Local Home Sales Decline, While Prices Climb Houston Association of REALTORS® (HAR) Releases October Market Update Sales of existing single family homes declined across all areas of Northeast Houston for the second consecutive month, according to the Multiple Listing Service Market Update released by the Houston Association of Realtors (HAR). The number of homes sold Continue reading
Category: Mortgage News
Northeast Houston Home Prices Rise in September
Houston Association of Realtors Releases Market Update While sales of homes in Northeast Houston declined in September, home prices in the area saw a nice uptick for the month, according to the Multiple Listing Service Market Update released by the Houston Association of Realtors (HAR). The drop in single family home sales in Northeast Houston Continue reading
Foreclosure Practices Questioned by Texas Attorney General
Last week, the Texas Attorney General Greg Abbott gave 30 mortgage banking and servicing institutions until this Friday (Oct. 15) to respond to a request for information about their foreclosure processes.
A letter was issued by Abbott’s office on Oct. 5 causing concern in the real estate industry when it called for the banks to “suspend all foreclosures, all sales of properties previously foreclosed upon, and all evictions of persons residing in previously foreclosed upon properties.” In addition, the attorney general’s office asked the lenders to take eight steps to correct possible past mistakes in mortgage documentation practices.
Houston Association of Realtors Releases May Housing Report
In May, single family home sales in northeast Houston rose for the third straight month in response to record-low mortgage rates and the lingering effects of the federal home buyers’ tax credit, according to the Houston Association of Realtors (HAR).
The HAR monthly report for May showed a 22 percent gain versus last year in home sales in both HAR Area #1 (Atascocita/Humble) and Area #32 (Kingwood). HAR Area #40 (Montgomery County Southwest) was up 14 percent, slightly behind the Houston market overall which sold 19 percent more single family homes sold than last year.
“The homebuyer tax credit was a real shot in
Mortgage Rates See Record Lows
The Mortgage Bankers Association reports that most customers are taking advantage of the low rates to refinance their current loans.
There are two primary reasons to refinance a mortgage: to get a better interest rate or to secure cash from a home’s equity. Correspondingly, the demand for loans to purchase a home is down after a busy spring due in part to the expiration of the federal home buyers tax credit on April 30.
HAR Releases March Housing Statistics
As predicted by a surge of mortgage applications nationwide last month, closed sales of single family homes in the Houston market climbed 11 percent in March versus a year ago.
The three HAR areas served by Keller Williams Realty Northeast saw sales gains as well. Nine percent more homes were sold in both Area 1 (Atascocita/Humble) and Area 32 (Kingwood) compared to last year. Area 40 (southeast Montgomery County) exceeded the market’s results with a hefty gain of 17.4 percent more homes sold this March.
Mortgage News
Last week, the Federal Reserve did as promised and discontinued its policy of buying mortgage-backed securities as of March 31. By purchasing housing loans, the Fed has provided much-needed capital for distressed lenders and investors. The policy was in effect to help subsidize the housing market and keep mortgages rates abnormally low.
So what do the experts predict will happen to the mortgage rates? The leader of Freddie Mac, one of the two government-run mortgage financing companies, does not foresee an upswing in the rates in the immediate future. “There’s not going to be, at least in the short term, a major dislocation and a major move up in mortgage rates,” said Freddie Mac CEO Ed Haldeman in a recent Forbes.com article.