Minneapolis, MN:  Who would have thought we would be saying this, but strong demand for housing is now running into supply problems, according to the National Association of Realtors® (NAR), and what I see and hear from my mortgage clients everyday.
 
real1Homes For Sale:
The lack of quality supply in homes for sale, especially in the under $150,000 price range in the Minneapolis / St Paul area if very evident with the number of clients unable to find a home that doesn't need a lot of repair.  Any home in good condition, and priced right for today's market is selling very fast, with multiple offers, and within just days of being put on the market. Home buyers need to be pre-approved, and ready to immediately offer full price.
 
Nationally, signed purchase agreements  in February and NAR's Pending Home Sales Index slipped 0.4 percent from the previous month.

The Index, an indicator of future home sales, dropped to 104.8 from a revised 105.2 in January, but is still at a recent high, second only to April 2010 when it reached 110.9 shortly before the end a government home buyer tax credit program.  The index was 8.4 percent higher than a year earlier when it was 96.6 and February marked the 22nd month that contract activity increased on an annual basis.

On a regional basis the Index declined 2.5 percent in the Northeast but was 6.8 percent higher than a year earlier at 82.8.  The Midwest was up 0.4 percent month over month to 103.6 and 13.2 percent year over year.  Pending home sales in the South slipped 0.3 percent to an index of 118.8 in February but are 12.1 percent above February 2012.  In the West the index increased 0.1 percent in February to 101.4 but is 0.8 percent below a year ago.

The National Association of Realtors expects existing-home sales to rise about 7 percent in 2013 to approximately 5 million sales, which is near the current level of activity.  The volume of home sales appears to be leveling off with the quality inventory problems, and the leveling of the index means little change is likely in the pace of sales over the next couple months.

Because of limited inventory of quality homes,  NAR also expects the median existing home price to increase about 7 percent, while they expect mortgage nterest rates to slowly move up to closer to 4% by the end of the year.

 

Mortgage Rates for week ending March 16, 2013
03/22/2013
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Minneapolis, MN: Freddie Mac yesterday the results of its Primary Mortgage Market Survey(R) (PMMS® ), showing average fixed mortgage rates rising this week on stronger signs of jobs growth and consumer spending. The 30-year fixed averaged 3. 63… more
First Time Home Buyer Tip - Get pre-approved first!
03/21/2013
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Minneapolis, MN: As we start to enter the spring home buying season here in Minnesota, I have one big tip for first time home buyers Buying now makes sense. If you have OK credit, a little bit of money for down payment, and you've been… more
3 Mortgage Myths De-Bunked
03/06/2013
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I hear things all the time, that as a Minnesota Based Mortgage Loan Officer, drive me crazy. Here are a few things that seem to be high on the need to be de-bunked list. Myth # 1 – Banks are not lending. NOT TRUE: We are very busy!… more
3 FHA Rule changes you need to know
02/27/2013
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Minneapolis, MN: If you are a first-time home buyer you may already be leaning towards an FHA-backed mortgage to finance your Minnesota or Wisconsin home Recently, the Federal Housing Administration announced changes to their mortgage guidelines… more
VA Home Loans In MN and WI
02/21/2013
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Minneapolis, MN: VA Home Loans In MN and WI are probably the coolest mortgage loan lenders offer. It is available both while serving our country and after they are discharged. Upon a veterans return, hey usually are looking to re-establish… more
Interest Rates remain low for week ending Feb 14th, 2013
02/15/2013
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Minneapolis, MN: Freddie Mac yesterday released the results of its most current Primary Mortgage Market Survey(R) (PMMS® ), showing average fixed mortgage rates unchanged from the previous week and remaining near their record lows as they… more
HARP 3 refinance coming soon?
02/09/2013
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Minneapolis, MN : As anticipated, Democratic Sens. Robert Menendez NJ, and Barbara Boxer CA, this week reintroduced a bill that could spur more refinances. The Responsible Homeowner Refinancing Act (AKA HARP 3 ) among other things, has a… more
Shopping for the Best Mortgage Rates?
02/04/2013
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Minneapolis, MN: Thinking of refinancing your home? Are you a First Time Home Buyer Homeowners have thousands of choices when it comes to shopping for their mortgage loan and sometimes all these options can spell trouble. Pretty much every… more
Think you can't refinance - Maybe you can! Find out here
01/23/2013
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HARP 3. 0?? Help for underwater home owners St Paul, MN: Virtually, all homeowners have lost value on their homes in recent years. For many, this has created some challenges to refinancing and taking advantage of today's super low mortgage… more
 
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Joseph Metzler MLO MMS NMLS # 274132.

, MN

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Mortgages Unlimited, Inc

Address: 33 Wentworth Ave E #290, Saint Paul, MN, 55118

Office Phone: (651) 552-3681

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Mortgage industry news and insights from a 15+ year industry expert. Mortgage are Real Estate News You Can Use. Joe is a Certified Minnesota Mortgage Specialist, who provides home mortgage loans not only in the Minneapolis, St Paul area, but all of Minnesota and Wisconsin.


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