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New home sales fall even as prices start to rise
New single-family home sales unexpectedly fell in June, but a sharp rise in prices and declining supply suggested the market for new houses was starting to stabilize, a government report showed on Tuesday.
Other data showed consumers grew more confident about the future this month, even though there were still concerns about lack of jobs.
Fixed Mortgage Rates Barely Edge up from Yearly lows
Fixed mortgage rates remain fairly constant, hovering near their yearly lows.
According to Freddie Mac on Thursday the average on a 30-year fixed loan nudged up to 4.52 percent (up from 4.51 percent a week ago) while the average rate on the 15-year fixed loan inched up to 3.66 percent (up from it’s lowest 3.65 percent).
Europe’s pain is US homeowners’ gain
The threat of a debt default by Greece and other European countries has created financial turmoil for investors, banks and government officials. It’s also provided a boon to U.S. homeowners.
Long-term mortgage rates have been drifting to their lowest levels of the year, sparking a new wave in mortgage refinancing activities, industry experts say.
The reason? Despite the anxiety over debt talk brinksmanship in Washington, investors have been flocking to dollar-based investments including U.S. Treasuries, because euro-based securities seeem riskier. Even as a potential U.S. default looms, the odds seem lower than a default in Europe. It’s like living in the nicest house in a bad neighborhood.
An interesting upside to the down economy?
Divorce Rate Declines Alongside Home Prices
A recent study published by the American Economic Review (AER) has shown a surprising correlation between the current housing dip and divorce rates across the nation.
The findings indicate that the state of our economy may have further reaching social affects than many would assume. Home price declines could be positively affecting marital stability.
Singles dive into the real estate market
The real estate market — with all its rollercoaster-like dips and turns — has occupied a huge amount of our attention in recent years. While most of the news has been bad (record foreclosures, innumerable bad loans), much has also been made of this cheerful fact: Single women have become a major force in the real estate market. According to the National Association of Realtors, last year unmarried gals made up 20 percent of all home buyers, where single guys accounted for 12 percent.
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