Happy Holidays!

The holidays are here and I will be out of the country with no Internet for two weeks. There will be no postings during my vacation, but I will be back to provide all of you with up-to-date real estate news the moment I return home. I wish you all happy holidays and celebrate with care. Always have a designated driver before you commence your celebrations.

Cheers, Samuel

Home Resales Were Up By 7.4% In November When Compared With October!

Although we are still waiting for more good news here in Los Angeles, optimism is in order for the real estate sector as a whole. Today the figures are in and sales of previously owned homes were up 7.4% in November when compared with October. Increases in real estate prices hinge on the number of real estate transactions. Traditionally more sales have equated to higher values, and that is starting to be the case in certain areas of the country. However, don't bring out the champagne just yet as this surge is being attributed to government tax credits of up to $8,000 for first-time buyers and up to $6,500 for repeat buyers.

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Home Resales Are Up By 30%

Home resales are up, just not in Los Angeles where sales have decreased by 1.5% of what they were a year ago. However, the median home price has seen little change... neither up or down.

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Mortgage Rates Are Up

The past two months have assisted the real estate market with low mortgage rates around 4.5%. This trend has been bolstered with forecasts that the first quarter of 2010 will yield rates under 4%. However, economic turbulence has led to a sharp increase in mortgage rates today bringing them up to almost 5%.

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Is The Worst Behind Us?

According to Bloomberg.com not only is the worst behind us, but the mortgage business (including mortgages insurers) will profit in 2011. Profitability in this sector is dependent on responsible mortgagees. Fewer homes are entering into foreclosure, and it appears that this trend will continue.

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Declining Mortgage Rates will Offer Great Opportunities for Buyers in 2010!

I have been very pleased with the recent downward trend on mortgage rates. However, according to BusinessWeek the best is yet to come. Inside sources have leaked information indicating that Bank of America's mortgage rates could be as low as 3.125% in February 2010!

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U.S. House Stands Up For Banks

In an effort to prevent bankruptcy judges from forcing banks to rewrite mortgages, the U.S. House has just rejected the "mortgage crackdown" measure.

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