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Lee Richardson's Blog

By Lee Richardson | Mortgage Broker
or Lender in 10594
  • Homeowners Less Optimistic About Housing Market In Q2

    Posted Under: Market Conditions in Rocky River  |  August 20, 2010 9:41 AM  |  268 views  |  No comments

    Pessimism among homeowners is on the rise, according to Zillow’s second quarter Homeowner Confidence Survey. One third said home values in their local markets have yet to reach bottom and 28 percent believed prices would drop in the next six months, up from 20 percent in the first quarter. Dr. Stan Humphries, Zillow’s chief economist, said the results weren’t surprising considering declining market conditions since the expiration of the tax credit. The barrage of bad news has homeowners becoming more responsive to current market conditions than they were in the past, Humphries said. Still, 38 percent of homeowners believed prices in their local market had reached their bottom and five percent said they are very likely to put their home on the market in the next six months if there are signs of a real-estate turnaround. More here and here.

    Lee Richardson
    Senior Mortgage Advisor
    Eagle Nationwide Mortgage Company
    5740 Royalwood
    North Royalton, OH 44133
    Phone: 440-582-3200, ext. #16
    Toll Free: 800-705-5740
    Fax: 440-582-4501
    Email: lee.richardson@enmcdirect.com
    Website: http://www.enmcdirect.com
    Blog: http://leerichardsonmortgage.wordpress.com/

  • Low Rates Spur Refinance Demand

    Posted Under: Market Conditions in Rocky River  |  August 20, 2010 9:39 AM  |  270 views  |  No comments

    According to The Mortgage Bankers Association’s Weekly Applications Survey, total mortgage loan application volume increased 13 percent last week due to a 17.1 percent jump in the Refinance Index. Refinance activity was at its highest level since May 2009. The Purchase Index fell 3.4 percent, despite mortgage rates near record lows. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.60 percent from 4.57 the week before. More here and here.

    Lee Richardson
    Senior Mortgage Advisor
    Eagle Nationwide Mortgage Company
    5740 Royalwood
    North Royalton, OH 44133
    Phone: 440-582-3200, ext. #16
    Toll Free: 800-705-5740
    Fax: 440-582-4501
    Email: lee.richardson@enmcdirect.com
    Website: http://www.enmcdirect.com
    Blog: http://leerichardsonmortgage.wordpress.com/

  • Housing Starts Rise As Permits Fall

    Posted Under: Market Conditions in Rocky River  |  August 20, 2010 9:38 AM  |  285 views  |  No comments

    Housing starts rose a less-than-expected 1.7 percent in July while applications for building permits fell to their lowest level since May 2009, according to a report from The U.S. Census Bureau and the Department of Housing and Urban Development. Permits were down 3.1 percent from June and 3.7 percent from last year. Year-over-year, housing starts fell 7 percent. The drop in building permits coincides with a report from The National Association of Home Builders showing builder confidence at its lowest level since March 2009. David Crowe, NAHB’s chief economist, said the report reflects the frustration builders are feeling regarding the effects foreclosed property sales are having on the new-homes market. Still, the NAHB feels that a combination of modest job gains, low mortgage rates, and pent-up demand will lead to a stronger housing market in the second half of 2010. More here, here, and here.

    Lee Richardson
    Senior Mortgage Advisor
    Eagle Nationwide Mortgage Company
    5740 Royalwood
    North Royalton, OH 44133
    Phone: 440-582-3200, ext. #16
    Toll Free: 800-705-5740
    Fax: 440-582-4501
    Email: lee.richardson@enmcdirect.com
    Website: http://www.enmcdirect.com
    Blog: http://leerichardsonmortgage.wordpress.com/
  • Economists Say The Worst Is Over

    Posted Under: Market Conditions in Rocky River  |  August 20, 2010 9:36 AM  |  283 views  |  No comments

    Economists polled by Reuters say the housing market should avoid another major downturn, though they expect continuing high unemployment and foreclosures to keep home prices relatively flat through 2011. David Wyss, chief economist at Standard & Poor’s, expects prices to be down through the first quarter of next year but feels the worst is over. Still, it could be five years before the market sees price peaks anywhere near those at the height of the housing bubble. Despite the favorable forecast, a recent NBC News/Wall Street Journal poll shows rising public pessimism about the economy. Nearly two-thirds of Americans said they believe things will get worse before they get better, up from 53 percent in January. More here

    Lee Richardson
    Senior Mortgage Advisor
    Eagle Nationwide Mortgage Company
    5740 Royalwood
    North Royalton, OH 44133
    Phone: 440-582-3200, ext. #16
    Toll Free: 800-705-5740
    Fax: 440-582-4501
    Email: lee.richardson@enmcdirect.com
    Website: http://www.enmcdirect.com
    Blog: http://leerichardsonmortgage.wordpress.com/
 
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