Author bio section

I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.

Home sales jumped in October, rising far more than expected as First Time Home Buyer Tax Credit offset fears about joblessness.

Sales of existing homes increased by 10.1% to a 6.10 million annual rate from 5.54 million in September, the National Association of Realtors (NAR) said Monday.

Total housing inventory at the end of October fell 3.7 percent to 3.57 million existing homes available for sale, which represents a 7.0-month supply at the current sales pace, down from an 8.0-month supply in September.

The supply of homes on the market is now at the lowest level in over two-and-a half years getting closer to a general balance between buyers and sellers,NAR chief economist Lawrence Yun said.

Even though the US unemployment rate is at 10.2% and rising, the tax credit, low prices and mortgage rates have drawn in buyers. The median price for an existing home continued to take a dip last month. It was $173,100, down 7.1% from $186,400 in October 2008. The average 30-year mortgage rate was 4.95% in October, down from 5.06% in September, Freddie Mac data showed.

Related Post – New & Improved Home Buyer Tax Credit

Where do you think the real estate market in your area heading? Feel free to post your comments below.

WQ8SGVZH6M4K

Related Posts

  • 90
    In the summary of Fed's late-April meeting released yesterday, there were some important pointers to the economy: Fed officials saw the economy contracting between 1.3% and 2% this year and the GDP was only expected to advance 2%-3% next year. The Unemployment rate is expected to end 2009 between 9.2%…
    Tags: housing, time, expected, county, $, price, economy, year, unemployment, rate
  • 85
    Affordability Index has been dropping in Santa Clara county. California Association of Realtors (C.A.R.) measures First-time Buyer Housing Affordability Index (FTB-HAI) on a quarterly basis. This measures the percentage of households that can afford to purchase an entry-level home in California. The higher the index, more affordable it is for…
    Tags: buyer, median, santa, clara, rate, county, price, existing, homes, $
  • 83
    Starting this month I will be writing about the monthly Home Sales/Real Estate trends in Bay Area. Look out for this update between 15th and 20th of every month. The update will be for month before. Data Quick reported that Home Sales in the Bay Area jumped to their highest…
    Tags: $, area, month, sales, data, median, price, percent, market, real
  • 80
    Your weekly dose of economy and mortgage market news that affects mortgage rates for San Jose Home Home owners and buyers. The Week that was: Another bad week for the bond and mortgage markets. The 10 yr treasury note and mortgage rates have now increased 60 basis points in the…
    Tags: mortgage, year, rates, percent, market, real, estate, trends, economy, pending
  • 79
    Data Quick reported that Bay Area home sales bucked the seasonal norm and fell last month from July, though they remained higher than a year ago for the 12th consecutive month. The region overall median sale price also declined as a greater portion of sales occurred in more lower priced…
    Tags: $, percent, sales, area, real, estate, trends, time, buyer, seminar