Sunday, June 15, 2008

Oil Prices Squeezing Homebuilders

LOS ANGELES - The surge in oil prices is driving up the cost of key construction materials and further eroding the confidence of homebuyers. Prices have gone up for steel, copper, aluminum, concrete, asphalt, bricks and plumbing fixtures, among other materials, and homebuilders are feeling the pressure from suppliers to foot the bill. In total, the wholesale price of building materials for new house construction has gone up by 3.4% overall in April from a year earlier, according to the Labor Department.

"Any material which is petroleum-based or transportation-intensive will have pricing pressure during periods of rising oil prices," according to a Purchasing, Planning & Design Atlanta based company. Manufacturers are trying to push cost increases through for materials like carpet, asphalt roof shingles and insulation. For now higher oil prices might be hurting consumers more than homebuilders, but this still hurts homebuilders.

Wednesday, June 4, 2008

Mortgage Applications Drop 7.8 Percent

NEW YORK - Mortgage application volume fell 7.8 percent during the week ending May 16, according to Mortgage Bankers Association's weekly application survey, the MBA's application index fell to 621.6 from 674.4 the previous week as both refinance and purchase volume declined.

Refinance volume dropped by 8.7 percent during the week, while purchase application volume fell 6.9 percent. Refinance applications accounted for 48.2 percent of all applications during the week, compared with 48.7 percent the previous week. The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.

The average rate for traditional, 30 year fixed-rate mortgages climbed to 5.9 percent from 5.82 percent a week earlier. The average rate for 15-year fixed-rate mortgages, a popular option for refinancing a home, climbed to 5.42 percent from 5.38 percent. Rates for a one-year adjustable-rate mortgage averaged 6.71 percent during the week, compared with 6.6 percent the previous week.

Wednesday, May 28, 2008

Mortgage Rates Dipped Below 6%

Rates on 30 year mortgages fell below 6% this week, falling to their lowest level in five weeks. According to a mortgage company, 30 year fixed-rate mortgages averaged 5.98% this week that was down from 6.01% last week, it was the lowest level for 30 year mortgages since they averaged 5.89% the week of April 17. After that, 30 year rates jumped above 6% for four straight weeks.

Rates on 15 year fixed-rate mortgages also dropped, falling to 5.55% down from 5.60% last week. But the rates on one year and five year adjustable rate mortgages rose for the week. The five-year adjustable-rate mortgage edged up to 5.61% from 5.57% and the rate on one-year ARMs went up to 5.24% from 5.18% last week.

The nationwide average fee for 30 year fixed-rate mortgages was about 0.5 point. The other mortgage categories carried a 0.6 point average fee. A year ago, rates on 30 year mortgages was about 6.37%; 15 year mortgage rates averaged 6.06% five-year adjustable-rate mortgages were at 6.02% and one year adjustable rate mortgages were at 5.64%.

Thursday, May 15, 2008

Manhattan Homes Hit A New Record of $1.6 Million!

NEW YORK - Manhattan apartments hit new record highs in the first quarter of 2008. According to NY's top real estate agencies, strong sales in the city's flourishing luxury segment have been the market's main driver, but that overall sales are slow. Demands are high and supplies are tight for multi-million dollar luxury apartments in Manhattan.

The average cost of a New York City apartment will range between $1.63 million to $1.72 million during the first quarter of 2008, based on separate reports there is an increase of anywhere between 19 percent and 47 percent over average apartment prices for the first quarter of 2007. The two of the most elite addresses with units on the market are excluded - 15 West of Central Park and the Plaza, where the average prices came down to $1.42 million.

Friday, May 9, 2008

Vacant Homes for Sales Hit High Record

WASHINGTON - The percentage of vacant houses on sale in the United States set a new record high in the first quarter of 2008. The Census Bureau report showed that 2.9% of U.S. homes, excluding rental properties; were vacant and up for sale, compared with 2.8% in the fourth quarter of 2007. It was the highest quarterly number in records going back to 1956. That works out to 2.28 million properties, up from 2.18 million in the same quarter last year, according to the report.

U.S had the biggest gain in vacancy rates among home owners, rising to 7% during January to March period from 6.5% in the fourth quarter of 2007. Vacancy rates fell in the Midwest and South, but climbed in the Northeast. The national vacancy rate, including new and existing homes, has been steadily increasing since mid 2005. The Census Bureau's report also said that the U.S. homeownership rate remained at 67.8% in the first quarter, down from a peak of 69.2% at the end of 2004. The housing market's five year growth is quickly becoming a faint memory, as sales and house prices have dropped dramatically over the past two years in once hot sales areas such as Nevada and California.

Wednesday, April 30, 2008

Real Estate Prices Keep Dropping In Miami

MIAMI - Housing prices in Miami are coming down quickly, a real estate broker said "I sit on the computer everyday waiting for a new listing. There isn't much coming up but a lot going down - lot of homes on the market are going down."The word "price reduction" is almost standard in every sign outside the yards, making it nearly impossible to judge what is a good deal, especially when you see how much prices are dropping.

At the peak of real estate market in the year 2004, home values rose on average $1,000 a week. So far this year the market is in a plunge and prices are dropping $1250 a week. A realtor blames the credit for the steady drop in price and banks now demand 20 to 30 percent down. He added "Unfortunately as much as the young people can afford the payments, which is a struggle, but more and more people can, it's hard for them to come up with the down payment"

Thursday, April 24, 2008

Manhattan Real Estate Continues to Flourish

The Manhattan real estate now continues to climb greater heights due to its wealthy buyers, limited supply of homes, strong job market and weak dollars which is roping in many foreign buyers. Real estate in cities such as San Francisco and Seattle continues to go up. During the first quarter of the year 2008; the median price for a Manhattan house went up by 18 percent, to $872,000, when compared with the same period in 2007.

Based on a repot from a Web portal that was released on April 17th; The median price for all of New York City that includes much weaker middle-class neighborhoods in the Brooklyn, Bronx, Staten Island and Queens rose up to 4 percent in the first quarter, to $535,000. Brighter spots in real estate can also be seen in Charlotte, N.C. and Austin, Texas.

 

 

 

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Jonas & Kate:

We would genuinely like to thank you and your staff for all your assistance in the purchase of our new real estate property in California. The closing process went on extremely smoothly and we are very thrilled to be called as “homeowners”. Thanks Jeff once again for all your patience and expert advice.

Chris & Joe Fish:

Thank you so much for serving us in purchasing our new home! We want to let you know how very happy we are to have used your group to locate and help us to purchase our new home. We were very impressed by the way you kept us state-of-the-art, and swiftly sent us any required information. We were so satisfied at how your team investigated all, and followed every detail to the end. We value all the work you did for us.

John S:

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