Cincinnati Mortgage Market Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC Mortgage Market Update: For the first time in five years, existing home sales have increased for four months in a row, according to an August report by the National Association of Realtors® (NAR). Existing home sales - including single-family, townhomes, condominiums, and co-ops - increased 7.2 percent in July, which is the largest monthly sales gain recorded since 1999. Analysts are projecting an increase in 2009 Existing home sales to a seasonally adjusted annual rate of 5.24 million units, which is 5 percent above the 4.99 million-unit pace set in July 2008. Freddie Mac reported that the national average commitment rate for a 30-year, conventional, fixed-rate mortgage dropped to 5.22 percent in July from 5.42 percent in June. This is a dramatic rate reduction compared to the 6.43 percent rate available in July 2008. According to a survey by NAR, first-time buyers accounted for 30 percent of homes purchased in July, while distressed homes accounted for 31 percent of transactions. Finance Q and A: Q: Can a first time buyer apply the $8,000 tax credit toward the purchase of a home? A: The answer is YES - Under new rules introduced recently by the Department of Housing and Urban Development, qualifying buyers can apply the $8,000 tax credit toward the purchase of a home. To facilitate the process, the Federal Housing Administration is permitting its lenders to extend short term bridge loans, which will enable qualifying buyers to apply their tax credit toward closing costs, buying down their interest rate, or increasing their down payment above the FHA required 3.5 percent. Tip of the Month: This summer has proven to be one of the more active market in recent history. Because of increased competition, it is very important that buyers be pre-approved for their home loan ahead of time. If a seller gets two competing offers, they typically give extra consideration to offers made by pre-approved buyers. Make the most of your home buying experience by getting pre-approved for your loan today.  |
Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford and Mason, OH 45150
(513)201-7712
http://www.clermontfinancial.com | |
| | National Statistics Updated 9/1/2009 | | |
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