We all remember the gloomy dark times we went through in 2009. Not to mention the unclear solutions offered by the federal government to prevent the financial and Real Estate collapse.
The outlook right now is a complete contrast of last year. Home sales have risen for several months in a row thanks to the tax credit program establishe by the government. The building of the houses and permits are also up in most cities; and prices are up in most parts of the country.
The latest pricing numbers released by the Federal Housing Finance Agency found home values up modestly in the last month by six tenths of a percent. That doesn't sound like much but annualized it comes down to more than 7%, which is not bad at all.
To sum it up, according to FAR home sales were 61% higher on November 2009 compared to November 2008. Condo saleswere up by an amazing 111%.
On the other hand, rates are higher in 2010 compare to last year. Freddie Mac is projecting rates to go from 5% to 6% this year. So the bottom line is: If you or your clients are looking for financing, you should consider to lock your rate as soon as possible because they are not going down any time soon.
Miguel Peralta (954) 629-2580
Marco Peralta (954) 663-3479
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