ARAMCO Report - The Mother of ALL Mortgage Blogs!

ARAMCO Report - Monday May 11, 2015

Posted by The Aramco Group on Mon, May 11, 2015 @ 13:05 PM

San Diego’s vacancy rate must be incredibly low

Residential rents have gone up, renters will pay more, and—paradoxically—investments in real estate are down. How? The vacancy rate must be very low. The San Diego County Apartment Association (SDCAA) will conduct its next survey in June.

Rental Rates are up 5.4 percent in San Diego and nationally compared to one year before according to Zillow.com and the National Association of Realtors, respectively. In San Diego that means that rent in March 2015 was on average $2,339/month up from $2,218/ month in March 2014. 

At the same time, Rent.com released a survey during the week of May 4, 2015 that 55 percent of millennials would pay $150 more per month for their rent. That would equal to another 6.4 percent increase to the current prices cited above for San Diego.

However, the National Association of Realtors reports that the number of real estate sales made to investors is down to 14 percent in April 2015 from 20 percent at the same time last year.

Potential homebuyers looking for rest from the rental market will find conforming no point 30-year fixed mortgage rates average 3.875 meanwhile 15-year rates are closer to 3.125 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: real estate, investing, 30 year fixed rates, National Association of Realtors, Vacancy Rate, Investors, Rent, Renters

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 March 30, 2015

Posted by The Aramco Group on Tue, Mar 31, 2015 @ 10:03 AM

Contracts have been signed — a lot of them. The Pending Home Sales Index tracks the number of contracts people have entered into with the intent of purchasing a previously-owned home—as opposed to tracking the number of closed sales—and the number of contracts signed in February rose to the highest level sine June of 2013. Would-be sales rose 3.1 percent for the month and have risen 12 percent since this time last year according to the National Association of Realtors, the group that publishes the report. This boost was mainly driven by gains here in the West and in the Midwest, and is further evidence of the U.S. housing market’s renewed strength. 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 sales, Pending Home Sales Index, Housing Market, 30 year fixed rates, National Association of Realtors, Contracts, Closed Sales

ARAMCO Report - Monday March 9, 2015

Posted by The Aramco Group on Tue, Mar 10, 2015 @ 08:03 AM

According to the National Association of Realtors, the housing market has been heating up in the past few weeks. Growing demand and a tight supply have been driving prices higher. But in February there were significantly more homes for sale than a year ago. Based on the ratio of listing views to the number of listings, Waco, Texas made the top of the list while Carlsbad, California came in at 17th. Meanwhile conforming no point 30 year fixed mortgage rates average 3 7/8ths with 15 year rates closer to 3 1/4%. And now for something completely different… Did you know that the most expensive bottled water in the world costs $60,000 for a 70ml bottle? The water itself contains 5mg of gold dust and the bottle is made of 24k gold.

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, water, Housing Market, Carlsbad, TX, Waco, CA, National Association of Realtors, Bottled

ARAMCO Report Friday 27, 2015

Posted by The Aramco Group on Mon, Mar 2, 2015 @ 08:03 AM

According to the National Association of Realtors, January pending home sales rose 1.7%, they were expected to rise by more than 2%. But year over year sales were up by 8.4%. RealtyTrac’s U.S. Home Flipping report showed that the share of all single family home sales that were flipped last year fell to 5.4%, the lowest since 2011. Conforming no point 30 year fixed mortgage rates average 3 7/8ths with 15 year rates closer to 3 1/8th. As for reverse mortgages, the FHA’s new deadline for the implementation of financial assessment is now April 27th. And now for something completely different… Did you know that due to the popularity of cellphones, public phone booths in Osaka, Japan were converted into aquariums by students of the Kyoto University of Art and Design. The ones in the U.S. could use some creativity. 

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, financial assessment, RealtyTrac, 30 year fixed rates, National Association of Realtors, Japan, Phone Booths, Osaka

ARAMCO Report - Monday February 23, 2015

Posted by The Aramco Group on Tue, Feb 24, 2015 @ 11:02 AM

According to the National Association of Realtors, the housing market did not get off to a great start in 2015. Existing home sales in January fell 4.9% to the lowest level in 9 months. But the median home price year over year was up 6.2%. Meanwhile the California Association of Realtors reported continued momentum with international buying activity with more than 1-in-3 international buyers being from China with mostly cash purchases. Conforming no point 30 year fixed mortgage rates average 3 7/8ths with 15 year rates closer to 3 1/8th. And now for something completely different… Did you know that the first sky written ad using an airplane was in 1922. The words “Daily Mail” were written over Epsom Downs, U.K.

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, Housing Market, China, Daily Mail, 30 year fixed rates, California Association of Realtors, National Association of Realtors, Epsom Downs, England

ARAMCO Report - Wednesday February 11, 2015

Posted by The Aramco Group on Tue, Feb 24, 2015 @ 11:02 AM

According to a report from the National Association of Realtors home price appreciation picked up speed in the 4th quarter of 2014 with the median price of existing homes up 6% compared to the previous year, 86% of the metro areas covered, registered increases in price. Meanwhile last week’s MBA index of home mortgage applications showed a 9% drop in refinance and purchase activity. Conforming no point 30 year fixed mortgage rates average 3 3/4ths with 15 year rates closer to 3 1/8th. And now for something completely different… Did you know that machine spun cotton candy, notoriously bad for the teeth, was co-invented by a dentist in 1897? It was originally called “Fairy Floss.”

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: 30 year fixed rates, MBA, National Association of Realtors, Dentist, Cotton Candy, home price appreciation

ARAMCO Report - Tuesday January 27, 2015

Posted by The Aramco Group on Mon, Feb 2, 2015 @ 11:02 AM

According to the U.S. Department of Commerce overall sales of new single family homes rose slightly in 2014 compared to 2013 and the National Association of Realtors reported a drop in the total inventory of homes available for sale last month. The first such drop in 16 months. Meanwhile weaker than expected durable good orders pushed the 10 year note yield to 1.76%, the lowest since May 2013. Conforming no point 30 year fixed mortgage rates average 3 5/8ths with 15 year rates closer to 3%.

And now for something completely different… You may find it interesting to know that Google rents a heard of goats to replace the lawnmowers that normally cut the grass around its headquarters. This is Google’s “low-carbon” approach to maintaining its property.

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, inventory, 30 year fixed rates, National Association of Realtors, U.S. Department of Commerce, Goats

ARAMCO Report -Monday September 29, 2014

Posted by Mehran Aram on Mon, Sep 29, 2014 @ 17:09 PM

August pending home sales were down 1% from July, further evidence of an uneven housing recovery. This according to the National Association of Realtors which regularly reports on home purchases under contract which have not closed escrow yet. Bond yields were slightly lower on this news and other data reflecting tame inflation and in reaction to recent weakness in stocks. 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 since 1945 all British tanks come equipped with tea making facilities?

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, and now for something completely different, home purchase, bonds, tanks, tea, 30 year fixed rates, Bond yields, National Association of Realtors, Housing, August, British, escrow

ARAMCO Report - Tuesday September 16, 2014

Posted by Mehran Aram on Tue, Sep 16, 2014 @ 17:09 PM

According to the National Association of Realtors, nationwide the Housing Affordability index fell in July thanks to the continued rise in home values which are outpacing incomes. But price gains are slowing. Median household income rose only slightly in 2013 for the first time since the recession. 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 the world famous Hollywood sign was first erected in 1923? But at the time the sign read “Hollywoodland.”

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, 30 year fixed rates, Housing Affordability index, Hollywood Sign, price gains, National Association of Realtors, Hollywood, home values, household income