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| April 2007 |
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> Second-Home Market Shrinks Slightly in 2006
A steep drop in investment-home sales last year led to an overall decline in second-home transactions, despite a record-breaking year for vacation properties, NAR research shows. |
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> Falling Rates Improve Mortgage Business
With rates moving down slightly and spring in the air, the mortgage business improved last week compared with the previous week and with the same time last year. |
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> Nevada, California Lead Surge in Foreclosures
More than 430,000 U.S. foreclosure filings were reported in the first three months of 2007, up 35 percent from the previous quarter, according to RealtyTrac. |
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> Weather Curtails Existing-Home Sales
After three month of gains in home sales, this winter's bad weather, mixed with a decrease in subprime lending, took its toll on March sales, according to NAR. |
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> Buyer Beware: Buried Oil Tanks
More than 400,000 U.S. properties contain buried and potentially leaking heating oil tanks, which may prove costly for some unsuspecting homebuyers. |
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> Mortgage Applications Fall Slightly, Rates Rise
Rising interest rates pushed the refinance share of mortgage activity down 1.7 percent, according to the Mortgage Bankers Association. |
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> Subprime Fallout: Good for Housing, Bad on Sales
Tighter lending criteria will lead to a healthier housing market with greater assurance that owners can handle mortgage adjustments, NAR reports. |
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> Home Sales Level Off
Home sales are expected to hold fairly steady in the months ahead with a modest lift early next year, indicates NAR's Pending Home Sales Index. |
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> Weather Dampens Pending Sales Forecast
The Pending Home Sales Index indicates that bad weather, and possibly the loss of some subprime lending, will soften sales closed in March and April. |
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