Mortgages, Remortgages and Home Loans

Real Estate Market Reaches Equilibrium between Buyers and Sellers

Mortgage Broker Exceptions are in northeast, western states & Chicago metro area.

Ceiling The maximum allowable interest rate of a variable rate mortgage Collateral Assets (such as your home) pledged as security for a home loan Commission Money paid to a real estate agent or broker for negotiating a real estate or loan transaction. Contract of Sale The agreement between the buyer and seller on the purchase price, terms, and conditions of a sale. Conveyance The document used to effect a transfer, such as a deed, or mortgage.

Mortgage Lead Three months ago, the "Current Market Conditions" survey showed that overall the U.S. housing market was displaying a rare balance between buyer demand and seller supply for the first time in eight years. The latest quarterly survey shows that equilibrium has been achieved -- 41% of real estate agents said more buyers than sellers; 40% said there were more sellers than buyers, and 19% reported a 50-50 balance.
Most notable exceptions are in the Northeast, Chicago metro area, and in the Western states. (See Second Quarter chart.) Home buyers outnumber sellers by considerable margins in Chicago and the West, while sellers outnumber buyers in the Northeast.
Additional proof of a balanced nationwide housing market between buyers and sellers was reported by the National Association of Realtors, which estimated a 6.5 month supply of unsold homes in its May report. An inventory supply of 5.5 to 6.0 months is considered balanced.
The second quarter national survey also found:

100% mortgages for home buyers, 100% mortgages home loan, 2nd mortgage of 100% of equity of home, 35 year fixed rate first time home buyer loan,

Reverse Mortgage . Fifty-six percent of real estate agents said it is now on average, taking more than 60 days from listing to contract to sell a house. This is up from 55% in the first quarter and 35% a year ago. Twenty- eight percent said it is taking more than 90 days to contract. Only 15% of existing homes for sale are selling in 30 days or less.

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Mortgage Quote . Housing inventories are continuing to increase: 86% now report a good supply of homes in virtually all price ranges. This is up from 81% in the first quarter and 38% a year ago.
. Sixty-six percent of member agents reported that annual home price appreciation is now five percent or less. This is down from 8-10% a year ago. Home price appreciation of more than 10% is now 16%, on average.

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Florida Mortgage . The percentage of home sellers getting 95% or more of asking prices is currently 68%, compared to 90% a year ago. Three months ago it was 75%.

When selling a home by owner, you don't have to leave the house because a Real Estate Agent wants to show it, or clean it every morning before leaving "just in case". You know when potential home buyers are coming, and can therefore prepare accordingly. And when a home buyer makes an offer, there' forth telephone tag between real estate agents to reach an agreement. It can be done in minutes, and end with a friendly handshake and smile between the buyer and seller.

California Mortgage Loan . Multiple offers from home buyers are also down substantially. Currently, the estimate is 32%. It was 39% in the first quarter and 70% a year ago.

Florida Mortgage Loan . First-time buyers still account for one of three homes for sale nationally. Repeat and move-up buyers are most active in higher priced real estate markets. Recent home price appreciation and rising mortgage rates & interest rates have had only a minimal negative effect on first-time buyers, on average. Exceptions are marginal qualifiers.

California Mortgage "We welcome a balanced, more orderly marketplace for both the consumer and real estate professionals," said Michael Bearden, president and CEO of HouseHunt, Inc. "Double-digit price appreciation is simply not sustainable for a multi-year period and will eventually drive away entry level buyers."

Bad Credit Loan Mortgage
Second Quarter Current Market Conditions Survey: Regional Results

Commercial Mortgage U.S. South Midwest Northeast West California* Chicago*

Lowest Mortgage Rate More Buyers
41% 40% 49% 30% 47% 39% 50%
More Sellers
40% 44% 30% 50% 34% 41% 19%

Gmac Mortgage 50-50
19% 16% 21% 20% 19% 20% 31%

Mortgage Payment
Time on Market:

Mortgage Marketing 0-60 days
44% 35% 31% 48% 49% 49% 35%

Reverse Mortgage For Senior More than 60 days
56% 65% 69% 51% 51% 51% 65%

Mortgage Interest Rate Sale vs. Ask Price:

2nd Mortgage Rate 90-95%
35% 35% 29% 37% 26% 29% 34%

Florida Refinance Mortgage 95% -100% Plus
65% 65% 71% 63% 74% 71% 66%

Current Mortgage Rate Annual Apprec.:

Home Mortgage Rate 5% or less
66% 57% 70% 73% 65% 75% 61%

Best Mortgage Rate 5-10%
18% 30% 20% 19% 15% 11% 31%

Texas Mortgage Rate More than 10%
16% 13% 10% 8% 20% 14% 8%

2nd Mortgage Inventory:

National City Mortgage Good Supply
86% 86% 90% 96% 83% 90% 92%

Florida Mortgage Lender Limited Supply
14% 14% 10% 4% 17% 10% 8%

Texas Mortgage Refinance Multiple offers:

Low Mortgage Rate Yes
32% 35% 33% 34% 32% 18% 55%

Mortgage Insurance No
68% 65% 67% 66% 68% 82% 45%

Bad Credit Mortgage Refinance Activity:

Interest Only Mortgage First Time Buyers
33% 34% 41% 47% 42% 44% 35%

Second Mortgage Bad Credit Move-Up & Repeat
67% 66% 59% 53% 58% 56% 65%

Well Fargo Mortgage *California survey percentages are included in both U.S. and West results.
**Chicago Metro survey percentages are included in both .U.S. and Midwest results.

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Monte Helme is a national public relations consultant with HouseHunt, Inc. Visit real estate listings and search MLS to find homes for sale or search current home prices in your area.

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Mortgage Washington Monte Helme is a national public relations consultant with HouseHunt, Inc. Previously, he was vice president of public relations and publications for Century 21 Real Estate Corp.; vice president of communications for AmeriNet Financial Services (now LendingTree); assistant city editor/Orange County for the Los Angeles Times. View his websites for real estate information including homes for sale and what is my home worth, powered by HouseHunt, Inc.

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