Current Mortgage Interest Rates

Here are the current rates from one local lender:

30 yr fixed 4.375% purchase; 4.625% refinance

20 yr fixed 4.125% purchase; 4.25% refinance

15 yr fixed 3.50% purchase; 3.625% refinance

10 yr fixed 3.375% purchase; 3.625% refinance

Existing Home Sales Nationwide

The National Association of Realtors has just published an article about existing home sales which shows strong gains across the country. Here's the link:

http://economistsoutlook.blogs.realtor.org/2013/06/28/existing-home-sales-by-price-category/

U S Home Prices Continue to Climb

Home Prices Post Biggest Jump in 7 Years

Home prices are moving up at a quicker pace, rising in May by their largest annual amount in more than seven years with more to come, according to the latest report released by CoreLogic. 

Home prices increased 2.6 percent in May over April and have shot up 12.2 percent compared to last year’s prices according to CoreLogic economists who predict that home prices will rise by another 2.9 percent in June, making the yearly price gain 13.2 percent year-over-year. 

Tight inventories of homes for sale across the nation seem to be the driving factor with pent up demand and low interest rates adding to the action.   

When including distressed sales, the following five states have seen the highest home appreciation in the past year, according to CoreLogic:

• Nevada: +26%
• California: +20.2%
• Arizona: +16.9%
• Hawaii: +16.1%
• Oregon: +15.5%

What are home prices doing in the Grand Strand?  Check SiteTech Systems latest report at:http://www.sitetechsystems.com/Grand_Strand_Market_Report.pdf

Pictures from the Memorial Day Parade

April Home Prices See Biggest Yearly Gain in 7 Years

Nationwide, the housing recovery has picked up speed and many parts of the country are seeing a return of multiple offers, house flippers (gasp!) and a tight supply of available homes.

CoreLogic's home price index rose 12.1 percent in April over year ago levels--a huge rise that is not sustainable--they predict a 2.7 percent rise in May when that data is available.

These states has the largest price gains over the past year, but remember, they're among those that fell the most:
Nevada up 24.6%, California up 19.4%, Arizona up 17.3%, Hawaii up 17% and Oregon up 15.5% 

Most of these states have a long way to go to get back to pre housing bust levels. (Remember the math: if a property fell 50%, it has to go up 100% to get back to where it started.)

In the Grand Strand, prices and sales are up more modestly, which is good.  The May report from SiteTech Systems can be found at: SitetechSystem's Grand Strand Market Report for May 2013.

Why is it good we're up more modestly?  Easy, let's learn from recent history; a slow steady improvement in our market is a whole lot better than disruptive large fluctuations.  April's 12.1% national increase is not sustainable and if I'm wrong and it is: What's that called?  A bubble; been there, done that, don't want to do it again!