- Robert Larsen 1/18/2010
With one of the key measures below the benchmark for the second week in a row, would-be home buyers face the best rates since the spring, and the statistics continue to show it. Last week, reports were released re-affirming the notion that interest rates will remain low through 2010, but how low is low? Well right now, mortgage rates are as low as they have been all year and many buyer’s are trying to take advantage. Anyone selling, showing, or buying a home can tell you that people are out looking to purchase. Even with the current downpour of rain, prospective home-buyer’s are on the search. And, to top it off, I don’t see things slowing down. As we approach March and April, we will see more and more people taking advantage of the tax credit. Combined with the seasonal spring and summer upswing in real estate activity, the Orange County median home price will continue to rise.
As reported in the The 18th annual survey by the Association of Foreign Investors in Real Estate, the United States is voted to be the world’s best real estate investment opportunity.
- 51% see U.S. as best opportunity for capital appreciation (vs. 37% in 2008, 26% in 2007, and 23% in 2006.)
- U.K. was 2nd best bet country with 30% of the votes. China was third at 10%.
- Two-thirds of those polled plan to increase their U.S. investments in 2010 compared to 2009. (62% increase for equity investments; 83% for real estate debt.)
- Most favored American cities? D.C. then New York, followed by San Francisco, Boston … then LA.
- 33% are more optimistic about the U.S. real estate market than they were in June 2009; only 6% are more pessimistic.
Also in the headlines…
Lennar Reports Profit as New Orders Increase
Home builder Lennar Corp. swung to a surprise fiscal fourth-quarter profit, breaking a two-year string of losses, as the company benefited from hefty one-time gains.
Chief Executive Stuart Miller also said the company experienced its first year-over-year increase in new orders, 3%, since the start of 2006.
Mr. Miller added that the housing market continued “to move toward stabilization as more confident home buyers took advantage of increased affordability and the $8,000 federal tax credit” that was extended in November.
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