| Tuesday, February 27, 2007
| Our Orange County Realtor Friend Speaks Out in Inman News
|One of my real estate partners and friends, Debbie Ferrari was quoted in an article on Inman News today. Several months ago she was also awarded a chapter in Donald Trump's new Book.
This group of realtors and marketers that I'm affiliated with is the best of the best. I'm proud to know them all.
Below is the Inman column...
Stats, lies and real estate
Web innovations surface new forms of real estate data
Tuesday, February 27, 2007
By Glenn Roberts Jr.
Real estate can be a numbers game, whether you are setting a listing price, making a purchase offer, choosing a mortgage product and down payment, locking in an interest rate, or negotiating the cost of a real estate agent's services.
And there is no shortage of numbers. Trade groups, agents, bloggers and online communities, brokerage companies, media, institutes, economists and Web sites are among the sources of real estate statistics and information that generate reports, commentary, charts, graphs and maps about the state of the real estate market for a given area. In this era of electronic information and Internet innovation, consumers have more real estate information at their fingertips than ever before.
The real estate obsession that swept the nation during the latest housing boom inspired some creative new ways to gather and display real estate statistics: heat maps, bubble maps, and a wave of new indices (including a "Zindex") and online tools. While industry statistics have traditionally lagged behind present-day market conditions, Internet-savvy companies are finding new ways to generate real-time snapshots of market conditions.
So many data sources can be overwhelming, though, said Debbie Ferrari, a Realtor in Orange County, Calif. "It's really an ironic problem -- there's more data out there to study but how do we know which study to study? It is getting harder to get pure data based on real research because now almost every grown-up blog and Realtor Web site has some statistics on it," she said, adding that many sites carry outdated statistics.
In the past there were fewer sources for real estate research reports, she said, but when you searched for them you would find "just what you wanted. Now, you get a mixture of pure and not-so-pure data being reported." Ferrari said she recommends that consumers seek out independent studies of the real estate industry that relate to a local market area.
"Studies of a local real estate market by most respected universities tend to be valid. So do local-area studies done by (companies) in the data-gathering business, especially when they quote their study methodology," she said. Also, it may benefit consumers to monitor multiple sources to determine which sources have the best information for a given area, she said. "Being cynical here is a good idea."
The National Association of Realtors and its counterpart state and local Realtor groups are a major source of real estate statistics, as the trade groups have access to a wealth of property information collected by its members through associated multiple listing services. NAR's stats are used by the Federal Reserve, the U.S. Housing and Urban Development Department, Chicago Board of Options Exchange, and many economists. "Our data are also remarkably accurate and we work hard to make them so," said Steve Cook, an association spokesman.
A potential problem with sources of real estate statistics is the accompanying analysis, said Jonathan Miller, president and CEO for Miller Samuel Inc., a real estate appraisal and consulting company that prepares real estate market reports.
"My pet peeve is 'spin.' The biggest problem with information available to the real estate professional today is not the data itself, it's the interpretation," Miller said. "If a real estate professional senses spin in something they are reading then the consumer will too. The consumer wants real information, not hyperbole. They want the straight story and then they will figure it out on their own."
He said it's best to be cautious about any source of real estate information "that is generated by a trade group or is produced by a firm with something to sell. It doesn't mean it's not usable, just be wary. Because something is printed on paper or on a Web site doesn't mean it's reliable. I am amazed at how much the consumer takes the words of others at face value."
As for the growing volume of real estate statistics, Miller said that the key is to find some trusted sources of data and "filter out everything else except for new sources or analysis entering the mainstream and off the beaten track. New information will never stop coming to your doorstep -- the problem is 90 percent of it is useless or misleading."
Miller said the most popular reports his company produces are for Prudential Douglas Elliman, a major New York City brokerage firm, and the target audience for his company's reports includes consumers, clients, government, peers and media. Miller said that portions of the data that he reports are not available in the public domain.
Daniel Baum, president of New York-based The Real Estate Group NY, a brokerage firm that specializes in the city's rental market, noted that Manhattan is an island in more ways than one, as the rental market is fragmented and lacks transparency. Data that is released to consumers about the rental market is typically representative of a cross-section of the market, such as luxury high-rise rentals, he said, which can skew the statistics.
"It always made people feel like there was less inventory than there (actually) was -- at the end of the day it's really not helping the general public at all," Baum said. His company assembled a database of about 3,000 rental properties and combined that with statistics for a roughly equivalent group of rental properties to produce a monthly Manhattan Rental Market Report on average rental prices. The first version of this report launched in January.
The report gathers information for 14 different neighborhoods in Manhattan, and Baum said, "I do try very hard to make sure the data I'm providing is substantial and quantifiable," adding, "I'm very much forthcoming when we don't have data."
Consumers, he said, should take all of the real estate data "with a grain of salt," and he encourages them to "read the fine print -- they have to understand where this data comes from."
An emerging trend is the creation of interactive data-visualization tools at real estate-related Web sites. Sites such as HotPads.com, Neighboroo.com, PropertyShark.com, Trulia.com and Zillow.com offer new ways to view real estate information.
Property-search portal Trulia.com, for example, this month announced the launch of new real estate mashup sites in conjunction with the public release of programming tools that are intended to spur the creation of other mashups that use the company's data. Truliaholic.com allows users to compare the volume of search traffic and average listing price information for two county and city areas across the nation. And another Trulia-generated mashup, plotornot.com allows users to compare a variety of statistical sources for a given area, such a traffic, crime, rainfall and demographic statistics to median listing price statistics.
The company also produces heat maps that reflect price differences, and publishes monthly real estate trend reports.
"The feedback we've heard is that consumers like that we provide data. There are mountains and mountains of data behind Trulia's screen," said Heather Mirjahangir Fernandez, Trulia's director of marketing. "What we try to do is simplify it. It's very hard to satiate the appetite both by consumers and the real estate community (for information)."
The company's reporting is limited to the data available at the site -- Fernandez said the Web site passed the 1 million-listings mark in November. "That data continues to get more representative of the nation as a whole," she said, as the listing database grows.
"The thing that has certainly been proven over the past year is that data can be fun -- it doesn't have to be serious. And people can be entertained by data," said Amy Botuhinsky, a spokeswoman for home-valuation and property marketing site Zillow.com. The company, like Trulia, offers heat maps that color-code map areas based on price trends. An area with high listing prices would show up as red, for example, while the lowest-price areas show up as green and blue.
Zillow also offers quarterly "Zindex" reports that are based on the estimated value of all homes for a range of markets across the country -- including homes that aren't for sale. The value is based on the company's algorithms.
More information is better, said Botuhinsky. "The more data you have, the more information you can build on to make more educated decisions and to become smarter about the process. Different data sources are all useful in different ways." She said that Zillow initially offered some analysis in reporting the data it released but lately has left it up to users to crunch the hard data on their own. "That was a little more in line with who Zillow is: a source of data to help people become smarter, but acknowledging that the real experts are hyperlocal," she said.
"It makes sense," she said, that consumers are hungry for real estate data. "Real estate is the backbone of Americans' lives," she said, and there is an attraction from both an emotional and a data perspective.
Ryan Slack, CEO for real estate information company PropertyShark, noted that real estate statistics that show extremes are particularly popular. The company's Web site shows areas that are experiencing price depreciation (the site features a "Double Bubble Trouble" map) and super-heated markets, for example. "Neighborhood-specific sales trends are also of obvious interest. Distress property reports are a hot area right now." And site users can generate their own customized reports for a given area based on selected criteria such as "all vacant lots in Brooklyn" or a list of owners who bought over two years ago, for example.
The company produces quarterly foreclosures reports, mashup maps down to the parcel level with information such as recent sales and zoning types, and housing-stock analyses for cities and neighborhoods.
PropertyShark is an unbiased third-party data resource for the industry, Slack said, "so none of our statistics or data are tweaked to build a particular market perception."
He added, "There is a revolution going on with the availability and transparency of real estate information, and our audience is no longer dependent solely on silos of information tightly held by government agencies or individual companies."
His advice for consumers and real estate professionals who are navigating the ocean of real estate information: "The old saying, 'Consider the source,' comes to mind. The user should try to understand if it is in the interest of the information provider to tell a certain story or spin the numbers in a certain direction."
Send tips or a Letter to the Editor to firstname.lastname@example.org or call (510) 658-9252, ext. 137.
Copyright 2007 Inman News
Real Estate Marketing by Myrtle Beach Web Design
See my friend and Debbie Ferrari's Husband, Bill Koelzer,
if you need a Small Business Consultant
Labels: Orange County Real Estate, real estate marketing, realtor websites
|posted by Jan Chilton @ 6:09 PM
| Saturday, February 24, 2007
| Myrtle Beach Real Estate Agents
|I got a copy of something today that astounds me to no end.
The Coastal Carolina Board of Realtors sent out a mass email announcing some "affiliate" (a guy who used to work for them, I was told) has created 36 of a proposed 76 local real estate "directory" type sites - SEVENTY SIX of them! We NEED 76 more Myrtle Beach real estate websites, don't we? Although it didn't say so directly and encourage members to sign up, the email itself has sanctioned it.
It will be interesting to see how Google likes this little ring of power when they get going.
Matt Cutts, where are you? Read this, please!
For a list of the sites in the system visit www. MLSMyrtleBeach.com/sites.htm - By the end of 2007 there will be an additional 40 sites added to enhance the system. This will bring the total number of sites working to bring YOU clients, to a whopping 76.
I would guess that they'll be interlinked in some kind of triple or 4-way linking scheme.
Of course the realtors have to pay...and pay dearly.
Look at what one of the pages of the main site says about how to get involved....
No...I'm not about to throw them a link.
Not anymore, when someone finds your listing in their search and they desire more information, they will click on a link, fill in their name, city of residence and their email address, nothing else will be required. At that point we will test the email address to insure that it is valid. After we receive validation an email will be sent to you with the above information including the MLS# of the listing for which they have an interest. You will be charged a small fee of $9.99 only. That is it, no more large percentage referral fees, no more additional charges. You will see results by only paying for results, not paying for promises. At the time of signing up you will be charged a one time setup fee of $27. Since there are no other fees involved you will remain a subscriber for as long as you are active in real estate.
I have got to say this is one of the most outrageous things I've ever seen. A nice fat $10 per lead.
Then add to that the website people will be quite capable to be banking a copy of those leads for themselves...to sell a dozen times over. I'm in the wrong business!!!!
Not to say they will...but the option is there, and not too many people resist those kinds of options.
The realtors I worked with at New Resorts used to tell me they would sell about one out of every 30 leads. They aren't even doing that, now. That's a steep price to pay for a 3.3% or less chance at a sale.
Ah well..I guess if you can't afford to pay for your own website, it might be your next best option.
Then again, I don't think so.
There are too many other ways that cost a tenth of that. www.backpage.com
www.craigslist.com (free) and even some of the best real estate directories out there, such as www.Reals.com only charge $99 a year for an advertising listing.
But I think the part that upsets me the most is the BOARD OF REALTORS promoting this.
Talk about a captive audience. Or maybe even a conflict of interest. I just can't believe that any organization that is supposed to represent the best interests of realtors and the public would would single out something like this and send it out to all its members.
Unless, of course, there was some kick-back to them....
There are so many Myrtle Beach condo and real estate sites now that the search engines are just saturated. There must be 50 or more sites that have MLS search functions on them. What the heck...let's add a quick 76 more....with the same information re-worded and put out there 76 times.
This stinks in my book. Of course, I'm not a realtor. As a person who respects the search engines for the service they provide, I just hate stuff like this.
Real Estate Marketing
Great new Myrtle Beach Condo Leaseback Offer!
Myrtle Beach Hotels and Condos
Labels: board of realtors, myrtle beach real estate, real estate SEO, real estate websites, realtors
|posted by Jan Chilton @ 9:42 PM
| Monday, February 19, 2007
| Holden Beach Condos
|Holden Beach, NC, January 15, 2007:
Labels: brunswick county real estate, condos for sale, dolphin shores holden beach, holden beach condos, holden beach real estate, north carolina real estate
|posted by Jan Chilton @ 4:34 AM
| Wednesday, February 07, 2007
| Myrtle Beach Real Estate Sales News
|According to our resident real estate expert at the Sun News, Jenny Burns, our real estate agents are seeing an increase in sales interest from January. My clients and websites are reflecting that as well.
Sales of Myrtle Beach condominiums are still low, but that is to be expected until the glut of building and large amount of available new condos is taken care of.
Myrtle Beach condo rentals are at an all-time high. My friends at Condolux had the best year ever in 2006, and are geared up for 2007 with about 10 new projects to add to their rental lists...from Kingston Plantation (seemingly the hottest place down here for rentals) to the recently completed resorts like Bay View Resort in Myrtle Beach.
This could very well translate into a better environment for sales...and certainly more traffic to the condos that have on-site sales offices.
According to Jenny, new homes sales fell more than the prophets expected it to. I guess even though they "created" the bubble in the first place, they aren't always powerful enough to control the market just by the word of their predictions. And yes, I said they created the bubble. I am firmly convinced that it never would have happened anywhere if they hadn't kept screaming about it ad nauseum for the whole year that sales were so high. It was a self-fulfilled prophecy.
They report that single family home sales fell 24 percent to 296 from 389 last January. Sales of condos in Myrtle Beach and the Grand Strand fell 35 percent to 276 units from 425. This according to the local MLS people.
It was also noted that some home prices dropped, but CONDO prices jumped 32 percent in average and 25 percent in median.
Days it takes to sell a condo increased from 160 to 345 days, while homes seem to sell much faster...only increasing to 160 from 143.
My friend Diann Tonnesen in Las Vegas predicted the turn around to take about 17 months from last summer. She's been in the business for more than 20 years, so I value her opinion. My group around here are perhaps a bit more optimistic. Myrtle Beach real estate sales tend to run much differently than some place like Las Vegas...or even the Florida beaches.
Also, our insurance crisis on condos is so in the news that I think buyers are waiting to see how that turns out. I'm seeing the leads and the interest, but there is more hesitation to buy unless they are looking for a personal vacation condo and feel like they can handle the price. And with rentals being so good, perhaps they can increase the price for them to help assuage the extra costs for HOA and insurance fees. People are going to come and vacation at Myrtle Beach regardless. It may slow down the spring breakers (no loss there) and maybe limit the number of days people stay. Perhaps in the future these condo rental places may need to make an availability for 3-4 day stays instead of requiring a weekly deal.
At any rate, it's very heartening to see more leads coming in and the various real estate websites doing well. Since I do real estate marketing, I appreciate it!
Labels: condos, condos for sale, myrtle beach condo rentals, myrtle beach condos, myrtle beach homes, myrtle beach real estate, new condos, preconstruction condos, real estate marketing
|posted by Jan Chilton @ 2:55 PM
| Myrtle Beach Condo Market Drives Rental Rates Up
|These kinds of articles will certainly be very common in the years to come. The availability of even medium cost rentals close to the beach is so bad right now.
I live in Little River, about 4 miles from the beach, in one of the least expensive condo projects here. Our condos rent for $750 a month for a one bedroom! I don't know how any regular working stiff here could pay that much. And cramming many people into a one bedroom apartment will end up damaging the units in the long run.
I asked one of my clients who is a developer if they couldn't build some inexpensive condos on this big stretch of land beside us on Hwy 17. He did the addition, and with the cost of the land, he said you couldn't BUILD a 2 bedroom condo complex and sell them for under about $160,000.
That is amazing. With condo insurance rates rocketing this year, this is going to be such a problem for everyone.
Here's an article I found on WPDE Tv's website...
Rents could rise in Myrtle Beach
2/5/2007 6:37:47 PM
Myrtle Beach is the most expensive city for renters in South Carolina according to one local marketing analyst, and he says the prices could get even higher.
An article in USA Today says landlords are expected to raise apartment rents this year by 5%."No matter where we go, we want to hide," said Seymour Cass.
Seymour Cass left New York to escape the high cost of living. And now, he's not thrilled rent could go up."For people like us, who live on a fixed income, it's difficult, and it's only going to get worse," said Cass.
Market Analysis Tom Maeser says we're not seeing a hit right now, but rising insurance costs could change that and really affect the workforce.
"Our average rent for a two bedroom is around $712," said Maeser. "That takes an income of $13.65 an hour, but our main income in the area is $8.65 an hour, so there's quite a big step."
Right now, state lawmakers are considering increasing minimum wage from $5.12 an hour, to $7.25. But even if it changes, Maeser doesn't think it will be enough to handle the high cost of rent.
Newschannel 15 called several apartment complexes, and most haven't raised their prices as of yet. Lisa Brown is the property manager at Alexander Springs. She doesn't expect an increase greater than 10%. She says many apartment communities are waiving security deposits and keeping rates down to steer people away from condos.
"Last two years, we've had 11,000 condos and 2 or 3 apartments go through a condo conversion," said Brown. "We thought that would help us, in turn, investors have them on the rental market, and that hurt us."
But when apartment complexes must compete for business, it can mean a lower cost of living for renters, like Seymour Cass. Tom Maeser says a special task force was recently formed in Horry County, to look at making myrtle beach homes and apartments more affordable.
It's made up of people who live in the area, county council members, realtors, and developers.
Try Condolux for an alternative to Myrtle Beach hotels.
Myrtle Beach Web Marketing at work...
Labels: condo insurance, homeowners insurance, myrtle beach apartments, myrtle beach condos, myrtle beach homes, myrtle beach real estate, myrtle beach rentals
|posted by Jan Chilton @ 2:13 AM
| Sunday, February 04, 2007
| Move Over Donald Trump!
|In the past five years I've been in the middle of some of the most savvy hotshot realtors, builders, and developers in Myrtle Beach. Many of them are pretty amazing characters. Some are great and good people. Many of them are not so good. It's been a real education.
But I've also met and made a few really good friends along the educational road, and one of them, quite by accident, ended up becoming a close friend and confidant.
Lane Yates, along with his wife Sunny and their two boys, live on Lake Norman, close to Charlotte, NC.
Lane is a self-described "unique real estate visionary, who simply sees things differently." He has an approach and perspective of real estate that is unorthodox, yet conservative... using the gadgets of modern technology, but at the same time, living by the morals and sweet disposition he inherited from his good southern family.
In a word, he's a budding Donald Trump with a conscience! Pretty amazing, isn't it?
Lane began his real estate investing and development career in 1989, shortly after graduating with a Civil Engineering degree. He was influenced by his father to pursue construction at an early age, which ultimately lead him to pursue developing and investing in real estate.
He lived in France for several years, meeting and marrying his wife Sunisay, a very beautiful lady of Chinese descent, who is herself a respected Lake Norman real estate broker.
Lane and some partners have developed a large community called Salisbury Village, and he recently began a tremendous project of developing much of the island of Grand Turk, in the Turks and Caicos, British West Indies. I went there several years ago, and fell in love with it like no other beach that I've ever seen. The flourescent, NEON, aqua water in that part of the ocean is just unbelievable. It's a big celebritiy hangout too.
I asked Lane to answer some questions and talk about his career and ambitions for me to post here. Just listening to him fascinates me, and I feel blessed to have his council when it comes to holding my own in a working environment that is so alien to me at times.
Jan: Lane, you have a new website and are getting ready to launch "yourself" to potential partners and investors, as well as customers looking for luxury real estate in the Lake Norman area. Tell me what you hope the website will accomplish.
Lane: You had asked, what exactly am I selling? I guess the answer is my personal story, which might provide confidence to very high-net-worth individuals who may be considering purchasing real estate from me, or may wish to engage in business with me. Both objectives are my goal.
Story telling is all part of one's success. Tony Robbins sells himself, Robert Kawasaki sells his personal story. Certainly Donald Trump is the master at selling himself when it comes to real estate, and other colorful events, etc.
It’s nothing new... Politicians spend their lifetimes promoting themselves in various ways to be elected and then remain elected. Bottom line is that people connect to stories and what they think you know. Not all do, but most do.
For most, selling is considered a game of persuading others to participate in some form of business or event. It’s all part of the game of psychology and it’s the way our minds function; including mine, if I yield to someone else's sales pitch. It’s my goal not to SELL, but rather depict winning locations in the most promising real estate markets and create solid real estate investment opportunities for as many peoples as possible.
I like to live in an imaginary world, for that is how most everyone's dreams, visions, and desires first begin. My goal is to understand what others are looking for and turn dreams and visions into reality. Boastful or not, I know in my heart that I will become a very successful world-class developer if I focus on serving others well. I kind of like being a bit boastful at times, for I'm confident where I'm headed and where I'll be in another 15 years...as well as those taking my advice on investing in real estate.
People that did not believe in me before are now believers. Those that think I’m not going to make it to the top are the exact ones that provide me the power within my soul. I love when people think down on me. There will always those out there that will hope to see you fall. I don’t know why that is, but always remember it.
Bottom line is that people connect to real stories and invest in your experience and confidence.
Jan: Who is Lane Yates?
Lane: He is passionate and enjoys the game of real estate. Simply mention his name in many places, and you’ll see that he is highly regarded as an authority in real estate. Lane Yates is becoming a popular name among a new breed of real estate tycoons.
Jan: What makes you an authority?
Lane: Over the years, I've learned creative ways to market, sell, lease and negotiate properties. I know how to predict real estate cycles, buying trends, and how to forecast and identify winning locations. I've been on the front line making many deals and transactions. What I've learned in the past decade would take most others a lifetime.
Jan: What is it that you do, exactly?
Lane: My focus is land acquisitions and Real Estate Development; strictly in high-capital growth markets, particularly around oceans, mountains and lakes. My primary function is to identify and secure rare tracks of land having unique characteristics and tremendous development potential.
I approach my developments and acquisitions with rigorous due diligence studies, using conservative assumptions. I incorporate macro and micro economics, raw data, and sophisticated analytical scenarios into all my development models.
Jan: What projects are you pursuing as we speak?
Lane: I'm currently developing a range of developments. This includes a 356,000 square foot mix use urban development in Salisbury. This City-within-a-City will incorporate retail shops, restaurants, banking, medical and professional offices, along with two hundred residential living units.
I have no doubt that Mr. Yates will do everything he sets out to do. Good looks, extreme intellect, a quick wit, and (most of all) a good woman behind him will see to that! :-)
Myrtle Beach Web Design
Visit our sites for Albuquerque Real Estate, Virginia Beach Attractions, and Pet Friendly Condos in Myrtle Beach.
|posted by Jan Chilton @ 4:37 AM
| Thursday, February 01, 2007
| Real Estate Marketing News
|We've recently launched a couple of new websites for some talented young agents.
One, selling Myrtle Beach Real Estate, is Mike Benton. Formerly selling preconstruction with New Resorts, Mike branched out on his own with a condo conversion in Myrtle Beach out off Hwy 501. Coastal Villas was an inexpensive apartment complex used by many of the students with Carolina Coastal University and Horry Georgetown Tech. Mike and partner James Cole are renovating the apartments from top to bottom, and pre-selling from $109,900. These are some excellent low cost investment condos and are perfect for parents of kids going to the university for several years. Definately worth looking into.
In addition, Mike is selling a fantastic Myrtle Beach Oceanfront Lot in Grande Dunes, and has a friend who wants to sell a condo in Grande Dunes. Mike is also affiliated with a real estate agency out of Charleston.
Justin Chambers is involved with Kingman Arizona Real Estate with his family, and their agency plan is to have one person specializing in each area, from investment real estate, residential homes, and retirement property. I haven't been as closely involved with Justin as my partner Bryan has, but he is very impressed with Justin and plans to promote his projects using the http://www.condosandresorts.com/ website, which specializes in condo sales.
We are soon going to be doing some redesign and SEO on a couple of Myrtle Beach vacation sites as well.
|posted by Jan Chilton @ 10:04 PM
| Real Estate Mortgage Rates Increasing Again
|Mortgage rates jumped a little bit yesterday according to CNN Money. As if we needed something else to add to the cost of real estate in Myrtle Beach ... what with condo and home insurance rates being so bad.
The 30-year fixed rate mortgage rate averaged 6.34 percent for the week ended Feb. 1, up from 6.25 percent the previous week, according to Freddie Mac's (up $0.55 to $65.48, Charts) Primary Mortgage Market Survey released Thursday. Last year, the 30-year fixed mortgage rate stood at 6.23 percent. The 30-year fixed rate hasn't been higher since the week ended Oct. 26.
"Interest rates moved higher following the latest upbeat economic news," said Freddie Mac vice president Frank Nothaft in a statement. "The strong 3.5 percent annualized growth in the economy over the final quarter of 2006 occurred while inflation moderated."
The 15-year fixed rate averaged 6.06 percent, up from last week when it averaged 5.98 percent. A year ago, it averaged 5.81 percent.
The 15-year fixed rate also hasn't been higher since Oct. 26, when it was 6.10 percent.
The five-year adjustable rate mortgages averaged 6.04 percent, up from last week when it averaged 6.00 percent. A year ago, the 5-year averaged 5.87 percent.
One-year ARMs averaged 5.54 percent, up from 5.49 percent. Last year at this time, the 1 year ARM averaged 5.33 percent.
"The Fed indicated in its statement that there are some tentative signs of stabilization that have appeared in the housing market," Nothaft said.
"December's existing and new home sales confirmed that 2006 was a year of significant decline in housing activities, but 2006 was still in the top three years for total home sales, " he added.
Visit our site for mortgage loan companies for links and mortgage information too.
|posted by Jan Chilton @ 12:09 PM