ARAMCO Report - The Mother of ALL Mortgage Blogs!

ARAMCO Report - Friday May 22, 2015

Posted by Mehran Aram on Fri, May 22, 2015 @ 14:05 PM

Foreclosure rates fall to their lowest level since 2008

The national inventory of home loans in foreclosure continues its decline and is now near pre-crisis levels according to Black Night Financial. Their preliminary report on April’s housing situation released on 5/22/15 showed that the percentage of loans in some stage of foreclosure, nationally, fell 25.5 percent from April 2014 to April 2015 or down to 1.51 percent of total loans. That is the lowest it has been since January of 2008. 

Black Knight also showed that foreclosure starts dropped 22 percent from March 2015 to April falling to 73,500, which is 7 percent lower than one year ago.

April’s low foreclosure rate is a good indicator of the general health of the US housing market. Low foreclosure rates also directly correlate to decreased distressed property sales, so the pre-crisis levels of foreclosures correlate low investor activity. That means that homeowners buying and selling their primary residences are driving the strong sales figures that are being seen in San Diego and elsewhere in the nation.

Potential homebuyers people currently looking to refinance will find current mortgage rates are near all-time lows with conforming no point 30-year mortgage rates averaging 3.875 percent while 15-year rates are averaging 3.125 percent.

Topics: Housing Market, 30 year fixed rates, foreclosure, Housing, housing recovery, foreclosure inventory, distressed property sales,

ARAMCO Report - Monday April 27th, 2015

Posted by The Aramco Group on Mon, Apr 27, 2015 @ 13:04 PM

Not everyone is selling their homes

The percentage of homeowners that are “equity rich,” nationally, went up 0.2 percent in April 2015 to 19.8 according to RealtyTrac. These homeowners own at least 50 percent of their home’s equity. National housing inventories have not risen much because many of these owners are concerned that they will not find a replacement home if they list their own. Twenty-seven percent of San Diego’s properties were equity rich at the end of the first quarter 2015.

Inventories of homes with mortgages in serious delinquency or that are in some stage of foreclosure only make up 4.5 percent of all mortgages in the U.S. in March 2015 according to the National Association of Realtors. Sales of distressed properties made up 9 percent of March’s total home sales in California this year compared to 12.5 percent in March 2014. Home prices will strengthen as these homes sell because each transaction reduces the inventory of deeply discounted properties.

Home buyers and homeowners refinancing will find that conforming no point 30-year first 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, San Diego, RealtyTrac, Housing Market, inventory, 30 year fixed rates, housing recovery, home selling

ARAMCO Report - Friday April 24, 2015

Posted by The Aramco Group on Mon, Apr 27, 2015 @ 09:04 AM

National housing inventory needs to keep up

The national real estate company Redfin examined 50 markets to see if housing inventories are growing across the country, and whether they are keeping up with demand during this year’s spring home buying season.

The group found that there are 0.7 percent fewer homes currently on the market than there were this time last year, but that the market this March is fresher than it was at this time a year ago. New listings increased 9.2 percent in March 2015 compared to a year earlier. Nationwide, the total number of unsold homes rose 5.3% in March compared to February to 2 million, and that supply will satisfy demand for 4.6 months at current sales rates according to the National Association of Realtors. New listings will need to keep pace with the increases in demand as the spring home buying season continues in order to prevent another national shift toward a sellers’ market.

California's existing home re-sales and home prices both increased in March. March was the second straight month that both statistics increased according to the California Association of Realtors (CAR). 

 

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, Housing Market, inventory, Housing, housing recovery

ARAMCO Report - Thursday April 9, 2015

Posted by The Aramco Group on Thu, Apr 9, 2015 @ 14:04 PM

San Diego Homes are Moving Quickly

San Diego is the 10th fastest housing market in the country with a median of 43 days between listing and sale according to the National Association of Realtors. The median amount of time nationwide is currently 89 days — 13 percent lower than a year ago. However, the median sale price in San Diego County was $39,000 less than the median list price as of February, 2015 according to the Zillow Home Value Index.  Meanwhile, it seems that more individual home-buyers are re-entering the housing market. Cash home sales are down nationally for the 25th month in a row, and since the majority of cash sales are by investors speculating in the real estate market a decline in cash sales reflects individual home buyers re-entering as home prices increase. According to CoreLogic, cash sales comprised 38.9 percent of all housing transactions in January 2015. That is compared to the 25 percent share of total home sales that were conducted in cash prior to the housing crisis.

Current 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: home sales, home buying, home purchase, homeowners, Housing Market, 30 year fixed rates, homebuyers, homeownership, housing recovery

ARAMCO Report - Thursday March 2, 2015

Posted by The Aramco Group on Fri, Apr 3, 2015 @ 12:04 PM

A new analysis of housing data from 24/7 Wall Street revealed that a full, nationwide recovery of single-family home values might still be 2 ½ years away. Values are on the rise, but some markets—particularly those in Western states including California—have recovered more quickly. Looking at other current economic data, new orders for U.S. factory goods rose unexpectedly in February — good news for a sector that accounts for 12% of the U.S. economy but that is negatively affected whenever the dollar is gaining strength, as it is now. Also, last week, initial jobless claims fell close to their lowest levels in 15 years according to the Labor Department’s jobs report. Claims decreased by 20,000 to a seasonally adjusted 286,000 in the week ending on March 28th. Thursday’s jobs report also showed that the number of people continuing claims for unemployment assistance fell by 88,000 — meaning that the number people discontinuing assistance is exceeding the rate at which new people need help.

Conforming no point 30 year fixed rates average 3.75 percent while 15-year rates are 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: financial recovery, durable goods, Housing Market, economic data, housing recovery, home values

ARAMCO Report - Wednesday April 1, 2015

Posted by The Aramco Group on Wed, Apr 1, 2015 @ 16:04 PM

Pending home sales in California rocketed to their largest increase in six years. According to the California Association of Realtors (CAR) the state’s February-to-February pending home sales rose 15.6 percent on the Pending Home Sales Index. It is the third year in a row with an increase; it is the first time with a double-digit gain since 2012; and it is the single largest increase since April 2009. CAR’s California-specific index, like other larger national indexes, measures transactions when the contract is signed but the total sale has not yet closed — as it can take up to six weeks for a deal to be finished. Some sales fall through but most usually do not, so California’s housing market will have a bullish summer.

Meanwhile conforming no point 30 year fixed mortgage rates average 3.625 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: Pending Home Sales Index, Housing Market, California Association of Realtors, Housing, housing recovery, homes

ARAMCO Report - Wednesday July 2, 2014

Posted by Mehran Aram on Wed, Jul 2, 2014 @ 17:07 PM

A larger than expected increase in hiring, according to the private ADP report put some selling pressure on bonds. But mortgage rates remain near 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 1/8th. Meanwhile the housing recovery continues with foreclosures down substantially and May pending home sales up by 6.1% and year over year, home prices up by 8.8%. This according to NAR and CoreLogic.

And now for something completely different: Mount Everest is growing at almost ½ an inch a year, that’s why a person today has to climb 27 inches higher to reach the peak compared to 1953.

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, Aramco Report, and now for something completely different, home prices, home purchase, Mehran Aram, CoreLogic, Aramco Mortgage, 30 year fixed rates, ADP, NAR, Mount Everest, housing recovery