Existing Home Sales surged 12 percent last month, closing 2010′s housing market with strength. An "existing home" is a home that cannot be categorized as new construction; a resale. According to the National Association of REALTORS®, seasonally-adjusted, annualized Existing Home Sales figures climbed by more than a half-million units in December as compared to November. It's the 3rd straight month of home resale improvement nationwide. Sales volume is now as high as it's been since May 2010 - just after the federal home buyer tax credit's expiration. In addition, the number of months needed to sell the complete, current home inventory at the current pace of sales fell by 1.4 months, tying December for the biggest one-month home supply improvement in 2 years. It's yet another signal that... 01/26/2011

Each month, in conjunction with the Department of Housing and Urban Development, the Census Bureau releases its New Residential Construction report. The report is comprised of several sections, one of which counts the number of homes that have "broken ground" in Wisconsin and nationwide. They're called "Housing Starts" and, by most measures, they faded quickly as 2010 came to a close. According to the Census Bureau's report, Housing Starts of single-family homes fell to 417,000 units on a seasonally-adjusted, annual basis. The figure marks a 9 percent drop-off from November, and is the lowest reading since May 2009. Not surprisingly, the press went bearish on housing post-release: U.S. Home Building Stuck Near 50-Year Lows (AFP) Housing Starts Slowed Sharply In December (New York Times... 01/26/2011

Homebuilder confidence held firm for the second straight month this month, according to the National Association of Home Builders. The monthly Housing Market Index registered 16 out of a possible 100. January's reading is three points higher than the 2010 low-point, set in September, and in-line with last year's average reading. According to the NAHB, the market for newly-built, single family homes remains relatively weak "following a below-expectations finish in 2010″. Builders expect a better 2011. The Housing Market Index dates to 1985. It's a composite of surveys which gauge the builders' perceptions of the new home-buying market. There are 3 surveys and they ask: How would you rate market conditions for sales of new homes today? How would you rate market conditions for sales of new... 01/19/2011

Mortgage markets worsened last week on a turn-around in sentiment across the Eurozone. The sort of "safe haven" buying that had buoyed mortgage bonds since the New Year dissipated, and mortgage rates resumed climbing. Last week marked the first week since the end of 2010 that mortgage rates have risen, breaking a 2-and-a-half-week rally. Conforming and FHA mortgages in Minnesota increased in rate by roughly 1/8 percent. Last week was data-sparse so mortgage markets took their cues from Europe - specifically Portugal and Spain. There have been lingering concerns that the two countries might default on their respective national debts. The development has a similar feel to what transpired in Greece in April of last year, and that may be why markets are reacting in much the same manner. At ... 01/18/2011

According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings nationwide dropped for the second straight month in December. After falling 21 percent in November, filings were down by an additional 2 percent in December. "Foreclosure filing" is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions. Like most months, a small number of states dominated December's national foreclosure figures. 6 states accounted for more than 50 percent of all bank repossessions. California : 17% of all repossessions Florida : 11% of all repossessions Arizona : 6% of all repossessions Michigan : 6% of all repossessions Texas : 6% of all repossessions Nevada : 4% of all repossessions December's foreclosure filings fell to its lowest levels since June ... 01/18/2011

Consumers keep spending, the economy keeps growing. Mortgage rates are easing lower this morning on just-released, slightly worse-than-expected Retail Sales data from December 2010. Excluding motor vehicles and auto parts, December's sales receipts were $1.5 billion higher from November. Analysts had expected a number north of $2 billion. Despite falling short of estimates, however, December's reading is the highest in Retail Sales history, surpassing the previous record set in July 2008, set during the recession. In addition, December's strong numbers helped 2010′s year-over-year numbers go positive for the first time in 3 years. Although the data is a mixed bag for Wall Street, home affordability in Plymouth is improving today. The link between Retail Sales and home affordability may ... 01/18/2011

For some homeowners, electing to take an adjustable rate mortgage over a fixed rate one can be matter of budgeting. ARMs tend to carry lower mortgage rates and, therefore, lower monthly mortgage payment as compared to a comparable fixed rate loan. Relative to fixed rate mortgages, current ARM pricing is excellent. Freddie Mac's weekly Primary Mortgage Market Survey puts the 5-year ARM mortgage rate lower than the 30-year fixed rate mortgage rate by 1.02 percent. On a $250,000 home loan, a 1.02 differential yields a payment savings of $149 per month. ARMs are not for everyone, of course. Over time their rates can change and that can frighten people. An ARM can finish its respective 30-year lifespan with a mortgage rate as much as 6 percentage points higher from where it started. Some ho... 01/18/2011

Visit msnbc.com for breaking news, world news, and news about the economy Credit card debt, left unchecked, can pile up quickly. Especially for debtors making minimum payments.   According to the Federal Reserve, a credit card balance of $5,000 at 23.99 percent APR won't pay off for 16,127 years. That's one reason why it's important to manage your credit card rates, and renegotiate them whenever possible. In this 4-minute piece from NBC's The Today Show, you'll learn the tested tactics that can cut a credit card rate, and get monthly payments to a more manageable range. And it's do-it-yourself - no debt management firms required. Some of the tips in the video include: Compare your current rate to the rate offered to new customers. Ask the lender for "new customer rate" if it's lower. I... 01/18/2011

Here is a list of actual reasons buyers have told me they needed to move into their own home. Please enjoy and if you are in an apartment or at Mom and Dads still and need a change, call or email me!   1) Sick of Mom and Dad making out in front of you.  Your 30.. get out of their house! 2) Tired of hearing the thundering heard about your head. 3) You could do without the stench of Pot smoke wafting into your apartment windows. 4) Your allergic to curry!  5) Your dog is 26lbs. 6) You can't Play your drums after 10pm. or ever for that matter without neighbors pounding on your door. 7) Your tired of that pounding noise on your wall every night. 8)  Your tired of all your FedEx packages from QVC disappearing. 9) You don't like an aucience when singing in the shower. 10) Need room for the ba... 01/14/2011

Plymouth MN is a desirable city located approx 15 minutes Northwest of Minneapolis MN. Voted Money Magazine #1 places to Live in 2008. Also Known for Wayzata school district #284. Click the link to view year end 2010 Market stats in Plymouth MN http://www.mplsrealtor.com/downloads/lmu/Plymouth.pdf   For more details on your city or Neighborhood please contact me via email Aaron@ListWithLowe.com Aaron Lowe | Re/Max Results www.ListWithLowe.com www.vipMNhomes.com t (952) 475-8009 c (952) 200-4481 f (866) 691-5069 e Aaron@ListWithLowe.com *information courtesy og the minneapolis association of realtors*     01/13/2011

Mortgage markets gained last week as a combination of safe-haven buying and an improving economic outlook attracted new buyers. Demand for mortgage-backed bonds outweighed supply and conforming and FHA mortgage rates edged lower. Last week marked the second straight week that mortgage rates fell in and around Minnesota. Rates had risen over the previous 7 weeks. According to Freddie Mac's weekly mortgage rate survey, the national average rate for a 30-year fixed rate mortgage is 4.77 percent with an accompanying 0.8 points required. This week, with no new data due for release, look for last week's two biggest stories - jobs and debt - to carry forward. The first such story relates to jobs. Friday, the Bureau of Labor Statistics released its monthly Non-Farm Payrolls report. Consensus es... 01/10/2011

On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls report. More commonly called "the jobs report", the government's data include raw employment figures and the Unemployment Rate. The jobs report hit the wires at 8:30 AM ET today. It's making big waves in the mortgage market and may help home affordability for buyers in Minneapolis this weekend, and would-be refinancers across Minnesota. For this month, and for the rest of 2011, employment data will figure big in mortgage markets. 7 million jobs were lost in 2008 and 2009. Fewer than one million jobs were recovered in 2010. For the economy to fully recover, analysts believe that jobs growth is paramount. Consider how job creation influences the economy: More jobs means more income and more sp... 01/10/2011

Starting April 1, 2011, loan-level pricing adjustments are increasing. Most conforming mortgage applicants will face higher loan costs. Loan-level pricing adjustments are mandatory closing costs. They're assigned by Fannie Mae and Freddie Mac, and based on a loan's specific risk to Wall Street investors. First constructed in April 2009, loan-level pricing adjustment are a means to help Fannie Mae and Freddie Mac compensate for "riskier loans" by bolstering their respective balance sheets. Since the initial roll-out, Fannie and Freddie have amended adjustments five times. The pending April adjustment will be the 6th revision in two years. No class of conforming borrower is exempt from LLPAs. Each loan delivered to Fannie Mae is subject to a quarter-percent "Adverse Market Delivery Charge... 01/10/2011

The Federal Reserve released its December 14 meeting minutes Tuesday afternoon. There wasn't much there to disturb mortgage markets, thankfully. The "Fed Minutes" is an official recap of the most recent meeting of the Federal Open Market Committee. It's published 8 times annually, 3 weeks after the FOMC adjourns. The Fed Minutes is similar to the meeting minutes released after a corporate conference or condo association gathering in that they provide additional details about the conversation and debate that occurred between meeting attendees. The Fed Minutes are a lengthy companion to the Federal Reserve's brief, more well-known, post-meeting press release. But, whereas the press release is measured in paragraphs, the minutes are measured in pages. Here is some of what the Fed discussed... 01/05/2011

The housing market continues to expand, and surprise. According to the National Association of REALTORS®, November's Pending Home Sales Index gained 3 percent from October. A "pending home sale" is a home under contract but not yet closed.  The index is now at its highest point since April 2010′s federal tax credit contract expiration deadline. If the tax credit really did "borrow" sales from the summer months, as has been theorized, housing has rebuilt its foundation.  We know this because, of all the housing data available to Plymouth  homeowners and home buyers, the Pending Home Sales Index stands apart as a forward-looking report - its designed purpose as described in its methodology. Because 80% of all homes under contract close within 60 days, and a statistically significant share... 01/04/2011

Mortgage markets improved last week during a snow- and holiday-thinned series of sessions on Wall Street. Mortgage bonds improved on year-end profit-taking, mostly, leading conforming mortgage rates in Wisconsin lower. Last week marked the first calendar week in which mortgage rates dropped since early-November, a pleasing development for rate shoppers and home buyers. Falling rates means lower monthly mortgage payments. But don't expect for rates to improve again this week, however. Last week's gains were the result of extremely low trading volume and a close-out of 2010 mortgage bond positions. With markets re-opened for 2011, and Wall Street back at full volume, mortgage rates may resume rising. There will be a lot of data and information on which for mortgage bonds to trade, too. Th... 01/04/2011

The Case-Shiller Index posted awful numbers in its most recent reading. Each of the index's 20 tracked markets showed home price deterioration between September's and October's respective report. Some markets fell as much as 2.9 percent. The drop in values is nothing about which to panic, however. The Case-Shiller Index is just re-reporting what we already knew. It's a common theme with the Case-Shiller Index, actually; a trait traced to the report's methodology. The Case-Shiller Index is an imperfect housing indicator with 3 inherent flaws. The first flaw is that the index makes use of a limited data set, tracking values in just 20 cities nationwide. That data set is then projected across the more than 3,100 other municipalities in the United States. The "national figures", therefore,... 01/04/2011

With 2010 coming to a close, the "experts" are out in full force, making predictions for next year's housing and mortgage markets on business television and in the papers. Predictions for 2011 are wide-ranging: Some say home prices will rise in 2011 Some say home prices will fall in 2011 Some say mortgage rates will rise in 2011 Some say mortgage rates will fall in 2011 The problem with housing and mortgage predictions is that - like all predictions - they're just educated guesses about the future. Nobody knows what will really happen with the housing and mortgage markets in 2011. All anyone can do is theorize. As laypersons, though, it can be hard to separate theory from fact. Television can make that task even more difficult at times. As an example, when a well-dressed economist goes ... 01/04/2011

Like most housing data in November, the most recent New Home Sales report showed sales volume increasing last month, and home supplies falling. According to the U.S. Department of Commerce, sales of new, single-family homes increased to 290,000 in November on an annual basis, a figure equal to the New Home Sales 6-month rolling average, and a 6 percent improvement from October. At the current pace of sales, the national supply of new homes for sale will be exhausted in 8.2 months - a strong 0.6-month improvement from October. This data is consistent with the most recent Existing Home Sales report. It showed sales volume rising 6 percent, too, and a similarly-strong inventory drop. For the housing market in Minneapolis , it's another step in the right direction. Since May's post-tax cred... 01/04/2011

Mortgage markets worsened again last week as the holiday-shortened sessions did little to buck recent momentum. Although Freddie Mac reported mortgage rates dropping 0.02% from the week prior, loan officers on the street will report the opposite. Rates did not fall last week. Conforming mortgage rates in Minnesota moved higher for 7th straight week. For rate shoppers and home buyers, it's been a harrowing two months.   Since the Federal Reserve announced its QE2 program November 3, 2010, mortgage rates have moved from all-time lows to 7-month highs. Mortgage payments now cost $38 more per month per $100,000 borrowed as compared to the day before the stimulus was announced. Mortgage rates look poised to increase again. Here's why. A major reason why mortgage rates were so low, for so lon... 01/04/2011