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New Years Wishes

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Blog by Doug Ingersoll | December 31st, 2012

The best part of wakin' up is Folgers in your cup as the jingle goes. Really doesn't matter what brand you drink in the morning - the payoff is in waking up. We wish you and and your family a safe New Years Eve and a 2013 filled with serious income and abundant health.

If anyone has any real estate related questins, the next real estate meeting is Wednesday evening at 6:30 PM at the Aviano community center. More info here.

From Stuart Crawford at V.I.P. Mortgage:

"The fiscal cliff talks were once again the primary influence on mortgage rates last week.  A lack of progress on reaching a deal caused investors to shift to safer assets such as bonds.  As a result, mortgage rates ended the week a little lower.

The housing sector data released was again encouraging.  November New Home Sales rose 4% from October to the highest level since April 2010 (when the homebuyer tax credit was about to expire).  November Pending Home Sales, a leading indicator, also rose to the highest level since April 2010, and were 12% higher than one year ago.  According to the NAR Chief Economist, "Home sales are recovering now based solely on fundamental demand and favorable affordability conditions."

Housing ends the year on a definite upswing.  Existing Home Sales rose roughly 10% during 2012, and the National Association of Realtors (NAR) forecasts a similar increase for 2013. Total housing inventory of available existing homes is at the lowest level since 2005, and the October Case-Shiller 20-city home price index showed an increase of 4.3% from one year ago. In addition, mortgage rates end the year near record low levels, around 50 basis points lower than this time last year.

The fiscal cliff talks will continue to be a major influence on mortgage rates heading into the new year.  The biggest economic report this week will be the important Employment data on Friday.  Mortgage markets will close early on today and will be closed on Tuesday in observance of New Year’s Day."

Stuart can be reached at 480.776.2954.