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Posts Tagged ‘september 2012

Pending Home Sales Improve in September

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Pending Home Sales Improve in September
Article by: Daily Real Estate News | Thursday, October 25, 2012

Pending home sales were little changed in September but remain well above a year ago, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, edged up 0.3 percent to 99.5 in September from 99.2 in August and is 14.5 percent above September 2011 when it was 86.9. The data reflect contracts but not closings.

Lawrence Yun, NAR chief economist, said pending home sales continue to hold a higher ground. “Home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow range,” he said. “This means only minor movement is likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013.”

Pending home sales have risen for 17 consecutive months on a year-over-year basis, leading to the solid recovery seen in closed existing-home sales this year. In September all regions were showing double-digit increases in contract activity from a year ago with the exception of the West, which is constrained by limited inventory.

The PHSI in the Northeast rose 1.4 percent to 79.3 in September and is 26.1 percent higher than a year ago. In the Midwest the index fell 5.8 percent to 89.5 in September but is 19.3 percent above September 2011. Pending home sales in the South increased 1.0 percent to an index of 111.5 in September and are 17.6 percent higher than a year ago. In the West, the index rose 4.3 percent in September to 106.9, but is only 0.8 percent above September 2011.

Housing affordability conditions are forecast to remain favorable through next year, with the 30-year fixed-rate mortgage staying near record lows for the balance of this year but gradually rising to 4 percent in the second half of 2013.

Completed existing-home sales in 2012 will total close to 4.6 million, an increase of 9 percent, and are projected to rise about 9 percent next year to nearly 5.1 million. With notably lower housing inventory, the national median existing-home price is expected to increase 6 percent this year and 5 percent in 2013.

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

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Survey: Americans More Upbeat About Housing

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Survey: Americans More Upbeat About Housing
Article by: Daily Real Estate News (October 10, 2012)

Americans continue to get more optimistic about the direction of the housing market, according to Fannie Mae’s September National Housing Survey of 1,000 Americans. In fact, Americans’ views on the direction of housing prices has remained positive for 11 consecutive months in the survey, and the number of people expecting home prices to fall now rests at 11 percent, an all-time low since the survey began in 2010.

Overall, survey respondents expect home prices to increase 1.5 percent, on average, in the next year.

“Consumers are showing increasing faith in the nascent housing recovery,” says Doug Duncan, Fannie Mae’s chief economist.

Nearly 20 percent say now is a good time to sell, the highest percentage since the survey began in 2010. Also, 69 percent say now would be a great time to buy if they were planning to move.

Survey respondents also showed more optimism for the direction of the economy. Forty-one percent say the economy is on the right track, which is up from 33 percent last month. Still, 53 percent of survey respondents say the economy is on the wrong track.

Source: Fannie Mae; Daily Real Estate News | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

Greater Nashville Area: September Home Sales Increase; Third Quarter Numbers Also Up

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SEPTEMBER HOME SALES INCREASE; THIRD QUARTER NUMBERS ALSO UP
Press Release by Greater Nashville Association of REALTORS®

NASHVILLE, Tenn. (Oct. 9, 2012) – There were 2,266 home closings reported for the month of September, according to figures provided by the Greater Nashville Association of REALTORS®. That number is up 23.7 percent from the 1,832 closings reported for the same period last year.

Third quarter numbers have increased from 2011 with 7,446 closings reported, which is 26.2 percent higher than last year’s third quarter closings of 5,900.

Year-to-date closings for the Greater Nashville area are 19,440. That total is up 25.2 percent from the 15,531 closings reported through the third quarter of 2011.

“Home sales have seen an increase every month this year,” said GNAR President Kendra Cooke. “And those increases result in strong third quarter and year-to-date numbers in Middle Tennessee – both up more than 25 percent. Also notable for September are more residential closings than all closings combined last September.

“Even though standard seasonal trends may show reduced monthly closings, the comparisons to the same months from last year continue to indicate significant increases, which is very encouraging. Greater Nashville is fortunate to be experiencing these increases, as they are still not the case in many other parts of the country.”

“Most every category saw an increase compared to September last year with the exception of a slight decrease in multi-family home closings. But, with both residential and condominium median prices up and pendings above 2,300, we remain encouraged as we enter the fourth quarter.”

There were 2,291 sales pending at the end of September, compared with 1,729 pending sales at this time last year. The average number of days on the market for a single-family home was 82 days, compared with 94 days for September 2011.

The median residential price for a single-family home during September was $175,000, and for a condominium, it was $153,900. This compares with last year’s median residential and condominium prices of $163,000 and $144,900, respectively.

Inventory at the end of September was 17,897, down from 20,718 in September 2011.

“Like most of the year, inventory remains down, but we are still at a healthy market level and there are a lot of great options for potential buyers. Greater Nashville remains attractive to both companies and families,” added Cooke.

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: Greater Nashville Association of REALTORS®, Press Release October 9, 2012 | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

Refinance Apps Soar to 3-Year Highs

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Refinance Apps Soar to 3-Year Highs
Article by: Daily Real Estate News (October 4, 2012)

Mortgage applications for refinancings and home purchases posted strong gains this week following news of record low interest rates, the Mortgage Bankers Association reports in its weekly mortgage market survey. The gains were led by a surge in applications for refinancings.

Applications for home refinancings rose to their highest level since April 2009, soaring 19.6 percent over the week.

Overall, the MBA reported that mortgage applications — including applications for refinancing and home purchases — soared 16.6 percent for the week ending Sept. 28.

Applications for home purchases — viewed as a main indicator for home sales — increased 3.9 percent last week, MBA reported.

Mike Fratantoni, MBA’s vice president of research and economics, says that the Fed’s latest move to boost the economy is putting downward pressure on mortgage rates and leading to the rising number in loan applications. The Fed announced recently it would buy $40 billion in mortgage-backed securities each month until the job market improves. The program, known as “quantitative easing” or “QE3,” is causing mortgage rates to fall.

Source: “Mortgage Applications Jump as Low Rates Spur Refinancing Demand,” Reuters (Oct. 3, 2012); Daily Real Estate News (October 4, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

Mortgage Rates Sink to New Lows Again

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Mortgage Rates Sink to New Lows Again
Article by: Daily Real Estate News (September 28, 2012)

Mortgage rates were back to breaking records for the second consecutive week. All mortgage products, except for the 5-year adjustable-rate mortgage, averaged a new record low, Freddie Mac reports in its weekly mortgage market survey.

For those who can qualify, the low rates are helping to keep home buyer affordability high and refinancing strong, Freddie Mac reports.

“Fixed mortgage rates continued to decline this week, largely due to the Federal Reserve’s purchases of mortgage securities, and should support an already improving housing market,” says Frank Nothaft, Freddie Mac’s chief economist.

The Fed recently announced it would purchase $40 billion in mortgage-backed securities every month until the economy shows more improvement. The move is expected to send rates lower.

Here’s a closer look for the national average rates for the week ending Sept. 27:

  • 30-year fixed-rate mortgages: averaged a new record low of 3.40 percent this week, with an average 0.6 point, dropping from last week’s previous record low of 3.49 percent. A year ago at this time, 30-year rates averaged 4.01 percent.
  • 15-year fixed-rate mortgages: averaged a new low of 2.73 percent, with an average 0.6 point, dropping from last week’s previous record low of 2.77 percent. A year ago, 15-year rates averaged 3.28 percent.
  • 5-year adjustable-rate mortgages: averaged 2.71 percent, with an average 0.6 point, dropping from last week’s 2.76 percent average. Last year at this time, 5-year ARMs averaged 3.02 percent.
  • 1-year ARMs: averaged a new low of 2.60 percent this week, with an average 0.4 point, dropping from last week’s 2.61 percent average. A year ago, 1-year ARMs averaged 2.83 percent.

Source: Freddie Mac; Daily Real Estate News (September 28, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

Mortgage Rates Fall Back to Record Lows

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Mortgage Rates Fall Back to Record Lows
Article by: Daily Real Estate News (September 21, 2012)

Fixed-rate mortgages are back at all-time record lows or hovering near them, Freddie Mac reports in its weekly mortgage market survey. For those who can qualify for a loan, the ultra-low mortgage rates are pushing housing affordability higher.

“Following the Federal Reserve’s announcement of a new bond purchase plan, yields on mortgage-backed securities fell, bringing average fixed mortgage rates to their all-time record lows, which should aid in the ongoing housing recovery,” says Frank Nothaft, Freddie Mac’s chief economist.

Here’s a closer look at the national averages with mortgage rates for the week ending Sept. 20:

  • 30-year fixed-rate mortgages: averaged 3.49 percent, with an average 0.6 point, matching its all-time low. A year ago at this time, 30-year rates averaged 4.09 percent.
  • 15-year fixed-rate mortgages: averaged 2.77 percent, with an average 0.6 point, setting a new record low this week. Last year at this time, 15-year rates averaged 3.29 percent.
  • 5-year adjustable-rate mortgages: averaged 2.76 percent, with an average 0.6 point, rising from last week’s 2.72 percent average. Last year at this time, 5-year ARMs averaged 3.02 percent.
  • 1-year ARMs: averaged 2.61 percent this week, with an average 0.4 point, holding the same as last week. A year ago, 1-year ARMs averaged 2.82 percent.

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

Mortgage Rates Continue to Hover Near Lows

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Mortgage Rates Continue to Hover Near Lows
Article by: Daily Real Estate News (September 14, 2012)

Fixed-rate mortgages mostly held steady this week near their all-time lows, keeping the purchasing power of home buyers high.

Thirty-year fixed-rate mortgages, the most popular choice among home shoppers, has been below 4 percent every week this year except for one, Freddie Mac reports in its weekly mortgage market survey. Fifteen-year fixed-rate mortgages, which tend to be more popular among refinancers, has remained below 3 percent since the last week in May.

Freddie Mac reports the following average mortgage rates for the week ending Sept. 13:

  • 30-year fixed-rate mortgages: averaged 3.55 percent, with an average 0.6 point, holding the same as last week. A year ago, 30-year rates averaged 4.09 percent.
  • 15-year fixed-rate mortgages: averaged 2.85 percent, with an average 0.6 point, down slightly from last week’s 2.86 percent average. A year ago, 15-year rates averaged 3.30 percent.
  • 5-year adjustable-rate mortgages: averaged 2.72 percent, with an average 0.6 point, dropping from last week’s 2.75 percent average. Last year at this time, 5-year ARMs averaged 2.99 percent.
  • 1-year ARMs: averaged 2.61 percent, with an average 0.4 point, holding the same as last week’s average. A year ago, 1-year ARMs averaged 2.81 percent.

Source: Freddie Mac (September 13, 2012); Daily Real Estate News | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

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