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Archive for October, 2009

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Interest Rates are Below 5% for a 30 Year Fixed Rate Mortgage

Interest Rates are Below 5% for a 30 Year Fixed Rate Mortgage

My clients just locked in a 4.85% interest rate loan on a new home purchase in San Marino.  Not only is this home loan under 5%, but it has NO points.  A point is what a bank charges to reduce your interest rate.  1 point is 1% of the home mortgage amount.  1/2 a point is 1/2 a percent and so on.

According to Freddie Mac, 30-year-fixed-rate mortgage average fell further to 4.87 percent with an average 0.7 point for the week ending Oct. 8 from 4.94 percent last week. “Such low rates are spurring mortgage demand,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.

“Interest rates for 30-year fixed-rate loans were the lowest since mid-May; 15-year FRMs were at a record low since data were first collected in 1991 and 5-year ARMs also hit an all-time record starting in 2005. Compared to a year ago, consumers could shave almost $134 off their monthly mortgage payments on a 30-year fixed-rate loan for $200,000 by refinancing.

In addition to spurring mortgage demand, applications were up to a 19-week high over the week ending in Oct. 2, according to the Mortgage Bankers Association – applications to purchase a home were at the strongest pace since the beginning of 2009.

Read More:  When Opportunity Knocks Are You Listening?

»crosslinked«

Posted on October 11th, 2009
Posted by: Irina Netchaev

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Is the Housing Market Stabilizing?

Is the Housing Market Stabilizing?

The last couple of posts focused on the general California real estate statistics.  I thought that it would be fun to follow up with some articles from around the state talking about national real estate activity and the housing market.  Please keep in mind that real estate is very local.  The state of real estate in Pacific Palisades, for example, is very different from the health of Pasadena California’s real estate market.

To see the current, local real estate trends, take a look at September’s real estate report for Pasadena California here.   Otherwise, enjoy the following articles.

San Francisco Chronicle

Signs of hope housing market may be stabilizing

Sales of existing homes increased a larger-than-expected 7.2 percent in July compared with the previous month, according to the NATIONAL ASSOCIATION OF REALTORS®.

To read the full story, please visit Signs of Hope – housing market may be stabilizing.

The Wall Street Journal

The foreclosure pain may drag on for years…

Delays in dealing with home foreclosures are stretching out the pain for the U.S. housing market.  That has stirred lots of debate over whether it is better for the nation to face the pain of millions of foreclosures immediately—to get it over with fast—or to draw the process out over several years in hopes that the economy and housing demand will recover.

To read the full story, please visit Foreclosure pain may drag on for years article.

San Francisco Chronicle

First-time home buyer tax credit set to expire

The $8,000 federal tax credit for first-time home buyers is soon to expire, causing anxious house hunters to hustle and prompting a debate in Congress over extending a program that some say is central to the fragile real estate recovery.

To read the full story, please visit Home Buyer Rebate is Expiring.

Los Angeles Times

Too many palatial homes, too few princely buyers

As more sellers decide to cut their losses and move on—or are compelled to do so by their lenders—the most expensive homes could slip from their perch at the top rung of the market.

To read the full story, please visit the full article here.

For those of you interested in buying a Pasadena home or are just curious about Pasadena property for sale, please take a look at the Pasadena homes for sale below. Feel free to sign up for a FREE membership to the MLS (Multiple Listing Service) listings by creating a VIP accounts below.

For details on any of the above Pasadena homes, please visit Pasadena homes for sale.

Read More:

Getting More House for your $

9 Stupid Things Buyers do to mess up their home purchase

The fastest way to lose your earnest money deposit

Homes for Sale Information:

South Pasadena City Guide

Pasadena Real Estate Guide

Altadena Foreclosures List

Burbank Foreclosure Home List

Pasadena Foreclosure Home List

South Pasadena Foreclosure Home List

 

If you are thinking of buying or selling your Pasadena home, condo or townhome, please give us a call for a comprehensive and free consultation. We can be reached at 626-629-8439

 

IRINA NETCHAEV

Pasadena Real Estate Agents

Pasadena, California

(626)629-8439

Posted on October 9th, 2009
Posted by: Irina Netchaev

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California Real Estate Home Sales Statistics for August 2009

California Real Estate Home Sales Statistics for August 2009

Interested in seeing how California real estate is performing?  Real estate statistics for the month of August were just released by California Association of Realtors.

California median home price

– August 09: $292,960 (Source: C.A.R.)

California highest median home price by C.A.R.

(California Association of Realtors) region August 09: Santa Barbara So. Coast $828,750 (Source: C.A.R.)

California lowest median home price by C.A.R.

(California Association of Realtors) region August 09: High Desert $111,770 (Source: C.A.R.)

California First-time Buyer Affordability Index

– Second Quarter 2009: 67 percent (Source: C.A.R.)

Mortgage rates

– week ending 10/01/09 30-year fixed rate home loan: 4.94% Fees/points: 0.7% 15-year fixed home loan: 4.36% Fees/points: 0.6%

1-yr. adjustable: 4.49% Fees/points: 0.5% (Source: Freddie Mac)

If you are interested in local Pasadena real estate statistics and results, please visit Pasadena Real Estate Market Reports for the latest information on Pasadena California and surrounding cities.

You may also want to sign up to receive weekly emails of the latest real estate data here.  This service is FREE and is provided to my readers as a courtesy through a subscription with Altos Research – a premier real estate statistics service.

To search for homes for sale throughout Southern California, please visit Search MLS for FREE or start your home search below.

Posted on October 7th, 2009
Posted by: Irina Netchaev

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