Real Estate Round-Up: January 2010
Last year was quite the ride, wasn’t it? The foreclosure market gave no signs of letting up (and still doesn’t) and mortgage rates were at bargain lows. We enjoyed first-time homebuyer tax incentives and saw inventory levels fluctuate throughout the year (but decline from January to December, thankfully). To start of 2010, we’re going to take a snapshot of where things are at so you can set a strategy for the year ahead. Mortgages, foreclosures, rentals are more…
Mortgage Rates: Rising. Want to refinance or buy? Grab one of those low interest rates now as most lenders are creeping above that 5% sweet spot we’ve enjoyed for so long. Last week, the average 30-year fixed rate was 5.09% compared to January 1 rates of 4.71%.
Foreclosures: Record Numbers. Three million U.S. households were hit with foreclosure in 2009. The nation’s leading states? Nevada, Florida, California and Arizona. Rates are up 21% from 2008, so where does that leave us as we head into 2010? Inventory will take the entire year to stabilize and we have likely not seen the end of the 5/1 and 7/1 ARMs meet their demise.
Rentals: Vacancies Up, Rents Down. While some economic indicators would say otherwise, we are still in a recession period That means people look to lower their housing costs. This means more roommates, families living together and students opting for less expensive on-campus housing. If you’re a landlord, it’s time to double-check your rent rates on vacant or soon-to-be vacant properties and make sure there’s something about your rental that sets it apart from the crowd.
If you need help navigating the market, don’t hesitate to call. We read the news so you don’t have to!
The Staff at San Juan Realty, Inc.
Tags: housing news
