Slight downward movement in mortgage interest rates was reported yesterday, Sept. 4, 2008:
Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 6.40 percent with an average 0.6 point for the week ending August 21, 2008, down from last week when it averaged 6.47 percent. Last year at this time, the 30-year FRM averaged 6.67 percent.
The article also reported increased home buyer interest and activity.
For the complete report, click here.
According to Itech MLS, in Eagle Rock (zip code 90041), active listings today hover at 44, with 10 of them short sales and only 1 a foreclosure. So 25% of the active listings in Eagle Rock are "distress sales," of which maybe 2 or 3 will actually ever close escrow in the next 6 to 12 months. That's a pretty low inventory of properties truly for sale, folks. All of the short sales are listed for under $580,000, which means that 45% of the properties below the median price of $584,000, are not really viable listings. It makes the real numbers point to a more normal market than a buyer's market in terms of how many months it would take to sell everything currently on the market.
Sellers, don't think this means that the market is back to 2006 price levels. No. Many properties are really more at 2004 levels today. If you have the equity to price your home there, now you're looking at some excitement from the buying community. Call me.