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The end of a four-year downward trend? Home prices move up in April

May 17, 2012

The end of a four-year downward trend? Home prices move up in April

For the first time in more than four years, the median price of homes sold in Western Washington turned upward in April, a new report reveals.

The report from the Northwest Multiple Listing Service released Thursday shows a modest 1.27 percent uptick in median home selling prices overall for the 21 mostly Western Washington counties the real estate listing service covers. Median prices for homes sold in April this year were $240,000 compared with $237,000 in April of 2011.

Home sales prices in Pierce and King counties, however, still continued trending downward, but Thurston County sales prices were up, the listing service report said.

Read More on The News Tribune…

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Mortgage-aid revisions paying off for bankers, some borrowers

May 16, 2012

Mortgage-aid revisions paying off for bankers, some borrowers

A newly streamlined government plan to reward homeowners who diligently pay their underwater mortgages is proving a bonanza for banks, which by one estimate may pocket $12 billion in extra revenue by refinancing loans.

The revisions to the Obama administration’s 3-year-old Home Affordable Refinance Program have yielded mixed results for homeowners, analysts and mortgage professionals say.

Some responsible homeowners are indeed getting lower-interest loans despite owing far more than their homes are worth. But others have loans that don’t qualify, or must jump through hoops the plan was supposed to eliminate, such as on-site appraisals and extensive paperwork.

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BofA initiates home loan modification offers

May 9, 2012

BofA initiates home loan modification offers

Homeowners with a Bank of America mortgage have good reason to check their mailbox.

The lender said Tuesday it has begun mailing out letters to customers who may qualify to have their home loans reduced as part of a multistate settlement over alleged foreclosure abuses…

Some customers could receive letters from the bank as early as this week that invite them to provide financial information as part of a review process for the program. The bank plans to have mailed out most of the letters by the end of the third quarter.

Read Full Story on The Seattle Times…

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King County home prices rise with fewer houses for sale

May 4, 2012

King County home prices rise with fewer houses for sale

More homebuyers chased slim pickings in King County last month, sending house prices to their highest level since December 2010.

The median price of single-family homes sold last month was $360,000, up 9 percent from March and nearly 3 percent from April 2011, according to statistics released Thursday by the Northwest Multiple Listing Service. It was the second month-over-month gain in median price.

Read More at The Seattle Times…

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Mortgage rates hits yet another record low of 3.84 percent!

May 3, 2012

Just when you think they are as low as they will go the mortgage rates drop some more. If you are ready to buy or refinance, now is a great time to do so!

Mortgage rates hits yet another record low of 3.84 percent!

Freddie Mac reported Thursday that the rate on the 30-year loan dropped to its lowest point yet of  3.84 percent (previous record was 3.87 percent in February).

The 15-year mortgage rate also fell to its lowest on record of 3.07 percent.

Are you thinking of buying a home? Check out our Homeownership Simplified section a for information & tips on buying a house in Washington and our handy calculators to figure out potential mortgages, closing costs, and more!

 

 

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