The National Association of Realtors has produced a complex formula to decipher existing home sales. Of course the NAR would like to have consumers believe that the housing market is reviving after the financial crisis. NAR uses information from their MLS listing services to get their sales figures.
NAR reported 4.9 million existing home sales in 2010, down from 5.2 in 2009. CoreLogic reports only 3.3 million in 2010 and 3.7 million in 2009. NAR could be overstating home sales by more than 20% nationwide.
This conflicting information from CoreLogic, a company that measures sales by tracking property records through local courthouses. And CoreLogic doesn't have direct ties to the real estate market.
It's always very important to research where information is coming from, and who has any interest in what the financial statements portray.
Wednesday, February 23, 2011
Friday, February 4, 2011
Home Mortgage Rates held Stable
By AMY HOAK @wsj
Home-mortgage rates held stable this week, due to news that the economy improved and inflation remained in check at the end of last year, Freddie Mac's chief economist said on Thursday.
Rates on the 30-year fixed-rate mortgage averaged 4.81% for the week ended Feb. 3, up just slightly from 4.80% last week, according to Freddie Mac's weekly survey of conforming mortgage rates. The mortgage averaged 5.01% a year ago.
Fifteen-year fixed-rate mortgages averaged 4.08%, down slightly from 4.09% last week. The mortgage averaged 4.40% a year ago. Meanwhile, five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.69% this week, down slightly from 3.70% and the year-ago 4.27%. And one-year Treasury-indexed ARMs averaged 3.26%, unchanged from last week. The ARM averaged 4.22% a year ago.
To obtain the rates, the fixed-rate mortgages required payment of an average 0.8 point, the five-year ARM required an average 0.7 point and the one-year ARM required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.
In the fourth quarter, the economy grew at a 3.2% annualized rate, compared with 2.6% in the third quarter, and was led by a 4.4% gain in consumer spending. In addition, the core price index for consumer expenditures rose by an annualized rate of 0.4%, which was the smallest increase ever since records began in 1959, said Frank Nothaft, vice president and chief economist of Freddie Mac, in a news release. Housing was the most affordable on record in the fourth quarter of 2010, according to National Association of Realtors figures dating back to 1971, Mr. Nothaft added.
Home-mortgage rates held stable this week, due to news that the economy improved and inflation remained in check at the end of last year, Freddie Mac's chief economist said on Thursday.
Rates on the 30-year fixed-rate mortgage averaged 4.81% for the week ended Feb. 3, up just slightly from 4.80% last week, according to Freddie Mac's weekly survey of conforming mortgage rates. The mortgage averaged 5.01% a year ago.
Fifteen-year fixed-rate mortgages averaged 4.08%, down slightly from 4.09% last week. The mortgage averaged 4.40% a year ago. Meanwhile, five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.69% this week, down slightly from 3.70% and the year-ago 4.27%. And one-year Treasury-indexed ARMs averaged 3.26%, unchanged from last week. The ARM averaged 4.22% a year ago.
To obtain the rates, the fixed-rate mortgages required payment of an average 0.8 point, the five-year ARM required an average 0.7 point and the one-year ARM required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.
In the fourth quarter, the economy grew at a 3.2% annualized rate, compared with 2.6% in the third quarter, and was led by a 4.4% gain in consumer spending. In addition, the core price index for consumer expenditures rose by an annualized rate of 0.4%, which was the smallest increase ever since records began in 1959, said Frank Nothaft, vice president and chief economist of Freddie Mac, in a news release. Housing was the most affordable on record in the fourth quarter of 2010, according to National Association of Realtors figures dating back to 1971, Mr. Nothaft added.
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