Posts made by author 'Dickerson Nieman'
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November Anniversaries
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Mortgage rates fall sharply
Average long-term U.S. mortgage rates fell sharply this week amid concern over a labor market that has shown recent signs of weakness. Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage dropped to 3.76 percent from 3.85 percent a week earlier. The rate on 15-year fixed-rate mortgages declined to 2.99 percent from 3.07 percent. Rates have stayed below 4 percent for 11 straight weeks. This week's decline brought rates to levels far below last year's levels, providing an inducement for potential homebuyers. A year ago, the average 30-year mortgage rate was 4.19 percent, while the rate for 15-year loans was 3.36 percent. The heightened interest among potential purchasers and homeowners looking to refinance was evident in a sharp increase in mortgage applications. Applications jumped 25.5 percent in the week ended Oct. 2 from the previous week, according to the Mortgage Bankers Association. A government report issued last Friday showed that U.S. h...
11
October Anniversaries
26
Rockford Area Realtors, State of the Union 2015
Area realtors take a night to celebrate as Rockford is achieving a five year high when it comes to home prices. More than 150 realtors enjoyed an evening at Francesco's on Perryville Road to celebrate the state of the realty industry and to ring in the next generation of sellers. According to Rockford Area Realtors CEO Steve Bois unemployment rates are now sitting where they were pre-recession, sales pending are higher than they've ever been - meaning people are waiting to buy new homes in the forest city - so inventory is historically low. "Our challenge for the future is there is a lot of technology coming in to the real estate industry and we need to embrace that technology, make sure it's accurate, work with our clients in the community to assure that they have the proper information," Bois said. Over 80 percent of the purchases home buyers are making are what he considers "normal." That number was less than 60 percent not too long ago. Article curated from
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Pending home sales rose modestly in July
Slightly more Americans signed contracts to buy homes in July, as pending sales edged up after dipping in June. The National Association of Realtors said Thursday that its seasonally adjusted pending home sales index rose 0.5% to 110.9 last month. This marks a slight recovery from June, when the index fell to 110.4 after reaching 112.3 in May, a level last seen in 2006. Steady job growth coupled with low mortgage rates has improved home sales this year. As the recovery from the Great Recession enters its seventh year, more Americans have rebuilt their savings, increased their home equity and returned to the real estate market. Pending sales are a barometer of future purchases. A lag of a month or two usually exists between a contract and a completed sale. The modest increase in the index last month indicates that sales may soon be peaking after surging this year. Completed sales of existing homes increased 2% in July to a seasonally adjusted annual rate of 5.59 million, the fastes...