Housing affordability rose to a record high during the fourth quarter of 2011, which means a home buyer’s purchasing power is greater than it ever has been before, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.
Foreclosures ticked up in January nationwide as more banks continued to work through backlogs of defaulting mortgages on their books, RealtyTrac reports.
Housing starts rose 1.5 percent in January from December, led by a surge in apartment construction, the Commerce Department reported Thursday.
Housing starts in January reached a seasonally annual rate of 699,000 units, reaching its highest level since October 2008.
Fixed-mortgage rates continue to hover at record lows, with the 30-year fixed-rate mortgage staying at the record low of 3.87 percent since the first week of February, Freddie Mac reports in its weekly mortgage market survey.
Ben Bernanke, the Federal Reserve chairman, says keeping interest rates low will spur loan demand and eventually help improve banks’ profitability in the long run, The Wall Street Journal reports.
ForSaleByOwner.com founder and former chief operating officer Colby Sambrotto made headlines in August 2011 when he hired a real estate broker to sell his Manhattan condo.
REALTOR® Magazine is seeking candidates for the 2012 Volunteering Works grant and mentoring program, which helps REALTORS® who are are launching a volunteer effort. Don’t miss the Feb. 24 deadline!
Through the REALTOR Benefits® Program, for a limited time, NAR members can receive exclusive discounts offered only to Lenovo employees on its entire product line, including ThinkPad and IdeaPad notebooks and accessories.