Amid Rate Drops, Mortgage Applications Soar

gsar_admin — Mon, 29 Dec 2008 12:31:59 -0500

With interest rates approaching reaching historic lows, the application volume for mortgages jumped a seasonally adjusted 48 percent last week compared with the previous week, according to the Mortgage Bankers Association's weekly survey.

Application activity for the week ending December 19th was 124.6 percent over the same period a year ago, the Washington, D.C-based MBA said. The spike in applications coincided with another drop in mortgage rates, as the government's efforts to unfreeze the residential-mortgage market show further signs of having the desired effect.

Prices remain stable, sales decrease in New York State in November

gsar_admin — Mon, 29 Dec 2008 12:29:53 -0500

The median selling price of existing single-family home sales in New York State remained stable for the third consecutive month despite a decrease in sales, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.

Interest Rate Drop Good Sign, But Government Must Continue to Help Families

gsar_admin — Mon, 29 Dec 2008 12:24:56 -0500

The National Association of Realtors® is urging the federal government to proceed rapidly to drive down mortgage interest rates and move ahead with housing stimulus action to drive up consumer confidence.

Low Prices, Low Rates Mean Opportunity

gsar_admin — Tue, 09 Dec 2008 10:38:39 -0500

Housing prices have fallen dramatically all over the country and rates on 30-year fixed-rate mortgages are already close to 5.5 percent. Experts say it's possible, with government encouragement, that rates will fall as low as 4.5 percent.

Now is the time for first-time to step up. Here are some things to consider:

New York housing market prices stable amid typical seasonal activity

gsar_admin — Tue, 09 Dec 2008 10:34:18 -0500

2008 Existing single-family home sales in New York State decreased by 2.4 percent in October 2008 compared to September, while the median selling price remained stable at $210,000, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.

30-Year Mortgage Rates Drop Below 6%

gsar_admin — Mon, 01 Dec 2008 15:47:45 -0500

Mortgage Brokers’ phones rang off the hook last week as 30-year mortgage rates dropped below 6 percent. Some brokers say their rates are as low as 5.25 percent.

The rates are down because the Federal Reserve announced that it would buy $500 billion in mortgage-backed securities held by Fannie Mae and Freddie Mac. That would help the two increase the pool of money for new mortgages.

"This is really craziness," says Brian Koss, a managing director of Mortgage Network.

Fannie and Freddie Will Be Important in Economic Recovery

gsar_admin — Tue, 11 Nov 2008 17:03:24 -0500

Fannie and Freddie Will Be Important in Economic Recovery, Lockhart Tells Realtors®

WASHINGTON, November 07, 2008

At the 2008 REALTORS® Conference & Expo today, Federal Housing Finance Agency Director James B. Lockhart III assured Realtors® that government-sponsored enterprises Fannie Mae and Freddie Mac and the Federal Home Loan Banks will continue to play a critical role in the country's economic recovery.

REALTORS Rally for Real Estate Progress in Legislative, Public Policy Arenas

gsar_admin — Tue, 11 Nov 2008 17:01:06 -0500

ORLANDO, November 06, 2008

In the National Association of Realtors®' 100-year history, the real estate industry has seen a lot of changes, but perhaps none as significant as the transformations ahead. As the 2008 REALTORS® Conference & Expo gets underway this week just days after an historic election, Realtors® are preparing to effect positive change for the housing market and consumers across the country.

Existing Home Sales Rise on Improved Affordability

gsar_admin — Thu, 06 Nov 2008 11:15:59 -0500

Existing-home sales increased last month as buyers responded to improved housing affordability conditions, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.5 percent to a seasonally adjusted annual rate¹ of 5.18 million units in September from a level of 4.91 million in August, and are 1.4 percent higher than the 5.11 million-unit pace in September 2007.