According to a recent article on RealtyTimes.com, real estate price reductions have hit an all-time high (27%) after four consecutive months of reductions. The article states that these reductions equate to nearly $30.7 billion across the United States. Phoebe Chongchua reported that “anxious sellers, watching prices decrease, have gotten aggressive in their pricing.”
As homes sit on the market after the summer months it is not surprising owners are becoming increasingly more concerned that they are not going to be able to sell their properties until the season kicks into full gear again in the spring. While buyers may be reluctant to buy when prices are continuing to drop in some areas, now may be the perfect time to finance a new home. Mortgage rates are still near historic lows and real estate prices are more affordable than any time in recent memory. Trying to time any investment can be tricky business and betting that real estate prices will continue to fall and that mortgage rates will remain this low for a prolonged period of time may be a risky bet.
You can read more of Ms. Chongchua’s article here: http://realtytimes.com/rtpages/20101105_prices.htm
If you would like to discuss financing options and current mortgage rates, please give us a call at 800-316-9508 for more information.
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Freddie Mac’s most recent mortgage rate survey showed rates rates moving in different directions last week. 30 year rates rose slightly from 4.23% up to 4.24% with .8 pt average. On the flip side, 15 year fixed rate mortgages dropped from 3.66% down to 3.63% with .7 pt average. 5 year Treasury-indexed ARM rates also fell slightly dipping down to 3.39% with .6. This is down from from 3.41%. Frank Nothaft, Freddie Mac VP and chief economist, noted that fixed rates remained fairly consistent while ARM rates fell to all-time lows.
According to the most recent Freddie Mac mortgage survey, released on October 28th, 2010, 30 year and 15 year fixed mortgage rates inched upward for the second consecutive week (although very slightly). The 
