Homes Sold: 1,434
Change from last year: down 11%
Median price: $149,400
Change from last year: up 2%
Months inventory: 8.2
NEW LOWS FOR LONG-TERM MORTGAGES
AUSTIN (Austin Business Journal) – Long-term mortgage rates fell to a record low this week with the average rate on a 30-year fixed-rate mortgage in the week ending Oct. 7 of 4.27 percent, down from 4.32 percent last week.
A 15-year fixed-rate mortgage also fell from an average of 3.75 percent to 3.72 percent. The two rates represent the lowest long-term figures recorded since Freddie Mac began keeping track.
“The 12-month growth rate in the core price index for personal consumption, which the Federal Reserve closely tracks, has been drifting lower over the last six months ending in August and suggests inflation is running at a tepid pace at best,” said Freddie Mac Chief Economist Frank Nothaft. “This allowed mortgage rates to ease to new or near record lows.”
Additionally, the number of existing homes pending sale rose for the second consecutive month in August, up 4.3 percent, according to the National Association of Realtors. The association also reported that Austin home sales fell 15 percent year-over-year in August while sales so far this year have outperformed 2009.
A 15-year fixed-rate mortgage also fell from an average of 3.75 percent to 3.72 percent. The two rates represent the lowest long-term figures recorded since Freddie Mac began keeping track.
“The 12-month growth rate in the core price index for personal consumption, which the Federal Reserve closely tracks, has been drifting lower over the last six months ending in August and suggests inflation is running at a tepid pace at best,” said Freddie Mac Chief Economist Frank Nothaft. “This allowed mortgage rates to ease to new or near record lows.”
Additionally, the number of existing homes pending sale rose for the second consecutive month in August, up 4.3 percent, according to the National Association of Realtors. The association also reported that Austin home sales fell 15 percent year-over-year in August while sales so far this year have outperformed 2009.
SAN ANTONIO HOME APPRECIATION LEADS TEXAS
Oxford, Miss. (FNC) – As the U.S. housing market nosedived over the past decade, home prices in some cities actually improved, according to a report released this month by mortgage technology company FNC Inc. San Antonio, with a 3.2 percent increase since 2003, was the only Texas city to make the top ten.
Senior FNC economist Yanling Mayer conducted the study using FNC’s new Residential Price Index and identified the top 10 U.S. cities with the greatest annual appreciation in home prices since 2003:
• Baltimore, 7% increase
• Seattle, 5.7% increase
• Washington, D.C., 4.5%
• Los Angeles, 3.8%
• Portland, 3.8%
• San Antonio, 3.2%
• New York, 3.1%
• Nashville, 2.8%
• St. Louis, 2.4%
• Columbus, OH, 1.3%
Real Estate Center Research Economist Dr. Jim Gaines says the report is "further evidence of how Texas’ cities have fared relatively well during the current housing bust." Actually, San Antonio did better than the data indicate.
He notes, "The other cities listed generally experienced very severe value declines, so small increases from very low levels isn’t surprising. San Antonio, like other Texas cities, avoided a major decline, so the increase is even more significant."
FNC’s study shows that the median U.S. price appreciation (for 60 MSAs) is up 0.6% annually over the past seven years, which positions the top 10 cities all above the national average.
Senior FNC economist Yanling Mayer conducted the study using FNC’s new Residential Price Index and identified the top 10 U.S. cities with the greatest annual appreciation in home prices since 2003:
• Baltimore, 7% increase
• Seattle, 5.7% increase
• Washington, D.C., 4.5%
• Los Angeles, 3.8%
• Portland, 3.8%
• San Antonio, 3.2%
• New York, 3.1%
• Nashville, 2.8%
• St. Louis, 2.4%
• Columbus, OH, 1.3%
Real Estate Center Research Economist Dr. Jim Gaines says the report is "further evidence of how Texas’ cities have fared relatively well during the current housing bust." Actually, San Antonio did better than the data indicate.
He notes, "The other cities listed generally experienced very severe value declines, so small increases from very low levels isn’t surprising. San Antonio, like other Texas cities, avoided a major decline, so the increase is even more significant."
FNC’s study shows that the median U.S. price appreciation (for 60 MSAs) is up 0.6% annually over the past seven years, which positions the top 10 cities all above the national average.
President Obama to "Pocket Veto" H.R. 3808
The White House Blog
Why President Obama is Not Signing H.R. 3808
Why President Obama is Not Signing H.R. 3808
Mortgage rates drop to lowest on record
NEW YORK — Rates on 30-year and 15-year mortgages fell to their lowest points in decades.
Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans dropped to 4.27 percent, the lowest on records dating back to 1971. That's down from 4.32 percent the previous week.
Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans dropped to 4.27 percent, the lowest on records dating back to 1971. That's down from 4.32 percent the previous week.
TEXAS ATTORNEY GENERAL HALTS FORECLOSURES
HOUSTON (Houston Chronicle) – Because of current widespread scrutiny over how foreclosures are processed nationwide, the Texas Attorney General’s office has called for a halt on all foreclosures.
Notices were sent to 27 Texas loan servicers, including Bank of America and JPMorgan Chase & Co.
The action is being taken “in an effort to determine the full harm Texas homeowners may have suffered or could suffer as a result of these business practices,” including improperly signing documents related to the foreclosure process, said Jerry Strickland, a spokesman for Attorney General Greg Abbott.
The office also called for a halt on the sale of properties previously foreclosed upon and all evictions of people living in previously foreclosed upon properties.
Notices were sent to 27 Texas loan servicers, including Bank of America and JPMorgan Chase & Co.
The action is being taken “in an effort to determine the full harm Texas homeowners may have suffered or could suffer as a result of these business practices,” including improperly signing documents related to the foreclosure process, said Jerry Strickland, a spokesman for Attorney General Greg Abbott.
The office also called for a halt on the sale of properties previously foreclosed upon and all evictions of people living in previously foreclosed upon properties.
Free Markets Create Jobs
Texas Congressman Ron Paul:
“In this struggling economy it is essential for politicians to take a step back and think about what government has been doing to business in this country. In less than 200 years, the free market, property rights, and respect for the rule of law took this nation from a rough frontier to a global economic superpower. Today, however, our nation and our economy clearly are headed in the wrong direction…”
“In this struggling economy it is essential for politicians to take a step back and think about what government has been doing to business in this country. In less than 200 years, the free market, property rights, and respect for the rule of law took this nation from a rough frontier to a global economic superpower. Today, however, our nation and our economy clearly are headed in the wrong direction…”
Many title companies to stop writing policies for some foreclosures
USA Today:
"Would you buy the house? If there's questions about the title, you can't sell it, so who's going to buy it?"
Homeowners who have purchased properties that were foreclosed upon could also find their ownership challenged. A bank could have foreclosed upon a property and sold it to a third party. Later, the former homeowner may now come forward and say the foreclosure judgment has to be set aside because of faulty documents.
"Would you buy the house? If there's questions about the title, you can't sell it, so who's going to buy it?"
Homeowners who have purchased properties that were foreclosed upon could also find their ownership challenged. A bank could have foreclosed upon a property and sold it to a third party. Later, the former homeowner may now come forward and say the foreclosure judgment has to be set aside because of faulty documents.
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