Mortgage Applications Are Up!

Title:	Near Record Low Mortgage Rates Boost Mortgage Applications in Latest MBA Weekly Survey
Source:	MBA
Date:	12/24/2008
Contacts: Name: Phone: Email:  Carolyn Kemp (202) 557-2727 ckemp@mortgagebankers.org

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WASHINGTON, D.C. (December 24, 2008) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending December 19, 2008.  The Market Composite Index, a measure of mortgage loan application volume, was 1245.4, an increase of 48.0 percent on a seasonally adjusted basis from 841.4 one week earlier.  On an unadjusted basis, the Index increased 50.2 percent compared with the previous week and was up 124.6 percent compared with the same week one year earlier.

The Refinance Index increased 62.6 percent to 6758.6 from the previous week and the seasonally adjusted Purchase Index increased 10.6 percent to 316.5 from one week earlier.  The Conventional Purchase Index increased 17.7 percent while the Government Purchase Index (largely FHA) decreased 3.4 percent.
 
The four week moving average for the seasonally adjusted Market Index is up 28.8 percent.  The four week moving average is up 4.5 percent for the seasonally adjusted Purchase Index, while this average is up 42.0 percent for the Refinance Index.

The refinance share of mortgage activity increased to 83.2 percent of total applications from 76.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 0.8 percent from 1.1 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.04 percent from 5.18 percent, with points increasing to 1.17 from 1.13 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The contract rate for 30-year fixed-rate mortgages is the lowest recorded in the survey since the record low of 4.99 percent for the week ending June 13, 2003.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.91 percent from 4.93 percent, with points decreasing to 1.03 from 1.34 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 6.36 percent from 6.63 percent, with points decreasing to 0.28 from 0.30 (including the origination fee) for 80 percent LTV loans.

**SPECIAL NOTES**

The survey covers approximately 50 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990.  Respondents include mortgage bankers, commercial banks and thrifts.  Base period and value for all indexes is March 16, 1990=100.

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 370,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA’s Web site:  www.mortgagebankers.org.

Market Update As Of January 3rd, 2009

What you are looking at below are charts and numbers derived from the Northern Nevada Regional Multiple Listing Service for Single Family Homes only for the East Shore.  The reason that I use this segment of the market is that it has the most influence on the general value trends. 

Active Listing inventory rose by three for a total of 145 single family homes on the market.  The pending sales has dropped by two for a ratio of Active to Pending at 3.9%.  This is lower than last week of 5.3%, which indicates a lack of new pending sales.  There are no sales to report for the year 2009.

Status	Class	Type	Price Range	No. of Listings	Dollar Volume	Average Price	Median Price	Average DOM
ACTIVE
	RESIDENTIAL
		Residential
			$295,000 - $299,999	1	$299,900	$299,900	$299,900	126
			$325,000 - $329,999	1	$329,900	$329,900	$329,900	67
			$330,000 - $334,999	1	$332,500	$332,500	$332,500	26
			$395,000 - $399,999	1	$399,000	$399,000	$399,000	83
			$405,000 - $409,999	1	$405,000	$405,000	$405,000	107
			$425,000 - $429,999	1	$429,000	$429,000	$429,000	103
			$445,000 - $449,999	1	$449,000	$449,000	$449,000	64
			$450,000 - $454,999	1	$450,000	$450,000	$450,000	67
			$465,000 - $469,999	1	$465,000	$465,000	$465,000	675
			$475,000 - $479,999	3	$1,433,000	$477,667	$479,000	378
			$495,000 - $499,999	1	$495,000	$495,000	$495,000	561
			$500,000 - $504,999	2	$1,000,000	$500,000	$500,000	80
			$545,000 - $549,999	2	$1,099,800	$549,900	$549,900	51
			$550,000 - $554,999	1	$550,000	$550,000	$550,000	244
			$555,000 - $559,999	1	$555,000	$555,000	$555,000	266
			$570,000 - $574,999	1	$574,900	$574,900	$574,900	45
			$585,000 - $589,999	4	$2,348,000	$587,000	$587,000	128
			$595,000 - $599,999	3	$1,789,000	$596,333	$595,000	218
			$635,000 - $639,999	2	$1,278,000	$639,000	$639,000	161
			$645,000 - $649,999	1	$645,000	$645,000	$645,000	271
			$685,000 - $689,999	1	$689,500	$689,500	$689,500	155
			$695,000 - $699,999	4	$2,792,000	$698,000	$699,000	368
			$715,000 - $719,999	1	$719,000	$719,000	$719,000	92
			$725,000 - $729,999	1	$725,000	$725,000	$725,000	107
			$750,000 - $754,999	2	$1,500,000	$750,000	$750,000	185
			$795,000 - $799,999	1	$795,057	$795,057	$795,057	576
			$845,000 - $849,999	2	$1,694,999	$847,500	$847,500	101
			$975,000 - $979,999	1	$975,000	$975,000	$975,000	190
			$990,000 - $994,999	1	$990,000	$990,000	$990,000	184
			$995,000 - $999,999	3	$2,985,000	$995,000	$995,000	576
			$1,050,000 - $1,054,999	1	$1,050,000	$1,050,000	$1,050,000	87
			$1,085,000 - $1,089,999	1	$1,088,000	$1,088,000	$1,088,000	111
			$1,090,000 - $1,094,999	2	$2,180,000	$1,090,000	$1,090,000	368
			$1,095,000 - $1,099,999	4	$4,384,000	$1,096,000	$1,095,000	346
			$1,145,000 - $1,149,999	1	$1,145,000	$1,145,000	$1,145,000	138
			$1,195,000 - $1,199,999	1	$1,195,000	$1,195,000	$1,195,000	473
			$1,200,000 - $1,204,999	1	$1,200,000	$1,200,000	$1,200,000	523
			$1,245,000 - $1,249,999	2	$2,498,000	$1,249,000	$1,249,000	232
			$1,250,000 - $1,254,999	1	$1,250,000	$1,250,000	$1,250,000	230
			$1,295,000 - $1,299,999	2	$2,590,000	$1,295,000	$1,295,000	307
			$1,385,000 - $1,389,999	1	$1,385,000	$1,385,000	$1,385,000	505
			$1,395,000 - $1,399,999	1	$1,399,000	$1,399,000	$1,399,000	173
			$1,445,000 - $1,449,999	1	$1,449,000	$1,449,000	$1,449,000	51
			$1,490,000 - $1,494,999	1	$1,492,000	$1,492,000	$1,492,000	116
			$1,495,000 - $1,499,999	2	$2,994,000	$1,497,000	$1,497,000	390
			$1,595,000 - $1,599,999	1	$1,595,000	$1,595,000	$1,595,000	249
			$1,600,000 - $1,604,999	1	$1,600,000	$1,600,000	$1,600,000	49
			$1,650,000 - $1,654,999	1	$1,650,000	$1,650,000	$1,650,000	278
			$1,750,000 - $1,754,999	2	$3,500,000	$1,750,000	$1,750,000	92
			$1,785,000 - $1,789,999	1	$1,785,000	$1,785,000	$1,785,000	184
			$1,795,000 - $1,799,999	4	$7,180,000	$1,795,000	$1,795,000	302
			$1,900,000 - $1,904,999	1	$1,900,000	$1,900,000	$1,900,000	16
			$1,975,000 - $1,979,999	1	$1,975,000	$1,975,000	$1,975,000	156
			$1,995,000 - $1,999,999	4	$7,980,000	$1,995,000	$1,995,000	250
			$2,100,000 - $2,104,999	2	$4,200,000	$2,100,000	$2,100,000	562
			$2,195,000 - $2,199,999	1	$2,195,000	$2,195,000	$2,195,000	358
			$2,275,000 - $2,279,999	1	$2,275,000	$2,275,000	$2,275,000	401
			$2,295,000 - $2,299,999	2	$4,590,000	$2,295,000	$2,295,000	215
			$2,300,000 - $2,304,999	1	$2,300,000	$2,300,000	$2,300,000	204
			$2,345,000 - $2,349,999	1	$2,345,000	$2,345,000	$2,345,000	235
			$2,450,000 - $2,454,999	2	$4,900,000	$2,450,000	$2,450,000	145
			$2,455,000 - $2,459,999	1	$2,459,000	$2,459,000	$2,459,000	187
			$2,550,000 - $2,554,999	1	$2,550,000	$2,550,000	$2,550,000	657
			$2,580,000 - $2,584,999	1	$2,580,000	$2,580,000	$2,580,000	177
			$2,700,000 - $2,704,999	1	$2,700,000	$2,700,000	$2,700,000	124
			$2,750,000 - $2,754,999	2	$5,500,000	$2,750,000	$2,750,000	351
			$2,795,000 - $2,799,999	2	$5,593,000	$2,796,500	$2,796,500	479
			$2,995,000 - $2,999,999	1	$2,995,000	$2,995,000	$2,995,000	1170
			$3,390,000 - $3,394,999	1	$3,394,000	$3,394,000	$3,394,000	299
			$3,495,000 - $3,499,999	1	$3,495,000	$3,495,000	$3,495,000	220
			$3,800,000 - $3,804,999	1	$3,800,000	$3,800,000	$3,800,000	473
			$3,895,000 - $3,899,999	1	$3,899,900	$3,899,900	$3,899,900	510
			$3,995,000 - $3,999,999	2	$7,994,999	$3,997,500	$3,997,500	166
			$4,495,000 - $4,499,999	3	$13,485,000	$4,495,000	$4,495,000	408
			$4,750,000 - $4,754,999	1	$4,750,000	$4,750,000	$4,750,000	46
			$4,950,000 - $4,954,999	1	$4,950,000	$4,950,000	$4,950,000	561
			$5,250,000 - $5,254,999	1	$5,250,000	$5,250,000	$5,250,000	584
			$5,400,000 - $5,404,999	1	$5,400,000	$5,400,000	$5,400,000	255
			$5,500,000 - $5,504,999	2	$11,000,000	$5,500,000	$5,500,000	486
			$5,595,000 - $5,599,999	1	$5,595,000	$5,595,000	$5,595,000	228
			$5,895,000 - $5,899,999	1	$5,895,000	$5,895,000	$5,895,000	80
			$5,950,000 - $5,954,999	1	$5,950,000	$5,950,000	$5,950,000	128
			$5,995,000 - $5,999,999	3	$17,985,000	$5,995,000	$5,995,000	480
			$6,250,000 - $6,254,999	1	$6,250,000	$6,250,000	$6,250,000	980
			$6,500,000 - $6,504,999	1	$6,500,000	$6,500,000	$6,500,000	44
			$7,495,000 - $7,499,999	1	$7,495,000	$7,495,000	$7,495,000	547
			$7,750,000 - $7,754,999	1	$7,750,000	$7,750,000	$7,750,000	52
			$9,495,000 - $9,499,999	1	$9,495,000	$9,495,000	$9,495,000	565
			$11,250,000 - $11,254,999	1	$11,250,000	$11,250,000	$11,250,000	509
			$100,000,000 - $100,004,999	1	$100,000,000	$100,000,000	$100,000,000	834
			Sub Total	132	$384,422,455	$2,912,291	$1,470,500	290
New
	RESIDENTIAL
		Residential
			$560,000 - $564,999	1	$560,000	$560,000	$560,000	7
			Sub Total	1	$560,000	$560,000	$560,000	7
Extended
	RESIDENTIAL
		Residential
			$445,000 - $449,999	1	$445,000	$445,000	$445,000	397
			$595,000 - $599,999	1	$599,000	$599,000	$599,000	361
			$745,000 - $749,999	1	$749,000	$749,000	$749,000	174
			$2,595,000 - $2,599,999	1	$2,595,000	$2,595,000	$2,595,000	370
			Sub Total	4	$4,388,000	$1,097,000	$674,000	326
Price Reduced
	RESIDENTIAL
		Residential
			$685,000 - $689,999	1	$689,000	$689,000	$689,000	127
			$700,000 - $704,999	1	$700,000	$700,000	$700,000	246
			Sub Total	2	$1,389,000	$694,500	$694,500	187
Active/Pending-Call
	RESIDENTIAL
		Residential
			$625,000 - $629,999	1	$629,900	$629,900	$629,900	93
			$4,995,000 - $4,999,999	1	$4,995,000	$4,995,000	$4,995,000	259
			Sub Total	2	$5,624,900	$2,812,450	$2,812,450	176
Active/Pending-Loan
	RESIDENTIAL
		Residential
			$395,000 - $399,999	1	$399,900	$399,900	$399,900	144
			$775,000 - $779,999	1	$775,000	$775,000	$775,000	43
			$795,000 - $799,999	1	$799,000	$799,000	$799,000	79
			Sub Total	3	$1,973,900	$657,967	$775,000	89
Active/Pending-Short Sale
	RESIDENTIAL
		Residential
			$1,495,000 - $1,499,999	1	$1,495,000	$1,495,000	$1,495,000	129
			Sub Total	1	$1,495,000	$1,495,000	$1,495,000	129
EXPIRED
	RESIDENTIAL
		Residential
			$750,000 - $754,999	1	$750,000	$750,000	$750,000	150
			$2,495,000 - $2,499,999	2	$4,990,000	$2,495,000	$2,495,000	123
			$4,950,000 - $4,954,999	1	$4,950,000	$4,950,000	$4,950,000	265
			$5,995,000 - $5,999,999	1	$5,995,000	$5,995,000	$5,995,000	154
			$32,500,000 - $32,504,999	1	$32,500,000	$32,500,000	$32,500,000	73
			Sub Total	6	$49,185,000	$8,197,500	$3,722,500	148
Grand Totals				151	$449,038,255	$2,973,763	$1,399,000	275

Market Update As Of January 2nd, 2009

 

 

 

Listings per Status
Minimum, Average, Maximum
Days On Market Analysis
$1,250,000 thru $1,499,999	1	95
	37	170

Summary Price Information
Minimum	$155,000	Maximum	$1,295,000
Average	$423,500	Median	$378,900

Equal Opportunity Housing * All information deemed reliable, but not guaranteed.

Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market Copyright ©2009 Rapattoni Corporation. All rights reserved.

 

Area Market Survey

Listings as of 01/03/09 at 4:58pm

Active Listing Price Range  Quantity      Average DOM   $100,000 thru $119,999 1 18   $160,000 thru $179,999 1 261   $180,000 thru $199,999 4 54   $200,000 thru $249,999 14 103   $250,000 thru $299,999 30 153   $300,000 thru $349,999 35 164   $350,000 thru $399,999 41 155   $400,000 thru $449,999 27 188   $450,000 thru $499,999 27 211   $500,000 thru $549,999 17 273   $550,000 thru $599,999 26 194   $600,000 thru $649,999 11 212   $650,000 thru $699,999 27 124   $700,000 thru $749,999 8 101   $750,000 thru $799,999 9 193   $800,000 thru $849,999 12 174   $850,000 thru $899,999 11 265   $900,000 thru $949,999 5 205   $950,000 thru $999,999 10 231   $1,000,000 thru $1,249,999 19 176   $1,250,000 thru $1,499,999 13 241   $1,500,000 thru $1,749,999 7 199   $1,750,000 thru $1,999,999 4 364   $2,000,000 thru $2,249,999 2 317   $2,250,000 thru $2,499,999 4 97   $2,500,000 thru $2,749,999 4 87   $2,750,000 thru $2,999,999 1 727   $3,000,000 thru $3,249,999 1 114   $3,250,000 thru $3,499,999 1 222   $3,750,000 thru $3,999,999 1 206   $4,750,000 thru $4,999,999 1 16   $5,000,000 thru $5,999,999 1 158   $7,000,000 thru $7,999,999 2 566     377 183

Summary Price Information Minimum  $100,000 Maximum  $7,950,000 Average  $750,915 Median  $529,900

Equal Opportunity Housing * All information deemed reliable, but not guaranteed.

Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market Copyright ©2009 Rapattoni Corporation. All rights reserved.

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