According to Freddie Mac and Housing Wire, the total number homes offered for sale relative to the number of households in the U.S. are running at their lowest level in more than 30 years. But net household formation is half of what is was before the great depression. Now at 500,000 per year. In areas such as Southern California, the real estate market is red hot but nationwide the home buying season is yet to kick into high gear. Meanwhile conforming no point 30 year fixed mortgage rates still average 4 1/4 % with 15 year rates closer to 3 1/4 %.
And now for something, completely different: Did you know that until the 1960’s, men with long hair were not allowed to enter Disneyland? Times have changed!
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.