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Third Quarter Home Prices a Mixed Bag
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You're Now Reading:
Third Quarter Home Prices a Mixed Bag
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
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Third Quarter Home Prices a Mixed Bag
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November 12 2010 (Chris Moore)
home-value-picture
Depending on if you’re a “the glass is half full” or a “the glass is half empty” type of person is pretty much how you would sum up home prices for the third quarter of 2010. According to the National Association of Realtors (NAR), compared to the same period last year, the median price for home resales fell in 76 out of 155 areas in which NAR tracks. Prices rose in 77 areas and were unchanged in two.

In the second of 2010 prices rose in nearly two-thirds of the 155. The drop in the number of areas in which prices rose indicates that the market is losing steam without government tax credits.

The national median price for single-family homes, however, was nearly unchanged. It was $177,900 in the July-September quarter, down 0.2% from a year earlier which is quite encouraging considering total sales are down 25 percent from the second quarter and 21 percent lower than a year earlier.

However, Celia Chen, a senior director with Moody’s Analytics stated, “Foreclosure sales are going to increase into next year, which will cause prices to decline further.”

Several lenders have stopped seizing properties over the past six weeks to fix document flaws. Once banks resolve those problems, analysts expect foreclosures to climb again which will exert downward pressure on home prices.

The metro areas showing the biggest declines in home prices from a year earlier were Ocala, Fla. (20%), Melbourne, Fla. (15%), and Tucson, Ariz. (15%).

Areas showing the biggest gains were Burlington, Vt. (18%), Elmira, N.Y. (17%), and Dallas (14%).

NAR estimated nationwide, “distressed property” including foreclosures and homes at risk of foreclosure, accounted for 34% of third-quarter transactions which is up from 30% a year earlier.

“Prices this year have been changing very little from year-ago readings,” said Lawrence Yun, the Realtors’ chief economist. “Areas with some larger swings in home price reflect the degree of distressed sales in those markets.”

Tags: NAR, home prices, distressed property, median home price, home resales, foreclosure

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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.
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Home Buying
Tips
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Tips
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Mortgages
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Calculator
Mortgage
Rates

November 12 2010 (Chris Moore)
home-value-picture
Depending on if you’re a “the glass is half full” or a “the glass is half empty” type of person is pretty much how you would sum up home prices for the third quarter of 2010. According to the National Association of Realtors (NAR), compared to the same period last year, the median price for home resales fell in 76 out of 155 areas in which NAR tracks. Prices rose in 77 areas and were unchanged in two.

In the second of 2010 prices rose in nearly two-thirds of the 155. The drop in the number of areas in which prices rose indicates that the market is losing steam without government tax credits.

The national median price for single-family homes, however, was nearly unchanged. It was $177,900 in the July-September quarter, down 0.2% from a year earlier which is quite encouraging considering total sales are down 25 percent from the second quarter and 21 percent lower than a year earlier.

However, Celia Chen, a senior director with Moody’s Analytics stated, “Foreclosure sales are going to increase into next year, which will cause prices to decline further.”

Several lenders have stopped seizing properties over the past six weeks to fix document flaws. Once banks resolve those problems, analysts expect foreclosures to climb again which will exert downward pressure on home prices.

The metro areas showing the biggest declines in home prices from a year earlier were Ocala, Fla. (20%), Melbourne, Fla. (15%), and Tucson, Ariz. (15%).

Areas showing the biggest gains were Burlington, Vt. (18%), Elmira, N.Y. (17%), and Dallas (14%).

NAR estimated nationwide, “distressed property” including foreclosures and homes at risk of foreclosure, accounted for 34% of third-quarter transactions which is up from 30% a year earlier.

“Prices this year have been changing very little from year-ago readings,” said Lawrence Yun, the Realtors’ chief economist. “Areas with some larger swings in home price reflect the degree of distressed sales in those markets.”

Tags: NAR, home prices, distressed property, median home price, home resales, foreclosure

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.

November 12 2010 (Chris Moore)
home-value-picture
Depending on if you’re a “the glass is half full” or a “the glass is half empty” type of person is pretty much how you would sum up home prices for the third quarter of 2010. According to the National Association of Realtors (NAR), compared to the same period last year, the median price for home resales fell in 76 out of 155 areas in which NAR tracks. Prices rose in 77 areas and were unchanged in two.

In the second of 2010 prices rose in nearly two-thirds of the 155. The drop in the number of areas in which prices rose indicates that the market is losing steam without government tax credits.

The national median price for single-family homes, however, was nearly unchanged. It was $177,900 in the July-September quarter, down 0.2% from a year earlier which is quite encouraging considering total sales are down 25 percent from the second quarter and 21 percent lower than a year earlier.

However, Celia Chen, a senior director with Moody’s Analytics stated, “Foreclosure sales are going to increase into next year, which will cause prices to decline further.”

Several lenders have stopped seizing properties over the past six weeks to fix document flaws. Once banks resolve those problems, analysts expect foreclosures to climb again which will exert downward pressure on home prices.

The metro areas showing the biggest declines in home prices from a year earlier were Ocala, Fla. (20%), Melbourne, Fla. (15%), and Tucson, Ariz. (15%).

Areas showing the biggest gains were Burlington, Vt. (18%), Elmira, N.Y. (17%), and Dallas (14%).

NAR estimated nationwide, “distressed property” including foreclosures and homes at risk of foreclosure, accounted for 34% of third-quarter transactions which is up from 30% a year earlier.

“Prices this year have been changing very little from year-ago readings,” said Lawrence Yun, the Realtors’ chief economist. “Areas with some larger swings in home price reflect the degree of distressed sales in those markets.”

Tags: NAR, home prices, distressed property, median home price, home resales, foreclosure

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.