ARAMCO Report - The Mother of ALL Mortgage Blogs!

ARAMCO Report - Tuesday May 5, 2015

Posted by The Aramco Group on Tue, May 5, 2015 @ 15:05 PM

Home Prices Should Go Up for Rest of 2015

 

The prices for detached single family homes in San Diego went up 6.03 percent between March 2014 and March 2015, according to the Greater San Diego Association of Realtors.

Statewide prices in California went up 7.2 percent, and national prices went up 5.6 percent over the same time period according to the California Association of Realtors and CoreLogic’s Home Price Index respectively.

Home prices in twenty-seven states and the District of Colombia are within 10 percent of historical peaks for prices in their territories, but California is not one of them. California’s median home price of $440,000 is still -18.2 percent of its peak of $538,000 registered in May 2006.

However the CEO of CoreLogic said, “All signs are pointing toward continued price appreciation [nationally] throughout 2015.”

Prices are being driven upwards due to limited housing inventories across the country during a time with low mortgage rates and improving consumer confidence.

Those looking to sell their home and then purchase a new one will find mortgage rates near an all-time low. Conforming no point 30-year fixed mortgages averaging 3.875 percent while 15-year mortgages averaging 3.215 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: San Diego County, home prices, San Diego, California, CoreLogic, 30 year fixed rates, California Association of Realtors, Greater San Diego Association of Realtors, National Association of Realtors, home values, home selling, National

ARAMCO Report - Monday April 20, 2015

Posted by The Aramco Group on Mon, Apr 20, 2015 @ 02:04 AM

Drought may create seller’s market in San Diego

Uncertainty about water policy and the ability to obtain water connections for new developments could be stopping some builders from creating new homes in the western U.S., according to the National Association of Home Builders. Housing starts in the West fell for the third straight month in March 2015, down 19 percent, to an annualized rate of 201,000.

Only 278 permits for new single-family homes were granted in San Diego County in February 2015 — the most recent month for which there are official statistics.

Home sales in San Diego County are up however, according to CoreLogic. Last month 3,467 real-estate transactions closed in the county, a 13.4 percent jump from March 2014. Therefore existing homes are selling faster than new homes are being built.

San Diego County had less than a two-month supply of residential listings at current sales rates in March 2015. Historically, less than a three-month supply of listings could indicate a seller’s market.

If the drought is indeed the cause of builders’ reticence to build new homes, then the seller’s market might persist into the future. 

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: San Diego County, water, Drought, home starts, Seller's Market, California, Housing Market, CoreLogic, West, National Association of Home Builders

ARAMCO Report - Tuesday April 7, 2015

Posted by The Aramco Group on Tue, Apr 7, 2015 @ 15:04 PM

Potential homebuyers are less likely commit to buying a home according Fannie Mae’s National Housing Survey. The number of respondents who would buy a home if they were to move went down five percentage points to 60 percent — an all-time low for the survey. These month-over-month decreases in homebuyer optimism, from February to March 2015, seem to be driven by similarly decreased expectations that personal incomes are on the rise. The share of people reporting that they thought that their incomes would “get better” in the next 12 months was 41 percent in March, 2015, down 7 percent from the levels of optimism in January. Sellers, on the other hand, were more optimistic however with 46 percent believing now is a good time to sell. Home prices rose 0.6 percent nationally from February to March according to CoreLogic. The president and CEO of that group said, “In terms of home price appreciation, this has been the hottest spring in nine years.” Meanwhile conforming no point 30 year fixed 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: Housing Market, CoreLogic, 30 year fixed rates, Fannie Mae, Housing, National Housing Survey, consumer confidence

ARAMCO Report - Tuesday March 3, 2015

Posted by The Aramco Group on Thu, Mar 5, 2015 @ 11:03 AM

There were no major economic reports to rattle the credit markets on Tuesday. But an oversupply of corporate bonds once again put upward pressure on bond yields and mortgage rates. Conforming no point 30 year fixed rates average 3 7/8ths with 15 year rates closer to 3 1/8th. On the Real Estate front, according to CoreLogic, year over year January home prices rose by 5.7%, the 35th consecutive month of year over year increase in home prices. Meanwhile foreclosure and default notices continued their downward trend in San Diego County. And now for something completely different… Did you know that during WWII, La-Z-Boy manufactured something very different? It made seats for tanks, torpedo boats, gun turrets, and armored cars!

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, Corporate Bonds, CoreLogic, 30 year fixed rates, foreclosures, Mortgage rates

ARAMCO Report - Wednesday January 21, 2015

Posted by Mehran Aram on Wed, Jan 21, 2015 @ 13:01 PM

The MBA’s index for refinancing applications jumped 22.3% last week while home purchase loans rose by 14.2%.  This thanks to a huge drop in mortgage rates which are once again near all-time lows.  According to CoreLogic year over year nationwide home prices rose 5.5% in November.  Meanwhile housing starts rose 44% in December, the strongest pace in 7 years.

And now for something completely different…  Did you know that the creator of Peter Pan, J.M. Barrie, gave away the rights to the franchise?  He gave them away to a children’s hospital so it could receive royalties to fund the hospital’s operations.

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: purchase, Peter Pan, Barrie, CoreLogic, MBA, Housing, Refinancing, all-time, Mortgage rates

ARAMCO Report - Wednesday January 14, 2015

Posted by Mehran Aram on Wed, Jan 14, 2015 @ 11:01 AM

According to CoreLogic in November nationwide completed foreclosures year over year were down 9.6% and are down 64% from the peak in September of 2010. Further evidence of a recovery in housing. Meanwhile record low mortgage rates pushed mortgage loan applications up by a whopping 49.1% last week. The largest weekly percentage gain since November 2008. Conforming no point 30 year fixed rates average 3 5/8ths with 15 year rates closer to 3%.

And now for something completely different. Did you know that Queen Elizabeth the II at the time a princess, actually trained as a mechanic and military truck driver? Of course that was during World War II.

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: Queen Elizabeth II, Housing Market, CoreLogic, 30 year fixed rates, foreclosures, World War II, Mortgage rates, financing

ARAMCO Report -Thursday September 25, 2014

Posted by Mehran Aram on Thu, Sep 25, 2014 @ 17:09 PM

A big drop in U.S. stock prices on Thursday and fears of slowing global economies sparked a rally in U.S. bonds and pushed yields lower. New orders for durable goods plunged 18.2% in August while initial jobless claims also rose last week. But on a more positive note according to Core Logic, 1 million properties returned to positive equity in the 2nd quarter. Conforming no point 30 year fixed mortgage rates average 4 1/4% with 15 year rates closer to 3 3/8ths.

And now for something completely different: Did you know that every year tourists throw about 1.1 million Euros in the Trevi Fountain in Rome? The city uses the money to fund a supermarket for the poor. I made my contribution 40 years ago.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: Reverse Mortgage, CoreLogic, Stocks, global economies, Euro, stock prices, Italy, Trevi fountain, Rome, jobless

ARAMCO Report - Friday September 12, 2014

Posted by Mehran Aram on Fri, Sep 12, 2014 @ 17:09 PM

Stronger than expected economic data put further upward pressure on mortgage rates. September consumer sentiment rose to the highest level since July of 2013, while August retail sales were the strongest since April. Conforming no point 30 year fixed mortgage rates average 4 1/4% with 15 year rates closer to 3 3/8ths. Meanwhile according to CoreLogic in Southern California the number of homes with reduced asking price has risen sharply in recent months as buyers gain more leverage.

And now for something completely different: Did you know that the fastest running bird is the Ostrich? Yes, it has been clocked at 60 miles per hour!

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: Reverse Mortgage, Aramco Report, and now for something completely different, home purchase, birds, CoreLogic, Southern California, 30 year fixed rates, retail sales, Ostrich, economic data, Mortgage rates, buyers

ARAMCO Report - Tuesday September 2, 2014

Posted by Mehran Aram on Tue, Sep 2, 2014 @ 17:09 PM

There was only a slight uptick in bond yields despite a barrage of strong economic data. The latest reading on the ISM manufacturing index in 10 years while U.S. construction spending hit the highest level in more than 5 1/2 years. Pending home sales also rose to their best level since August of 2013. According to Corelogic, year over year home prices rose 7.4% in July. Conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/4%.

And now for something completely different: Did you know that the city of Stockholm in Sweden has a speed camera lottery? Yes, good drivers can win money from the fines paid by speeding drivers!

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, Reverse Mortgage, Aramco Report, home purchase, CoreLogic, ISM Manufacturing Index, 30 year fixed rates, Sweden, Speed Camera Lottery, Mortgage rates, Stockholm, Speeding fines

ARAMCO Report - Thursday August 14, 2014

Posted by Mehran Aram on Thu, Aug 14, 2014 @ 17:08 PM

According to RealtyTrac, foreclosures in July rose by 2% but they were still down 16% from a year ago. Meanwhile CoreLogic reported that the share of homes purchased in cash continued its decline in May and fell to the lowest level since May of 2010, reflecting in part less interest from investors. Mortgage rates remain at their lowest level of the year with conforming no point 30 year fixed rates averaging 4 1/8th and 15 year rates closer to 3 1/4%.

And now for something, completely different: Did you know that President James Garfield could write Latin with one hand, and Greek with the other, at the same time?

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: Aramco Financial, Aramco Report, and now for something completely different, home purchase, RealtyTrac, President James Garfield, CoreLogic, 30 year fixed rates, Latin, foreclosures, Greek, cash purchase, ARAMCO