Throughout the week I have read a couple of reports that have shed some positive light on the whole housing situation. With the Fed injecting money into the financial markets and banks desperately trying to help out defaulting homeowners, more good news is coming out in regards to the housing market. Here are a couple of excerpts from these articles.
From INMAN News March 20, 2008
California's foreclosure rate fell in February compared to January, research and data company ForeclosureRadar reported Wednesday.
Foreclosure sales at auction in the state fell 15 percent compared to January, with 16,931 sales at a combined loan value of $6.85 billion. Notices of default dropped 7.6 percent to 37,362, and notices of trustee sale (which set the auction date and time) fell 20 percent.
"February declines are a welcome break from the astonishing increases in December 2007 and January 2008," said Sean O'Toole, ForeclosureRadar founder, in a statement. Click HERE to read full report.
From INMAN News March 20 , 2008
Long-term mortgage rates tumbled this week after the Fed cut a key short-term interest rate because of news that inflation in February was weaker than expected.
The average rate on 30-year fixed mortgages dropped to 5.87 percent from last week's 6.13 percent, and the average 15-year fixed rate plunged to 5.27 percent from 5.6 percent. Click HERE to read full report.
From the Anderson Report March 14, 2008
In its first quarterly report of 2008, the UCLA Anderson Forecast remains confident the national economy was not in a recession through January 2008 and continues to forecast weak growth but no official recession in 2008. Click HERE to read full report.
From a more local point of view this week I have written 4 offers. Out of those 4, two homes have multiple offers written by other buyers. Some of my buyers are getting beaten out . I have one individual who has been beaten out of 4 homes. He is at the point right now where he is coming in at above asking price and not asking for closing costs. My mantra for this week is: if you think the home is a steal, then so does everyone else.
Sincerely Kevin Williamson Coldwell Banker Shepherd Group www.williamsonteam.net