Wednesday, 09/08/2010
Market Update
Week of August 22 - 28:
33 New Listings
42 Active Foreclosures
57 Price Reductions *
14 Sold **
* Price Change Facts: Average list prices on "Active Only Listings" are running at 88% of original price after 141 days on the market.
** Sold Property Facts: Average sales price is 95% of list price. Average days on the market were 82.
Stats shown include Downtown Dallas, Uptown, Victory Park and Oak Lawn.
Read more about current Dallas Real Estate Market Activity.
2010
Annual School Report
This Annual School Report is provided by my friends at Republic Title
WR Starkey Mortgage News
Welcome to the mortgage roller coaster. First, VERY weak housing sales numbers pushed rates down against the floor. Then, better than expected Gross Domestic Product numbers, and the Fed’s comments (indicating they are not supporting lower mortgage rates in future purchases), caused rates to spike, albeit still in the low 4’s.
There are many other factors whirling around which are also impacting rates: The stock market, Greece - AGAIN, strong German GDP, etc. Any way you look at it, the global market is NOT dull. Suffice it to say, we are still at a floor and there appears to be only one way for rates to go: UP. So, by waiting, your clients might get lucky and rates will stay low. But one thing is becoming increasingly clear through the repetition of patterns: Rates are NOT going lower.
FYI, the low housing numbers were the logical let-down from the stimulus-induced highs earlier this year. So don’t let this panic you. Housing numbers will stabilize in the next two months at non-stimulus levels, and then continue to improve.
This week 30 yr. fixed rates remained in the low 4’s depending on program, credit and points. Have a great weekend and have your buyers call us so we can get them approved to buy.
This update is provided by my friends at WR Starkey Mortgage. Contact Susan Moore with WR Starkey for your loan approval and call or email me to help you find and close the sale on your new home.
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