Friday quick hits:
New one-family housing starts hit an historical low in 2009 of just under 500,000.
New home sales were under 400,000 in 2009. This was also a new historical low.
Existing home sales rose to almost 5,000,000 in 2009. This it the first annual increase in four years.
30 year fixed rate mortgages averaged 4.98% last week. Points were at 0.6.
15 year fixed rate mortgages averaged 4.39% last week. Points were at 0.6.
Winters can be tough in Texas.
FHFA (Federal Housing Finance Agency announced that for the 12 months ending in November, 2009 the US home prices rose 0.5%. The US Home Price Index is down 10.3% from its' high in April, 2007.
The National Association of Home Builders predicts that there will be 610,000 new single family housing starts in 2010 and that sales will hit 517,000 units.
The National Association of Home Builders predicts that the average fixed rate mortgage will be 5.39% in 2010.
At the end of 2009 there was an 8.1 month supply of new homes for sale. This amounted to about 234,000 new homes.
Hurricane Ike caused more than $15,000,000,000 in damages nationwide according to insurance industry officials.
Please remember that when you think of Lake Conroe real estate think of me!!
Have a great weekend and please drive safely.
Ron Wickes
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