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Home Values Up in August but Downward Trend Still Expected
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Home Values Up in August but Downward Trend Still Expected
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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Home Values Up in August but Downward Trend Still Expected
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October 12, 2011 (Chris Moore)

Home values surprisingly inched upwards in August according to Zillow, despite all indicators to the contrary in July. However, the surprise price increase doesn’t change their assessment that home values won’t hit bottom until 2012.

In last month’s report, Zillow expected home values in August to decline due to disappointing July existing home sales and pending home sales reports along with several reports of weaker consumer confidence in August.

In September, The National Association of Realtors® (NAR) reported that existing home sales jumped up a surprising 7.7 percent. Although not mentioned, it’s very likely the jump in sales was due to home buyers trying to beat the new lower loan limits that were being implemented on October 1, but which many lenders had already started imposing by the middle of August.

Consequently, home value trends didn’t weaken as much as Zillow had anticipated a month earlier. Home values increased a very modest 0.09 percent from July to August while values were still down 4.5 percent from August 2010.

Home prices have declined 28.3 percent since the market peak in June 2006.

Seventy-four of the 157 metropolitan areas covered in the Zillow Real Estate Market Report posted a monthly decline in home values in August, 68 areas posted home value increases, and 15 areas remained flat.

Mobile, AL, suffered the biggest monthly price decline in home value of 2.65 percent while the largest increase in monthly home value was 2.19 percent posted in Ann Arbor, MI.

Year-over-year, the largest increase in home value was 6.5 percent in Fort Myers, Fl, while the largest decline was 22.6 percent in Gainesville, GA.

The rate of foreclosure liquidations remained about the same in August as the previous month, 9.2 out of every 10,000 homes, and is still well below the rate of 10.9 out every 10,000 homes in October of 2010, just before the robo-signing controversy resulted in a slow down in foreclosure processings.

Foreclosure re-sales increased in August, from 18.9 percent of all sales in July to 19.5 percent in August.

Despite the surprise increase in home values in August, Zillow’s assessment of future home values remains unchanged; home values aren’t expected to bottom until 2012 at the earliest.

Negative equity and unemployment will continue to be the two biggest factors affecting home values and eventually the pace of foreclosures will pick up again, putting more REO properties on the market and more downward pressure on home prices.

Tags: zillow, Real Estate Market Report, home values, home prices, consumer confidence, existing home sales, pending home sales

Source:
Zillow

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October 12, 2011 (Chris Moore)

Home values surprisingly inched upwards in August according to Zillow, despite all indicators to the contrary in July. However, the surprise price increase doesn’t change their assessment that home values won’t hit bottom until 2012.

In last month’s report, Zillow expected home values in August to decline due to disappointing July existing home sales and pending home sales reports along with several reports of weaker consumer confidence in August.

In September, The National Association of Realtors® (NAR) reported that existing home sales jumped up a surprising 7.7 percent. Although not mentioned, it’s very likely the jump in sales was due to home buyers trying to beat the new lower loan limits that were being implemented on October 1, but which many lenders had already started imposing by the middle of August.

Consequently, home value trends didn’t weaken as much as Zillow had anticipated a month earlier. Home values increased a very modest 0.09 percent from July to August while values were still down 4.5 percent from August 2010.

Home prices have declined 28.3 percent since the market peak in June 2006.

Seventy-four of the 157 metropolitan areas covered in the Zillow Real Estate Market Report posted a monthly decline in home values in August, 68 areas posted home value increases, and 15 areas remained flat.

Mobile, AL, suffered the biggest monthly price decline in home value of 2.65 percent while the largest increase in monthly home value was 2.19 percent posted in Ann Arbor, MI.

Year-over-year, the largest increase in home value was 6.5 percent in Fort Myers, Fl, while the largest decline was 22.6 percent in Gainesville, GA.

The rate of foreclosure liquidations remained about the same in August as the previous month, 9.2 out of every 10,000 homes, and is still well below the rate of 10.9 out every 10,000 homes in October of 2010, just before the robo-signing controversy resulted in a slow down in foreclosure processings.

Foreclosure re-sales increased in August, from 18.9 percent of all sales in July to 19.5 percent in August.

Despite the surprise increase in home values in August, Zillow’s assessment of future home values remains unchanged; home values aren’t expected to bottom until 2012 at the earliest.

Negative equity and unemployment will continue to be the two biggest factors affecting home values and eventually the pace of foreclosures will pick up again, putting more REO properties on the market and more downward pressure on home prices.

Tags: zillow, Real Estate Market Report, home values, home prices, consumer confidence, existing home sales, pending home sales

Source:
Zillow

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

October 12, 2011 (Chris Moore)

Home values surprisingly inched upwards in August according to Zillow, despite all indicators to the contrary in July. However, the surprise price increase doesn’t change their assessment that home values won’t hit bottom until 2012.

In last month’s report, Zillow expected home values in August to decline due to disappointing July existing home sales and pending home sales reports along with several reports of weaker consumer confidence in August.

In September, The National Association of Realtors® (NAR) reported that existing home sales jumped up a surprising 7.7 percent. Although not mentioned, it’s very likely the jump in sales was due to home buyers trying to beat the new lower loan limits that were being implemented on October 1, but which many lenders had already started imposing by the middle of August.

Consequently, home value trends didn’t weaken as much as Zillow had anticipated a month earlier. Home values increased a very modest 0.09 percent from July to August while values were still down 4.5 percent from August 2010.

Home prices have declined 28.3 percent since the market peak in June 2006.

Seventy-four of the 157 metropolitan areas covered in the Zillow Real Estate Market Report posted a monthly decline in home values in August, 68 areas posted home value increases, and 15 areas remained flat.

Mobile, AL, suffered the biggest monthly price decline in home value of 2.65 percent while the largest increase in monthly home value was 2.19 percent posted in Ann Arbor, MI.

Year-over-year, the largest increase in home value was 6.5 percent in Fort Myers, Fl, while the largest decline was 22.6 percent in Gainesville, GA.

The rate of foreclosure liquidations remained about the same in August as the previous month, 9.2 out of every 10,000 homes, and is still well below the rate of 10.9 out every 10,000 homes in October of 2010, just before the robo-signing controversy resulted in a slow down in foreclosure processings.

Foreclosure re-sales increased in August, from 18.9 percent of all sales in July to 19.5 percent in August.

Despite the surprise increase in home values in August, Zillow’s assessment of future home values remains unchanged; home values aren’t expected to bottom until 2012 at the earliest.

Negative equity and unemployment will continue to be the two biggest factors affecting home values and eventually the pace of foreclosures will pick up again, putting more REO properties on the market and more downward pressure on home prices.

Tags: zillow, Real Estate Market Report, home values, home prices, consumer confidence, existing home sales, pending home sales

Source:
Zillow

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.