Aloha & Good Morning!
Short sales dominated the markets for the past few years. For frustrated homeowners that were unable to stay in their home it became a viable option and gave another choice other than foreclosure. For buyers who wanted to get a good deal it was one of their first choices. Yet, the time and effort that is needed to close a short sale is very long and tedious and can take months upon months. There is some recent data that shows that short sales have slowed down for first-time home buyers. The trend has been going down for three months and is probably due to the large amount of time it takes to close the deal. For buyers who are willing (and able) to wait out the process it may still be a good option. The best advice for both buyers and sellers in a short sale process is that they need to be patient and flexible.
Maui is working on this process too. As we see more and more of the short sales and REO's close through the sales process we will also see a new market emerge that is more normal and what we are accustomed to.
Read the article: First Time Buyers Losing Interest in Short Sales
Looking for more great articles, videos and advice? Check out the Real Estate Sales Maui Team on FACEBOOK, TWITTER and BLOGGER.
Looking for the current foreclosures on Maui? Click HERE.
Lender Corner by Craig Haueisen
In a welcome sign of strength, existing home sales rose 7.7% in August to a seasonally adjusted annual rate of 5.03 million units from an upwardly revised 4.67 million units in July. The inventory of unsold homes on the market decreased to 3.577 million, an 8.5-month supply at the current sales pace, down from a 9.5-month supply in July.
The National Association of Home Builders/Wells Fargo monthly housing market index fell one point in September to 14. An index reading below 50 indicates negative sentiment about the housing market.
Retail sales fell 1.2% for the week ending September 17, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 3.4%.
The combined construction of new single-family homes and apartments in August fell 5% to a seasonally adjusted annual rate of 571,000 units. Single-family starts decreased 1.4%. Multifamily starts fell 13.5%. Applications for new building permits, seen as an indicator of future activity, rose 3.2% to an annual rate of 620,000 units.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending September 16 rose 0.6%. Refinancing applications increased 2.2%. Purchase volume fell 4.7%.
The index of leading economic indicators — designed to forecast economic activity in the next three to six months — rose 0.3% in August, following a 0.5% increase in July.
Initial claims for unemployment benefits fell by 9,000 to 423,000 for the week ending September 17. Continuing claims for the week ending September 10 fell by 28,000 to 3.7 million.
Upcoming on the economic calendar are reports on new home sales on September 26, the housing price index on September 27 and pending home sales on September 29.
Craig Haueisen is a Loan Officer with Prospect Mortgage. Please feel free to email him or call him for any of your Mortgage needs.
Office: 808-298-7549 or Email: craig.haueisen@prospectmtg.com
Click here to visit Craig's website and apply online: http://myprospectmortgage.com/CHaueisen
Maui is working on this process too. As we see more and more of the short sales and REO's close through the sales process we will also see a new market emerge that is more normal and what we are accustomed to.
Read the article: First Time Buyers Losing Interest in Short Sales
Looking for more great articles, videos and advice? Check out the Real Estate Sales Maui Team on FACEBOOK, TWITTER and BLOGGER.
Looking for the current foreclosures on Maui? Click HERE.
In a welcome sign of strength, existing home sales rose 7.7% in August to a seasonally adjusted annual rate of 5.03 million units from an upwardly revised 4.67 million units in July. The inventory of unsold homes on the market decreased to 3.577 million, an 8.5-month supply at the current sales pace, down from a 9.5-month supply in July.
The National Association of Home Builders/Wells Fargo monthly housing market index fell one point in September to 14. An index reading below 50 indicates negative sentiment about the housing market.
Retail sales fell 1.2% for the week ending September 17, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 3.4%.
The combined construction of new single-family homes and apartments in August fell 5% to a seasonally adjusted annual rate of 571,000 units. Single-family starts decreased 1.4%. Multifamily starts fell 13.5%. Applications for new building permits, seen as an indicator of future activity, rose 3.2% to an annual rate of 620,000 units.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending September 16 rose 0.6%. Refinancing applications increased 2.2%. Purchase volume fell 4.7%.
The index of leading economic indicators — designed to forecast economic activity in the next three to six months — rose 0.3% in August, following a 0.5% increase in July.
Initial claims for unemployment benefits fell by 9,000 to 423,000 for the week ending September 17. Continuing claims for the week ending September 10 fell by 28,000 to 3.7 million.
Upcoming on the economic calendar are reports on new home sales on September 26, the housing price index on September 27 and pending home sales on September 29.
Craig Haueisen is a Loan Officer with Prospect Mortgage. Please feel free to email him or call him for any of your Mortgage needs.
Office: 808-298-7549 or Email: craig.haueisen@prospectmtg.com
Click here to visit Craig's website and apply online: http://myprospectmortgage.com/CHaueisen
