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Archive for July, 2016|Monthly archive page

Mortgage Rates Drop to Record Lows

In Buying a Home, Home Values, Houston Energy Corridor, Real Estate Investment, Selling your home on July 27, 2016 at 7:28 pm

Average fixed mortgage rates dropped further to new 2016 lows in the wake of the Brexit vote, according to the recently released Freddie Mac Primary Mortgage Market Survey® (PMMS®). At 3.41 percent, the 30-year fixed-rate mortgage is just 10 basis points from its November 2012 all-time record low of 3.31 percent.

“Continuing fallout from the Brexit vote drove Treasury yields lower again this week,” says Sean Becketti, chief economist, Freddie Mac. “The 30-year fixed-rate mortgage followed Treasury yields, falling 7 basis points to 3.41 percent in this week’s survey. Mortgage rates have now dropped 15 basis points over the past two weeks, leaving them only 10 basis points above the all-time low.”

The 15-year FRM this week averaged 2.74 percent with an average 0.4 point, down from last week when it averaged 2.78 percent. A year ago at this time, the 15-year FRM averaged 3.20 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.68 percent this week with an average 0.5 point, down from last week when it averaged 2.70 percent. A year ago, the 5-year ARM averaged 2.93.

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If you are looking for Classic Real Estate Services from concept to closing, please contact Connie Vallone by phone (713) 249-4177, email connie@knowsrealestate.com or visit my website at www.houstonenergycorridorhomes.com or www.vallonehomes.com .

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Prices up Nearly 6 Percent, Says New Home Price Report

In Buying a Home, Home Upgrades, Home Values, Houston Energy Corridor, Houston Real Estate Agent, new homes houston energy corridor, Real Estate Investment, Selling your home on July 21, 2016 at 6:11 pm

Home prices nationwide, including distressed sales, increased year over year by 5.9 percent in May 2016 compared with May 2015 and increased month over month by 1.3 percent in May 2016 compared with April 2016, according to the CoreLogic HPI.

 The CoreLogic HPI Forecast indicates that home prices will increase by 5.3 percent on a year-over-year basis from May 2016 to May 2017, and on a month-over-month basis, home prices are expected to increase 0.8 percent from May 2016 to June 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“Housing remained an oasis of stability in May with home prices rising year over year between 5 percent and 6 percent for 22 consecutive months,” says Dr. Frank Nothaft, chief economist for CoreLogic. “The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory.”

“Price appreciation continues to be fairly broad-based across the U.S. From a regional perspective, the Pacific Northwest continues to be the hottest area for home-price growth, with Oregon and Washington leading the way,” says Anand Nallathambi, president and CEO of CoreLogic. “The recent turbulence in financial markets should lead to modestly lower mortgage rates, which will provide even more support to the steadily improving real estate recovery.”

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If you are interested in buying or selling real estate in West Houston, please contact Connie Vallone with First Market Realty at 713 249 4177, connie@knowsrealestate.com   or visit www.houstonenergycorridorhomes.com  or www.vallonehomes.com .

Home Purchase Sentiment Increase Rockets to New High

In Buying a Home, Home Values, Houston Energy Corridor, Houston Real Estate Agent, Real Estate Investment, Selling your home on July 13, 2016 at 7:10 pm

Fannie Mae’s Home Purchase Sentiment Index™ (HPSI) increased 1.6 points to 85.3 in May, reaching a new all-time survey high and rebounding from an 18-month low in March. Three of the six HPSI components increased in May, led by a 7 percentage point increase on net in the share of consumers reporting that their income was significantly higher than it was 12 months ago. In addition, the net share of consumers who expect that home prices will go up over the next 12 months rose 5 percentage points, followed by a 3 percentage point increase in the net share of consumers who expect mortgage interest rates to go down over the next 12 months. Changes in the HPSI Good Time to Buy, Good Time to Sell, and job security components were minimal in May. 

“Continued home price appreciation has been squeezing housing affordability, driving a two-year downward trend in the share of consumers who think it’s a good time to buy a home,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The current low mortgage rate environment has helped ease this pressure, and fewer than half of consumers expect rates to go up in the next year. While the May increase in income growth perceptions could provide further support to prospective home buyers as the spring/summer home buying season gains momentum, the effect may be muted by May’s discouraging jobs report.”

 Fannie Mae’s May 2016 Home Purchase Sentiment Index (HPSI) rose 1.6 percentage points in May to 85.3. While the Good Time to Sell component fell 2 percentage points in May, selling a home remains an attractive option as 52 percent of consumers believe it is a good time to sell a home. Overall, the HPSI is up 1 point since this time last year.

 The net share of Americans who say that it is a good time to buy a house fell 1 percentage point to 29 percent, reaching an all-time survey low for the second straight month.

Selling sentiment fell slightly in May, with the net percentage of those who say it is a good time to sell falling 2 percentage points to 13 percent. However, an all-time survey high (52 percent) continue to believe it is a good time to sell.

 The net share of Americans who say that home prices will go up rose 5 percentage points to 42 percent, continuing the rising trend that began in March. The net share of those who say mortgage interest rates will go down rose 3 percentage points to negative 43 percent. The net share of Americans who say they are not concerned with losing their job fell 2 percentage points to 72 percent. The net share of Americans who say their household income is significantly higher than it was 12 months ago rose 7 percentage points to 18 percent, reaching a new all-time survey high.

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Do you have real estate questions?   Contact Connie Vallone at (713) 249-4177 or connie@knowsrealestate.com or visit www.houstonenergycorridorhomes.com  or www.vallonehomes.com.