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Mortgage Lending News Tues 12.6.11

December 7, 2011

INFO THAT HITS US WHERE WE LIVE…Enough people were motivated to buy new homes in October to push monthly sales up 1.3% to a 307,000 annual rate. Even better, the motivation was strong enough to send the median price to $212,300, UP 4% over a year ago. Going forward, what should motivate everyone is that the supply of new homes fell to 6.3 months. Nonetheless, new home sales need to get to an annual rate around 950,000 and some observers say that will take another few years.

Housing market pessimists had to be really disappointed by October’s Pending Home Sales. This measure of signed contracts for existing home sales that have not yet closed was UP 10.4% for the month and is 9.2% higher than it was a year ago. This bodes well for existing home sales a few months out. Additional home price data went in opposite directions. The Case-Shiller home price index in the 20 largest metros was down 0.6% in September, but the FHFA index registered a 0.9% price increase for homes financed with conforming mortgages.

BUSINESS TIP OF THE WEEK…A great thought this time of year: give generously without expecting anything in return–it will pay off in the long run.
Courtesy of
George Hager
Mortgage Loan Officer
4 Venture #100
Irvine, CA 92618
714.309.5665 | P
877.895.1813 | F

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