Five key takeaways on America’s housing market
Fortunately, the recent past is a useful guide. The 30-year fixed rate jumped .47 points in May 2013 and .51 points in June 2013, comparing the levels at months end (MBA). (Side point: the 30-year fixed reached 4.80 this morning, September 11, .22 points higher than at the end of June, which means July, August, and early September have seen much milder increases compared with the May & June spike.) But this year isnt the only time when mortgage rates have jumped up: they also climbed at least .4 points in seven other months since 1999.
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“There is more to choose from and prices aren’t leaping any more.” That’s what Louis and Keelin Marcoux found after months of getting beaten out by higher bidders for homes in Pleasanton. Louis Marcoux, an executive with a Pleasanton medical electronics firm, said they lost out on three houses, only to win the fourth time around in August. “It was a blessing in disguise” to be beaten out on the other homes, he said.
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Bay Area housing market cooling
Investors pose a possible risk. Big investors have become a significant factor in the housing markets recovery. The question is, will new home construction increase supply, just as big investors decide its time to sell their holdings? If they were to do so, that could usher in another decline, though not one of the same magnitude as the last housing downturn, Duncan said. Investors should be watching the free home builders closely.
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