New Home Sales Jump

Home Sales

Home Sales & Sales Prices

According to the Commerce Department, new-home sales jumped 2.1% in May – the highest level since July 2008.

In other news, the Standard & Poor’s Case-Shiller index showed that existing-home prices in 20 U.S. metropolitan areas were 12.1% higher in April than a year earlier. Home prices posted their largest monthly gain since the Case-Shiller data began, rising 2.5% in April from March in the 20-city index. On a seasonally adjusted-basis, the 20-city index rose at a 1.7% monthly rate.

Last week, the National Association of Realtors said sales of previously owned homes rose 4.2% to $5.2 million in May, their highest level since 2009, while median prices surged 15% on the year.

Rising Mortgage Rates

Mortgage rates have jumped in recent weeks. Rates are expected to rise further now that the Fed has signaled it plans to scale back its bond purchases this year if the economy continues to strengthen. A pullback in the bond purchases would likely send long-term borrowing rates up.

If you are considering a home purchase or refinance, contact a licensed Inlanta Mortgage loan officer to discuss your options. Use our branch locator to find a branch office near you, or apply online now.

About Inlanta Mortgage

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS #1016. Inlanta Mortgage is proud to be named to the Scotsman Guide Top Mortgage Lenders 2012 list and to be among the Top 100 Mortgage Banking Companies in America in 2012.

 

 

Confidence in Housing Market Spikes

Confidence in Housing Market Spikes

The number of Americans who believe now is a good time to sell and think now is a good time to buy rose sharply from April to May according to recent housing market survey by Fannie Mae.

Confidence in Housing Market

Confidence in the housing market spiked in May. The share of respondents who say now is a good time to sell jumped 10 percentage points in May, rising from 30 to 40 percent on a monthly basis, according to the results of Fannie Mae’s May 2013 National Housing Survey. The share of those who say it is a good time to buy a home moved up 5 percentage points from April to a survey high of 76 percent. Americans’ average 12-month home price change expectation also reached a survey high in May, climbing to 3.9 percent from 2.7 percent in April.

Ready to Buy a New Home?

Whether you are a first time home buyer or a seasoned home buying veteran, Inlanta Mortgage loan officers can help you determine the best financing for you specific situation. Are you a veteran? You may be eligible for a no down payment/no PMI VA Loan. Live in a rural community? You may be eligible for a no down payment required USDA loan. Find a loan officer near you using our branch locator.

About Inlanta Mortgage

Inlanta Mortgage is proudly celebrating twenty years in business. Check out our 20th Anniversary Video.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Home Prices Jump

Home Prices Rise

Home Prices Rise at Fastest Rate in 7 Years

Home prices rose at the fastest rate in almost seven years signaling ongoing housing market recovery. The S&P/Case Shiller index of 20 metropolitan areas released on Tuesday showed single-family home prices rose 9.3 percent in February from a year earlier.

The S&P/Case Shiller index showed prices gained 1.2 percent in February on a seasonally adjusted basis from January, topping forecasts for a 0.9 percent gain.

Attributed to David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices:

“Home prices continue to show solid increases across all 20 cities. The 10- and 20-City Composites recorded their highest annual growth rates since May 2006; seasonally adjusted monthly data show all 20 cities saw higher prices for two months in a row – the last time that happened was in early 2005.”

Home Price Increases Boost Economy

Home price increases boost the overall economy. Besides the jobs created by a pick-up in construction and home sales, rising prices mean fewer homeowners are underwater on their mortgages, owing more than the home is worth. That allows more homeowners to refinance, saving money they can spend on other things.

“Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy. The 2013 first quarter GDP report shows that residential investment accelerated from the 2012 fourth quarter and made a positive contribution to growth. One open question is the mix of single family and apartments; housing starts data show a larger than usual share is apartments,” said Blitzer.

Buying a Home in this Environment

The price of a home is a major consideration for those considering a home purchase. Home buyers want to know they are making wise financial decisions.

A nationwide panel of more than 100 professional forecasters expects home values to end 2013 up an average of 4.6 percent and rise cumulatively by 22 percent, on average, over the next five years, according to the first quarter Zillow® Home Price Expectations Survey.

If you are considering a home purchase, contact a licensed Inlanta Mortgage loan officer to discuss available loan programs and receive a pre-approval letter to aid in your house hunting. Use our branch locator to find a loan officer near you.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Use our branch locator to find a loan officer near you.

 

 

 

Housing Market in Transition

Housing Market in Transition

In today’s MarketPulse newsletter from CoreLogic, the CEO says that this spring’s home buying season offers the brightest prospects for the housing market since 2006. With fewer foreclosed properties and declining shadow inventory comes solid gains in home prices and a reduction in the number of borrowers who are underwater. Our nation’s housing market is in transition as affordability of home ownership remains at very attractive levels.

Home Prices

Home prices increased by 9.7 percent in January 2013 compared to January 202. This represents the biggest increase since April of 2006. The five states with the highest home price appreciation include Arizona (+20.1 percent), Nevada (+17.4 percent), Idaho (+14.9 percent) California (+14.1 percent), and Hawaii (+14 percent).

Foreclosures

Nationally, the inventory of foreclosed home decreased 21 percent from a year ago. This is the largest year-over-year decrease in the last 12 years. Overall, the inventory of foreclosed homes is down 25.7 percent from its peak in January 2011. Since the beginning of the financial crisis in 2008, there have been approximately 4.2 million foreclosures in the United States.

Home Sales

Total home sales decreased 4 percent year-over-year in 2013 – but this combines the 16 percent decrease in new home sales and the 5 percent year-over-year increase in previously owned homes. Distressed sales accounted for 24 percent of all home sales in the United States in January of 2012. States with the highest share of distressed sales include Nevada, Michigan, California, Arizona, Georgia and Florida.

Source: MarketPulse newsletter published by CoreLogic – March 18, 2013.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.