“The recent increase in mortgage rates hasn’t slowed demand, as long as home affordability remains high,” noted Bob Walters, chief economist at Quicken Loans. “We are, however, seeing an increased urgency from potential new home buyers as they move to secure today’s historically low rates.”

New home sales jumped more than 8 percent month-to-month in June, but May’s sales numbers were revised sharply lower, and prices, while up from a year ago, are down 11.5 percent from April. That has some housing skeptics less optimistic about the builders’ prospects.

(Read more: Map: Tracking the US real estate recovery)

“Remember, last month on the ‘strong’ but FAKE new home sales print of 476k, home builders rallied, and every bull took a huge victory lap. Today we learned that was all garbage,” noted California-based analyst Mark Hanson. “Bottom line: May was a huge miss. Prices have tumbled as rates surged. And June is suspect because of the huge lower May revision.”

Article source: http://www.cnbc.com/id/100910336

Sales of newly built homes fell nearly five percent in February, according to the U.S. Department of Commerce. Inventories did rise, but only slightly, as the nation’s home builders struggle with labor and land shortages, as well as higher costs for materials.

(Read More: Finally: Supply of Homes for Sale Begins to Rise)

Pending home sales fell 2.5 percent month-to-month in the Northeast, rose 0.4 percent in the Midwest, fell 0.3 percent in the South and rose 0.1 percent in the West, according to the Realtors.

“The volume of home sales appears to be leveling off with the constrained inventory conditions, and the leveling of the index means little change is likely in the pace of sales over the next couple months,” Yun added.

(Read More: Map: Tracking the USReal Estate Recovery)

A better sign for March, after two weeks of declines, mortgage applications to purchase a home jumped 7 percent during the past week, according to the Mortgage Bankers Association. This as interest rates fell slightly, due to concerns over the banking crisis in Cyprus.

“The rebound in mortgage applications is a small piece of a brighter housing outlook,” says Bob Walters, chief economist for Quicken Loans. “Interest rates are still at record lows despite their upward trend, and consumers are taking advantage of record home affordability. Look for more buyers to enter the market this spring and a more robust housing recovery to occur.”

(Read More: Compare Mortgage Rates in Your Area)

Article source: http://www.cnbc.com/id/100596583

Sales of newly built homes fell nearly five percent in February, according to the U.S. Department of Commerce. Inventories did rise, but only slightly, as the nation’s home builders struggle with labor and land shortages, as well as higher costs for materials.

(Read More: Finally: Supply of Homes for Sale Begins to Rise)

Pending home sales fell 2.5 percent month-to-month in the Northeast, rose 0.4 percent in the Midwest, fell 0.3 percent in the South and rose 0.1 percent in the West, according to the Realtors.

“The volume of home sales appears to be leveling off with the constrained inventory conditions, and the leveling of the index means little change is likely in the pace of sales over the next couple months,” Yun added.

(Read More: Map: Tracking the USReal Estate Recovery)

A better sign for March, after two weeks of declines, mortgage applications to purchase a home jumped 7 percent during the past week, according to the Mortgage Bankers Association. This as interest rates fell slightly, due to concerns over the banking crisis in Cyprus.

“The rebound in mortgage applications is a small piece of a brighter housing outlook,” says Bob Walters, chief economist for Quicken Loans. “Interest rates are still at record lows despite their upward trend, and consumers are taking advantage of record home affordability. Look for more buyers to enter the market this spring and a more robust housing recovery to occur.”

(Read More: Compare Mortgage Rates in Your Area)

Article source: http://www.cnbc.com/id/100596583

(Read More: Housing Recovery Is Leaving Behind First-Time Buyers)

Congress raised guarantee fees in 2011 to pay for a payroll tax cut. There is yet another plan to raise fees further to fund immigration reform, although the bill is widely expected to fail.

“Dipping back into the housing piggybank to pay for unrelated policy items on the backs of America’s homebuyers ends the wrong message at a time when the housing market is starting to show signs of recovery,” wrote David Stevens, President and CEO of the Mortgage Bankers Association in a statement last month.

(Read More: Big Money Is Making Big Bets on a Housing Rebound )

Raising guarantee fees is another way for government to wind down the two mortgage giants it still backs, Fannie Mae and Freddie Mac, but that comes at a cost to borrowers who are already hampered by stricter underwriting standards.

“G-fees will continue to increase as a way to run down the GSEs’ role in the mortgage market,” writes Paul Diggle of Capital Economics. “Stronger mortgage demand suggests that would-be buyers are growing in confidence. Nevertheless, mortgage lending will continue to be held back by tight credit.”

(Read More: Home Builders Beg for Skilled Workers)

Article source: http://www.cnbc.com/id/100301299

San Jose, CA (PRWEB) March 09, 2012

First-time homebuyers are finding their dreams of owning a home more realistic than ever. A stronger job market and record-low home prices and mortgage rates have helped increase home sales in the US, showing positive signs for the housing market. AccessBanc Mortgage, a Bay Area mortgage broker that specializes in helping people buy a home for the first time, says based on the steadily low mortgage rates and increasing home affordability, now is the time to buy.

According to data recently released by the National Association of Realtors, home sales rose to their highest level in January and long-term mortgage rates are the lowest they have been since 1971. Home sales increased 4.3 percent in January 2012 to a seasonally adjusted annual rate of 4.57 million. First-time buyers accounted for 33 percent of transactions in January 2012, compared to 29 percent in January 2011. AccessBanc Mortgage wants to help first-time homebuyers take advantage of upward trends like these showing positive signs for the housing market.

Buying a home can be a confusing and frustrating process, especially for a first timer. AccessBanc Mortgage helps simplify this process for first-time homebuyers in the Bay Area by offering specialized first-time buyer programs, which require a smaller down payment and make loan qualification easier. These programs coupled with historically low mortgage rates make buying a home understandable and affordable.

“We realize that everyone’s dream is to get the keys to their first home and we want to be a part of that once-in-a-lifetime moment,” commented AccessBanc Mortgage Principal Greg Erny. “While rates are low, we want to be able to help people take advantage of a great market.”

For those looking to purchase a new home, the steadily low mortgage rates are essential. Home prices are currently low, and with interest rates at unheard-of lows, people may be surprised to discover the kind of home they can now afford.

“Our expert brokers specialize in guiding first-time homebuyers through the entire mortgage process. Call us today for a free consultation,” invited Erny.

Bay Area mortgage broker AccessBanc is a multilingual office centrally located in San Jose. They have achieved Premier Relationship status with many of America’s largest lenders, giving them the ability to source mortgage loans through more than 100 lenders.

For more information about first-time homebuyer programs or any of AccessBanc’s products or services, call them at (855) 262-6302 or visit www.accessbanc.com.

About AccessBanc

AccessBanc is a San Francisco Bay Area mortgage broker committed to offering the most seasoned, professional, and competent loan consulting talent available. Because AccessBanc Loan Consultants enjoy favorable lender terms, use state of the art technology, and apply innovative solutions to knowledgeably work the market, they can offer prospective borrowers extremely competitive mortgage rates and great service.

AccessBanc’s services include: refinance, home purchase, first-time homebuyers, conventional conforming loans, jumbo loans, second/vacation homes, investment/rental properties, pre-qualification and pre-approved letters, and home equity loans / lines of credit. From home finance in Marin to first-time homebuyers in San Jose, AccessBanc’s carefully selected Loan Consultant Team can help Bay Area borrowers find the right loan.

AccessBanc Mortgage is a Real Estate Broker licensed by the California Department of Real Estate, License #00892684. NMLS #311147.

For the original version on PRWeb visit: www.prweb.com/releases/prwebmortgage-brokers/bay-area/prweb9267735.htm

Article source: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/03/09/prweb9267735.DTL