Marion Skubi, Author at Marion Skubi Las Campanas Santa Fe

Holiday Season Marked by Record Low Interest Rates

From RealTrends.com: Mortgage rates remain near all-time lows with the 30-year, fixed-rate mortgage setting a new record with an interest rate of 3.91%, Freddie Mac said recently. That’s down from 3.94% a week ago. Meanwhile, the 15-year, FRM remained at 3.21%, and the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.85% this week, down from 2.86% last week.

Trends Headed in Right Direction

From RealTrends.com: Last week the U.S. reported that unemployment dropped to 8.6% a point not seen for the last two years and a rate not expected until later in 2012. That is good news. The not so good news is that only 120,000 net overall jobs were created far lower than the +200,000 needed monthly to offset gains in population. Further it was reported that most of the decline was people dropping out of the search for a job.

November 2011

November 2011 Sales YTD Avg List Price Avg Sale Price 2010 Sales Value of the Month Las Campanas 47 1,045,845 928,131 25 Northwest County 92 711,196 673,699 87 Northeast City 138 780,276 712,333 138 Tesuque 24 1,248,513 1,053,588 14 Santa Fe City 743 450,301 420,799 737 Santa Fe County (includes city) 1253 482,202 447,861 1217 Go … Read more

Existing Home Sales Rise, Contracting Issues Prevent Full Rebound

From RealTrends.com: Existing home sales increased 13.5% in October when compared to a year earlier and would be even higher if contract failures and cancellations plaguing the loan application process could subside, the National Association of Realtors said Monday.

Total existing home sales — including single-family townhomes, condominiums and co-ops — rose to a seasonally adjusted annual rate of 4.97 million units in October, compared to 4.9 million in September and 4.38 million a year earlier.

October Housing Starts Down 0.3%

From RealTrends.com: Housing starts inched lowered in October, according to Commerce Department data, after climbing by double-digits the prior two months. But new residential construction remains at the highest level since March 2010.

Building Permits Climb 11%, New Home Construction Falls

NEW YORK (CNNMoney) — Permits for housing construction climbed in October, signaling an uptick in optimism among homebuilders.

The number of permits for future housing construction jumped to a seasonally adjusted annual rate of 653,000 last month, up 10.9% from the revised rate of 589,000 in September, the Commerce Department said.

NAR Median Home Prices on Existing Homes Fell in 3Q

From RealTrends.com: by KERRI PANCHUK The median price on existing home sales fell in most of the 150 metropolitan areas surveyed by the National Association of Realtors in the third quarter.

Home prices on single-family homes rose in 39 of the 150 metro statistical areas surveyed, while 111 metro areas reported price declines. That compares to the second quarter when 41 metro areas posted annual price gains, NAR said.

October 2011

October 2011 Sales YTD Avg List Price Avg Sale Price 2010 Sales Value of the Month Las Campanas 46 1,061,701 940,206 25 Northwest County 83 702,745 666,720 78 Northeast City 121 744,163 681,541 129 Tesuque 21 1,341,640 1,122,426 12 Santa Fe City 678 442,899 413,832 665 Santa Fe County (includes city) 1143 480,375 445,701 1102 Go … Read more

NAR Reports Decline in Pending Home Sales for September

From RealTrends.com: Pending home sales declined in September, although activity remained above what it was a year ago, according to the National Association of Realtors.

The Pending Home Sales Index, based on pending sales of existing homes with contracts in place, fell 4.6% to 84.5 in September from 88.6 in August but is 6.4% higher than September 2010 when it stood at 79.4.

Supply vs. Demand: Why Is Housing Hurting?

From RealTrends.com: By Nick Timiraos Is low demand or poor supply the biggest cause for concern in the current housing market?

Of course, one of the biggest problems facing the U.S. housing market right now is that there aren’t enough buyers for homes. Mortgage rates are hovering near their lowest levels in most Americans’ adult lifetimes, but demand is anemic.