Home Data Index Market Report Summary

According to Clear Capital's Home Data Index Market Report from September 2012, the uncertainty of the fiscal cliff is threatening to slow the rate at which the housing market has been recovering. (The fiscal cliff is a term describing the issues the U.S. Government will face at the end of 2012 when the Budget Control Act of 2011 takes effect.)

The report also states that the national yearly price of homes has increased by 3.6% and it is predicted that it will increase another 2.2% over the next six months. If we can avoid the fiscal cliff, there is still a risk that confidences will be damaged which is essential for the recovery. Overall, though, most markets are improving rather than declining and it looks good that recovery will survive the winter. It is possible that the fear of a potential fiscal cliff could sway consumer confidence and discourage home buyers, but we are optimistic that everything will be fine.

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Unemployment Rate Falls

Typically when there is good news regarding employment, it has a positive effect on the mortgage industry as well. The economy has created 114,000 new jobs which caused the unemployment rate to fall to 7.8% as of September! More jobs means more money and, hopefully, fewer foreclosures! However, a lot of businesses are currently not hiring because they are waiting to see how the election plays out in November. Despite this, economy is slowly continuing to bounce back!  If you are reaping the benefits and are thinking about purchasing a home in the near future, Quest Loans would like to help! Call us at 888-883-5252 for assistance!

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Rates Keep Falling!

According to Freddie Mac's Primary Mortgage Market Survey, the average fixed mortgage rates have fallen to new all-time record lows again! These rates have been falling due to the Federal Reserve purchasing mortgage securities.  If you are looking to buy a house soon, we'd recommend taking advantage of these great rates! The 30-year fixed-rate mortgage is currently averaging 3.36%! Give us a call today if you are interesting in finding out more information! Quest Loans would love to help! 888-883-5252

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Further Proof of Economic Recovery

For the first time since November 2007, home equity installment balances rose 0.3%. This may indicate a new chapter for the mortgage industry. According to Equifax's latest National Consumer Credit Trends Report the total number of loans fell by 43% over the past four years and home equity installment balances fell by 49%. However, residential real estate is beginning to stabilize and mortgage debts and delinquencies are declining in number. Mortgage rates themselves are setting new record lows nearly every week! All of these individual pieces are combining to create a new and improved economy; one that is working hard to recover.

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Economic Improvement

Quest Loans is feeling pretty optimistic about the current status of the housing market. Sure, there is always room for improvement, but most things are pointing in the right direction. For instance, the price of single-family homes has risen once again in July for the sixth straight month. It was not a huge increase, but more economists would agree that the market is definitely heading down the road of recovery. As of August, home resales and new home construction has been improving as well. Because of all this good data, the stock market has even seen some gain. Quest Loans would like to help you take advantage of this progress. If you are looking for a great lending company, look no further! We would love to help you get started on your home loan today! 888-883-5252.

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New Act to Protect Taxpayers?

We reported about the possibility of the government doing an eminent domain procedure regarding underwater mortgages. Now, California Representative John Campbell has announced "The Defending American Taxpayers from Abusive Government Takings Act". This Act is meant to stop the local governments from using federal tax dollars to seize underwater homes, and turn that money toward profiteering schemes. This act is meant to uphold the law and protect taxpayers.  We can all agree that underwater mortgages are slowing down the recovery of the housing market, but there has to be a better solution than eminent domain.

It is supposedly going to protect taxpayers' investments, defend retirement savings, and preserve the rule of law. What do you think about this new Act?

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Builder Confidence Continues to Rise!

At Quest Loans, we love to report good news in the housing market! Once again, Builder Confidence has risen for the 5th month straight! Newly built, single-family homes are selling well and this helps move the housing market in a positive direction. Current sales conditions are making builders around the country smile! Future sales prospects and the amount of traffic they are getting in the model homes has increased tremendously. However, the cost of building materials is rising which could potentially cause an issue for builders in this fragile economy. If they can afford to purchase these materials and put together crews for work, jobs can be made and the economy can keep improving.

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