Real Estate Market Bulletin Blog

As of the writing of the post, mortgage rates are as low as 4.625% for 30 year convential mortgages (where the buyer has excellent credit of course).  A few years ago, these rates would have stoked the real estate bubble further and invited criticism of easy money, but the fact that most lending activity continues to be primarily for refinancing (despite an overall increase of 8.5%) indicates that the housing market itself is still not healing.

The frozen housing market is one argument that rates will remain where they are (or possibly decline), however if other macroeconomic indicators continue to improve such as GDP or jobs (which has shown stabilization), expect the Federal Reserve to consider increasing the discount rate in early 2010, which will likely force mortgage rates up (by increasing the cost of borrowing to lenders).

We probably have at least 1 - 2 quarters before major movements in rates, but if you are considering purchasing a home or refinancing, start to plan it now!

Trying to afford your dream home?  Well a “Green” mortgage may be the answer to the financial problems mortgages traditionally posed to many homeowners and home buyers.  A “green” mortgage or an energy efficient mortgage allows those seeking mortgages to take out a larger amount than they would normally be qualified for in exchange for a promise to either upgrade existing home fixtures, heating and cooling systems, or appliances with more energy-efficient ones or purchasing an already energy-efficient home.

Since mortgage interest payments are tax deductible a green mortgage can be more financially efficient than using a credit card, or a traditional loan in upgrading your appliances since those options offer little to no tax benefits.

It may sound great, however green mortgages aren’t easy to find or qualify for:

“There are two ways a home can qualify for a green mortgage. For existing homes, you’ll need energy-saving improvements verified by a Home Energy Rating System, or HERS, report, following an inspection by a certified home energy rater. To find one in your area, go to the Web site of the Residential Energy Services Network, click on “Home Energy Ratings,” and then select “Find a Certified Rater.” For new construction, a builder must certify that home meets energy-efficiency guidelines.” -Residential Energy Services

Environmentally Friendly Houses
Mortgages
Green Real Estate

As the National Association of Realtors reported home sales during November plummeted 8.6%. The annualized rate of home sales in November dropped to 4.49 million units while the projected number was 4.93 million units reported by industry analysts from Briefing.com.

Other reports are showing that existing home sales are now the weakest they have been since July 1997.

Read the full article of CNNMoney.com.

National Association of Realtor
Real Estate Market
Mortgage Rates

Real estate news estimates that 8 million mortgages could go into foreclosure in the next several years. Also, read about how more than half of borrowers who have received a modification to their mortgage terms still have failed to keep up with their monthly payments. Read the full article here.

US Home Prices
Property Listing
Real Estate Industry

According to the Realtors group, “the hottest markets, according to the Realtors group, are those with dramatic price drops and lots of foreclosures: Bakersfield, Riverside, Orange County, Sacramento, Monterey and San Diego in California; Fort Myers and Port St. Lucie in Florida; and Las Vegas. The government’s closely watched survey of housing prices today showed home values around the country dropping an average of 2.7% in the past quarter and down 4% from the same time last year.”

To read more about the Ray of hope in housing data?

US Home Prices
Property Listing
Inman News
Real Estate Industry

Inman News, “embarks on a major editorial project ot examine how to the real estate industry should and will look in the coming years. ” first we must figure out where we should and must go.  They are looking for readers just like you to help participate in mapping out the future of the real esteate industry.  Read on to find out how you can participate.

US Home Prices
Property Listing
Real Estate Industry

Due to the rising of foreclosures and a declining housing market it is pushing Boston families to start renting apartments. In the Boston area renting has increased by 4.2 percent over the past year. Thus, making it easier for landlords to raise the rent.

Boston Rent
Boston Foreclosure

The Boston Globe reports, “Despite a failure so far to pass a bailout of the financial sector, the US government is moving ahead with numerous steps to fix the housing market, including aid for communities combating blight caused by a flood of foreclosures.”

Read the full story

Foreclosure

As stated, “Economic activity in New England “softened in the third quarter and in some cases deteriorated sharply in September,” Federal Reserve Bank of Boston economists wrote in the latest installment of the “beige book,” a national summary of economic conditions based largely on interviews with business owners and produced eight times a year.”

For a full update in New England click here to read the full story:
Fed bleak on some aspects of New England economy

Boston Real Estate
New England News

“Despite a gruesome economic downturn sparked by the collapse of the national real estate market, and Massachusetts home-sale prices sinking to a six-year low in August, JP home-sale prices are at an all time high, according to the Warren Group.”

For the full story

Mortgage