ARAMCO Report - The Mother of ALL Mortgage Blogs!

ARAMCO Report - Wednesday April 22, 2015

Posted by The Aramco Group on Wed, Apr 22, 2015 @ 14:04 PM

California’s Home Buying Season Gets Started         

Competed sales for single-family homes and condominiums ratcheted up an impressive 33.1 percent in March 2015 compared to the month before. Total sales went from 24,031 completed in February to 31,989 completed in March. That is the largest March increase in three years, and is an 8.8 percent rise in completed home sales compared to March 2014, according to Property Radar.       

Property Radar attributes this spring season kick-off to “pent-up demand, mild winter weather, and attractive interest rates”.

This increase marks the end of winter sales levels: sales in January and February 2015 increased only 6.0 percent—moving from 22,659 to 24,031—compared to the 33.1% rise between February and March.

California median single-family home prices also increased 4.8 percent, or $18,000, from $375,000 in February 2015 to $393,000 in March. Prices for the same type of homes in San Diego did not rise as much: up 0.6 percent from $498,000 in February to $501,000 in March according to Zillow.

Conforming no point 30-year mortgage rates average 3.75 percent while 15-year rates average 3.0 percent. 

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: home sales, home prices, San Diego, California, Spring Homebuying Season, Appreciation, Price

ARAMCO Report - Tuesday March 31, 2015

Posted by The Aramco Group on Wed, Apr 1, 2015 @ 15:04 PM

The Consumer Confidence Index (CCI) increased in March according to The Conference Board. It indicates that Q1 2015’s dramatic economic slowdown is probably a blip. The rejuvenated labor market and increasing home prices were the two largest contributors to consumers’ returning confidence. The index jumped 2.5 points to 101.3 from 98.8, defying previous projections that it would drop to around 96. Those numbers are benchmarked to the consumer confidence in 1985. That year was neither a peak nor a trough and has a score of 100. The Federal Reserve consults the CCI and today’s news fits with the Fed’s plan to gradually increase rates later this year. RealtyTrac announced today that wages are not keeping up with home prices however. Appreciation outpaced wage growth in 76 percent of the metro areas tracked (140 our of 184) which underlines that consumer confidence and the economy on the whole are getting better but are not yet fully healed.

Meanwhile conforming no point 30 year fixed mortgage rates average 3.75 percent with 15-year rates closer to 3 percent.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

 

Topics: home prices, CCI, The Conference Board, Consumer Confidence Index, 30 year fixed rates, Wages, Appreciation