Please see below for Brian M. Cavanaugh’s insight into the mortgage market. Brian is a Senior Loan Officer at JPMorganChase in downtown Boston and is more than happy to assist you with all your mortgage needs. Fed Cuts to Stimulate Economy This week’s economic data and comments from Fed officials confirmed the economic outlook shared by most investors, namely [...]
According to the Boston Globe, area rents are up 4.2 percent this year. This is the largest rent hike in seven years. The average monthly rent in the metro-Boston area increased to $1,659 in the third quarter of 2008 from $1,592 in the third quarter of 2007. Demand for rental properties is on the rise [...]
Nearly half (49 percent) of U.S. homeowners believe their home has increased in value or stayed the same during the past 12 months despite data to the contrary, according to Zillow’s Q3 Homeowner Confidence Survey. Nearly three-fourths of all homes (74 percent) have lost value in the past 12 months, Zillow reports. Homeowners are slightly [...]
Prices of existing single-family homes continued to decline in the second half of 2008, falling by a record amount in August, according to the latest S&P/Case-Shiller Home Price Index released yesterday. The study’s 10-city composite posted an annual decline of 17.7 percent from August of 2007, while the broader 20-city composite fell by 16.6 percent, [...]
You have all heard that Boston foreclosures are everywhere. You have also probably noticed that finding a consolidated list of them is practically impossible. There are, of course, the foreclosure websites such as RealtyTrac.com and Foreclosure.com; however, these sites are often not updated and carry a hefty price for info. If you are serious about [...]
Only one week after their largest jump in 21 years, mortgage rates took a dive. The benchmark 30-year fixed rate fell 42 basis points this week to 6.32 percent according to Bankrate.com. The benchmark 15-year fixed-rate mortgage fell 47 basis points to 5.93 percent according to the same site. If you are considering purchasing a [...]
Sales of new single-family homes rose 2.7 percent in September to a seasonally adjusted annual rate of 464,000, up from the revised August rate of 452,000, the U.S. Commerce Department reported this morning. This is a 33.1 percent drop from the September 2007 estimate of 694,000. The median sale price of a new home fell [...]
Sales of existing homes rose 5.5 percent in September to a seasonally adjusted annual rate of 5.18 million units from 4.91 million in August, NAR reported yesterday. Sales were up 1.4 percent from the 5.11 million-unit pace in September 2007, marking the first year-over-year increase since November 2005. The national median sale price for existing [...]
U.S. home prices fell 0.6 percent from July to August and 5.9 percent compared to a year ago, according to the Office of Federal Housing Enterprise Oversight’s (OFHEO) latest monthly House Price Index. The index is calculated using purchase prices of homes with mortgages bought or guaranteed by Fannie Mae or Freddie Mac. Home prices [...]
Owners of the Government Center Garage want to replace the concrete eyesore with a skyscraper that would rival the Boston‘s Prudential tower in height. The 3.3 million-square-foot, mixed-use development proposal includes a pair of glass office towers on a parcel closer to Government Center. The tallest tower would be 52 stories, the same height as [...]
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