Pea Soup Day on Cape Cod
A day of fog in Chatham so thick a spoon can stand up in it. At least it is a warm December. A little snow for Christmas...
Cape Cod Real Estate Updates:
30-Year Mortgage Rates Rise Slightly
Rates on 30-year mortgages increased for the first time in about a month, rising slightly to an average of 6.12 percent this week from 6.11 percent a week ago. However, they remain close to the 2006 low of 6.10 percent reached during the week ending Jan. 19.
Freddie Mac chief economist Frank Nothaft says the small change was the result of mixed signals from recent data on job growth, retail sales, wage growth, and consumer sentiment. The Federal Reserve held interest rates steady once again this week; and many experts believe the central bank will continue to do so through May or June of next year, with hopes of achieving a soft landing.
Nothaft says he does not think a moderate rise in mortgage rates in the months to come would prevent a rebound in the housing market.
Source: Contra Costa Times (Calif.), Martin Crutsinger (12/15/06)
Click here to check for updates to Cape Cod Real Estate.
Friday, December 15, 2006
Monday, December 11, 2006
Existing-Home Sales to Trend Upward in 2007
Cape Cod Real Estate Updates:
Existing-Home Sales to Trend Upward in 2007
Existing-home sales are expected to rise gradually in 2007 from current levels, with annual totals slightly lower than 2006, while new-home sales will continue to slide, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.
David Lereah, NAR’s chief economist, says market conditions will vary around the country next year.
“Roughly three-quarters of the country will experience a sluggish expansion in 2007, while other areas should continue to contract for at least part of the year,” he says. “Most of the correction in home prices is behind us, but general gains in value next year will be modest by historical standards.”
For Buyers, a Window of Opportunity
“Buyers, especially first-time buyers, with the combined benefits of seller flexibility and an unexpected drop in mortgage interest rates, have a window of opportunity,” he adds. “These conditions will persist in many areas until early spring when inventory supplies are likely to become more balanced.”
Existing-home sales for 2006, finishing the third-best year on record, are projected at 6.47 million, a decline of 8.6 percent from 2005. For 2007, sales expected to rise steadily to an annual total of 6.40 million, which would be 1 percent lower than this year’s total.
“By the fourth quarter of 2007, existing-home sales will be 4.6 percent higher than the current quarter,” Lereah says.
Builders Slow New-Home Construction
New-home sales in 2006 are expected to fall 17.7 percent to 1.06 million, the fourth highest total on record, before sliding an additional 9.4 percent in 2007 to 957,000.
Much of the contraction in the new housing market results from cuts in builder construction to support pricing for current inventories. In addition, high construction costs in many areas are taking a bite out of potential profits.
Total housing starts for 2006 are likely to drop 12.3 percent to 1.82 million units, with another 15.1 percent decline in 2007 to 1.54 million.
Source: — REALTOR® Magazine Online
Click here to check for updates to Cape Cod Real Estate.
Existing-Home Sales to Trend Upward in 2007
Existing-home sales are expected to rise gradually in 2007 from current levels, with annual totals slightly lower than 2006, while new-home sales will continue to slide, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.
David Lereah, NAR’s chief economist, says market conditions will vary around the country next year.
“Roughly three-quarters of the country will experience a sluggish expansion in 2007, while other areas should continue to contract for at least part of the year,” he says. “Most of the correction in home prices is behind us, but general gains in value next year will be modest by historical standards.”
For Buyers, a Window of Opportunity
“Buyers, especially first-time buyers, with the combined benefits of seller flexibility and an unexpected drop in mortgage interest rates, have a window of opportunity,” he adds. “These conditions will persist in many areas until early spring when inventory supplies are likely to become more balanced.”
Existing-home sales for 2006, finishing the third-best year on record, are projected at 6.47 million, a decline of 8.6 percent from 2005. For 2007, sales expected to rise steadily to an annual total of 6.40 million, which would be 1 percent lower than this year’s total.
“By the fourth quarter of 2007, existing-home sales will be 4.6 percent higher than the current quarter,” Lereah says.
Builders Slow New-Home Construction
New-home sales in 2006 are expected to fall 17.7 percent to 1.06 million, the fourth highest total on record, before sliding an additional 9.4 percent in 2007 to 957,000.
Much of the contraction in the new housing market results from cuts in builder construction to support pricing for current inventories. In addition, high construction costs in many areas are taking a bite out of potential profits.
Total housing starts for 2006 are likely to drop 12.3 percent to 1.82 million units, with another 15.1 percent decline in 2007 to 1.54 million.
Source: — REALTOR® Magazine Online
Click here to check for updates to Cape Cod Real Estate.
Saturday, December 9, 2006
Lower Mortgage Rates Equal Big Savings
Cape Cod Real Estate Updates:
Lower Mortgage Rates Equal Big Savings
Freddie Mac reports a decline in mortgage rates during 10 of the last 13 weeks, with the 30-year fixed rate presently at 6.11 percent and the 15-year fixed rate at 5.84 percent.
Buyers of homes priced at the national median of $221,300 would save $13,763 over 30 years by obtaining a mortgage at the current rate, versus the average rate of 6.44 percent for the year. The decline in fixed borrowing costs is enabling home owners to refinance out of adjustable-rate mortgages before their payments reset or tap into their home equity to pay off other debts or make big-ticket purchases.
The Mortgage Bankers Association reports a nearly 14-percent jump in refinancing applications last week.
Source: USA Today, Noelle Knox (12/08/06)
Click here to check for updates to Cape Cod Real Estate.
Lower Mortgage Rates Equal Big Savings
Freddie Mac reports a decline in mortgage rates during 10 of the last 13 weeks, with the 30-year fixed rate presently at 6.11 percent and the 15-year fixed rate at 5.84 percent.
Buyers of homes priced at the national median of $221,300 would save $13,763 over 30 years by obtaining a mortgage at the current rate, versus the average rate of 6.44 percent for the year. The decline in fixed borrowing costs is enabling home owners to refinance out of adjustable-rate mortgages before their payments reset or tap into their home equity to pay off other debts or make big-ticket purchases.
The Mortgage Bankers Association reports a nearly 14-percent jump in refinancing applications last week.
Source: USA Today, Noelle Knox (12/08/06)
Click here to check for updates to Cape Cod Real Estate.
Thursday, December 7, 2006
Get Well Soon Billy G
Get Well Soon Billy G
I visited my friend and co-worker, Bill Grafton yesterday. Bill is a remarkable person, an earnest straightshooting salesperson, as well as someone that everyone should have the pleasure of working with. Positive Attitude is his middle name. All the clickers at ClickCapeCod send our best for a speedy recovery. Even the dingy's.
Click here to check for updates to Cape Cod Real Estate.
I visited my friend and co-worker, Bill Grafton yesterday. Bill is a remarkable person, an earnest straightshooting salesperson, as well as someone that everyone should have the pleasure of working with. Positive Attitude is his middle name. All the clickers at ClickCapeCod send our best for a speedy recovery. Even the dingy's.
Click here to check for updates to Cape Cod Real Estate.
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