According to the U.S. Department of Commerce sales of new single family homes in August rose 18%, hitting the fastest pace since May of 2008. And the largest one month percentage rise since January of 1992. But existing home sales fell in August, the first drop in 5 months. And while household formation slowed significantly last year, 53% of American’s still expect home prices to rise over the next 12 months. 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 Cristiano Ronaldo’s father was such a big Ronald Reagan fan that he gave his son the second given name of "Ronaldo" after the 80s president?
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.