Home ownership became even more affordable, with the average rate for 30-year fixed mortgages falling to 4.01% the last week in September. This drop came as a result of the Federal Reserve extending the average maturity of its holdings as a part of the Maturity Extension Program, an effort designed to put downward pressure on interest rates and yields on treasury bonds in order to stimulate the economy. It is hoped that this action will encourage banks to loosen lending conditions, as it becomes more attractive to loan money to home buyers, rather than invest in treasury bonds.

30 Year Fixed 4.01%
15 Year Fixed 3.28%
5/1 ARM 2.83%
Historical Average 8.9%

Source: Freddie Mac; September 29, 2011

To find the value of your home, visit: http://www.davidjedwards.com/free-home-evaluation.asp
To search the MLS database of homes for sale, visit: http://www.davidjedwards.com/search-for-homes.asp

 

The supply of homes is down
10/13/2011
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The supply of homes measured in months on the market at their current pace of sales fell 10. 5% in the month of August, to an 8. 5 month supply of inventory, down from a 9. 5-month supply in July. With homes being more affordable than they have been in… more
Home Sale Prices Down 5. 1% From Previous Year
10/12/2011
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Homes prices were down, with a 5. 1% drop in August compared to a year ago. The national median price for homes in August was $168, 300, with distressed properties, foreclosures, and short sales still accounting for 31% of sales. The buyer’s… more
Home Sales Up in August of 2011
10/11/2011
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August home sales were up 18. 6% year-to-year, posting a 7. 7% increase in sales activity over July despite Hurricane Irene, which struck the Eastern seaboard and New England regions at the end of the month. As a result of the hurricane, the Northeast… more
Housing Numbers Indicate Long Road to Recovery but Promising Economic…
10/10/2011
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Despite some pessimism pertaining to the global and domestic economies, the U. S. housing sector continues to show promising signs of stability and growth. Low levels of new home construction and gaining sales volume fueled by an inventory of… more
Housing Inventory Absorption Rates
10/06/2011
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The absorption rate is number of months it would take to sell all of the homes on the market at the current rate of sales. Softer demand in the second half of 2010 kept inventory of existing homes at a relatively high level of 9. 4 months. However,… more
September reflects “healthy activity, positive trends”
10/05/2011
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FOR IMMEDIATE RELEASE: October 5, 2011 Northwest MLS brokers say September activity reflects “healthy activity, positive trends” KIRKLAND, WA, October 5, 2011. With inventory at its lowest level since May, members of Northwest… more
Sustained Housing Market Appreciation Unlikely Until the Fourth…
10/04/2011
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The median sale price in 2010 was $173, 000. This was 18% or $38, 082 below the 4% trend price of $211, 000 and 22% off its peak. The median sale price in 2009 was $172, 500. During the run-up, we spent 6 years enjoying housing prices ahead of the 4%… more
Q4 2010, all states except for Virginia experienced an increase in…
10/03/2011
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By the fourth quarter of 2010, Washington State saw a 17. 5% increase in closed sales compared to the same period a year prior. This was in stark contract to an 18. 6% drop during the previous quarter. Idaho saw the largest increase in closed sales… more
All 50 states experienced a decrease in sales during the third…
09/29/2011
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By the third quarter of 2010, the housing market felt the impacts of the hangover from the first-time homebuyer tax credit. Washington State saw an 18. 6% drop which was actually far better than most states during the same period. Minnesota faired… more