Real Estate News Bites
Survey the latest real estate headlines from around the country.
Colorado mortgage payoffs up, foreclosures down.
Two reports from the Colorado Division of Housing point toward positive trends in the state. The organization announced that Colorado foreclosure filings fell by 50.5% during May 2013 compared to May 2012, while the number of deeds released during the first quarter of 2013 increased 31.4% compared to the same period last year. Deeds are released when a loan is paid off or refinanced or when a property is sold.
Existing home sales rise during May.
According to the National Association of REALTORS®, May was a strong month for existing home sales, which rose 4.2% month by month to reach the highest level since November 2009. Meanwhile, the national median existing home price for all housing types rose to $208,000 in May, marking a 15.4% year-by-year increase over May 2012.
Mortgage rates jump in June.
Following speculation that the Federal Reserve may taper off its bond buying efforts in the near future, Freddie Mac reported for the week ending June 27 that the average rate on a 30-year fixed mortgage rose to 4.46%, up from 3.93% the previous week. The rate reached its highest level since the week of July 28, 2011. The jump was the largest weekly increase for the 30-year fixed mortgage rate since 1987.
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Realty Trivia Challenge
What architectural style is most associated with homes by Frank Lloyd Wright and is known for its clean horizontal lines and flat roofs?
A. Art Deco