Info That Hits Us Where We Live – Mortgage Applications Jumped 6% in Nov
QUOTE OF THE WEEK… “After all is said and done, more is said than done.” –Aesop, Greek story teller
INFO THAT HITS US WHERE WE LIVE… Plenty was being said last week about Existing Homes Sales, down 3.2% for October. The talk among some analysts was that the drop indicates a slowdown in the housing recovery. But October sales appear to have been somewhat affected by the government shutdown (remember that?), with closings delayed because the IRS couldn’t verify income. Even with that, October posted the fifth highest level for any month since late 2009, when the home buyer tax credit was about to go away. In fact, October sales came in at a 5.12 million annual rate, up 6% from a year ago.
The National Association of Realtors (NAR) feels a lack of inventory is holding down sales. However, the median existing home price is up 12.8% over a year ago, which should bring more sellers into the market. Rising prices also make buyers more willing to commit than when they feared values could keep dropping. Plus, the National Association of Home Builders confidence index held at 54 in November, near its highest levels in eight years, which should boost the new home supply. For the week ending November 15, mortgage applications for purchase loans jumped 6%.
648 Plank Rd. Suite 203
Clifton Park NY 12065
Orson B.Klender, Associate Broker
Keller Williams Realty Saratoga Springs
38 High Rock Ave, Saratoga Springs, NY 12866
Connect with me…..
Cell: 1 (518) 588-2319 ~ Fax: 1(866) 588-6066