Wednesday, January 29, 2014

this weeks market info 1/19/14

Wednesday, January 29, 2014 

W. P. Carey: Phoenix Housing Market Explained
The Phoenix housing market has seen its share of extremes, but today the market is regaining balance.  The supply of homes available for sale is going up and prices of those homes are stabilizing and in some cases, coming down, said Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.  Current homes prices have reached what he termed normal: what prices would have been had they increased gradually over time with the Consumer Price Index.
Read article - W. P. Carey
Mortgage Loan Rates Dip as Home Sales Stabilize
The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a decrease of 0.2% in the group's seasonally adjusted composite index, following a rise of 4.7% for the previous week.  The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.57% to 4.52%. The rate for a jumbo 30-year fixed-rate mortgage fell from 4.57% to 4.47%.
Read article -

Tuesday, January 21, 2014

new this week 1/21/14

New federal rule gives home buyers better access to appraisals
A new federal rule could give millions of home buyers insights they've never had before about a crucial element of their mortgage application: the appraisal including the electronic cross-checks and reviews now used by lenders to determine the amount of the loan they'll approve.  Lenders will be required to inform mortgage applicants that they can receive a free copy of whatever appraisals, reviews, computer valuations and other data are used in the transaction.
Read article - LA Times 

Monday, January 6, 2014