The long-term viability of America's housing finance market requires comprehensive reform of the secondary mortgage market. Toward that end, the National Association of Realtors® supports H.R. 2413, the "Secondary Market Facility for Residential Mortgage Act of 2011."
Most Americans still believe that owning a home is a solid financial decision, and a majority of renters aspire to home ownership as a long-term goal. According to the 2011 National Housing Pulse Survey released today by the National Association of REALTORS®, 72 percent of renters surveyed said owning a home is a top priority for their future, up from 63 percent in 2010.
In its Primary Mortgage Market Survey for the week ending June 30, 2011, Freddie Mac reported that the 30-year fixed-rate mortgage (FRM) for the Northeast remained at 4.51 percent with an average 0.7 point.
The 15-year FRM for the Northeast dropped slightly this week, falling from 3.69 percent to 3.68 percent with an average 0.7 point.
Nationally, the 30-year FRM averaged 4.51 percent, up from 4.5 percent the week prior, while the 15-year FRM remained at 3.69 percent.
Back in June 2006, when the housing market peaked, the prospect of a five-year national housing bust seemed unimaginable to most people. And yet here we are, with the latest Standard & Poor's Case-Shiller index showing that prices hit new bear-market lows, falling back to 2002 levels nationally and to 1990s levels in some battered regions.
Despite all the gloom, however, there are growing indications that it is a good time to buy.
Homeowners and non-owners both consider owning a home essential to the American Dream, despite the ups and downs of the nation's housing market, according to a recent poll from the National Association of Home Builders (NAHB).
With a cost of living about 18 percent below the U.S. average, according to Sperling's BestPlaces, Syracuse is an affordable city. While its population shrank slightly in the past 10 years, according to 2010 U.S. Census data, other areas in the county have grown, including Pompey, Cicero, and Lysander. Upstate University Health System and Syracuse University are among the area's major employers, according to the county website.
Nationwide housing affordability during the first quarter of 2011 rose to its highest level in the more than 20 years it has been measured, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data released today.
Congress is discussing changes to the Federal Housing Administration that could have a significant impact on home buyers, sellers, and the future of the real estate market here in Central New York. Some of these proposed changes would raise the minimum down payment for FHA-insured mortgages to 5 percent, as well as allow FHA loan limits to revert to 115 percent of a county's median home price.