The Home Price Index Shows Some Regions Up, Some Regions Down - 02/26/10 12:57 PM

Earlier this week, the private-sector Case-Shiller Index showed home prices slightly lower between November and December.  Thursday, the public-sector Home Price Index showed the same.
Publishing on a 2-month lag, the Federal Home Finance Agency said home prices fell by 1.6 percent nationally in December.  And that's an average, of course.  Some regions performed well in December as compared to November, others didn't.
Values in the Middle Atlantic states improved slightly Values in New England were essentially unchanged Values in the Mountain states sagged, down 3.5% These aren't just footnotes. They're an important piece toward understanding what national real estate … (0 comments)

As The Supply Of New Homes Grows, So Does The Opportunity For A "Good Deal" - 02/25/10 10:36 AM

The housing recovery showed particular weakness in the New Homes Sales category last month -- good news for homebuyers in Beverly and around the country.
A "new home" is a home for which there's no previous owner.
New Home Sales fell 11 percent from the month prior and posted the fewest units sold in a month since 1963 -- the year the government first started tracking New Home Sales data.
Right now, there are roughly 234,000 new homes for sale nationwide and, at the current sales pace, it would take 9.1 months to sell them all. This is nearly 2 … (0 comments)

December 2009 Case-Shiller Data Shows Battered Markets In Bona Fide Recovery - 02/24/10 12:15 PM

Using data compiled in December, Standard & Poors released its Case-Shiller Index Tuesday.  The report shows home prices down just 2.5% on an annual basis, a figure much lower than the 8.7% annual drop reported after Q3.
According to Case-Shiller representatives, the housing market is "in better shape than it was this time last year", but some of the summer's momentum has been lost. 15 of 20 tracked markets declined in value between November and December 2009.
Meanwhile, it's interesting to note the 5 markets that didn't decline -- Detroit, Los Angeles, Las Vegas, Phoenix and San Diego.  Each of … (0 comments)

How You Can Get The Most Accurate, Real-Time Mortgage Rate Quotes Available - 02/23/10 11:24 AM

You can't get your mortgage rates from the newspaper. Last week proved it.  Again.
Friday morning, headlines in Wisconsin and around the country read that mortgage rates were down 0.04 percent, on average, since the week prior.
A sampling of said headlines includes:
US Mortgage Rates Drop For 2nd Straight Week (Reuters) Mortgage Rates On 30-year US Loans Fall To 4.93% (Business Week) 30-Year Fixed Mortgage Rate Falls Farther Below 5% (Marketwatch) The story behind the headline was sourced from the Freddie Mac Primary Mortgage Market Survey, am industry-wide mortgage rate poll of more than 100 lenders.  The PMMS has … (0 comments)

What's Ahead For Mortgage Rates This Week : February 22, 2010 - 02/22/10 10:21 AM
Mortgage markets had a terrible, holiday-shortened week last week as Wall Street responded to worse-than-expected inflation data and action from the Federal Reserve.  Mortgage bonds sold off with force, causing mortgage rates to rise for the second week in a row.
Last week was a bad week to float a mortgage, to say the least. Rates in Oak Lawn rose by the largest margin in any week since late-2009.
The two biggest stories from last week both came from the Federal Reserve.  The first was the release of the FOMC January meeting minutes which showed more confidence in the U.S. economy … (0 comments)

Housing Starts Soar To 6-Month High In January... Or Do They? - 02/19/10 10:54 AM

Sometimes, headlines for housing can be misleading and this week gave us a terrific example.
On Wednesday, the Commerce Department released its Housing Starts data for January 2010. The data showed starts at a 6-month high.
A “Housing Start” is a privately-owned home on which construction has started.
Headlines on the Housing Starts story included:
U.S. Housing Starts Hit 6-Month High (Reuters) U.S. Economy Receives Home Building Boost (Shepparton) Housing Starts Post Sharp Rebound (ABC) Based to the headlines, the housing market looks poised for rapid growth through the Spring Market.
The real story, though, is that although Housing Starts … (0 comments)

Housing Starts Soar To 6-Month High In January... Or Do They? - 02/19/10 10:54 AM

Sometimes, headlines for housing can be misleading and this week gave us a terrific example.
On Wednesday, the Commerce Department released its Housing Starts data for January 2010. The data showed starts at a 6-month high.
A “Housing Start” is a privately-owned home on which construction has started.
Headlines on the Housing Starts story included:
U.S. Housing Starts Hit 6-Month High (Reuters) U.S. Economy Receives Home Building Boost (Shepparton) Housing Starts Post Sharp Rebound (ABC) Based to the headlines, the housing market looks poised for rapid growth through the Spring Market.
The real story, though, is that although Housing Starts … (0 comments)

The Best And Worst Cities For Commuters (2010 Edition) - 02/17/10 10:37 AM
According to the Census Bureau, 2.8 million people commute to work 90 minutes or more each day, in each direction.
Now, your daily commute may not be as long, but time spent in cars, trains and buses is time away from work and from family. Drive-time can affect a person's Quality of Life and it's one reason why Forbes Magazine's Best and Worst Commutes is worth reviewing.
Measuring travel time, road congestion and travel delays in the 60 largest metropolitan areas, Forbes ranks city commutes from best-to-worst with Salt Lake City topping the list and Tampa-St. Petersburg finishing it.
The Top … (2 comments)

The January 2010 Jobs Report May Lead Mortgage Rates And Home Prices Higher - 02/04/10 02:21 PM
On the first Friday of every month, the U.S. government releases its Non-Farm Payrolls data from the month prior. The data is more commonly known as "the jobs report" and it swings a big stick on Wall Street.
Especially now -- many analysts believe job growth is tightly linked to the future of the U.S. economy.
Therefore, when January's jobs report hits the wires at 8:45 AM ET tomorrow, Chicago home buyers would do well to pay attention. A net job reading that is much higher (or lower) than Wall Street's expectations can make a serious change in home affordability.
Wall … (0 comments)

Pending Home Sales Predicts A Stronger Spring Market - 02/03/10 04:39 PM
The Pending Home Sales Index rose slightly in December, climbing 1 percent from November.
A Pending Home Sale is a home that is under contract to sell, but not yet sold. It's a figure compiled by the National Association of Realtors® using sales data from over 100 regional listing services and more than 60 large brokerages around the country.
Because each pending sale is a true measure of sales activity, the Pending Home Sales Index is purported to be the most reliable forward-looking indicator for housing. 
Recent data supports this hypothesis.
After Pending Home Sales plunged 16 percent in November, Existing … (0 comments)

What's Ahead For Mortgage Rates This Week : February 1, 2010 - 02/01/10 12:11 PM
In a news-heavy week, mortgage markets improved last week, adding to a 3-week rally.
But, given last week's data and domestic story lines, it's surprising that rates actually fell.
The Federal Reserve said the economy continues to strengthen Consumer Confidence pushed to a 2-year high 4th Quarter domestic output exceeded Wall Street's expectations Usually, events like these draw money away from the bond markets and into the stock markets and Wall Street preps for better corporate earnings. The movement pressures mortgage rates to rise.
Last week, however, different stories trumped the headlines including a report from Standard & Poor's that said … (0 comments)

 
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Kevin Lanham - Chicagoland FHA Expert

Oak Lawn, IL

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Pacor Mortgage Corp

Address: 4544 W. 103rd Street, Suite 201, Oak Lawn, IL, 60453

Cell Phone: (708) 612-8997

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Do you know what causes mortgage to rise and fall each day? Everyday I post relevant articles and stats that directly influence the direction of mortgage rates. I also will feature relevant real estate news that can educate you about the market. Have a question or a topic you would like me to cover? Feel free to comment!


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