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Posts Tagged ‘current rate’

Existing and New Home Sales Rising

June 25th, 2013 Comments off

New home sales rose 2.1 percent in May over April, according to Commerce Dept. figures, the highest rate since 2008. The S&P Case Shiller home price index (HPI) of existing homes rose 12.1 per cent from last year, the best rate in seven years, according to what David Blitzer of Dow Jones S&P tells abcnews. In addition, the survey of 20 major metro areas show average home prices rising in all 20 cities. He says: “The most recent Fed Senior Loan Officer Opinion Survey shows that some banks are easing credit restrictions. Given this, the recovery should continue.” Stan Humphries, Zillow’s chief economist, says, “The housing market worm has turned over the past few weeks – inventory levels are beginning to show signs of easing, and mortgage interest rates are creeping up. Going forward, both of these factors will help mitigate extreme price spikes caused by very strong housing demand and very low housing supply.” As MHProNews has learned, he says while the recovery is strong and sustainable, prices will not continue rising at the current rate.

(Photo credit: Reuters)

Iowa Measure will Reduce MH Property Taxes

May 22nd, 2013 Comments off

As follow-up to a story we posted April 18, 2013 concerning property tax rates in Iowa, Joe Kelly of the Iowa Manufactured Housing Association (IAMHA) informs MHProNews if SF 295 passes, property taxes on land lease communities will fall. The current rate is 100 percent of assessed value. With passage, the new measure would take effect Jan. 1, 2015, with the discounts being applied in the fall of 2016. The first discount will be 86.25 percent of assessed value beginning in 2015, and the rate drops roughly four percent each year until 2022 when it will be equivalent to residential rates.

(Image credit: Wikipedia–Iowa State Seal)

New Home Sales Rise

October 24th, 2012 Comments off

Based on data from HUD and the U.S. Census Bureau, the National Association of Home Builders NAHB) reports new single-family home construction rose 5.7 percent in Sept. to a seasonally-adjusted annual rate (SAAR) of 389,000 units. This marks the best sales rate in 2 1/2 years. NAHB Chief Economist David Crowe says, “Meanwhile, despite a small increase in the inventory of new homes on the market in September, the number of completed new homes for sale is now at an all-time low and the month’s supply is at its tightest since October 2005. This is an indication that builders continue to have a tough time obtaining construction credit, even as demand for new homes increases.” Regionally, new home sales rose 16.7 percent in the Northeast, 16.8 percent in the South, and 3.9 percent out West. However, as MHProNews has learned, the Midwest registered a 37.3 percent drop. New home inventory edged up to 145,000 units in Sept., a 4.5 month supply at the current rate of sales.

(Photo credit: FotoSearch)

Residential Mortgages Set High Mark for Q1 2012

May 15th, 2012 Comments off

NationalMortgageNews tells MHProNews.com $462 billion in residential mortgages were funded in Q1 2012, the highest volume since the fourth quarter of 2010. The numbers are based on secondary market loan purchases reported by Fannie Mae, Freddie Mac, and Ginnie Mae. For 2010 the industry funded $1.67 trillion in home loans, $22 trillion more than the $1.45 trillion in 2011. At the current rate the industry could expect to see $1.8 trillion this year, though most analysts and economists expect loans to decrease towards the year’s end.

(Image credit: MoneyControl)