Weekly Review

Portage Indiana Real Estate Market as of December 24th

For the week ending December 24th, the Portage Indiana real estate market remained strongly in favor of buyers. Downward pressure on prices continued as the median list price of homes in Portage Indiana dropped to $158,450. The price per square feet, likewise, continued to slide to $94 per square feet.

There was one bit of good news for the market.  Recent home sales have been exceeding inventory of new homes being listed on the market.  Last week 17 homes were sold, but only 6 were newly listed. There are currently 240 homes for sale in the Portage Indiana real estate market including the Town of Ogden Dunes.

The median home size for Portage Indiana homes is currently 1,792 square feet and median lot sizes are between .25 and .50 acres.

If you were selling a home in Portage Indiana, you can expect average your time to sell (Days On Market) between 5 and 8 months, your days on market will vary, of course, depending on the price range, the condition, and assuming it was priced correctly in the first place. Homes outside the range of similar properties will not get much activity until the prices are brought into line with the range of its’ competitors.

Portage Indiana Real Estate Market as of December 24th – Quick Picks of the Week

A review of active home listings in Portage Indiana showed some of the best real estate buys of the week are two distressed (short sale) homes. One in the upscale Landmark Acres community, for only $199,000; and a large 2,750 sq/ft home in Charletta Hills, near Hamstrom and Central, for less than $180,000. There are many other great buys across the Portage Indiana’s major subdivisions: Savannah Heights, Brookview, Sandalwood, and so on. With 260 homes listed for sale in Portage Indiana real estate market, there is a great deal to choose from.

A note for bargain hunters: short sale homes require a longer time line for negotiations and closing, and there are certain drawbacks compared to buying a conventional property. However if you can put up with the sometimes frustrating delays, it is possible to buy a home for a discount. Distressed homes are not for everybody, so explore all the various pro’s and con’s before you diverge from the road of move-in-ready homes from a conventional buyer, rather than from a bank or distressed buyer.

If you are ready to buy or to sell a home in the Portage Indiana real estate market, text me at (312) 802-2977.

What’s News for Mortgage Rates This Week: December 20th

It will be a holiday shortened week, with the Bond Market closing at 1:00pm CDT Thursday and both the Stock and Bond Markets closed Friday in honor of the Christmas holiday. Before you check out for the holiday festivities, make sure to tune in to what news could impact mortgage rates this week.

Wednesday brings a read on the economy with the Gross Domestic Product Report, which is the broadest measure of economic activity.

A double dose of housing news will start with Wednesday’s Existing Home Sales Report and followed up with Thursday’s New Home Sales Report.

Big inflation news comes on Thursday with the Personal Consumption Expenditure (PCE) Index, which is the Fed’s favorite gauge of inflation, plus there’s also the Personal Income and Personal Spending Reports, which give us some information on the consumer perspective of the economy.

Thursday’s Initial and Continuing Jobless Claims Reports will also tell us if the good trend continues – last week’s Initial Claims was the second lowest number seen during 2010, and also the third decline in four weeks.

It’s important to understand that mortgage rates do not simply rise in a straight line. In fact, mortgage bonds and home loan rates did have a late-week rally last week. That trend of mortgage rates worsening with improving dips here and there like we saw last week may be what’s in store for us in the weeks ahead.

Be alert to the fact that the ongoing and potential addition of futher stimulus from the Federal Reserve, combined with the stimulus from the tax cust, will make it tough for mortgage bonds and home loan rates to return to the levels seen earlier this year.

With that being said, the good news is that home loan rates are still extremely attractive right now. If you have been thinking about buying a home or refinancing your existing home, contact me to get started today.

This is What’s News for Mortgage Rates This Week: December 20th.

Quick general rule of thumb when keeping an eye on mortgage rates.

Strong Economic News: $$$ from Bonds —> Stocks = Home Loan Rates Worsen

Weak Economic News: $$$ from Stocks —> Bonds = Home Loan Rates Improve

Want to see what other economic reports might impact home buyers and home refinance options in the coming week? Visit the Mortgage Market Update and check out the Economic Calendar.

What’s News for Mortgage Rates This Week: December 13th

Unlike last week, get ready for a busy week of economic reports and news that could impact home loan rates every day this week!

We’ll start off Tuesday morning with the Retail Sales report for November, as well as the Fed’s final FOMC Meeting and Policy Statement of the year coming on Wednesday.

We’ll also see new inflation reports starting on Tuesday with the Producer Price Index (PPI), which measures inflation at the wholesale level. The very next day, we’ll see the Consumer Price Index (CPI) with a look at inflation on the consumer level. With all of the recent talk over inflation concerns in the future, it will be important to see what these reports reveal – since inflation is the archenemy of Bonds and home loan rates.

We’ll also get a dose of manufacturing news in the Empire State Index, which looks at New York State’s manufacturing sector, and is a good gauge of manufacturing overall. On Thursday, we’ll also see the Philadelphia Fed Index, which is another important manufacturing report. Those two indices have the potential to impact the market, since they indicate the health of the manufacturing sector in the US.

Thursday brings the Initial and Continuing Jobless Claims Report. Last week, Initial Jobless Claims came in at 421,000, which was below expectations. That was encouraging news, but we still need to see consistent readings below 400,000 before real confidence in the labor market can take hold.

Finally, we’ll see more housing news this week, when reports on Housing Starts and Building Permits in November are released on Thursday.

If you are ready to buy a home or refinance a home, do not get caught in a state of emergency like the winter storm warning that blanketed Northwest Indiana. Call today and lock-in your home loan rate.

This is What’s News for Mortgage Rates This Week: December 13th.

Quick general rule of thumb when keeping an eye on mortgage rates.

Strong Economic News: $$$ from Bonds —> Stocks = Home Loan Rates Worsen

Weak Economic News: $$$ from Stocks —> Bonds = Home Loan Rates Improve

Want to see what other economic reports might impact home buyers and home refinance options in the coming week? Visit the Mortgage Market Update and check out the Economic Calendar.

What’s News for Mortgage Rates This Week: December 6th

Compared to last week’s busy economic report calendar, this week is light on scheduled reports. But between Quantitative Easing 2, Treasury auctions, and the uncertainty in Europe, the volatility in our markets is sure to continue.

Thursday brings the Initial and Continuing Jobless Claims Report. Last week, Initial Claims were reported above expectations at 436,000. However the 4-week moving average did decline to the lowest reading since August 2, 2008.

While this was good news, it was tempered by the weaker-than-expected Jobs Report data last Friday. Remember, we need to see Initial Claims make a sustained movement below 400,000 for the market to feel confident that labor is recovering.

Also, the Treasury will sell $32 Billion in 3-Year Notes on Tuesday, $21 Billion in 10-Years on Wednesday and $13 Billion in 30-Year Bonds on Thursday. It will be interesting to see how these auctions perform in light of the recent spike higher in yields.

Ending the week will be the Consumer Sentiment Index on Friday. It will be interesting to see if consumers will be more upbeat due to the holidays or whether last week’s Employment Report will continue to weigh on consumers thoughts of the overall economy and more importantly their pocket books.

Mortgage bonds and home loan rates have worsened ever since the Federal Reserve announced the start of Quantitative Easing 2 a little over a month ago. Despite this, your opportunity to benefit from low home loan rates still exists for the time being. To get started, contact me for your free consultation and review today.

This is What’s News for Mortgage Rates This Week: December 6th.

Quick general rule of thumb when keeping an eye on mortgage rates.

Strong Economic News: $$$ from Bonds —> Stocks = Home Loan Rates Worsen

Weak Economic News: $$$ from Stocks —> Bonds = Home Loan Rates Improve

Want to see what other economic reports might impact home buyers and home refinance options in the coming week? Visit the Mortgage Market Update and check out the Economic Calendar.

What’s News for Mortgage Rates This Week: November 29th

During the Thanksgiving holiday shortened week, both stocks and bond market were extra volatile due to lackluster volume.

For mortgage bonds it meant three positive days and one bad day. The one bad day unfortunately was one of the Top 10 worst days for mortgage bonds in 2010. The one bad day resulted with mortgage rates increasing for the 4th consecutive week.

Although there are no economic reports today, the financial markets are staying focused on the geo-political unrest in Southeast Asia and financial woes that are being addressed in Europe. They are also keeping a close eye on the end results from both Black Friday and Cyber Monday.

Economic reports for the week begin on Tuesday with the Chicago PMI, which is also known as the Business Barometer, and Consumer Confidence for November.

On Wednesday, the ADP National Employment Report will be released. Analysts estimate that 58,000 jobs will have been added by nonfarm private payrolls in the month of November. This will be followed on Thursday with the weekly Initial Jobless Claims.

The ISM Index will also be published on Wednesday and will provide the single most important reading on the health of the manufacturing sector nationwide. Not to be left out on Wednesday, the Federal Reserve’s Beige Book will be released with little fan fare.

Thursday will be of importance for the real estate industry as Pending Home Sales try to get back on track. At a minimal the report is expected to show neither an increase nor a decrease from the prior months report.

Friday once again will end with a bang as Non-Farm Payrolls, Unemployment Rate, Hourly Earnings and Average Work Week will be released. Guesstimates are for the creation of 130,00 jobs. Although 130,000 jobs is not the turn around for the economy, it can be a good sustainable start so long as the prior months employment numbers do not get revised downward.

If you are in the home loan process and have a weak stomach, call today and lock-in your home loan rate.

This is What’s News for Mortgage Rates This Week: November 29th.

Quick general rule of thumb when keeping an eye on mortgage rates.

Strong Economic News: $$$ from Bonds —> Stocks = Home Loan Rates Worsen

Weak Economic News: $$$ from Stocks —> Bonds = Home Loan Rates Improve

Want to see what other economic reports might impact home buyers and home refinance options in the coming week? Visit the Mortgage Market Update and check out the Economic Calendar.

What’s News for Mortgage Rates This Week: November 22nd

We may have a holiday shortened week ahead, but the markets will be filled with plenty of action. The Treasury will be buying $99 Billion in 2, 5 and 7-Year Notes on Monday, Tuesday and Wednesday.

Economic reports for the week begin on Tuesday with the Gross Domestic Product Report, which is the broadest measure of economic activity, and also the Existing Home Sales Report.

Also on Tuesday, the “Meeting Minutes” from the Fed’s most recent meeting on November 2-3 will be released.

On Wednesday, we’ll have a virtual feast of economic reports just ahead of Thanksgiving. We’ll get another round of housing news with the New Home Sales Report, plus another read on the economy with the Durable Goods Report, which gives us an update on consumer and business buying behavior on big-ticket items that are designed to last for an extended period of time.

Not to be left out, there will be jobs news on Wednesday via the Initial and Continuing Jobless Claims numbers, and inflation news via the Personal Consumption Expenditures (PCE) Index, which happens to be the Fed’s favorite gauge of inflation.

Financial markets will be closed all day on Thursday in honor of the Thanksgiving holiday, while on Friday the Stock and Bond markets will close early, at 12:00 p.m. CDT and 1:00 p.m. CDT respectively. I wish you and your loved ones a safe, happy, and fun Thanksgiving!

This is What’s News for Mortgage Rates This Week: November 22nd

Quick general rule of thumb when keeping an eye on mortgage rates.

Strong Economic News: $$$ from Bonds —> Stocks = Home Loan Rates Worsen

Weak Economic News: $$$ from Stocks —> Bonds = Home Loan Rates Improve

Want to see what other economic reports might impact home buyers and home refinance options in the coming week? Visit the Mortgage Market Update and check out the Economic Calendar.

Do you want to avoid the hectic shopping spree the day after Thanksgiving better known as Black Friday? If yes, check out the Mortgage Market Guide View to learn about 5 Inexpensive, Easy-to-Purchase Gifts.

What’s News for Mortgage Rates This Week: November 15th

“Inflation is when you pay $15 for the $10 haircut you used to get for $5 when you had hair.” – Sam Ewing

After a relatively slow schedule of economic reports last week, we’ll see some big reports over the next few days with the potential to really move the markets.

We started off right away this morning with the Retail Sales report for October as well as a dose of manufacturing news in the Empire State Index, which looks at New York State’s manufacturing sector, and is a good gauge of manufacturing overall. On Thursday, we’ll also see the Philadelphia Fed Index, which is another important manufacturing report.

Those two indices have the potential to impact the market, since they indicate the health of the manufacturing sector in the US. Even more big news is headed our way on Tuesday with the Producer Price Index (PPI), which measures inflation at the wholesale level.

Then, the very next day on Wednesday morning, we’ll see the Consumer Price Index (CPI) with a look at inflation at the consumer level. In light of last week’s news and the information described above, it will be important to see what these reports reveal – since inflation is the archenemy of Bonds and home loan rates.

Wednesday will also bring more housing industry news with reports on the number of Housing Starts and Building Permits in October.

The week of reports caps off on Thursday with the Initial Jobless Claims report. Last week’s report indicated that Initial Jobless Claims fell in the latest week to the lowest reading since July. Continuing Jobless Claims also moved lower. While those numbers showed modest improvements and are steps in the right direction, there is still a lot of wood to chop where jobs are concerned.

This is What’s News for Mortgage Rates This Week: November 15th.

Quick general rule of thumb when keeping an eye on mortgage rates.

Strong Economic News: $$$ from Bonds —> Stocks = Home Loan Rates Worsen

Weak Economic News: $$$ from Stocks —> Bonds = Home Loan Rates Improve

Want to see what other economic reports might impact home buyers and home refinance options in the coming week? Visit the Mortgage Market Update and check out the Economic Calendar.

Have things begun to pile up in your house? If you feel overwhelmed and don’t know where to start, check out the Mortgage Market Guide View to learn the Financial Benefits of Decluttering.

What’s News for Mortgage Rates This Week: November 8th

After all last week’s big news, Traders will continue to digest all the happenings and will have a somewhat quiet economic news week ahead, including the Bond Market being closed on Thursday in honor of Veteran’s Day.

There are no major economic reports until Wednesday, which will bring another look at employment with the Initial and Continuing Jobless Claims Report. Last week’s Initial Jobless Claims were 457,000, above the 445,000 that was expected, while Continuing Jobless Claims fell 42,000 to 4.34 Million. Initial Jobless Claims have been stuck to that mid-400’s level like a magnet for a very long time – and a real, sustained movement below 400,000 is needed in order for the market to feel confident that labor is recovering.

Also this week we’ll get a read on Consumer Sentiment on Friday – always an important number, but particularly of note for retailers, especially as we head into the holiday shopping season.

Bonds and home loan rates had some ups and downs last week in response to the Federal Reserves Quantitative Easing (QE2) announcement and the Jobs Report. I’ll be keeping a close eye on the volatility as this week progresses.

This is What’s News for Mortgage Rates This Week: November 8th.

Quick general rule of thumb when keeping an eye on mortgage rates.

Strong Economic News: $$$ from Bonds —> Stocks = Home Loan Rates Worsen

Weak Economic News: $$$ from Stocks —> Bonds = Home Loan Rates Improve

Want to see what other economic reports might impact home buyers and home refinance options in the coming week? Visit the Mortgage Market Update and check out the Economic Calendar.

Do you have a car lease that you can no longer afford? How about a car lease you just don’t want any more? Check out the Mortgage Market Guide View to learn the steps of Getting Out of a Car Lease.

What’s News for Mortgage Rates This Week: November 1st

Put on your seatbelt – it will be an exciting week ahead! We will see the midterm elections this Tuesday, the FOMC Meeting and following Monetary Policy Statement coming on Wednesday, and the all-important Jobs Report on Friday.

On their own – each one would have the ability to create volatility in the financial markets… but having all three in a row certainly spells an exciting and interesting week ahead. I’ll be staying closely tuned – and we’ll break down all the events in next week’s issue.

In addition to those three big events, we’ll see economic reports on Personal Spending, Personal Income, and Personal Consumption Expenditures (PCE) – which measures price changes in consumer goods and services – on Monday.

We’ll also see some important employment news leading up to the official Jobs Report on Friday. First up is the ADP National Employment Report on Wednesday, which measures nonfarm private employment. That will be followed the next day with another round of Initial Jobless Claims.

In last week’s report, Initial Jobless Claims were reported at 434,000, which marked the third straight decrease in Claims and the lowest level since early July. That was definitely an improved number… but we can’t get too euphoric until we see the Initial Jobless Claims reaching the 400,000 mark and steadily moving lower from there.

And as if that weren’t enough excitement for the week, we’ll see more housing news with Pending Home Sales on Friday. Regardless of what these economic reports say, it’s bound to be a roller coaster ride with all the big news items on tap – contact me this week if you have any questions about how home loan rates are moving.

This is What’s News for Mortgage Rates This Week: November 1st.

Quick general rule of thumb when keeping an eye on mortgage rates.

Strong Economic News: $$$ from Bonds —> Stocks = Home Loan Rates Worsen

Weak Economic News: $$$ from Stocks —> Bonds = Home Loan Rates Improve

Want to see what other economic reports might impact home buyers and home refinance options in the coming week? Visit the Mortgage Market Update and check out the Economic Calendar.

Are you finding it more difficult to save? Do you want to know practical and effective strategies to spending less and keeping more? Check out the Mortgage Market Guide View for The Top 10 Ways to Save.

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