Morgage Applications Crash!

Uh oh!

-Mr. Bubble

Housing Industry Gets Wake Up Call After Purchase Apps Fall To 13 Year Low

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 14, 2010.

Michael Fratantoni, MBA's Vice President of Research and Economics summed up the survey:



"Purchase applications plummeted 27 percent last week and have declined almost 20 percent over the past month, despite relatively low interest rates. The data continue to suggest that the tax credit pulled sales into April at the expense of the remainder of the spring buying season. In fact, this drop occurred even as rates on 30-year fixed-rate mortgages continued to fall, and at 4.83 percent are at their lowest level since November 2009....However, refinance borrowers did react to these lower rates, with refi applications up almost 15 percent, hitting their highest level in nine weeks."

More here...

Thanks to realtor Paul Smith for this info. Paul is an excellent buyer's agent.

Skyrocketing Foreclosures in Austin!

The number of home foreclosures in the Austin area increased 45 percent in April compared to one year ago, according to RealtyTrac Inc., a group that monitors foreclosed properties in the United States.

Link to Article....

Duh! Finally the Government Sees the Bubble

Hmm. I didn't know that your property values keep rising due the the ten percent maximum annual increase rule even when your property didn't actually rise in that year. That helps explain why people thought property hadn't really fallen in Austin in 2008-9. Much of the data was driven by the TCAD values due to the fact that nobody release the MLS data.

- Mr. Bubble

Travis property values face first drop since 2003

5.3 percent projected decline would mean a $6.5 billion hit to tax rolls.

By Laylan Copelin and Shonda Novak
AMERICAN-STATESMAN STAFF

Published: 11:44 p.m. Friday, April 9, 2010
The recession that wiped out thousands of jobs in Central Texas also erased $6.5 billion from the market value of Travis County properties.
The 5.3 percent drop in values from 2009 was the first decline since 2003, according to preliminary figures from the Travis Central Appraisal District.

more...

Beware of Pocket Listings

Pocket listings are quite common in Austin.  I think many sellers are denied maximum market prices for these deals and we are all denied the price information the sale contains. Do yourself a favor, list in the MLS and require your agent to present you with all offers.

- Mr. Bubble

 

Happens Every Day

Reno attorney and real estate investor William Thornton has filed a complaint with the Nevada Real Estate Division against local real estate figures Karen Greathouse and Nancy Fennell of Dickson Realty.

March Austin List Prices from Zillow

Hmm? Interesting trend in Austin list prices... recovery?

- Mr. Bubble

Median List Price

More West Lake Hills Home Value

Median List Price

More Austin Home Values

Fixed-Mortgage Rates Jump - WSJ.com

Fixed-Mortgage Rates Jump - WSJ.com

Posted using ShareThis

Austin Feb Home Prices Down 3% over Feb 2009

 Sure sounds different than what the realtors say doesn't it?

- Mr. Bubble

	Sales	Change from Last Year	Median Price	Change from Last Year	Months' Inventory
Austin	1,276	up 7%	$182,000	down 3%	6.2
Dallas	2,707	down 9%	$149,200	up 1%	6.1
Fort Bend	510	down 7%	$188,700	up 8%	4.8
Fort Worth	538	up 5%	$106,000	down 3%	6.5
Houston	3,615	down 4%	$146,600	up 6%	6.6
Longview-Marshall	116	down 12%	$120,000	up 1%	8.9
Odessa	67	up 26%	$123,100	down 5%	5.8
San Antonio	1,239	up 7%	$140,700	down 1%	7.8
Temple-Belton	94	down 10%	$110,800	down 11%	6.7
Victoria	61	up 33%	$109,200	down 23%	6.6
Texas	13,064	down 2%	$141,100	up 2%	6.9