The next two bits of news are taken from other news sources. I know this is my Rock Hill SC real estate blog and I do attempt to keep things local but I thought that this time it might be nice to hear a bit of good news. Also, ignore the guys crack about lenders. He’s just taking a shot. I work with a number of financial institutions in Rock Hill and you do not have to have perfect credit to be approved for a loan.
1. Existing homes sales up big time from a year ago.
Existing-home sales declined in July from an upwardly revised June pace but are notably higher than a year ago, according to the National Association of Realtors®. Monthly gains in the Northeast and Midwest were offset by declines in the West and South.
Total existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 3.5 percent to a seasonally adjusted annual rate of 4.67 million in July from 4.84 million in June, but are 21.0 percent above the 3.86 million unit pace in July 2010, which was a cyclical low immediately following the expiration of the home buyer tax credit.
Lawrence Yun, NAR chief economist, said there is a tug and pull on the market. “Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers,” he said. “Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could stimulate additional economic activity and create jobs.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.55 percent in July, up from 4.51 percent in June; the rate was 4.56 percent in July 2010. Last week, Freddie Mac reported the 30-year fixed rate dropped to 4.32 percent.
2.Mortgage rates hit new depths
I’ll paraphrase some of this. The thoughts above come from Realtor.org. As a member I have the right to use the information whenever I choose. This next part is chopped out of a story from Inman. The jist of it is that rates are at historic lows. The reasons are long a kind of technical but the consensus seems to blame market instability. I’ve been banging the drum about how conditions are great for someone thinking about buying. Think about getting locked in at a 4.15 rate. Wow.
Freddie Mac’s latest Primary Mortgage Market Survey showed rates on both fixed- and adjustable-rate mortgages continuing a three-week slide to hit new record lows. Rates on loans tracked by Freddie Mac are now nearly a full percentage point below 2011 highs seen in February. Rates on 30-year fixed-rate mortgages averaged 4.15 percent with an average 0.7 point for the week ending Aug. 18, down from 4.32 percent last week and a 2011 high of 5.05 percent in February, Freddie Mac said. That’s a new all-time low for 30-year fixed-rate loans in Freddie Mac records dating to 1971, surpassing the previous record of 4.17 percent set during the week ending Nov. 11, 2010.
That’s about it. I just wanted to pass along something positive. If you have any additional questions about our area or housing market please contact your local Rock Hill Realtor. Me