February 3, 2012
- One of five Americans speak a language other than English. The largest group – 35 million, speak Spanish. The second largest is Chinese.
- Freddie and Fannie generally cap seller concessions at 3%. The VA allows an across the board 4%. FHA still allows seller concessions up to 6% but is in the process of lowering the cap which should happen by early summer.
- There is considerable discussion about the value of syndication. Some brokers are pulling their listings from 3rd party syndications (Realtor.com, Trulia, Zillow). Most recent is ARG Abbott Realty Group in San Diego. One of the larger brokerages to stop syndication was Edina Realty in Minnesota.
- The average 30 year fixed rate for the week ending February 2nd was 3.87% with .8 point. This is down from 4.81% a year ago.