Category Archives: South Salem

Mortgage rates now 4.94% | South Salem Real Estate

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that mortgage rates rose significantly across the board.

Highest mortgage rates in seven years

Sam Khater, Freddie Mac’s chief economist, says, “The economy continued to show resilience as strong business activity and growth in employment drove the 30-year fixed mortgage rate to a seven year high of 4.94 percent – up 11 basis points from last week.”

Added Khater, “Higher mortgage rates have led to a slowdown in national home price growth, but the price deceleration has been primarily concentrated in affluent coastal markets such as California and the state of Washington. The more affordable interior markets – which have not yet experienced a slowdown home price growth – may see price growth start to moderate and affordability squeezed if mortgage rates continue to march higher.”

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.94 percent with an average 0.5 point for the week ending November 8, 2018, up from last week when it averaged 4.83 percent. A year ago at this time, the 30-year FRM averaged 3.90 percent. 
  • 15-year FRM this week averaged 4.33 percent with an average 0.5 point, up from last week when it averaged 4.23 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.14 percent with an average 0.3 point, up from last week when it averaged 4.04 percent. A year ago at this time, the 5-year ARM averaged 3.22 percent.

Checking on your flood insurance | South Salem Real Estate

Home insurance will cover damage from a volcano, but not a flood

Homeowners picking up the pieces from Hurricane Michael will quickly learn an important lesson: not all hurricane- related damage is covered by home insurance.

Before making landfall Wednesday, Michael rapidly intensified to an extremely strong storm packing 155 mile-per-hour winds, just shy of Category 5 status. The storm ranked as the third-most intense hurricane to hit the continental United States, according to Accuweather (https://www.accuweather.com/en/weather-news/by-the-numbers-michael-ranked-as-3rd-most- intense-hurricane-to-hit-continental-us/70006313), and was the strongest storm to ever hit the Florida Panhandle.

Towns and cities along the Panhandle coast were left in ruins, and damage extended well inland into southern Georgia. The storm’s high winds stripped roofs and caused trees to fall on homes (https://www.accuweather.com/en/weather-news/ storm-surge-damaging-winds-from-michael-to-rip-a-path-of-destruction-across-southeastern-us/70006307) and cars. Coastal communities were walloped by a massive storm surge, which forecasters predicted (https://www.wired.com/story/why- hurricane-michaels-storm-surge-is-so-high/) could reach as high as nine to 13 feet before the storm.

See more:Footage from Florida Panhandle shows the incredible force of Hurricane Michael (http://www.marketwatch.com/ story/footage-from-florida-panhandle-shows-the-incredible-force-of-hurricane-michael-2018-10-10)

For homeowners, what precisely caused the damage to their home will prove important for insurance purposes, because coverage will depend on how the damage was caused. During a hurricane, if high winds cause roof damage that leads to significant water accumulation within the house, insurance will likely cover it. But if a nearby river crests because of the heavy rainfall and then causes flooding, the damage to homes will only be covered if the owners have flood insurance.

That’s why most homeowners in the path of September’s Hurricane Florence’s torrential rains would have been better off if their home had been hit by a wildfire or volcanic eruption — at least from an insurance perspective.

Damage caused by flooding isn’t covered by standard home insurance policies. Only homeowners who bought separate flood insurance for their homes were covered if water from Florence damaged their house. And there weren’t many people in that boat.

Florence caused between $20 billion and $30 billion in losses to both commercial and residential properties across the Southeast due to flood and wind damages, according to estimates (https://www.corelogic.com/news/the-aftermath-of- hurricane-florence-is-estimated-to-have-caused-between-20-billion-and-30-billion-in-flood-and-wind-losses-cor.aspx) from property data firm CoreLogic (CLGX).

Most homeowners affected by Florence will be stuck footing the bill: CoreLogic also estimated that 85% of the losses to residential properties were uninsured. Before the storm hit, actuarial firm Milliman (http://us.milliman.com/insight/ 2018/Four-ways-Hurricane-Florence-could-ricochet-across-the-insurance-industry/) estimated that fewer than 10% of households in North Carolinahad flood insurance.

A similar refrain could now play out because of Hurricane Michael. When Hurricane Irma struck Florida last year, only 14% of the 3.3 million households in the nine counties affected by the disaster had flood insurance coverage, according to data from Pew Charitable Trusts (http://www.marketwatch.com/story/only-14-of-the-3-million-households-hit-by-irma- have-flood-insurance-2017-09-12). That’s in spite of the fact that Florida households comprise 35% of policies under the National Flood Insurance Program.

Don’t miss:How to find a contractor after a hurricane (http://www.marketwatch.com/story/how-to-find-a-contractor- after-a-hurricane-2017-09-25)

Even when insurance does cover the damage from a certain catastrophe, deductibles are still at play. Hurricane deductibles vary from policy to policy, but are often assessed as a percentage of the home’s overall value.

Coverage for other disasters operates similarly. In volcanic eruptions, damage caused by lava flows or resulting fires is covered by a standard homeowner’s policy, but if the eruption causes seismic activity, homeowners will not be reimbursed unless they have purchased a separate earthquake policy.

Buying additional insurance policies for disasters like floods and earthquakes might seem like a no-brainer, but it’s an expensive proposition. “They have to do a cost benefit analysis,” said Michael Crowe, co-founder and CEO of Clearsurance (https://clearsurance.com/), a site where consumers can review and compare insurance companies.

The average annual premium for a policy through the National Flood Insurance Program was $878 as of April 2017 (https: //web.archive.org/web/20170623131915/https:/nfip-iservice.com/Stakeholder/pdf/bulletin/Attachment%20A%20-%20Summary% 20of%20the%20NFIP%20April%202017%20Program%20Changes%20Final.pdf). But flood insurance premiums can easily cost thousands of dollars in regions that are determined to be at the highest risk of flooding.

But flooding is just one type of natural disaster that isn’t covered by standard home insurance policies. And in the case of disasters like hurricanes, where damage can be caused by a variety of factors including wind, rain and storm surge, it can quickly get confusing–and frustrating– for homeowners who are trying to figure out whether their insurance policy covers certain damage.

Here is what homeowners need to know about insurance and natural disasters:

What is covered under a standard homeowner’s insurance policy

Some natural disasters are always covered by homeowner’s insurance, including wildfires, tornadoes and hail storms. But other natural disasters are never or rarely covered under a standard homeowner’s insurance policy. They generally fall into two categories: floods and “earth movements.”

The first category comprises disasters caused by rising water, which includes everything from floods caused by extensive rainfall and hurricane-induced storm surges to dam failures and tsunamis. “Earth movements” include disasters such as earthquakes, landslides and sinkholes.

Unfortunately, many Americans are unaware that these disasters are not covered by a standard homeowner’s policy, according to the Insurance Information Institute (https://www.iii.org/sites/default/files/docs/pdf/pulse-wp-020217- final.pdf).

Certain natural disaster typically aren’t covered because of the level of the destruction they create, said Lynne McChristian, a spokeswoman for the Insurance Information Institute and executive director of the Center for Risk Management Education and Research at Florida State University.

With these disasters, “the damage is usually so widespread, and it’s typically a total loss,” McChristian said. ” Insurance companies can’t price it appropriately to make it a viable line of business for them.”Are you covered with a standard homeowner’s insurance policy? Typically covered Sometimes or partially covered Rarely covered Tornado Hurricane Flooding (including storm surge and tsunamis) Wildfire Volcano Earthquakes Hail storm Sinkhole Mud- and landslides Blizzard or ice storm Sewer backup

The government provides flood insurance

In the case of insurance for flooding, the federal government has stepped in. The National Flood Insurance Program was created in 1968 after insurance companies struggled to pay off claims following a slew of floods in the 1950s. Homeowners have the option to buy flood insurance through this program or to get a private insurance policy. In certain cases, homeowners may be required to purchase flood insurance by their mortgage lender if their home is located within a flood zone.

Private flood insurance now accounts for roughly 15% of all flood premiums nationwide, according to a March report from Insurance Journal (https://www.insurancejournal.com/blogs/right-street/2018/03/18/483689.htm). And for many homeowners, a policy from a private insurer rather than through the federal insurance program could be cheaper. A July 2017 briefing from Milliman (http://www.milliman.com/uploadedFiles/insight/2017/private-flood-insurance-cheaper- nfip.pdf)found that private flood policies would have lower premiums for 77% of all single-family homes in Florida, 69% in Louisiana and 92% in Texas.

Read more:Congress just dodged hard decisions about flood insurance again (http://www.marketwatch.com/story/congress- just-dodged-hard-decisions-about-flood-insurance-again-2018-07-31)

Earthquakes

Similarly, homeowners will need to purchase a separate policy or a rider to their standard home insurance policy from a private insurer to be covered for an earthquake. California residents also have the option (https://www.iii.org/ article/earthquake-insurance-for-homeowners) to purchase coverage through the California Earthquake Authority. That said, if an earthquake causes a house fire, some damage might be covered by the standard policy alone.

Sinkholes

As for sinkholes, coverage options vary from state to state (https://www.iii.org/article/sinkholes-and-insurance). A standard home insurance policy may cover minor damage caused by a sinkhole — but catastrophic damage (generally defined as damage to more than half of the structure) is excluded. People can either get sinkhole insurance in the form of a standalone policy or an endorsement to the standard insurance policy, depending on where they live.

Tennessee and Florida require insurers to offer optional sinkhole coverage. Insurers in Florida are also required to provide insurance for “catastrophic ground cover collapse” through their standard policies.

Read more:Your easy step-by-step guide to paying off all kinds of debt (http://www.marketwatch.com/story/your-easy- step-by-step-guide-to-paying-off-all-kinds-of-debt-2018-09-19)

Did the homeowner take care of the property?

The property’s upkeep can also play a role in whether or not damage caused by a storm or other natural disaster is covered. For instance, if winter storms cause an ice dam to form on the roof of the home and the owner is not proactive about removing it, the insurer may choose to deny coverage for water damage.

You have some options if you skip insurance

If homeowners don’t buy specialized insurance coverage and then get hit by some sort of disaster, they do have some options to offset their losses. They can get a grant from the Federal Emergency Management Agency or a loan from the Small Business Administration.

“Those are not designed to bring you back to a pre-disaster condition — they’re designed just to get you back on your feet,” McChristian said. “Insurance is designed to get you back to where you were before the disaster occurred.”

How to decide whether you need coverage

For starters, homeowners need to consider whether or not they are at risk. They should check government flood zone maps. They are generally available from county governments, or you can search by address on the FEMA website (https:// msc.fema.gov/portal/search). But they aren’t foolproof because they are only periodically updated.

Other factors to consider include the property’s elevation (if it’s at or just a few feet above sea level it’s more prone to flooding) and whether there has been a lot of construction in the area. This could displace vegetation that would soak up rainfall and prevent flooding.

As for earthquakes, homeowners shouldn’t assume they’re not at risk just because they don’t live on the West Coast. Earthquakes have caused damaged in all 50 states at some point since 1900, according to the Insurance Information Institute(https://www.iii.org/press-release/few-homes-have-insurance-coverage-for-earthquake-or-tsunami-although-the- us-is-at-risk-for-both-032311) (a trade group that of course has a vested interest in people getting insurance). And fracking for oil and natural gas has led to seismic activity (https://e360.yale.edu/digest/fracking-linked-to-increase- in-texas-quakes-according-to-new-study)in parts of the country that had never before experienced it.

How to get to the front of the line when you need help

Regardless of whether or not a homeowner has insurance coverage for a specific natural disaster, getting their property assessed is critical in beginning the rebuilding process.

Following a natural disaster, a consumer’s first step should be to contact their insurance agent or company immediately. That is critical because insurance claims are handled on a triage basis, McChristian said.

“Those with the most damage get to the front of the line because those people have the most need for recovery assistance,” McChristian said.

By clarifying how to file a claim and conveying the state of their property, homeowners can improve the chances of having their case handled more quickly by their insurer. Homeowners should also learn the ins and outs of how to file their claim, including what information is needed and how long they have to file. Now is also the time to determine what their policy’s deductible is.

Also see:What to do about your home and mortgage if you’re hit by a disaster (http://www.marketwatch.com/story/what- to-do-about-your-home-and-mortgage-if-youre-hit-by-a-disaster-2018-09-17)

Make a head-start on assessing damage

The insurance company will send its own adjuster free of charge to inspect the property and assess the total cost of the damage. Homeowners can take steps to prepare for this by documenting what was damaged or destroyed by the natural disaster, getting bids from contractors and keeping track of receipts for any expenses they incur following the storm. Homeowners shouldn’t hesitate to make temporary repairs to protect their property from further damage.

A pricier option: Hire a third-party insurance adjuster to assess their property. Given the backlog insurers will experience following widespread disasters, it can take a while to receive a payout. To expedite this process, a homeowner can choose to hire an independent or public adjuster to assess their property.

Studies have shown that hiring public adjusters leads to higher insurance settlements. But these professionals don’t come cheap — they generally charge a fee (https://www.bankrate.com/finance/insurance/hiring-a-public-adjuster-1.aspx) that’s anywhere from 10% to 20% of the insurance settlement. And it’s critical to hire a reputable professional. (Check the websites of the National Association of Independent Insurance Adjusters (https://www.naiia.com/) and the National Association of Public Insurance Adjusters(https://www.napia.com/about).)

Always have someone look at damaged property

And even if homeowners aren’t covered for flood insurance, they should still have their insurance company assess their property and whatever damage occurred.

Crowe has experienced this firsthand. In 2006, an extended period of rainfall in Newburyport, Mass., where Crowe and his family lived, caused their newly remodeled basement to flood. However, their insurance policy did not include flood coverage. He thought he would have to pay for all the damage.

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Marilyn Monroe got married in Westchester | Waccabuc Real Estate

Marilyn Monroe got married in Waccabuc, Westchester.

The actress married playwright Arthur Miller in a short civil ceremony in the White Plains Courthouse in 1956.

It was her third marriage and Miller’s second. Few knew of the impending ceremony.

But their relationship had caused headlines. Miller had divorced his wife to marry Monroe, who had divorced Joe DiMaggio in 1954.

When the news got out of their impending nuptials, the couple held a press conference at Miller’s house in Connecticut on June 29. The local paper had the headline: “Local Resident Will Marry Miss Monroe of Hollywood’, adding, ‘Roxbury Only Spot in World to Greet News Calmly.”

Marilyn Monroe and Arthur Miller held a wedding reception at this Waccabuc home. Karen Croke, kcroke1@lohud.com

Afterwards, they slipped into Westchester and were married in a quick ceremony at the courthouse, after which, as reported the following day in The New York Times, the Millers  “got into their sports car and disappeared into traffic.”

They weren’t heading far.

On July 1, the couple held a Jewish ceremony and wedding reception for 25 guests in the Westchester County home of Miller’s literary agent, Kay Brown.

The home is for sale, listed for $1,675,000 with Susan Stillman of Houlihan Lawrence.

From the outside, it’s not hard to imagine the party that once took place here.

The French Country-style residence built in 1948 seems untouched from those halcyon days when many stars, including Tallulah Bankhead and Benny Goodman lived nearby and fabulous parties were the norm.

The gated property is set on a quiet road with a wonderful view of the surrounding area, and is just across from the 16th hole of the Waccabuc Country Club.

There are many original details, including parquet and tile floors, French doors, leaded windows, and European-style fireplaces. One of the highlights is the living room with walls of glass and terrace exit, a private master suite, and a first-floor guest suite with its own side entrance.

There are four bedrooms and five bathrooms in the home, which is in the Katonah School district.

Outside, the just over 4 acre property is still private and serene. A crescent-shaped lawn terrace steps down to pool and pool house with summer kitchen and cabana, and all surrounded by light woodlands, specimen landscaping and gardens creating sought-after privacy.

Sadly, the Millers were married for only five years before divorcing in 1961. Monroe tragically died the following the year.

 

read more…

 

https://www.lohud.com/story/money/real-estate/homes/2018/08/08/marilyn-monroes-westchester-wedding-house-sale-1-69-m/922263002/

Rental Glut Sends Chill Through the Hottest U.S. Housing Markets | South Salem Real Estate

Seattle is known for its hip neighborhoods, soaring home prices, and being home to Amazon.com Inc., the world’s most valuable company. So why is its rental housing market experiencing the most severe slowdown in the U.S.?

Seattle-area median rents didn’t budge in July, after a 5 percent annual increase a year earlier and 10 percent the year before, according to Zillow data on apartments, houses and condos. While that’s the biggest decline among the top 50 largest metropolitan areas, it’s part of a national trend. Rents in Nashville and Portland, Oregon, have actually started falling. In the U.S., rents were up just 0.5 percent in July, the smallest gain for any month since 2012.

“This is something that we first started to see two years ago in New York and D.C.,” Aaron Terrazas, a senior economist at Zillow, said in a phone interview. “A year ago, it was San Francisco and most recently, Seattle and Portland. It’s spreading through what once were the fastest growing rental markets.”

Tenants are gaining the upper hand in urban centers across the U.S. as new amenity-rich apartment buildings, constructed in response to big rent gains in previous years, are forced to fight for customers. Rents are softening most on the high end and within city limits, Terrazas said. Landlords also have been losing customers to homeownership as millennials strike out on their own, often moving to more affordable suburbs.

Boom to Bust  –  Rents go from double-digit gains to declines in four years

Realtor Roy Powell last month was helping his clients, two women in their mid-20s find an apartment in Seattle. They looked at seven places and narrowed it down to two — a five-story building with a rooftop dog park and an air-conditioned gym, and a newly remodeled seven-story tower that won their business by throwing in a year of free underground parking, normally $175 a month.

Even condo owners with just one or two units to rent are offering concessions to compete with new buildings, Powell said. “A lot of them are going from absolutely no pets to allowing pets. That’s a big deal in Seattle, where everybody has a dog or cat.”

‘Tremendous Competition’

Batik, a new 195-unit Seattle apartment building, has views of the downtown skyline and Mount Rainier, a giant rooftop deck with a garden where tenants can grow fruits and vegetables, a community barbecue and an off-leash pet area. New tenants can receive Visa gift cards worth as much as $6,000, with half paid at signing and the rest a month later.

“There is tremendous competition for tenants,” said Lori Mason Curran, spokeswoman for landlord Vulcan Real Estate, Microsoft co-founder Paul Allen’s company, which launched Batik in March. “Over time, we think long-term demand is solid. But there is so much supply tamping down rent growth right now.”

In Seattle, another factor contributed to the glut of rentals. While the city is in the midst of a building boom — with more cranes dotting the skyline than any other in the U.S. — much of the residential multifamily construction has been apartments. Developers have shied away from condos because of state laws that allow buyers to more easily sue if there are defects in the construction.

Booming Construction

U.S. multifamily apartment construction for the past few years have been at levels not seen since the 1980s and rapid rent gains have also encouraged owners of single-family homes and condos to fill them with tenants. Projects opening now were conceived by developers a few years ago when rent gains in the U.S. were peaking at an annual gain of 6.6 percent, according to Zillow data.

The most expensive markets slowed first as new supply became available and tenants struggled to afford rapidly-rising lease rates. Rents in the San Francisco area jumped 19 percent in the year through July 2015. Now, they have been flat since last July. New York rents, which were up 7 percent in 2015, have been decelerating for a couple years, declining 0.4 percent in July.

For the first time since 2010, it’s now easier to build wealth over an eight-year period by renting a home and investing in stocks and bonds, rather than by buying and accumulating equity, according to a national rent-versus-buy index of 23 cities produced by Florida Atlantic University and Florida International University faculty. That’s because home prices are high and rising mortgage rates are adding to the cost of homeownership.

That could be bad for sellers, especially in markets like Dallas and Denver, where renting is now so much more favorable than buying, according to Ken Johnson, a real estate economist at Florida Atlantic University, a co-creator of the Beracha, Hardin & Johnson Buy vs. Rent Index.

Reminiscent of the Bubble

Already, housing markets in strong economies are cooling, in part because incomes haven’t kept pace with rising prices and borrowing costs. Dallas and Denver have reached so far into favorable rental territory that they look like Miami right before it crashed in the last decade, Johnson said.

The difference now is that neither market is experiencing the kind of speculation and risky lending that inflated the last housing bubble, he said.

“What’s interesting is that cities that suffered the least in 2007 and 2008 — Dallas and Denver — now are experiencing the most exposure to risk,” Johnson said.

The slowdown in the rental market coincides with a rise in homeownership among millennials, which jumped to 36.5 percent in the second quarter from 35.3 percent a year earlier.

 

read more…

 

https://www.bloomberg.com/news/articles/2018-09-07/rental-glut-sends-chill-through-the-hottest-u-s-housing-markets?srnd=premium

U. S. housing starts rise again | South Salem Real Estate

The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for May new residential housing starts. The latest reading of 1.350M was above the Investing.com forecast of 1.310M and an increase from the previous month’s revised 1.286M. March figures were also revised.

Here is the opening of this morning’s monthly report:

Housing Starts

Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,350,000. This is 5.0 percent (±10.2 percent)* above the revised April estimate of 1,286,000 and is 20.3 percent (±14.4 percent) above the May 2017 rate of 1,122,000. Single-family housing starts in May were at a rate of 936,000; this is 3.9 percent (±10.6 percent)* above the revised April figure of 901,000. The May rate for units in buildings with five units or more was 404,000. [link to report]

Here is the historical series for total privately owned housing starts, which dates from 1959. Because of the extreme volatility of the monthly data points, a 6-month moving average has been included.

The Population-Adjusted Reality

Here is the data with a simple population adjustment. The Census Bureau’s mid-month population estimates show substantial growth in the US population since 1959. Here is a chart of housing starts as a percent of the population. We’ve added a linear regression through the monthly data to highlight the trend.

read more…

 

https://seekingalpha.com/article/4182741-new-residential-housing-starts-may

Case Shiller home prices up 6.8% | South Salem Real Estate

The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index in the US rose 6.8 percent year-on-year in February 2018, following a 6.4 percent advance in January and easily beating market expectations of a 6.3 percent gain. It was the steepest increase in house prices since an 8.1 percent climb in June 2014, with Seattle (12.7 percent), Las Vegas (11.6 percent) and San Francisco (10.1 percent) reporting the sharpest gains among the 20 cities. Meanwhile, the national index, covering all nine US census divisions rose 6.3 percent, up from 6.1 percent in the previous month. Case Shiller Home Price Index in the United States averaged 160.67 Index Points from 2000 until 2018, reaching an all time high of 206.67 Index Points in February of 2018 and a record low of 100 Index Points in January of 2000.

United States S&P Case-Shiller Home Price Index

 

 

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https://tradingeconomics.com/united-states/case-shiller-home-price-index

Current mortgage rates | South Salem Real Estate

30-year fixed mortgages

The average rate you’ll pay for a 30-year fixed mortgage is 4.33 percent, an increase of 2 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 4.31 percent.

At the current average rate, you’ll pay a combined $496.63 per month in principal and interest for every $100,000 you borrow. That’s $1.17 higher compared with last week.

You can use Bankrate’s mortgage calculator to estimate your monthly payments and find out how much you’ll save by adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 3.76 percent, up 3 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $728 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.

5/1 ARMs

The average rate on a 5/1 ARM is 4.11 percent, sliding 10 basis points over the last 7 days.

These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 4.11 percent would cost about $484 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

Where rates are headed

To see where Bankrate’s panel of experts expect rates to go from here, check out our Rate Trend Index.

Want to see where rates are right now? See local mortgage rates.

Average mortgage rates
Product Rate Change Last week
30-year fixed 4.33% +0.02 4.31%
15-year fixed 3.76% -0.03 3.73%
30-year fixed jumbo 4.59% -0.01 4.60%
30-year fixed refinance 4.31% +0.03 4.28%

Last updated: March 21, 2018.

Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

 

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https://www.bankrate.com/mortgages/rates/mortgage-rates-for-wednesday-march-21/

Consumer sentiment at 14 year high | South Salem Real Estate

The University of Michigan’s consumer sentiment for the US jumped to 102 in March from 99.7 in February, beating expectations of 99.3. It is the strongest reading since January 2004 as the assessment of current economic conditions reached a record high. Consumer Confidence in the United States averaged 86.27 Index Points from 1952 until 2018, reaching an all time high of 111.40 Index Points in January of 2000 and a record low of 51.70 Index Points in May of 1980.

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https://tradingeconomics.com/united-states/consumer-confidence

New single family home sales jump dramatically | South Salem Real Estate

Sales of new single-family houses in the United States jumped 17.5 percent to a seasonally adjusted annual rate of 733 thousand in November of 2017 from a downwardly revised 624 thousand in October and beating market forecasts of 654 thousand. It was the strongest number since July of 2007. Sales rose in all four regions. New Home Sales in the United States averaged 650.82 Thousand from 1963 until 2017, reaching an all time high of 1389 Thousand in July of 2005 and a record low of 270 Thousand in February of 2011.

United States New Home Sales

 

US New Home Sales Highest Since July 2007

Sales of new single-family houses in the United States jumped 17.5 percent to a seasonally adjusted annual rate of 733 thousand in November of 2017 from a downwardly revised 624 thousand in October and beating market forecasts of 654 thousand. Sales rose in all four regions.

Sales surged in all four main regions: South (14.9 percent to 416 thousand); West (31.1 percent to 194 thousand); Midwest (6.9 percent to 77 thousand) and Northeast (9.5 percent to 46 thousand):
The median sales price of new houses sold was $318,700, above $315,000 a year earlier. The average sales price was $377,100, also higher than $363,400 in November of 2016.
The stock of new houses for sale was flat at 283 thousand. This represents a supply of 4.6 months at the current sales rate.
Year-on-year, new home sales increased 26.6 percent.
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https://tradingeconomics.com/united-states/new-home-sales

Home Price Appreciation Continues | South Salem Real Estate

National home price appreciation continued in September, while local home prices grew at different rates. All of the 20 metro areas had positive annual growth rates.

The Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 9.0% in September, faster than an 8.2% increase in August. It was the highest seasonally adjusted annual growth rate since October 2013. Tight inventory of existing homes is contributing to strong house price appreciation.

Meanwhile, the Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 4.2% in September, following the 9.7% increase in August.

Figure 2 shows the annual growth rate of home prices for 20 major U.S. metropolitan areas. In September, local home price varied greatly and its annual growth rates ranged from 2.2% to 16.4%. However, all 20 metro areas tracked recorded year-over-year appreciation.

Among the 20 metro areas, Atlanta, San Francisco and Tampa had the highest home price appreciation. Atlanta led the way with 16.4%, followed by San Francisco with 14.6% and Tampa with a 12.7% increase. Half of the 20 metro areas exceeded the national average of 9.0%. The ten metro areas that had lower home price appreciation than the national level were: Los Angeles (8.1%), Denver (7.9%), Charlotte (7.4%), Seattle (6.8%), Miami (6.6%), Chicago (6.4%), Portland (6.2%), Detroit (3.9%), Washington, DC (3.7%) and Minneapolis (2.2%).

 

 

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http://eyeonhousing.org/2017/11/home-price-appreciation-continues-in-september/