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News

New home sales highest

since 2008

This has been a great year for home sales. And here are the stats: New home sales for single families totaled 552,000 homes last month. That's the best monthly figure since February 2008 and an encouraging sign of the housing market's momentum. It was nearly a 6% increase from July, which was also revised up, according to the Census Bureau. Still, the figure is a far cry from the historic average: the average monthly number of new home sales over the last 30 years is 706,000 according to Peter Boockvar, chief market strategist at the Lindsey Group. "Today's figure is encouraging but we've got a LONG way to go," Boockvar wrote in a note to clients. For more info on home sales, click the “More Info” button below:

What a Fed rate hike

would mean

If the Fed raises interest rates it could signal the first in a series or rate hikes. Now is the time to buy before the Fed raises interest rates. Whatever the timing, a rate hike will have implications for millions of Americans. It's important if you have a credit card or savings account, invest in a 401(k) or in the markets, or want to buy a home or car. The Fed slashed interest rates to zero in December 2008 to help stimulate the economy and housing market during the depths of the Great Recession. The economy is much better now. The first rate hike won't be a game changer overnight. But it will pave the way for more hikes over the next year or two, and rates on all types of things will gradually move up, experts say. "The precise starting date [of rate hikes] is much less important than the path of rate increases that follows," says Robert Denk, senior economist at the National Association of Home Builders. For more info on what a Fed rate hike will mean, click the “More Info” button below:

Home prices are on the

rise

Home prices are rising which is good news for home owners, and bad news for home buyers. Nationwide, the median home price increased 8.2% to $229,400 in the second quarter compared to 2014, according to the National Association of Realtors. First, the good news: Higher prices increase home equity and help bring some owners above water and increase their wealth. "People with a lot of equity are more likely to start small businesses and are more likely to move up the economic ladder," said Bill Wheaton, an economics professor at MIT. "Having collateral propels you in life.” Now, the bad news: Incomes haven't kept up. While the unemployment rate has dropped from 10% in October 2009 to the current 5.1%, pay growth has been slow. Hourly earnings rose just 2.2% in August from the year before.

Homes sell the fastest in

these markets

The market is red hot. Here’s where homes are selling the fastest. In San Francisco, the hottest market in the country, 26% of homes were still for sale in August after being on the market for two months, according to a report from Trulia. The next fastest was Oakland, with 31% of homes still available after two months, followed by San Jose, with 34%. Tight inventory and rising home prices have created a seller's market where multiple offers and bidding wars are common. "There's nothing to indicate a buyer's market is coming any time soon," said Ralph McLaughlin, a housing economist at Trulia. For more info on where homes are selling the fastest, click the “More Info” button below:
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HouseBuyingTips
© 2010  Janice C. Tatum and Associates, All Rights Reserved     Terms of Service   Privacy Policy

News

New home sales highest

since 2008

This has been a great year for home sales. And here are the stats: New home sales for single families totaled 552,000 homes last month. That's the best monthly figure since February 2008 and an encouraging sign of the housing market's momentum. It was nearly a 6% increase from July, which was also revised up, according to the Census Bureau. Still, the figure is a far cry from the historic average: the average monthly number of new home sales over the last 30 years is 706,000 according to Peter Boockvar, chief market strategist at the Lindsey Group. "Today's figure is encouraging but we've got a LONG way to go," Boockvar wrote in a note to clients. For more info on home sales, click the “More Info” button below:

What a Fed rate hike

would mean

If the Fed raises interest rates it could signal the first in a series or rate hikes. Now is the time to buy before the Fed raises interest rates. Whatever the timing, a rate hike will have implications for millions of Americans. It's important if you have a credit card or savings account, invest in a 401(k) or in the markets, or want to buy a home or car. The Fed slashed interest rates to zero in December 2008 to help stimulate the economy and housing market during the depths of the Great Recession. The economy is much better now. The first rate hike won't be a game changer overnight. But it will pave the way for more hikes over the next year or two, and rates on all types of things will gradually move up, experts say. "The precise starting date [of rate hikes] is much less important than the path of rate increases that follows," says Robert Denk, senior economist at the National Association of Home Builders. For more info on what a Fed rate hike will mean, click the “More Info” button below:

Home prices are on the

rise

Home prices are rising which is good news for home owners, and bad news for home buyers. Nationwide, the median home price increased 8.2% to $229,400 in the second quarter compared to 2014, according to the National Association of Realtors. First, the good news: Higher prices increase home equity and help bring some owners above water and increase their wealth. "People with a lot of equity are more likely to start small businesses and are more likely to move up the economic ladder," said Bill Wheaton, an economics professor at MIT. "Having collateral propels you in life.” Now, the bad news: Incomes haven't kept up. While the unemployment rate has dropped from 10% in October 2009 to the current 5.1%, pay growth has been slow. Hourly earnings rose just 2.2% in August from the year before.

Homes sell the fastest in

these markets

The market is red hot. Here’s where homes are selling the fastest. In San Francisco, the hottest market in the country, 26% of homes were still for sale in August after being on the market for two months, according to a report from Trulia. The next fastest was Oakland, with 31% of homes still available after two months, followed by San Jose, with 34%. Tight inventory and rising home prices have created a seller's market where multiple offers and bidding wars are common. "There's nothing to indicate a buyer's market is coming any time soon," said Ralph McLaughlin, a housing economist at Trulia. For more info on where homes are selling the fastest, click the “More Info” button below: