Mortgage Rates Dip Below 4%

Posted on April 3, 2012 by admin

The average U.S. rate on the 30-year fixed mortgage fell back below 4% this week, staying near historic lows.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.99% from 4.08% last week. Last month, the rate touched 3.87%, the lowest since long-term mortgages began in the 1950s.

The average rate on the 15-year fixed mortgage also fell, to 3.23%. That’s down from 3.30% last week and above the record low of 3.13% hit earlier this month.

The low rates have made home-buying and refinancing more affordable at a time when the housing market is flashing small signs of improvement. Still, most economists say it will take years for the market to fully recover from the housing bust.

Source:  USA Today “Mortgage Rates Dip, Helping Homebuyers” March 30, 2012

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Housing Expectations Rise

Posted on April 3, 2012 by admin

The spring home-selling season could be the strongest in years and may foreshadow which markets will lead a battered housing industry in an anemic recovery, economists say.

The spring season typically runs March through June but may have started early this year because of unseasonably warm weather.

While last year was dismal for existing home sales, this year is looking better. Existing home sales in February were up 9% from the same time a year ago, as was the Pending Home Sale Index, which reflects signed contracts leading to sales, says the National Association of Realtors.

Meanwhile, Realtors’ confidence in the single-family home market is the highest in four years, according to a late February NAR survey of 4,300 agents. Coldwell Banker says its website’s traffic was up 47% in February from last year.

This spring season “will be the best in four or five years,” says economist Paul Dales of Capital Economics.

Source: USA Today “This springs home buying season could be best in years” April 02, 2012

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Income rises, but so gas and rents

Posted on March 1, 2012 by admin

Americans’ incomes rose 0.3 percent in January but taxes and inflation gobbled up the gains and consumer spending was flat after adjusting for price increases, the Commerce Department said on Thursday

Inflation-adjusted consumer spending has now been unchanged for three straight months, casting a pall over the economicoutlook because household purchases of everything from televisions to restaurant meals are major drivers of growth.

Source: MSNBC “Income rises, but so do gas and rents” March 01, 2012

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INTEGRA Real Estate Featured House of the Week

Posted on February 26, 2012 by admin

INTEGRA Real Estate of Michiana | (574) 855-4575

MLS #: 254337

$435,000
15642 SUNRISE TRAIL
GRANGER, IN 46530
City: GRANGER Zip Code: 46530
Area: HARRIS Township: HARR
Style: 2 Stories Bedrooms: 4
Full Baths: 3 Half Baths: 1
Dining Room: Formal SqFt: 4312
Basement Type: Finished Garage: Attached, 2 Car
Appliances Included: No Appliances Included Heating: Gas
Cooling: Central Air Water Heater: Gas
Water Softener: Owned Water Sewer: Well, Septic Tank
Exterior: Brick
Flooring: Carpet, Tile, Hardwood
Lot Size Front: 101
Lot Depth: 203
Annual Taxes:: 2,834
Year Built: 1986
Interior/Exterior: Hot Tub, Sprinkler System, Cable Hookup, Family Room
Remarks: ALL BRICK HOME IN QUAIL RIDGE FEATURED LANDSCAPED LOT. HOME FOR THE LARGE FAMILY NEEDING MORE THAN LARGE SPACE. ALL ROOMS ARE SPACIOUS AND 2ND LEVEL HAS 2 BEDROOMS WITH LARGE SPACES. FINISHED LOWER LEVEL THAT FEATURES FAMILY ROOM AND A SECOND KITCHEN.**PLEASE SEE CONFIDENTIAL REMARKS**

For more information, please call INTEGRA Real Estate of Michiana at 574-855-4575 or visit integrarealestateofmichiana.com

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Mortgage rates inch up

Posted on February 26, 2012 by admin

For the first time in three weeks, fixed mortgages rate moved up from their all-time lows, Freddie Mac reports in its weekly mortgage market survey.

One of the factors leading to higher fixed mortgage rates this week was signs of a gradually improving housing market, Freddie Mac Chief Economist Frank Nothaft says. For example, the Mortgage Bankers Association reported this week that seriously delinquent loans — those 90 days or more past due — and the inventory of foreclosures dropped 5.3 percent by the end of 2011, marking the lowest quarterly share since the beginning of 2009. Also, the National Association of REALTORS® reported this week that existing-home sales in January were at their strongest pace since May 2010.

Here’s a closer look at how rates fared for the week ending Feb. 23:

  • 30-year fixed-rate mortgages: averaged 3.95 percent, with an average 0.8 point, up slightly from last week’s all-time low of 3.87 percent. A year ago, 30-year rates averaged 4.95 percent.
  • 15-year fixed-rate mortgages: averaged 3.19 percent, with an average 0.8 point, inching up from last week’s 3.16 percent average. Last year, 15-year rates averaged 4.22 percent at this time.
  • 5-year adjustable-rate mortgages: averaged 2.80 percent this week, with an average 0.7 point, dropping from last week’s 2.82 percent average. Last year, 5-year ARMs averaged 3.80 percent at this time.
  • 1-year ARMs: averaged 2.73 percent, with an average 0.6 point, also dropping from last week’s 2.84 percent average. A year ago at this time, 1-year ARMs averaged 3.40 percent.

Source: Freddie Mac

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WSJ: Home resales climb higher

Posted on February 26, 2012 by admin

WASHINGTON—Sales of previously owned homes in the U.S. rose last month to the highest level in nearly two years, and the inventory of unsold homes contracted to a level considered healthy by economists, positive signs for the housing market.

Existing-home sales increased 4.3% in January from a month earlier to a seasonally adjusted annual rate of 4.57 million, the National Association of Realtors said Wednesday. It was the third increase in the past four months and the highest level of sales since May 2010, when the housing market was lifted by federal tax credits. Compared with January a year ago, sales rose 0.7%.

The housing market has been one of the weakest parts of the U.S. economy, but there are signs it is starting to recover after a price collapse that began 5½ years ago. In 2011, about 4.26 million homes were sold, up 1.7% from 4.19 million in 2010.

Source: Wall Street Journal “Home resales climb higher” 2/23/12

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New Location

Posted on January 17, 2012 by admin

INTEGRA Real Estate of Michiana has moved to a new location:

1104 Mishawaka Ave | South Bend, IN 46615

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INTEGRA Real Estate of Michiana Featured Home of the Week

Posted on December 29, 2011 by admin

INTEGRA Real Estate of Michiana (p) 574.855.4575

MLS #: 252811

926 GOLFVIEW LANE | SOUTH BEND, IN 46614

$67,500

City: SOUTH BEND Zip Code: 46614
Area: SOUTH BEND SE Township: SCTR
Style: 1 Story Bedrooms: 3
Full Baths: 1 Half Baths: 0
Dining Room: Eat-In Kitchen SqFt: 864
Basement Type: Slab Garage: 1 Car, Detached
Appliances Included: Range/Oven, Refrigerator, Dryer, Washer Heating: Gas, Forced Air
Cooling: Central Air Water Heater: Gas
Water Softener: None Water Sewer: Municipal Water, Municipal Sewer
Exterior: Alum/Vinyl Trim
Flooring: Tile, Carpet
Lot Size Front: 61
Lot Depth: 114
Annual Taxes:: 451
Year Built: 1951
Interior/Exterior: All Drapes, Open Patio, Fenced Yard, Cable Hookup, 1st Floor Laundry
Remarks: UPDATED BATH WITH WHIRLPOOL STYLE BATHTUB, NEW CERAMIC FLOOR, LARGE GARAGE, GREAT WORKSPACE. FENCED YARD THAT OVERLOOKS ERSKINE GOLF COURSE. MOVE IN CONDITION. CALL FOR FURTHER INFORMATION.

For more information, please call INTEGRA Real Estate of Michiana at 574.855.4575

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Home Prices Drop for 6th Straight Month

Posted on December 29, 2011 by admin

Home prices fell for the sixth straight month in October, down 1.2% compared with September and 3.4% a year ago, according to the latest S&P/Case-Shiller 20-city index.

The decline was disappointing in light of several other recent reports, which painted a more positive picture of the housing market.

The 20-city index has dropped every month since April. Since the housing bust began in mid-2006, homes have lost nearly 33% of their value.

Peter Morici, a professor of economics at the University of Maryland, said home prices remain weak because demand for existing homes is soft. Many potential buyers are migrating to rental markets or buying new homes that had been sitting unsold for months.

According to Morici, the current home price levels represent a correction from inflated prices reached during the bubble.

Source:  CNN Money “Home Prices Drop for 6th Straight Month” December 27, 2011

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New Home Sales Edge Up

Posted on December 29, 2011 by admin

The modest housing market winning streak continued as the Census Bureau reported Friday that sales of new homes rose again in November to an annualized rate of 315,000.

That was up 1.6% compared with the revised October rate of 310,000 and 9.8% higher than November 2010.

The good news followed other recent positive industry reports. November sales of existing homes rose12% year-over-year; homebuilding spiked nearly 21% compared with 12 months ago; and mortgage rates hit record lows this week.

The sales hike was in line with expectations: The forecast from Briefing.com was for a 315,000 annualized rate.

The median price for a new home was $214,100 in November. Inventory shrank to 158,000 units, a 6-month supply at the current sales rate.

Source:  CNN Money “New Home Sales Edge Up” December 23, 2010

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WSJ: Real Estate – The Glory and Gloom

Posted on December 6, 2011 by admin

In a glimmer of hope for the usually gloomy housing market, pending home sales for single-family homes grew by 10.4% in October from a month earlier, according to the National Association of Realtors.

Pending home sales are derived from contract signings, which means how many people are already on the hook to buy.

Sales surged even more in the Northeast, up 17.7% in October from a month earlier. Pending home sales index in the West fell, but by 0.3%.

Source:  WSJ “Real Estate:  The Glory and Gloom” December 01, 2011

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REALTOR.com: Are the Holidays a Good Time to Sell

Posted on December 6, 2011 by admin

Sixty percent of real estate professionals advise their sellers to list a home during the holidays because it’s a good time to sell, according to a new survey conducted by Realtor.com.

Why are the holidays such a good time to sell? Seventy-nine percent of the agents surveyed said that more serious buyers come out during the holidays, and 61 percent say less competition from other properties make it a great time to sell. Plus, 17 percent of agents say the cold weather is actually a benefit, making homes feel more cozy.

But online listing photos become even more crucial during the holiday season, according to the survey. Slightly more than half of agents say that the photos are more important because sellers tend to offer less open houses around the holidays, and so the online photos help buyers decide the properties to see and which ones to possibly bypass.

The biggest hurdles sellers face during the holidays, however, are keeping a home ready to show (clean and staged) as well as winter weather conditions and buyers’ vacation schedules, the Realtor.com survey found.

Source: “Survey Data Reveals Majority of Real Estate Professionals Recommend Clients List Their Homes During the Holidays,” Realtor.com (Dec. 2, 2011)

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WSJ: Stronger Lure for Prospective Home Buyers

Posted on November 27, 2011 by admin

Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities.

The Wall Street Journal’s third-quarter survey of housing-market conditions in 28 of the nation’s largest metropolitan areas found that home values declined in all but five markets compared with the second quarter, according to data from Zillow Inc. Meanwhile, rent levels have risen briskly across the country and mortgage rates, hovering around 4%, are the lowest in six decades.

As a result, monthly mortgage payments on the median priced home—including taxes and insurance—are lower than the average rent levels in 12 metro areas, according to data compiled for The Wall Street Journal by Marcus & Millichap, a real-estate brokerage that tracked 27 metro areas. It remains less expensive to rent than to buy in 15 cities. But affordability hasn’t done much to lift the sagging housing sector because many would-be buyers are unwilling to purchase a home or unable to qualify for a mortgage.

In Atlanta, which had the most favorable values for owning versus renting, the monthly payment on the average home was $539 assuming a 20% down payment during the third quarter. By contrast, the average asking rent stood at $840, according to the Marcus & Millichap data.

But real estate agents and economists say the trend hasn’t boosted demand. That is because affordability alone hasn’t been enough to overcome the obstacles in the way of a housing recovery. Some homeowners who would like to move up to larger properties are stuck because they can’t sell their homes.

Source:  Wall Street Journal ”Own vs. Rent: A Growing Reason to Buy” 11/26/2011

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INTEGRA Real Estate of Michiana – 30297 WYNDTREE BLVD – ELKHART, IN 46516

Posted on November 27, 2011 by admin

INTEGRA Real Estate of Michiana – (574) 855.4575

MLS #: 252313

30297 WYNDTREE BLVD – ELKHART, IN 46516

$124,900

City: ELKHART Zip Code: 46516
Area: ELKHART Township: OTHR
Style: 1 Story Bedrooms: 3
Full Baths: 2 Half Baths: 0
Dining Room: Formal SqFt: 1206
Basement Type: Full Poured Garage: 2 Car, Attached, Garage Door Opener
Appliances Included: Range/Oven, Refrigerator, Dishwasher, Disposal Heating: Gas
Cooling: Central Air Water Heater: Gas
Water Softener: None Water Sewer: Well, Septic Tank
Exterior: Alum/Vinyl Trim
Flooring: Carpet, Hardwood, Vinyl
Lot Size Front: 142
Lot Depth: 110
Annual Taxes:: 520
Year Built: 2007
Interior/Exterior: Ceiling Fan, Master Bdrm With Bath, Master Bdrm-1st floor, 1st Floor Laundry, Fireplace-Gas Log, See Remarks
Remarks: NEWER HOME IN JIMTOWN SCHOOL DISTRICT. CUSTOM BUILT RANCH 3 BEDROOM HOME WITH UNFINISHED FULL BASEMENT. OPEN CONCEPT COMMON AREAS, HARDWOOD FLOORS, GAS FIREPLACE, MAIN FLOOR LAUNDRY & ATTACHED 2 STALL GARAGE. GREAT SPACE, BEAUTIFUL HOME, AMAZING PRICE. SUPER FUND SITE – SHORT SALE; 3RD PARTY APPROVAL NEEDED. SEE CONFIDENTIAL REMARKS FOR SHOWING INSTRUCTIONS

For more information, please visit INTEGRA Michiana’s website or call 574.855.4575.

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Federal Gov. Properties go to Auction

Posted on November 23, 2011 by admin

The federal government is trying to unload some real estate, and your buyers can now start the bidding in online auctions on various government properties, including residential homes in sought-after areas.

GSA (the U.S. General Services Administration), which assists federal agencies with unloading properties that they no longer need, is selling government properties through its online auction site,realestatesales.gov.

The auction site includes all types of property for-sale, ranging from residential homes and vacant land to commercial buildings, warehouses, and even historic lighthouses. You can use the site to search by property type and state.

“In addition to giving the public an opportunity to bid on government assets, the disposing of unneeded properties is helping to create a more sustainable government by reducing the federal real estate footprint,” writes Ralph Conner, director of GSA’s Office of Property Disposal Utilization, in a recent blog post announcing the auction site.

Recently, the site auctioned off a former U.S. Coast Guard Admiral’s 3,000-square-foot home in the Seattle area suburbs for $635,000. The home featured views of Lake Washington, Mount Rainer, and the Seattle skyline.

Last year, President Obama directed federal agencies to get rid of unneeded government properties in an effort to curb costs. The goal is a $3 billion in savings from government properties by Sept. 30, 2012.

Source: “Federal Property for Sale on Realestatesales.gov,” GSA (Nov. 9, 2011)

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