Certain sides of a house or anything in particular receive the brunt of the punishment of the weather. Here in Western WA, it seems to be primarily Southern & Western exposure. The combination of the sun, wind, rain, and varying degrees can wreak havoc on wood. I am here at an inspection with an inspector and former builder who gives a good tidbit on how to address a weather battered side of a house or deck made of wood.
Sales of previously owned U.S. homes rose more than anticipated in August as investors used cash to buy distressed properties. (At a personal level, I have come across numerous homes in a distressed situation with multiple offers waiting for a lender’s decision. This is becoming more of the norm than the exception.)
Purchases of existing houses, which are tabulated when a contract closes, increased 7.7 percent to a five-month high 5.03 million annual rate, figures from the National Association of Realtors showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 4.75 million rate. (entire story)
Real estate markets in California dominate a list of metro areas with the steepest percentage-based decline in home values over the past five years.
Data prepared by online real estate valuation and search company Zillow — based on the company’s home-value estimates and its Zillow Home Value Index, which is generated from those value estimates — reveals that six of the 10 metros with the most severe 5-year fall in value are in California, while two are in Florida and the other markets are in Arizona and Nevada.
The five-year declines in estimated value range from 67.6 percent to 55.6 percent, while the estimated dollar-value declines range from to $382,115 to $125,243.
Seattle-area home prices rose in June for the second straight month, according to the Case-Shiller home-price index.
Nationally, the index was up for the third straight month, numbers for June released Tuesday showed.
In the Seattle metropolitan area, which includes King, Snohomish and Pierce counties, prices rose 0.7 percent between May and June, according to Case-Shiller. The 20-city composite index — which includes Seattle — was up 1.1 percent for the month.
Richard Florida, author, analyst, champion of great cities – and a fellow writer for The Atlantic – has picked 10 great city neighborhoods on the rise for USA Today. These were mostly a bit gritty not long ago, but are now adding vitality practically by the day and embodying the rebirth of US cities.
South Lake Union, Seattle. “Tech start-ups have helped revitalize this once-derelict neighborhood, soon to be home to the headquarters of Amazon.com and the Bill and Melinda Gates Foundation. ‘This is what the new urban creative economy looks like,’ Florida says.”
The mortgage interest rate markets are subject to an enormous number of factors. Most analysts agree that weather can have an effect on market activity. Although the effects are seldom long lasting, they can be quite significant.
The United States is the world’s largest exporter of corn. Relatively rainy weather across the Midwest portions of the United States can delay the planting of corn. This often causes corn prices to escalate. Sometimes corn farmers plant more acres of corn than analysts expect. Larger corn crops can cause prices to fall. Lower corn prices can carry over to lower food prices for some items. The weather also has the potential to directly alter fuel prices. As we enter the hurricane season, many oil and gas fields in the Gulf along with refineries along coasts are susceptible to damage. If this were to occur, oil prices would almost surely rise sharply. Rising oil prices would do little to help keep inflationary fears in check. The result would most likely be higher rates.
(Information provided by Trevor Reese of Wells Fargo)
The new limits are technically only good through December 31, 2011. It is entirely possible that the limits may change again for 2012. (Information provided by David Henn of Landover Mortgage)
If you take mortgage-interest tax deductions, the next 100 days could have significant financial implications for you, thanks to Congress’ federal debt-ceiling plan.
Though the compromise legislation involved no new taxes, it created an unusual mechanism — an evenly split, 12-member bipartisan super-committee — that could call for major cutbacks in real-estate write-offs by Thanksgiving.
All it will take is a single vote by a lone senator or House member who breaks with his or her party to put the mortgage-interest deduction into serious play.
Here is what’s about to unfold and how it could affect you:
The legislation signed by the president Aug. 2 calls for a two-step increase in the federal debt ceiling plus spending cuts of about $917 billion. It also created the Joint Select Committee on Deficit Reduction with the goal of slashing an additional $1.5 trillion from the deficit over the coming decade.
With the Dow Jones Industrial Average down more than 400 points today, and many market experts predicting more volatility ahead, some advisers are recommending their clients put some of their cash to another use: To buy that house or summer home at the shore.
Potential homebuyers certainly have plenty of incentives: Home prices are still way down in many parts of the country, and mortgage rates are nearing their all-time lows. Consider: The benchmark 30-year fixed-rate mortgage fell 1 basis point this week, to 4.45 percent — just a few basis points above the record low hit in October 2010, according to the Bankrate.com national survey of large lenders. Freddie Mac, meanwhile, reported today that the 30-year fixed-rate mortgage averaged 4.15% for the week ended Aug. 18, its lowest reported rate in 50 years.