Friday Facts September 14, 2012

September 14, 2012

 

NEWS FROM THE NATIONAL ASSOCIATION OF REALTORS:

  • New guidelines are being issued by Fannie Mae.  Maximum loan to value will now be 90%, down from 97% and adjustable rate borrowers will need a credit score of 640, up from 620.

 

  • U.S. homeownership rate has fallen to a 50 year low at 62.1% according to real estate research firm John Burns R.E.  This differs from the Census Bureau rate of 65.5%  The Census Bureau counted 3.8 million homeowners who are more than 90 days delinquent in their mortgage payments and are “renters in waiting”.

 

  • Home prices in Spain are down 75% from their peak in 2007.

 

STATISTICS:

  • Nationwide, pending sales rose in July
  • Single family home sales rose 27% in July 2012 compared with July 2011, and the median remained flat with a 1% rise.  Sales year to date rose 24.8% over the same period last year and the median fell 1.7%.  Condo sales rose 34% this July compared to last July and the median was down .3%.  Sales year to date rose 26% and the median rose 3%. 
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