reports.
“Builders are noting an increased sense of urgency among potential buyers as a result of thinning inventories of homes for sale, continuing affordable mortgage rates, and strengthening local economies,” says NAHB Chairman Rick Judson. “This is definitely an encouraging sign even amidst rising challenges with regard to the cost and availability of building materials, lots, and labor.”
The new-home sector continues to battle against low inventories. It will take time for builders to “re-establish themselves following recession-related cutbacks,” says NAHB Chief Economist David Crowe. “Builders’ view of current sales conditions have improved and expectations for the future remain quite strong as consumers head back to the market in force.”
Source: National Association of Home Builders; Daily Real Estate News (051713) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee
May 18, 2013 Posted by kbargers | real estate | tennessee, Nashville, kenneth bargers, bargers solutions, home buying, home selling, National Association of Home Builders, in the news, blog, pilkerton realtors, nahb, current housing conditions, april 2013, may 2013, builders more upbeat about new-home sales | Leave a Comment
LOL Friday! The Bathtub Test…
The Bathtub Test
During a visit to the mental asylum, a visitor asked the Director what the criterion was which defined whether or not a patient should be institutionalized.
“Well,” said the Director, “we fill up a bathtub, and then we offer a teaspoon, a teacup and a bucket to the patient and ask him or her to empty the bathtub.”
“Oh, I understand,” said the visitor. “A normal person would use the bucket because it’s bigger than the spoon or the teacup.”
“No.” said the Director, “A normal person would pull the plug. Do you want a bed near the window?”
May 17, 2013 Posted by kbargers | humor | kenneth bargers, humor, friday funnies, jokes, lol friday, in the news, blog, doctor, laugh out loud, bathtub, mental health, patient | Leave a Comment
Greater Nashville Area’s April Home Sales Increase by 27 Percent
APRIL HOME SALES INCREASE BY 27 PERCENT
Press Release by Greater Nashville Association of REALTORS®
NASHVILLE, Tenn. (May 9, 2013) – There were 2,780 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an increase of 27 percent from the 2,186 closings reported for April 2012.
Year-to-date closings are also up compared to 2012 with 8,760. That is a 24 percent increase compared to the 7,041 closings reported through April 2012.
“The housing market in greater Nashville is clearly active and the recovery is continuing,” said GNAR President Price Lechleiter. “It is encouraging to see consistency and growth in the number of closings each month. And, it is worth noting that the last time there were more than 2,700 closings in a month was August 2007 with 3,359.
While the news is currently positive, there is still significant concern about possible government decisions impacting the housing market. The wrong choices could easily have a major negative impact in a very short time. Realtors from Nashville, and across the country, will be in Washington, DC next week. We will be meeting with elected officials, asking them to protect the mortgage interest deduction, preserve the mission and purpose of FHA and restructure Fannie Mae and Freddie Mac to assure that mortgages are available to consumers in all economic conditions.”
There were 2,984 sales pending at the end of the month, compared to the 2,436 pending sales at this time last year. The average number of days on the market for a single-family home was 76 days.
The median residential price for a single-family home during April was $185,000 and for a condominium it was $163,800. This compares with last year’s median residential and condominium prices of $165,120 and $141,190, respectively.
Inventory at the end of April was 16,696, down from 19,622 in 2012.
“Inventory remains the key short-term issue in the greater Nashville market,” added Price. “Sellers seem to be waiting until they feel like there is the potential for a good financial return before they put their homes on the market. It is encouraging to see that median prices for both single-family homes and condominiums are up significantly this month. Some consistency in price increases will likely prompt more people to seriously consider selling their homes.”
The Greater Nashville Association of REALTORS is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.
Source: GNAR, Greater Nashville Association of REALTORS®; Press Release May 9, 2013 | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennesseee
May 11, 2013 Posted by kbargers | economy, Nashville, real estate | tennessee, Nashville, kenneth bargers, GNAR, bargers solutions, home buying, home selling, housing inventory, in the news, greater nashville association of realtors, blog, pilkerton realtors, pending sales, may 2013, greater nashville area april home sales increase by 27 percent | Leave a Comment
LOL Friday! Baseball in Heaven…
Baseball in Heaven
Two old men, Abe and Sol, sit on a park bench feeding pigeons and talking about baseball. Abe turns to Sol and asks, “Do you think there’s baseball in Heaven?”
Sol thinks about it for a minute and replies, “I dunno. But let’s make a deal — if I die first, I’ll come back and tell you if there’s baseball in Heaven, and if you die first, you do the same.”
They shake on it and sadly, a few months later, poor Abe passes on. Soon afterward, Sol sits in the park feeding the pigeons by himself and hears a voice whisper, “Sol… Sol… .”
Sol responds, “Abe! Is that you?”
“Yes it is, Sol,” whispers Abe’s ghost.
Sol, still amazed, asks, “So, is there baseball in Heaven?”
“Well,” says Abe, “I’ve got good news and bad news.”
“Gimme the good news first,” says Sol.
Abe says, “Well, there is baseball in Heaven.”
Sol says, “That’s great! What news could be bad enough to ruin that?”
Abe sighs and whispers, “You’re pitching on Friday.”
May 10, 2013 Posted by kbargers | humor | baseball, friday funnies, heaven, humor, in the news, jokes, kenneth bargers blog, laugh out loud, lol friday, old man | Leave a Comment
15-Year Rates Sink to New Low of 2.65%
15-YEAR RATES SINK TO NEW LOW OF 2.65%
Article by: Daily Real Estate News | Friday, May 03, 2013
Fixed-rate mortgages pushed lower for the fifth-consecutive week, with low mortgage rates further driving the housing recovery over the near term, says Frank Nothaft, Freddie Mac’s chief economist.
This week, the 30-year fixed-rate mortgage hovered near its all-time record low, while 15-year rates set a new record.
Freddie Mac reports the following national averages with mortgage rates for the week ending May 2, 2013:
- 30-year fixed-rate mortgages: averaged 3.35 percent, with an average 0.7 point, just shy of its 3.31 percent record set during the week of Nov. 21, 2012. A year ago at this time, 30-year rates averaged 3.84 percent.
- 15-year fixed-rate mortgages: sank to an all-time record low of 2.56 percent, with an average 0.7 point, dropping from last week’s previous record of 2.61 percent. Last year at this time, 15-year rates averaged 3.07 percent.
- 5-year adjustable-rate mortgages: averaged 2.56 percent, with an average 0.5 point, dropping from last week’s 2.58 percent average. Last year at this time, 5-year ARMs averaged 2.85 percent.
- 1-year ARMs: averaged 2.56 percent, with an average 0.3 point, dropping from last week’s 2.62 percent average. A year ago at this time, 1-year ARMs averaged 2.70 percent.
Source: Freddie Mac; Daily Real Estate News (050313) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee
May 3, 2013 Posted by kbargers | economy, real estate | bargers solutions, blog, current housing conditions, current mortgage rates, daily real estate news, freddie mac, home buying, home loan, in the news, kenneth bargers, may 2013, mortgage refinancing, Nashville, pilkerton realtors, tennessee | Leave a Comment
Nashville among 8 Best Markets for Flipping Houses
NASHVILE AMONG 8 BEST MARKETS FOR FLIPPING HOUSES
Daily Real Estate News | Friday, May 03, 2013
More investors are rehabilitating homes and looking to sell them for profit, a move known as flipping.
RealtyTrac recently evaluated more than 600 metro areas to find where flipping single-family homes offers some of the highest returns based on the investor’s gross profit. The top eight metros for house-flipping are:
Orlando FL
Average purchase price: $103,701
Average flipped price: $168,677
Gross profit percent: 63 percent
Las Vegas NV
Average purchase price: $133,198
Average flipped price: $203,945
Gross profit percent: 53 percent
Phoenix AZ
Average purchase price: $146,528
Average flipped price: $210,290
Gross profit percent: 44 percent
Tampa FL
Average purchase price: $79,538
Average flipped price: $113,676
Gross profit percent: 43 percent
Memphis TN
Average purchase price: $68,318
Average flipped price: $96,870
Gross profit percent: 42 percent
Miami FL
Average purchase price: $138,064
Average flipped price: $189,291
Gross profit percent: 37 percent
Lakeland FL
Average purchase price: $68,444
Average flipped price: $93,715
Gross profit percent: 37 percent
Nashville TN
Average purchase price: $108,851
Average flipped price: $146,872
Gross profit percent: 35 percent
Source: “Best Markets for Flipping Homes,” HousingWire (May 2, 2013); Daily Real Estate News (050313) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services
May 3, 2013 Posted by kbargers | Nashville, real estate | bargers solutions, blog, daily real estate news, home buying, in the news, investors, kenneth bargers, Nashville, nashville among 8 best markets for flipping houses, pilkerton realtors, realtytrac, rehab homes, tennessee | Leave a Comment
LOL Friday! Farmer Joe and his Mule…
Farmer Joe and his Mule
Farmer Joe decided his injuries from his recent accident were serious enough to take the trucking company responsible for the accident to court. In court, the trucking company’s fancy lawyer was questioning farmer Joe.
“Didn’t you say, at the scene of the accident, that you were fine?”
”Well, I’ll tell you what happened. I had just loaded my favorite mule Bessie into the–”
”I didn’t ask for any details,” the lawyer interrupted. ”Just answer the question. Did you not say, at the scene of the accident, that you were fine?”
”Well I had just got Bessie into the trailer and was driving down the road–”
”Judge, I am trying to establish the fact that, at the scene of the accident, this man told the Highway Patrolman on the scene that he was just fine. Now several weeks after the accident he is trying to sue my client. I believe he is a fraud. Please tell him to simply answer the question.”
By this time the Judge was fairly interested in Farmer Joe’s answer and told the lawyer so.
”Well,” said the farmer, “as I was saying, I had just loaded Bessie, my favorite mule, into the trailer and was driving her down the highway when this huge semi-truck and trailer ran the stop sign and smacked my truck right in the side. I was thrown into one ditch and Bessie was thrown into the other. I was hurting real bad and didn’t want to move. However, I could hear ol’ Bessie moaning and groaning. I knew she was in terrible shape just by her groans. Shortly after the accident a Highway Patrolman came on the scene. He could hear Bessie moaning and groaning so he went over to her. After he looked at her he took out his gun and shot her between the eyes. Then the Patrolman came across the road with his gun in his hand and looked at me. He said, ‘Your mule was in such bad shape I had to shoot her. How are you feeling?’”
May 3, 2013 Posted by kbargers | humor | blog, farmer, friday funnies, humor, in the news, jokes, judge, kenneth bargers, laugh out loud, lawyer, lol friday, mule | Leave a Comment
May 2013 In The News Features Gutter Maintenance; Music City Center Quick Facts
May 2, 2013 Posted by kbargers | home maintenance, monthly tips, Nashville, tennessee | bargers solutions, blog, drainage and gutter maintenance tips for the home; music city center quick facts, in the news, kenneth bargers, may 2013, Nashville, pilkerton realtors, tennessee | Leave a Comment
Pending Home Sales Index Up 7% Over 2012
PENDING HOME SALES INDEX UP 7% OVER 2012
Article by: Daily Real Estate News | Monday, April 29, 2013
Pending home sales increased in March and remain above year-ago levels. However, contract activity in recent months shows only modest movement, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 1.5 percent in March, over a downwardly revised figure in February. The index is 7 percent above year-ago numbers, reflecting the fact that pending sales have been above year-ago levels for the past 23 months.
“Contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply. Little movement is expected in near-term sales closings, but they should edge up modestly as the year progresses,” says Lawrence Yun, NAR chief economist. “Job additions and rising household wealth will continue to support housing demand.”
In the Northeast, the index was unchanged in March, but is 6.3 percent higher than in March 2012. In the Midwest the index increased 0.3 percent, 13.7 percent above a year ago. Pending home sales in the South rose 2.7 percent, which is 10.4 percent higher than March 2012. In the West the index increased 1.5 percent, but is 4.3 percent below a year ago.
Source: National Association of REALTORS®; Daily Real Estate News (042913) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee
April 29, 2013 Posted by kbargers | economy, real estate | bargers solutions, blog, current housing conditions, daily real estate news, home buying, home selling, in the news, kenneth bargers, Nashville, national association of realtors, pending home sales 2013, pending home sales index up 7% over 2012, pending homes sales 2012, pilkerton realtors, tennessee | Leave a Comment
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- Mortgage Rates Inch Up for Second Week May 18, 2013
- Builders More Upbeat About New-Home Sales May 18, 2013
- LOL Friday! The Bathtub Test… May 17, 2013
- Greater Nashville Area’s April Home Sales Increase by 27 Percent May 11, 2013
- LOL Friday! Baseball in Heaven… May 10, 2013
- 15-Year Rates Sink to New Low of 2.65% May 3, 2013
- Nashville among 8 Best Markets for Flipping Houses May 3, 2013
- LOL Friday! Farmer Joe and his Mule… May 3, 2013
- May 2013 In The News Features Gutter Maintenance; Music City Center Quick Facts May 2, 2013
- Pending Home Sales Index Up 7% Over 2012 April 29, 2013
- Enjoy your week… wishing you success in your Risk Versus Reward endeavors April 29, 2013
- RIP George Jones; an American Legend April 26, 2013
- LOL Friday! another lawyer joke… April 26, 2013
- March Existing-Home Sales Slip Due to Limited Inventory, Prices Maintain Uptrend April 24, 2013
- FHFA: Housing Market Showing Promising Signs April 22, 2013
- For Third Week, Mortgage Rates Sink Lower April 20, 2013
- LOL Friday! Walks into a bar… April 19, 2013
- Gun Bill Background Check Amendment Fails; TN Senators Alexander and Corker Vote No… April 17, 2013
- Housing Starts Rise on Strength in Multifamily in March April 17, 2013
- Read the latest articles for home ownership provided by HouseLogic… April 17, 2013
- Sharing a Story of a Gay American Family! April 12, 2013
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- Survey: Lenders More Upbeat About Housing Recovery April 11, 2013
- Mortgage Applications Increase in Latest MBA Weekly Survey April 11, 2013
- Greater Nashville Home Sales Remain Strong for March and First Quarter 2013 April 9, 2013
- Senators Threaten Filibuster on Gun Control Legislation; Americans Deserve a Vote! April 9, 2013
- Mortgage Rates Back Down This Week April 5, 2013
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