Wednesday, February 29, 2012

Weekly Rate and Real Estate Update, 2.29.12

Small increases

Low Rates = Happy Homeowners.
Refinance, buy or build new now is the time!

Dan's Activity this week:

The activity has picked up and with a great new listing on the market in Carmel that’s good news.  Today I firmed up a new listing in Noblesville that will come on early April. The two short sale offers my clients have in are being met with some challenges, we’ll see if can wrap those up or if it’s time to move on.

From last week “Shadow Inventory”  - The inventory of homes not listed for sale that are past 90 days delinquent on their mortgage payments that in are in process but not foreclosed on or are foreclosed on but not for sale yet.  Experts estimate that Indiana has 5-9 months of Shadow Inventory yet to be released for sale.  Those experts also predict that when, and if, that inventory is released to the market it will cause a 5% price drop across the board in 2012, even with the increase buyer activity.  So price it right to begin with and mitigate that potential loss early.

Rates for the week:

From the IBJ: The average rate for 30-year mortgages rose from 4.1 percent to 4.16 percent for the week ended Feb. 22, according to The rate for 15-year mortgages increased from 3.35 percent to 3.38 percent.

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