30-year ARM Interest Rates Edged Up Above 6-Percent
The 30-year fixed rate mortgage edged up above 6 percent this week, to 6.05 percent, according to Freddie Mac. The 15-year ARM interest rate average also rose from 5.26 percent to 5.36 percent. For more information, visit Freddie Mac’s website. David Lereah, chief economist for the National Association of Realtors says he believes that interest rates will average somewhere around 6.7 percent in 2004.
Home Sales To Stabilize, Prices Likely To Increase In 2004
National Association of Realtors Chief Economist David Lereah says he expects home sales to slow down 6 to 7 percent in 2004, making it the third best year of record for home sales. The national median home price is expected to jump to $193,800 from the current price of $169,000. Click here for more information.
Congress Assists Low Income Families To Attain Their Own Home
The House recently passed a bill providing grants to low-income Americans in order to help them pay money down and closing costs when buying a home. The bill currently awaits the Senate’s approval and has recently passed the Senate Banking Committee. For more information, click here, here and here.
Commercial – 2003 National Real Estate Investor Survey
MULTI-FAMILY: The survey shows multi-family to currently have obstacles to overcome, but investors are still flocking to it, current troubles or not. Rentals do tend to get more activity as interest rates increase. Low rates have made many renters flee from their apartments and other large multi-family complex units to buy their own home. This report does not include residential condo rentals or other types of vacation property, which are still hot investments here in Florida. Click here for the full report.
RETAIL: Grocery-anchored shopping centers are attractive to investment-buyers, perhaps because shopping centers that have them attain great returns. Click here for the full report.
OFFICE SPACE: High unemployment and low corporate profits have made office space a weak investment area. Click here to read all about it.
INDUSTRIAL: Supply and demand is a little bit out of balance for this sector with inventory efficiencies and new development. Click here to read more.
For more up-to-date real estate information, go to www.HomeInTampaBay.com and click on “John’s Journal” to read all the latest news and information, or simply contact John at firstname.lastname@example.org or call him direct at 727-403-8376. If you or someone you know are considering buying or selling a home, condo or investment property, visit or have them visit www.HomeInTampaBay.com and fill out the “Find Homes” or “Find Investments” form to receive “sound service and expertise in helping you take care of your real estate needs” today!
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John Mudd is a member of the Pinellas Realtor Organization, where he serves on the Public Policy Committee and is they Key Contact to the City of Pinellas Park on policy matters affecting real estate. He also is a member of the Florida Association of Realtors and the National Association of Realtors, where he serves as a member of the Commercial Alliance.