Kingsburg Real Estate: Warmer Than The Weather

If new applications to buy homes are any gauge, the U.S. housing market is warming up, and that’s despite the fact that we’re now into the traditionally quiet holiday season.
Nationally applications for home purchase loans soared 42 percent last week on a non-seasonally-adjusted basis compared with the week before, according to the Mortgage Bankers Association.
That burst of activity may have been influenced in part by the long Thanksgiving week layoff. Or it could have been an early reaction to the extension of the $8,000 tax credit or the start-up of the new $6,500 credit.
Either way, it was an exceptional week for mortgage lenders.
Mortgage rates are still close to historic lows, 4.9 percent on average for 30-year fixed and 4.3 percent for 15 year fixed.
There were also positive indications on lower delinquencies and foreclosures across the country. Realty Trac says foreclosure filings in November dropped by 8 percent – the fourth consecutive month of declines.
And Trans Union, the big credit bureau, forecasts three percent fewer mortgage delinquencies next year – after three straight years of rising delinquency rates.
On a local level, the real estate market has experience a non-typical holiday season. We are showing property, writing offers (with mulitple bids) and opening escrows. Look for our monthly Kingsburg Comparative Market Analysis (CMA) side bar at the beginning of each month to stay up-to-date with this local market.
So hopefully we can sustain the warmer real estate climate throughout the entire winter.
Published: December 16, 2009

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