Market Activity
|
February 2009 Activity
|
|
|
Supply |
# Sold |
% Change |
|
Median. Sale PRICE (1000's) |
% Change |
|
Mths |
|
Previous Mth |
Previous Year |
|
|
Previous Mth |
Previous Year |
| Suffolk, NY |
19.60 |
421 |
-13.02% |
-28.40% |
|
$310 |
-3.28% |
-17.14% |
| Nassau, NY |
15.40 |
407 |
-11.71% |
-35.80% |
|
$400 |
3.90% |
-9.09% |
| Queens, NY |
18.80 |
333 |
-12.37% |
-37.29% |
|
$372 |
8.20% |
-15.07% |
| Central, FL |
18.19 |
1219 |
16.10% |
28.18% |
|
$146 |
-1.87% |
-34.75% |
REAL ESTATE:
Survey: American Dream Still Alive
The American dream of homeownership is alive and well with both home owners and potential home owners undeterred by the current housing slowdown.
According to the latest American Dream Survey by Trulia.com, more than 75 percent of Americans surveyed consider owning a home a key part of achieving their personal American Dream.
Creating more jobs and increasing job security is the most important thing President Barack Obama can do to stabilize the housing market, says 53 percent of those surveyed.
Other notable findings:
- 7 percent believe it is important for Obama to keep interest rates low.
- 5 percent think it is important to offer other economic incentives to homeownership.
- 21 percent say it is wise to reduce foreclosures.
- 6 percent believe that there is nothing Obama can do to stabilize the housing market.
Overall, 29 percent of those surveyed believe the housing market will improve in the next year. Of the Republicans surveyed, only 10 percent see improvement in the next year, while 47 percent of Democrats believe in that timetable.
Harris Interactive surveyed more than 1,400 home owners and about 600 renters for the survey.
Source: Trulia.com (03/05/2009)
MORTGAGES
Experts Say Refi Activity to Remain High
A boost in refinancing demand usually pushes interest rates up and puts a damper on refi activity, but experts say borrowers have no need to worry about rising costs as they rush to take advantage of the U.S. government's new no-equity refinance program.
Mortgage Bankers Association economic forecaster Orawin Velz explains that the Federal Reserve plans to purchase $500 billion in Fannie Mae and Freddie Mac mortgage bonds to hold interest rates at about 5 percent by maintaining demand for the securities.
Experts say borrowers should not wait in hopes that rates will fall as low as 4 percent, as this scenario is unlikely.
Source: The Washington Post, Elizabeth Razzi (03/09/09)