Central New York Housing News

Mortgage Loan Applications Increase

Applications to purchase homes rose 1.5 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association.

The unadjusted purchase index also rose 1.5 percent, and it was up 7.1 percent compared to four weeks ago. Compared to the same week a year ago, it was down 33.7 percent. For the third straight week, government-backed loans, especially Federal Housing Administration loans, drove the increase, with government loan volume rising 3.4 percent compared to last week.

Mortgage rates were remarkably low:

Freddie Mac: Mortgage Rates Remain Steady for Northeast

In its Primary Mortgage Market Survey for the week ending July 29, 2010, Freddie Mac reported the 30-year fixed-rate mortgage (FRM) for the Northeast averaged 4.55 percent with an average 0.7 point, remaining the same as last week's average.

The 15-year FRM averaged 4.04 percent with an average 0.7 point for the Northeast, down slightly from last week's 4.05-percent average.

U.S. Commerce Department: New home sales jump for Northeast in June

Sales of new single-family houses in the Northeast in June were up 46.4 percent to a seasonally adjusted annual rate of 41,000, according to a release by the U.S. Commerce Department. May's annual rate was 28,000.

Nationally, new home sales were at a seasonally adjusted annual rate of 330,000. This is 23.6-percent above the revised May rate of 267,000 and 16.7-percent below the June 2009 total of 396,000.

New York State second quarter home sales jump 71 percent from first quarter

The New York state housing market continued its strong start to 2010 as second quarter sales, helped by a record-setting June sales total, jumped more than 71 percent from the first quarter, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The 2010 second quarter statewide median sales price grew by nearly 12 percent compared to the 2009 second quarter, despite falling by 5 percent from the first quarter of 2010.

"The New York State housing market has clearly benefited from the federal homebuyer tax credit," said Duncan R. MacKenzie, NYSAR chief executive officer. "The proof is in the 24,327 sales that closed in the 2010 second quarter and especially in the 11,230 new homeowners in June."

Thousands of Rural Home Buyers Aided by Passage of Housing Funding Measure

The restoration of the single-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate today and is on its way to President Obama.

The National Association of Realtors® has vigorously lobbied to restore funding for the rural program since last March, and hailed this development as a great victory for rural home buyers.

June New Home Sales Beat Analyst Expectations

Sales of new single-family houses in June 2010 rose to a seasonally adjusted annual rate of 330,000, up from historic lows in May, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. The growth beat analyst expectations of 310,000 units in June after the rate plummeted to 300,000 in May. The June rate fell toward the larger end of economists' consensus range of 280,000 to 350,000 units.

New York's Consumers See a Bright Future for the Real Estate Market

The New York State Association of REALTORS, in partnership with the Siena Research Institute (SRI) released the first-ever quarterly New York State Consumer Real Estate Sentiment scores for the 2010 second quarter. Overall, the survey found New York consumers are negative about current real estate market, but optimistic about the future. They feel that it is a very good time to buy, but a poor time to sell. Selling prospects increase over the next year and buying remains positive, indicating high hopes for the future of the New York real estate market.

Great Second Quarter Results

REAL Trends Housing Market Report 2nd quarter 2010 results

The Northeast region saw the greatest increase in closed housing sales comparing the 2nd quarter of 2010 to the same quarter of 2009. Unit sales were up 29.4 percent in the second quarter in the Northeast. The Midwest had the second biggest increase up 18.9 percent over the 2nd quarter of 2009. Nationally, units were up 17.5 percent in the 2nd quarter of 2010 over the same period of 2009.

Frugal Tips for Making a Home More Appealing

Homeowners who want to sell but don't have a lot of cash to spruce up their properties might consider these tips from Bankrate.com for upgrading a property without spending a fortune.

Polish up the kitchen. Add new cabinet door handles, replace lighting and update the faucet set. Unless the cabinets are mica, give them a fresh coat of paint. Order new doors for kitchen appliances.

Global Interest in U.S. Homeownership Gains

International home buyers are increasingly attracted to property in the U.S., according to the National Association of REALTORS®' 2010 Profile of International Home Buying Activity. Several factors, including the strength of the dollar, the value and desirability of U.S. real estate, and the emerging economic recovery, continue to drive international interest in owning a home in this country.