The Week in Review
....your Wilmington Connection
December 20, 2009
May every gift, every hope of the season be yours. May this season be a very joyful one for you and your family. Happy Holidays!!
Have a Happy and Healthy Holiday Season!
A bit chilly here in Wilmington. It appears Winter has finally decided to take its toll on sunny Wilmington. Temperatures in the low 40's.
Well the store parking lots are full plenty of shoppers out there, does this mean consumers are feeling more confident? We will soon find out. The real esate market continues with a bit of slower momentum during the holidays. Serious buyers are still on the lookout so be prepared if your home is on the market. Have quesetions? drop me an email.
November home sale prices
(November 2008 in parentheses)
Average price of homes closed: $223,697 ($250,546)
Median price of homes closed: $179,900 ($191,823)
- Wilm. Regional Realtors
FHA loan still top pick
39 percent of recent buyers purchased a home with a Federal Housing Administration-insured loan. Realtors® who took part in the November survey also reported that the number of first-time home buyers continued to climb to 51 percent.
"FHA helps provide affordable mortgage financing to homeowners, particularly first-time home buyers who are so important in drawing down inventory to help stabilize the current housing market
Distressed Sales
The RCI results also indicated that distressed sales increased to 33 percent of all home sales last month, and that both investors and first-time home buyers are competing for these properties. The preponderance of distressed properties on the market has also influenced buyers' perceptions of other homes for sale. Realtors® report that many buyers have pricing expectations that treat every property as if it were in foreclosure. The RCI is a key indicator of housing market strength based on a monthly survey of more than 50,000 Realtors®
Mortgage rates
Average, Dec. 17
(Week earlier in parentheses)
30-year fixed: 4.94 (4.81%)*
15-year fixed: 4.38% (4.32%)+
5-year ARM: 4.37% (4.26%)+
1-year ARM: 4.34% (4.24%)-
* Plus 0.7 point
+ Plus 0.6 point
- Plus 0.5 point
- Freddie Mac
....until next week in The Week in Review
Tina
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