Forecasts suggest that housing stability will improve.  Proactive buyers can still find  the rare combination of bargain prices, and competitive financing in some parts of the country.

Market Spotlight: 

2011 Offers Golden Opportunity

History in the Making

It’s difficult to believe that the average mortgage rate near the end of 2010 was less than HALF of the 30 year average of 9%.  Americans now have become used to low interest rates, but the Feddie Mac Survey that began tracking interest rates in 1971 registered a new and record-breaking low of 4.19% in October of 2010.  These low rates have made it possible for more people to purchase a home, or refinance a mortgage and enjoy reasonable payments for years to come.

Home For Sale

U.S. Buyers are finding homes at low prices, and are able to achieve big markdowns on distressed properties.  The extent of the discounts vary widely by region and state, but according to recent information, foreclosures sold for 26% less than similar homes in the second quarter of this year.  Homes in default, many of which became short-sales, had their prices reduced by an average of 13%.

 

Is Ownership Within Reach?

Record-Low mortgage interest rates, combined with lower prices means it is more affordable to buy a home today than at any other time in the last 40 years.  In 2010, the mortgage payment required to purchase the median priced home in the U.S. fell lower than 20% of the median household income for the first time since 1971!

It’s essential to remember that every real estate market is exposed to local conditions.  The economy and employment environment can vary greatly from region to region and affect the housing market.  Please contact me in regards to the market conditions in your area.


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