September 2009
The Case-Shiller Shows Home Prices Are Still On Their Way Up
September 30, 2009 by MikeRosen · Leave a Comment
For the second month in a row, 18 of the 20 Case-Shiller real estate markets posted higher home values. It’s the 6th consecutive strong showing for the benchmark private-sector housing index.
Combined with falling home supplies and rising sales figures, this month’s Case-Shiller Index suggests that housing may have bottomed sometime earlier this year.
It’s cause for optimism.
Even Case-Shiller [...]
Fannie Mae Passes New, Tougher Mortgage Guidelines
September 29, 2009 by MikeRosen · Leave a Comment
Getting approved for a mortgage is about to get harder.
For the second time in less than 3 months, Fannie Mae announced changes to its mortgage guidelines.
In its official announcement, Fannie Mae details the updates, meant to reduce the mortgage firm’s overall risk.
The first major change is with respect to credit scoring. All Fannie Mae loans — [...]
Existing Home Supply Falls By Nearly A Year
September 25, 2009 by MikeRosen · Leave a Comment
As reported by the National Association of REALTORS®, the number of Existing Home Sales dipped last month, ending the metric’s 5-month winning streak.
Newspaper headlines today are overwhelmingly negative on housing. You’d almost believe this year’s housing recovery had ended.
That’s hardly the case.
See, the other side of the Existing Home Sales story is that — while the number of units [...]
Home Prices Rise Again In July
September 23, 2009 by MikeRosen · Leave a Comment
As reported by the government, home prices are rising nationwide, up 0.3 percent in July.
Furthermore, versus November 2008, the Home Price Index has clawed back to unchanged.
The housing market appears to be holding its own.
However, we have to be careful about putting our full faith in the Federal Housing Finance Agency’s data. It’s somewhat flawed.
The Home Price Index is a [...]
A Simple Explanation Of The Federal Reserve Statement (September 23, 2009 Edition)
September 23, 2009 by MikeRosen · Leave a Comment
The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent.
It also reiterated plans to support the mortgage market to the tune of $1.5 trillion.
In its press release, the FOMC noted that the U.S. economy is “picking up following its severe downturn” and that financial markets have “improved [...]
Housing Starts Slip, But Don’t Think The Recovery’s Been Halted
September 18, 2009 by MikeRosen · Leave a Comment
Housing Starts on single-family homes took a step backwards last month, falling month-over-month for the first time since January.
A “housing start” is new home on which construction has started.
Don’t let the slowdown fool you, however – the housing market’s recovery is still very much underway.
Sales volume is up in most cities
Home values are up in most places
Low mortgage rates are making homes [...]
SOLD – 2536 Banshire Drive, Oak Hill, VA 20171 | FX7161200
September 17, 2009 by MikeRosen · Leave a Comment
Beautifully upgraded END UNIT townhouse. Fully upgraded kitchen w/ GRANITE countertops, SS APPLIANCES and tile backsplash. BRAZILAN CHERRY hardwood floors throughout main level and foyer. Spacious, BRIGHT family room and separate dining room. Large master suite – UPDATED master BATH with soaking tub and separate shower. Walk to shopping and restaurants.
See the all listings in [...]
The Housing Market Index Reaches A 16-Month High
September 17, 2009 by MikeRosen · Leave a Comment
According to the country’s home builders, the housing market is looking good.
Each month, the National Association of Home Builders releases its Housing Market Index report, a survey geared at taking “the pulse of the single-family housing market”.
Respondents report on three facets of their business, each series weighted and averaged:
How are market conditions today?
How do market conditions [...]
Ben Bernanke Leaves Clues About The Future Of Mortgage Rates
September 16, 2009 by MikeRosen · Leave a Comment
On the 1-year anniversary of the Lehman Brothers collapse, Fed Chairman Ben Bernanke said Tuesday that the “recession is very likely over at this point”.
His comments were supported by a Retail Sales report for August that was much better-than-expected.
Equities improved on the day, mortgage markets worsened, and home affordability suffered.
The days of ultra-low mortgage rates [...]
Lowball Offers
September 16, 2009 by MikeRosen · Leave a Comment
Should a seller be upset when they get a lowball offer on their house?
