Mortgage Rates Dip Into New Territory

MORTGAGE RATES DIP INTO NEW TERRITORY
Article by: Daily Real Estate News | July 06, 2012

Mortgage rates continue to set new record lows, pushing home buyer affordability a little higher each week.

The average 30-year fixed-rate mortgage, the most popular option for home buyers, has matched or reached new record lows in 10 of the last 11 weeks, according to Freddie Mac’s weekly mortgage market survey.

This week, “recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week and allowed fixed mortgage rates to hit new all-time record lows,” says Frank Nothaft, Freddie Mac’s chief economist.

Here’s a closer look at rates for the week ending July 5:

  • 3o-year fixed-rate mortgages: averaged a new record low of 3.62 percent, with an average 0.8 point, beating out its previous all-time record low last week of 3.66 percent. A year ago at this time, 30-year rates averaged 4.60 percent.
  • 15-year fixed-rate mortgages: averaged 2.89 percent, with an average 0.7 point, also beating out its previous record set last week of 2.94 percent. Last year at this time, 15-year rates averaged 3.75 percent.
  • 5-year adjustable-rate mortgages: averaged 2.79 percent, with an average 0.6 point, matching last week’s average. A year ago, 5-year ARMs averaged 3.30 percent.
  • 1-year ARMs: averaged 2.68 percent, with an average 0.5 point, also posting a new record low this week. A year ago at this time, 1-year ARMs averaged 3.01 percent.

Source: Freddie Mac; Daily Real Estate News (July 6, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

Greater Nashville Home Sales Increase at Mid-Year

GREATER NASHVILLE HOME SALES INCREASE AT MID-YEAR
Press Release: Greater Nashville Association of REALTORS®; 070312

NASHVILLE, Tenn. (July 3, 2012) – There were 2,453 homes sold in the month of June, according to figures provided by the Greater Nashville Association of REALTORS®. That figure is up 20.8 percent compared to the 2,031 closings reported for June 2011.

Second-quarter numbers are up, with 7,139 closings reported, a 24.7 percent increase from the 5,723 closings reported through the second quarter of 2011. Year-to-date closings for the Greater Nashville area are up 24.5 percent with 11,994 compared to the 9,631 closings reported through mid-year 2011.

“Home sales news in Greater Nashville is strong evidence that ‘all real estate is local,’” said GNAR President Kendra Cooke. “While recent national reports may not have been encouraging, home sales activity here remains very brisk. And, that activity is proving to be sustainable, as the June, second-quarter and year-to-date figures are all up more than 20 percent compared to the same periods last year. With median prices up and more than 2,500 sales pending, it is clear that the market in this region is improving and growing.”

The current home sales data was provided on the same day as the first Regional Housing Summit held at GNAR with area housing professionals and non-profit organizations providing insights and dialogue on how local resources can help those in this region explore the possibility of owning a home. Cooke noted that current and future homebuyers can learn more about the process of purchasing a home by attending the upcoming Mayor’s Home Ownership Fair sponsored by Nashville Mayor Karl Dean, set for Sunday, July 15 from 1-5 p.m. at Bridgestone Arena.

The median residential price for a single-family home during June was $182,000, and for a condominium it was $160,000. Last year’s median residential and condominium prices for June were $176,300 and $150,000, respectively.

There were 2,585 sales pending at the end of June, compared with 2,130 pending sales at this time last year. The average number of days on the market for a single-family home was 84 days.

Inventory at the end of June was 19,136, down from 22,043 in June 2011.

“Inventory is continuing to decrease, which is the case in all categories this month,” added Cooke. “There is now less than an eight-month supply currently available in Greater Nashville and less than a six-month supply for single-family residential. Homes that are truly market-ready are moving well, but buyers are not interested in those properties that have not been properly prepared both inside and outside and priced properly.”

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; 070312 | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

Mortgage Rates Hold at Record Lows

Mortgage Rates Hold at Record Lows
Article by: Daily Real Estate News | Friday, June 29, 2012

Record-low mortgage rates stuck around for another week, allowing home buyers and refinancers to lock-in ultra low financing, Freddie Mac reports in its weekly mortgage market survey. Both the 30-year and 15-year fixed-rate mortgages matched their all-time lows.

“Mortgage rates were virtually unchanged this week hovering at or near record lows and should further help to support a recovering housing market,” says Frank Nothaft, Freddie Mac’s chief economist.

Here’s a closer look at rates for the week ending June 28:

  • 30-year fixed-rate mortgages: averaged a record low of 3.66 percent, with an average 0.7 point, holding steady at last week’s average. A year ago at this time, 30-year rates averaged 4.51 percent.
  • 15-year fixed-rate mortgages: averaged a record low of 2.94 percent, with an average 0.7 point, dropping from last week’s 2.95 percent average. Last year at this time, 15-year rates averaged 3.69 percent.
  • 5-year adjustable-rate mortgages: averaged 2.79 percent, with an average 0.6 point, rising slightly from last week’s 2.77 percent average. Last year this time, 5-year ARMs averaged 3.22 percent.
  • 1-year ARMs: averaged 2.74 percent, with an average 0.4 point, holding the same as last week. A year ago, 1-year ARMs averaged 2.97 percent.

Source: Freddie Mac; Daily Real Estate News (June 29, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

Mortgage Rates Back in Record Territory

MORTGAGE RATES BACK IN RECORD TERRITORY
Article by: Daily Real Estate News | Friday, June 22, 2012

Record low 30-year fixed-rate mortgages are back, pushing home affordability even higher for home buyers. Last week, fixed-rates trickled up after six weeks of breaking records. But this week, 30-year fixed-rate mortgages and 5-year adjustable rate mortgages took another dip into record territory, Freddie Mac reports in its weekly mortgage market survey.

Here’s a closer look at mortgage rates for the week ending June 21:

  • 30-year fixed-rate mortgages: averaged a new all-time record low of 3.66 percent, with an average 0.7 point, dropping from last week’s 3.71 percent average. Two weeks ago, 30-year rates set a record when they had averaged 3.67 percent. A year ago, 30-year rates averaged 4.50 percent.
  • 15-year fixed-rate mortgages: averaged 2.95 percent, with an average 0.6 point, nearing the record low it set two weeks ago of a 2.94 percent average. A year ago at this time, 15-year rates averaged 3.69 percent.
  • 5-year ARMs: averaged a new all-time record low of 2.77 percent, with an average 0.6 point, dropping from last week’s 2.80 percent average. Last year at this time, 5-year ARMs averaged 3.25 percent.
  • 1-year ARMs: averaged 2.74 percent, with an average 0.5 point, dropping from last week’s 2.78 percent average. A year ago at this time, 1-year ARMs averaged 2.99 percent.

Source: Freddie Mac; Daily Real Estate News (June 22, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

Greater Nashville Home Sales, Pending Sales Continue to Increase in May 2012…

GREATER NASHVILLE HOME SALES, PENDING SALES CONTINUE TO INCREASE IN MAY… Number of closings is best in four years

Press Release: GNAR; June 7, 2012

NASHVILLE, Tenn. (June 7, 2012) – There were 2,500 home closings reported for the month of May, according to figures provided by the Greater Nashville Association of REALTORS®. This represents a 28.5 percent increase from the 1,945 closings reported for May 2011.

Year-to-date closings are 9,541. That total is up 25.5 percent from the 7,600 closings reported through the same period last year.

“With increases in each category, and significant growth in both residential and condominium sales, this is the best month for closings in the region since May of 2008 – four years ago,” said GNAR President Kendra Cooke. “Median prices have increased since last year and more than 2,600 sales are currently pending. Combined, these numbers show that the Greater Nashville real estate market is continuing to stabilize, and even strengthen.”

There were 2,671 sales pending at the end of the month, compared with 2,023 pending sales at this time last year. The average number of days on the market for a single-family home was 84 days.

The median residential price in May was $179,000 for a single-family home and $160,000 for a condominium. This compares with last year’s median residential and condominium prices $165,900 and $143,000, respectively.

Inventory at the end of May was 19,503, down from the 22,514 reported in May of 2011.

“Based on the increased level of closings, there is currently an eight-month supply of overall inventory and a just a six-month supply of residential inventory,” added Cooke. “For potential sellers considering putting their home on the market, preparation is key. ‘Curb appeal’ is important and addressing any internal or external issue prior to putting your home on the market will help make it attractive to potential buyers. Buyers are very discerning and opportunities for sales can be missed if sellers do not prepare their properties well.”

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 (June 7, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

Supporting those that Support Others! 2012 Casual Day Benefiting UCP of Middle Tennessee…

Supporting those that Support Others! Will your company be participating in this year’s annual UCP Casual Day 2012?

UCP’s Annual Casual Day 2012
A CELEBRATION OF TENNESSEE MUSIC
to benefit United Cerebral Palsy of Middle Tennessee
June 29, 2012 (or the date of your choice)

Casual Day. Casual Day is a unique and successful annual event mainly because all of the donations stay in Tennessee and are used to serve people with ALL disabilities who have no other resources. UCP builds wheelchair ramps across the entire state; provides recycled wheelchairs, walkers, bath aids, strollers, car seats, standers, etc.; provides home modifications (like widening doorways or raising countertops); offers educational seminars; hosts a free weekly recreation program; provides holiday food boxes for the most needy families; offers assistance for “Inclusive Summer Programs” for children.

Our Tennessee. Each year, a rendering is created that is unique to Tennessee and the artwork is dedicated for the use of UCP’s Casual Day. The artwork is normally used on the Casual Day T-shirt and a small poster. This year’s Casual Day theme is based on rare and valuable instruments which include a 1954 Fender Stratocaster, a 1960 Les Paul, a 1937 Martin D-28 and a 1939 Shurline 55s microphone once used by Elvis Presley!

How will your donation be used? Casual Day donations are used for the following: wheelchair ramps, home modifications, education, medical equipment, recreation, information and referral, summer activities and other programs.

Who does UCP help? People of all ages throughout Tennessee with: cerebral palsy, arthritis, spina bifida, diabetes, autism, strokes, brain injuries, heart disease, kidney diseases, epilepsy, muscular dystrophy, and a long list of other types of disabilities.

About UCP. United Cerebral Palsy’s mission is to advance the independence, productivity, and full citizenship of people with disabilities and to provide support to family members.

UCP serves individuals with all types of disabilities. Our expertise is generally in service to individuals with physical disabilities which affect mobility. UCP also serves as the area clearinghouse for information about the condition known as cerebral palsy. At present, approximately 40% of UCP consumers have cerebral palsy, the second largest lifetime disability in the U.S. (mental retardation is the largest). 60% of the people UCP serves have physical disabilities other than cerebral palsy. These include such conditions as spina bifida, M.S., disability resulting from head and spinal cord injury, ALS, amputations, strokes, and heart attacks, and many lesser known physical disabilities. Visit website

Company Participation. If your company has interest to participate in this worthy cause, I invite you to contact my friend and long time Director of Middle Tennessee’s United Cerebral Palsy, Ms. Diane Dietrich. Diane can be reached at (615) 242-4091 or diane_dietrich@ucpnashville.org.

Make a donation to United Cerebral Palsy and make a difference in someone’s life! Participating companies allow their employees to donate $5 or $20 and receive some great items that are donated from sponsors to go into the packets. The employees are allowed to where their T-shirt on Casual Day and this year’s date is dedicated on June 29, 2012.

Printable PDF: 2012 UCP Casual Day Flyer