Death of the Refi?

Mortgage rates for homes today are very low, but U.S. borrowers have a very short memory. They forget that the rate on the 30-year fixed, which sits around 3.6 percent today, was a full percentage point higher a year ago, and above 5 percent in January of 2010. The purchasing power gained through today’s low rates have arguably helped fuel the recovery in home sales. Low rates have also sparked a boom in mortgage refinancing, which in turn has put more spending money in consumers’ pockets.

On the Mortgage Bankers Associations weekly report from a week ago, there was a 10 percent drop in refinance applications. On a 30-year fixed moved from 3.62 percent to 3.67 percent.

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Pending Home Sales Fall Due to Dwindling Supply

Signed contracts to buy existing homes fell 4.3 percent in December from the previous month, according to a monthly index from the National Association of Realtors.

Much of last year’s gains in existing home sales was driven by investor demand for foreclosures and other distressed properties. Millions of dollars, largely in cash, from private equity, flowed into the market, pushing supplies down dramatically and even causing bidding wars in some of the previously hardest hit markets.  To watch the video....

Guess Who’s Driving the Demand for Rental Apartments?

Even as housing and the greater economy slightly improve, a shift in demographic trends will likely favor the rental apartment market for the foreseeable future. It is all about women. Women are getting married later, having kids later and out of wedlock, all prompting them to seek the convenience of large, full-service rental apartment buildings.

There is also a tremendous amount of pent-up demand for the rental market, as nearly 23 million young adults, male and female, under age 35 (31 percent of the cohort) are currently classified as ‘living at home’ with parents, according to Raymond James’ analysis. As job growth improves, they will move to rental apartments; the homeownership rate for this group is only 34 percent.  To read more...

A New Residential Development in University City Phildelphia

Another real estate development in University City section of Philadelphia, PA. The University City Science Center announced earlier in January that it will begin construction of a new 27-story apartment building at 3601 Market Street. Construction is to be complete in 2015.

The new 400,000 square-foot building will include 364 apartments (one-bedroom & two-bedroom apartments). The building will also include parking, retail space, a fitness center, a resident lounge and a rooftop pool. These apartments will be luxury apartments that will appeal to young professional and graduate students. To read more...

Toll Brothers’ Next Frontier

Toll Brothers, are known for their building of mansions in the suburbs and now a thriving business selling condos in urban settings. So, what's next for the Horsham, PA natives? Their next goal is to break into...

What to Expect during a Home Inspection

January 2013 monthly theme is Home Inspections for your house. Today we discuss What to Expect during a Home Inspection. If you want me to talk about a certain topic in the future please email us. To learn more contact us for a Free Special report on How to Sell Your House on The Date of Your Choice Without Making a Repair!

If you need a recommendation for a home inspector email us and we can provide you a few home inspectors for you to choose.

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U.S. Housing Starts Climb to Highest Rate Since June 2008

Building of new U.S. homes had accelerated in December to its fastest pace in over four years, supporting the view that housing is poised to provide a substantial boost to the U.S. economy. Last month the starts at building sites for homes increased by 12.1 percent. A trend in growth that has led many analysts to expect residential construction boosted the economy last year for the first time since 2005. December’s pace of groundbreaking was the fastest since June 2008.

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