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 March 18, 2010

LATEST HOUSING UPDATE
While there wasn't an abundance of news this past week, there are a few things that need to be mentioned. During the past month, filings for foreclosure decreased by 2 percent from January. Filings were up by only 6 percent from February, 2009, which was the lowest rise in the past 4 years. Of greater significance, the 6 states that had just over 60 percent of the total nationally for the past month, filings for foreclosure were 15 percent lower than February of 2009. Things do seem to be looking up.
Applications by buyers for mortgage loans increased by just over 5 1/2 percent from the preceding week. Buyers appear to be taking advantage of the present very low interest rates prior to month's end, when the purchasing of mortgage bonds by the Fed ceases. This is one of the factors that has aided in maintaining interest rates at their current level. What will happen when their bond purchasing ends is anyone's guess. Buyers are also very much aware of the fact that the Administration's tax credit for buyers of homes comes to an end on April 30. To qualify for the credit, a valid signed purchase contract must be signed by all parties by the end date.

Buyers who are looking to buy today are finding some really good prices, which may well be leveling out. According to one Real Estate site, fewer than 20 percent of homes that they listed had dropped their prices. This is the lowest number of price reductions since they began tracking them in April, 2009.