Home Buyers News » Slow growth expected in housing market October 2013

  • News Home Buyers News » Slow growth expected in housing market October 2013

loan-mortgage-loans-low-rate-low-fee Loans Madison WI St Louis MO Denver CO Hannibal MO Online Loan Applications

Home » News » Home Buyers | Slow growth expected in housing market | ‪(970) 445-4977 | Refinance  |   | Tools | | Contact 

Mortgage Loans CO - Estes Park, Denver | Mortgage Loan WI - Madison, Milwaukee | Mortgage Loans MO - Hannibal, O'Fallon

Apply Now              Buy a Home              Refinance

Slow growth expected in housing market 2013

Slow growth expected in housing marketHome Buyers  \  October 17, 2013 10:24 am

A recent report by FNC revealed that the housing market continued its recovery in August with home prices increasing by 0.6 percent compared to the previous month. Prices rose to levels last recorded during December 2009 and have improved for the last 18 consecutive months.

While the growth is nominal, the figure reveals that the housing market is recovering at a steady rate that will ultimately lead to a more stabilized economy if it continues its upward trend. Compared to a year ago, home prices were up 5.3 percent nationwide, though some areas experienced growth at a much more rapid rate. Phoenix led the country with a price jump of 24.5 percent in August compared to the same month last year.

Market stabilization with slow, steady growth
While the market has seen a slight decline in its growth in August compared to other months, the government shutdown is not to blame . Seasonal selling during the summer months before school starts usually results in more sales than any other time during the year. With seasonal selling over, a slowdown in home sales is not only typical, but anticipated.

Last year, home sales remained strong after seasonal selling ended due to a continued investor presence in many markets, according to The Wall Street Journal. However, many have pulled out of hot market areas after home prices skyrocketed in cities like Phoenix and Las Vegas.

Investors were a big help in the real estate economy, as some development firms purchased several properties below market values in all-cash transactions with the intent to rent the units. As these sales improved the housing market, prices rose and investors were no longer finding the same types of deals. According to The Wall Street Journal, all-cash purchases dropped to 33 percent of all sales in Phoenix during September compared to the previous month, down from 44 percent last year. Las Vegas transactions with all-cash sales fell to 47 percent in the same time, compared to 55 percent the previous year.

New buyers
Part of the reason sales have slowed is that Americans are having a harder time purchasing new homes compared to last year. Higher interest rates in May had an impact on buyers who saw monthly payments rise quickly, deterring some from applying for a new mortgage. While interest rates are still below historic norms, the jump of nearly 1 percent from 3.5 percent to an average of 4.5 percent for 30-year fixed mortgages was a sharp increase.

While higher home prices is a good indicator the housing market is improving, the price spikes may have been too high for some hopeful homebuyers, The Wall Street Journal reported. Sellers are also finding that with fewer buyers, prices need to drop. According to a survey by Redfin, 62 percent of real estate agents believed that sellers had unrealistic expectations  about the value of their homes. Buyers who are paying market value are having a hard time getting the value of their purchase to equal the appraisal of the home. Redfin reported that 30 percent of agents indicated sellers are unable to get their home to appraise for the contract value.


fha-loan-purchase-a-new-home-get-approved-home-buying-couples Missouri Wisconsin Illinois Missouri ColoradoMortgage Lending Real Estate Knowledge Base

Questions about buying or selling your existing home?  

Categories:  All | Choose a REALTOR | | Working with a REALTOR | | Buying | | Selling Financial | | Homeowners |

 «  1 | 2 | 3 | 4 | 5   » 

Mortgage and Real Estate News Categories

Home Buyers | Market Conditions | | Mortgages | | Purchase Markets | | Realtor Information | | Refinance

Home Financing Archive

August 2013 | September 2013 | October 2013 | November 2013 | December 2013 | January 2014 | February 2014 | July 2014 | August 2014 | September 2014 | October 2014 | November 2014 | December 2014 | January 2015 | February 2015 | March 2015 | April 2015 | May 2015 | June 2015 | July 2015 | August 2015 | September 2015 | October 2015 | November 2015 | December 2015  |  January 2016 | February 2016 | March 2016  


Real Estate Lending Options

Home Borrower Tools

How Much Can I Borrow? | Mortgage Calculator | Mortgage Rates | Forms

About Amax Lending

Company | Senior Loan Originators 

Home Purchase Loans in Madison and Milwaukee WI  

Mortgage Loans Springfield, Hannibal, St. Louis, MO

Purchase Real Estate Loans Denver, Boulder, CO

Google Maps: Mortgage Loans Madison WI | O'Fallon MO | Denver CO

Facebook: Mortgage Wisconsin | Mortgage Missouri | Mortgage Colorado

Apply Now              Buy a Home              Refinance

  ‪(970) 445-4977

VA Home LoansFHA  and USDA Home Loans  in Colorado
TMortgage Loans Colorado Real Estatee - (970) 445-4977 | Mortgage Calculator Options with Loan Quotes. Get Started Now With Amax Loans Mortgage! Lock Your Rate - Calculate Payments - Compare Loans - Skip the Bank - Types: FHA Loans, HARP, VA Loans, ARM | Boulder, Ft Collins, Aspen, Pagosa Springs, Colorado Springs, Pueblo, Golden, Grand Junction, Steamboat Springs, Denver CO, Hannibal, Springfield, Troy, O'Fallon, St Louis MO, Chicago, Quincy IL | Home Loans in Armenia WI, Baraboo WI, Beaver Dam WI, Beloit WI, Brooklyn WI, Columbus WI, Deforest WI, Dell Prairie WI, Dodgeville WI, Edgerton WI, Fitchburg WI, Fort Atkinson WI, Germantown WI, Green Bay WI, Green Lake WI, Janesville WI, Lacrosse WI, La Valle WI, Lake Delton WI, Lake Mills WI, Lodi WI, Madison WI, Mauston WI, Mazomanie WI, Merrimac WI, Middleton WI, Milton WI, Milwaukee WI Monroe WI, Montello WI, Mount Horeb WI, Necedah WI, Oregon WI, Platteville WI, Portage WI, Prairie Du Chien WI, Princeton WI, Reedsburg WI, Ripon WI, Rome WI, Spring Green WI, Stoughton WI, Sun Prairie WI, Tomah WI, Verona WI, Watertown WI, Waunakee WI, Windsor WI

Apply Now Mortgage Loans Colorado

Amax Lending: Mortgage Loans Colorado Real Estate

We offer all types of mortgage home loans that are offered on the market today. Fixed Rates, Adjustables, Perfect Credit or not so perfect... If you can be approved for a loan, we can find the right one for you! Using a Mortgage Loan Officer that has access to all sources of lending institutions helps people get the best loan for their situation and offers all options on the market vs the programs at one bank.

Call Todd Rubick of Amax Lending and tell him why the bank said no... If your tax returns do not show your true income, or credit is less than perfect... Our all source lending strategies can be used to find the right program from the right bank to get your loan approved.