Existing Home Sales Up 6.5%

Existing-Home-Sales

Existing home sales rose 6.5% in July, reaching their highest level in nearly four years, the National Association of Realtors stated in a news release today.

Existing Home Sales

Existing home sales have remained above year-ago levels for 25 months. In July existing home sales rose 6.5 percent to a seasonally adjusted annual rate of 5.39 million in July, 17.2 percent above the 4.60 Million-unit pace in July 2012. Existing home sales are completed transactions that include single family homes, townhomes, and condos.

Tight Housing Inventory Leads to Price Growth

At the end of July, total housing inventory rose 5.6 percent to 2.28 million existing homes available for sale. Listed inventory is 5.0 percent below a year ago. “Tight inventory in many areas means above-normal price growth for the foreseeable future,” said Lawrence Yun, chief economist at the National Association of Realtors.

Median Home Prices Rise

In July, the median existing home price for all housing types was $213,500 – a 13.7 percent jump from July 2012. This is the 17th consecutive month of year-over-year price increases.

Begin the Mortgage Process

Does recent housing and finance news have you wondering if now is the time to buy a home? To begin the mortgage process, contact a licensed mortgage loan originator near you using our branch locator. Prospective home buyers don’t need to have a purchase property in mind to begin the process. Our loan professionals can help you determine what loan program will be best suited to your financial situation and provide a pre-approval to aid in your house hunting adventures. If its more convenient for you, you can simply apply online now, and we will connect you with a loan officer in your area.

About Inlanta Mortgage – Celebrating 20 Years

Celebrating its 20th Anniversary, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Fannie Mae, FHA/VA, FHA 203K and USDA. 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 named to the Scotsman Guide Top Mortgage Lenders 2012 list and to be among the Top 100 Mortgage Banking Companies in America in 2012 and Fastest Growing Milwaukee-Area Firms.

 

 

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.

 

 

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.

 

Housing Market Driving Economic Growth

Housing Market Driving Economic Recovery

The housing market is likely to be the primary driver of economic growth in 2013 say many economists.

Steady home sales in 2012 led to a 9% increase in home sales over 2011 – the best year for home sales since 2007. Improved demand for homes in December led to the inventory of homes for sale to fall to its lowest supply since 2001. And yet another indicator of a strengthening housing market – housing starts have reached their highest level since 2008.

While the housing market still hasn’t worked through all of its issues, it is improving at an accelerating rate.

Here are a few articles detailing the housing market’s role in our economic recovery:

If you were waiting for home prices to bottom out before you buy – you may want to start researching your home financing options now. Home prices are on the rise and near record low mortgage rates won’t last forever.

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