Real Estate Advocate
Eyebrow raising numbers this month as the number of pending and sold sales have both gone up significantly: From last month, pending is up 23.4% and sold up 40.6%! As a result, our inventory took another dive 28.8% down to 3.2 months. The last time we had this or lower inventory was June 2006 where it was 2.6 months.
On prices, we went up 6% over the month before on the average sales price and up 3.3% for the median sales price. Usually people try to break these down year to year to show the significances in difference, not this month.
Predictions from last month I was right on…
o Low inventory will drive up the average and median sales prices again for the year. The S&P Case-Shiller report will also reflect this.
o Inventory will continue to go down as sales numbers are up. On March 7, 2013…
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Salem Oregon Homes For Heroes
HARP 2.0 (Home Affordable Refinance Program), allows owners of homes that are underwater in value to refinance at today’s low interest rates. The key requirement for HARP eligibility is that the home loans must be owned by Fannie Mae or Freddie Mac. This program was just extended (see here) for 2 more years.
Look up your property here:
The HARP Program is a fantastic way for Homeowners that owe more than 80% of the homes value to refinance to today’s Historically low rates!
HARP At a Glance
HARP allows homeowners, with the desire to refinance their current mortgage, take advantage of current rates despite the decline in home value. The ultimate goal is to allow a homeowner to do a mortgage refinance for a lower interest rate and overall monthly payment. Here are the general eligibility guidelines for HARP:
- There is no loan-to-value cap in the new HARP, for…
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