Inside Lending Newsletter From Kristen Zorda- Spring Selling Season
QUOTE OF THE WEEK… “Spring is nature’s way of saying, ‘Let’s party!'” –Robin Williams, American actor
INFO THAT HITS US WHERE WE LIVE… It may be premature to begin partying in the housing market, but there are signs we’ll enjoy a nice spring selling season. Freddie Mac’s chief economist posted a blog on their websites offering a rosy outlook: “Housing is stronger today than at any point since the Great Recession began and hit bottom in 2009.” He cites three points. 1. Home sales are up 13% from their low and should be up “about 3% in 2014.” 2. Housing starts are up 50% since bottoming out, with “almost 20% growth” expected this year. 3. Home prices are up 16% since their trough and should continue to grow in 2014, “albeit at a more moderate 5% pace.”
Speaking of prices, a national online listing site reported asking home prices continue to rise as the spring selling season gets under way. The site put asking prices up a seasonally adjusted 2.9% from February to March 2014, delivering the third straight month of solid month-over-month gains. Year-over-year, asking prices are up 10% nationally, registering gains in 97 of the 100 largest metros. The Mortgage Bankers Association also reported purchase loan applications up a seasonally adjusted 3% for the week ending April 4. Spring housing market activity seems to be kicking into gear.
Orson B.Klender, Associate Broker
Keller Williams Realty Saratoga Springs
38 High Rock Ave, Saratoga Springs, NY 12866
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