Welcome!

News Feed Item

The Pros and Cons of Today's Housing Market

LOS ANGELES, Nov. 20, 2012 /PRNewswire-iReach/ -- With turkeys defrosting in refrigerators and cans of cranberry sauce flying off the shelves, it's time to sit down and think about what we should be thankful for in today's housing market. If you don't think there's very much to smile about, think again! In fact, there are 3 pros to today's housing market:

(Photo: http://photos.prnewswire.com/prnh/20121120/CG17340)

1.New construction is going up According to the Commerce Department, the number of newly-constructed homes surged 15% in September. That means builders are now working as fast as they were back in 2008 – clearly a sign that the demand is starting to come back. In fact, there is such a demand for brand new homes in Tampa that there aren't enough construction workers to go around! On a national level, all of that building isn't just good for the housing market. It's also good for the job market. After all, every new house that goes up creates jobs for the people who build it!

2. Existing home sales are up New constructions aren't having all of the fun. The October sales numbers just came out, and the number of existing home sales went up 2.1%. Even better news? The median sales price is 1% higher than it was in October 2011 (right now it's at $178,600). It's a small step, but it's also a step in the right direction.

Why is the Phoenix housing market doing so well?

3.Interest rates are still low You might be tempted to call 2012 the "Year of the Low Interest Rate", thanks to all of the record lows we set this year! And, as the sun starts to set on 2012, 30-year rates are still well under 4%. In fact, right now the average rate on a 30-year fixed mortgage is 3.34% -- yet another all-time record. So, if you're still on the fence about buying or refinancing, these low rates might just make up your mind for you! Of course, there is still plenty of work to do.

Tips to negotiate your mortgage refinance

You may not be so thankful for these 3 things around the Thanksgiving table this year:

1.Home values Those little gains we're seeing now will take a long time to add up. Unlike the pre-bust housing market – when you could go out, buy a house, and sell it a few months later for a profit – times have changed. In fact, according to a study done by the analytics firm Fiserv, housing prices won't return to their pre-bust levels until 2023.

2.Unemployment With the nation's unemployment rate still hovering around 8%, you can't expect to see a major improvement in the housing market. Obviously, people aren't going to run out and buy houses if they don't have jobs! Even many of the people who do have jobs are afraid to commit to a 15-year or 30-year mortgage. After all, they're one pink slip away from facing a serious foreclosure threat. Many of them would rather rent until things start to level out, rather than risk a financial nightmare.

Is it possible to retire without a mortgage to worry about?

3.Quantitative Easing The Federal Reserve's plan to buy $40 billion worth of bonds every month for the foreseeable future is designed to keep interest rates low. So far, it's doing that, which is a good thing. However, the Fed says it plans to keep interest rates low until 2015. As a result, there's not really a sense of urgency for buyers to run out and buy NOW. Since they know they have at least two more years of low rates, there's nothing motivating them to take action (and, thus, aid the housing market's recovery) right now.

Hopefully, with another year under our belts, we'll have even more to be thankful for next Thanksgiving!

http://www.realtypin.com

Media Contact:

Daniel Torelli RealtyPin.com, 514-836-1432, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE RealtyPin.com

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, will examine the regulations and provide insight on how it affects technology, challenges the established rules and will usher in new levels of diligence a...
FinTechs use the cloud to operate at the speed and scale of digital financial activity, but are often hindered by the complexity of managing security and compliance in the cloud. In his session at 20th Cloud Expo, Sesh Murthy, co-founder and CTO of Cloud Raxak, showed how proactive and automated cloud security enables FinTechs to leverage the cloud to achieve their business goals. Through business-driven cloud security, FinTechs can speed time-to-market, diminish risk and costs, maintain continu...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, discussed new ways of thinking and the approaches needed to address the emerging challenges of security i...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that’s no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, will explore how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He wi...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
There is only one world-class Cloud event on earth, and that is Cloud Expo – which returns to Silicon Valley for the 21st Cloud Expo at the Santa Clara Convention Center, October 31 - November 2, 2017. Every Global 2000 enterprise in the world is now integrating cloud computing in some form into its IT development and operations. Midsize and small businesses are also migrating to the cloud in increasing numbers. Companies are each developing their unique mix of cloud technologies and service...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, d...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.