Washington, DC Real Estate
The new construction housing market continues to show strength across the country. According to the U.S. Census Bureau, Single-Family Housing Starts rose to 447,000 units on a seasonally-adjusted, annualized basis in November -- a 2 percent increase from October. A "Housing Start" is defined as breaking ground on new home construction. November's figures mark the third straight month of Single-Family Housing Starts gains. The new construction metric is now 15 percent above its … [Read more...]
As mortgage rates drop, so do housing payments. It's a good time to consider refinancing your home, or making an offer on a new one. Mortgage payment affordability has never been so high in history. According to Freddie Mac, the average 30-year fixed rate mortgage rate is now 3.94 percent -- an all-time low -- with an accompanying 0.8 discount points. This means that in order to get access to the 3.94 percent rate, District of Columbia homeowners and home buyers should expect to pay a … [Read more...]
The August 2011 Case-Shiller Index was released this week. On an monthly basis, 10 of 20 tracked markets worsened. On an annual basis, valuation degradation was worse. Only Detroit and Washington, D.C. posted higher home values in August 2011 as compared to August 2010, rising 2.7% and 0.3%, respectively. However, the index has been moving in the right direction. Since bottoming out in March of this year, the Case-Shiller Index is up nearly 4 percent. As home buyers and sellers in … [Read more...]
For homeowners in high-cost areas nationwide, conforming and FHA loan limits have dropped by as much as 14 percent. Effective October 1, 2011, the temporary mortgage loan limits that allowed for non-jumbo loan sizes of up to $729,750 are no longer. $729,750 is above the "normal" loan limit of $417,000. The elevated limits were put in place in 2008 as the economy and financial sector entered its crisis. At the time, there was little private money to serve buyers and would-be … [Read more...]
Mortgage guidelines appear to be tightening with the nation's largest banks. In its quarterly survey to senior loan officers nationwide, the Federal Reserve uncovered that a small, but growing, portion of its member banks is making mortgage approvals more scarce for "prime" borrowers. A prime borrower is described as one with a well-documented payment history, high credit scores, and a low monthly debt-to-income ratio. Of the 53 responding "big banks", 3 reported that mortgage … [Read more...]
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Mortgage Guidelines Resume Tightening Nationwide
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Homebuilder Confidence Slips 3 Points In April
Mortgage Rates Fall For Third Straight Week
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