>> Market Update
INFO THAT HITS US WHERE WE LIVE The Case-Shiller home price index came in last week with nine out of the 20 cities in the survey posting year-over-year gains. On a seasonally adjusted basis, the 20-city composite index rose from December to January by 0.3%. The chairman of the index committee noted, “…we continue to see improvements in the year-over-year data for all 20 cities.” The report also stated, “annual rates for the two composites have not been this close to a positive (point) since January 2007.”
Another report showed that the price per square foot for homes in eight out of 25 U.S. markets rose in January compared to a year ago. Continuing the theme, a third survey revealed that 23% of real estate agents and brokers are expecting price hikes in the next six months.
Buyers who want to take advantage of the homebuyer tax credit (along with today’s low mortgage rates and great prices) only have til the end of this month to sign a contract – April 30 — and need to close by June 30. Finally, last Wednesday the Fed ended its $1.25 trillion buying program of mortgage backed securities, which helped keep mortgage rates down. Buyers should note that most industry observers expect those rates to creep back up.
