Lower mortgage rates

According to the Associated Press the average rates for 30 year and 15 year fixed mortgages fell to record lows for the third straight week.

The steady decline has made home buying and refinancing more affordable than ever for those who can qualify.

 

Mortgage buyer Freddie Mac says the rate on the 30 year loan dipped to 3.79%. That is down from 3.83% last week and the lowest since long-term mortgages began in the 1950′s.

 

The 15 year mortgage, a popular option for refinancing, declined to an average of 3.04%. That is down from last week’s 3.05%.

 

Rates on 30 year loans have been below 4% since early December. The cheaper rates helped boost builder confidence. But so far they have done little to ignite sale.

 

This from the Associated Press.

April 2012 Home Sales firgures for Hays

Sales in the Hays area declined by 15% compared to last year’s April figures.
Specifically, there were 17 total sales in April, down from 20 sales in 2011.

Among existing homes, 17 sales occurred in April. Th is a decrease of 15% from 20 existing homes sales last April. The median price of existing home sales was $127,000. This represents an increase from last year’s median price of $95,500.

For new homes, 0 sales occurred in April.

FHA is changing the rules that go into effect July1st

(Source: By Tim Grant, Pittsburgh Post-Gazette) - Homebuyers who have debts that have gone into collection are not automatically disqualified from obtaining a mortgage through the Federal Housing Administration, but new rules will soon require those homebuyers to at least set up a payment plan for delinquent credit accounts before closing on a house.

The new FHA standards going into effect on July 1 also will give prospective homebuyers a chance to dispute debts that do not belong to them due to identity theft, credit card theft or other types of financial fraud. Those debts will not be counted against them.

Hays Real Estate Sales Figures for March

The Hays Board of REALTORS in a news release said home sales rose by 32.0% in March compared to the same period last year. Sales totaled 33 units in March up from 25 units in 2011.

Existing home sales in March totaled 33 units, up 37.5% from 24 units in 2011. The median sale price of existing homes last month was $151,500 compared to $116,000 in March of 2011.

No new homes sold in the month of March. In the same month last year, 1 new home sold.

Older Adults could face housing Crunch!

Older Adults Could Face Housing Crunch According to U.S. Census data, the 65-and-older population is expected to grow 120 percent to nearly 90 million by 2050, faster than any other age group. About one in five Americans will be over age 65 by 2050. This shifting demographic is likely to increase housing demand for aging Americans, according to a new report from the Center for Housing Policy, Housing an Aging Population – Are We Prepared?
The report examines several key financial and housing issues older adults will face as they age. For example, housing affordability is likely to be a bigger problem for older adults than for younger ones because more than half of their income is spent on housing. The report also finds that many older adults lack access to affordable services that could help them age in place. Older adults with low and moderate incomes often lack access to better housing choices, such as a multifamily development that can provide certain services that would enable an 85-year-old resident to live independently and avoid costly nursing care. The report concludes that state governments, nonprofit groups and local communities need to work together to adopt policies to ensure adequate, affordable housing for people of all ages.
Fri, Apr 13, 2012

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FHA news

FHA insured mortgages will increase from 1 percent to 1.75 percent on April 9th and the annual FHA mortgage insurance premiums will rise one-tenth of a percentage point

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Warm weather means getting the yard in shape!

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