The Week in Review:

Last week home loan rates decreased by approximately .125% and remain at all-time lows.

What to Expect:

We have a shortened work week due to the 4th of July holiday. It is also a quiet week for economic news releases with the only meaningful report being Thursday’s Initial Claims report. As a result, home loan rates could change this week based on stock market movement and news from Europe.

Have a great week and be sure to take advantage of this low interest rate environment!

Breg-ometer:

Next 7 Days: No significant changes expected

Next 30 to 90 Days: With home loan rates at all-time lows, additional weak economic news would be needed to keep the downward trend going.

Courtesy of:

Bob Bregitzer

Southeast Mortgage

[where: 30339]

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Smyrna Vinings real estate market recap

Time for a little mid-year recap for the Smyrna Vinings real estate market. First up, will be single family homes. For the first six months of 2010, 362 Smyrna Vinings homes sold, with the highest price being $1.4 million for a lovely home in Bakers Farm in Vinings to $17,500 for a home in Smyrna, that was, shall we say, a fixer-upper.

Of the 362 homes that sold this year, the average sales price was $265,757. This compares with 319 Smyrna Vinings homes sold in the first six months of 2009, which equates to a 13.5% increase over the same period in 2009.

The top selling Smyrna Vinings neighborhoods so far in 2010 are:

• Vinings Estates

• Forest Hills

• Legacy at the River Line

• Smyrna Heights

• The Retreat At Old Vinings Lake

• Enclave at Vinings

• East Gate at Vinings Estates

• Creatwood Forest

• The Park at King Springs

• Vinings Cove

• Vinings Pointe

• Wakefield Estates

• Cheney Woods

• Chimney Oaks

• Heritage At Vinings

We’ll be back later this week to cover the top-selling Smyrna Vinings condos and townhomes for the first six months in 2010. In the meantime, if you’re thinking about buying a Smyrna Vinings home in the second half of 2010, be sure to email your Smyrna Vinings real estate team or call us at 770-874-6383.

In the meantime, you can search for all the Smyrna Vinings homes for sale right here.

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Home Buyer Tax Credit Extended

Smyrna Vinings home buyers, you may yet get that homebuyer tax credit after all. This week, the Senate passed a bill to extend the $8,000 homebuyer tax credit until September 30th. It now goes to President Obama, who is expected to sign the bill. The bill was overwhelmingly approved by the House on Tuesday. The deadline had been June 30th to close on the property.

After a close brush with the deadline, Congress passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension and the new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30th and the date the President signs the bill into law.

Before you get too excited, the bill doesn’t help anyone currently shopping for a home. Buyers must have signed a contract by April 30th to qualify for the tax break. At issue is when the deal must be finalized.

Repeat home buyers also have until September 30th to close on new homes and receive a tax credit of up to $6,500.

Congress has been trying to pass the extension for the last month, but it got caught up in the usual Washington politics. The extension is estimated to raise the deficit by $9 million.

An estimated 200,000 people have missed out on the tax credit because they wouldn’t have been able to close by the end of business Wednesday. Many are trying to take advantage of short sales, which are complicated deals to complete.

Contact us for all of your Smyrna Vinings real estate needs. We are local market experts and continue to find great deals for our clients.

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The Week in Review:

Home loan rates improved during the week by about .125%.

What to Expect:

Former Fed Chairman Alan Greenspan was quick to warn consumers not to be fooled by today’s low rates in a recent Wall Street Journal article. He said,”Long-term rate increases can emerge with unexpected suddenness. Between early October 1979 and late February 1980, for example, the yield on the 10-year note rose almost four percentage points.”

This week is a slow week for scheduled economic reports. However, since we have the convergence of so many factors causing this low rate environment, a rate change is possible at any time. The most important economic news will come on Wednesday when the Fed meets and releases their rate decision and policy statement. We don’t expect any surprising news from the meeting.

Rates are still on a downward trend but have stalled out near historic lows. Can rates break below this point or will they reverse direction? The markets are waiting for the next catalyst to determine their future direction.

Breg-ometer:

Next 7 Days: Daily movement; likely staying in same range

Next 30 to 90 Days: Further downward movement possible; however, we feel rates are at or near the bottom.

Courtesy of:

Bob Bregitzer

Southeast Mortgage

[where: 30080]

Possibly Related Posts:

• Smyrna Vinings Mortgage Rate Update – Week of August 16, 2010
• Smyrna Vinings Mortgage Rate Update – Week of August 16, 2010
• Smyrna Vinings Mortgage Rate Update – Week of August 2, 2010
• Keller Williams Ranks Highest in Customer Satisfaction among Home Buyers
• Smyrna Vinings Mortgage Rate Update – Week of July 12, 2010

The Week in Review:

Home loan rates continue to benefit from the situation in Europe. While rates increased about .125% on the week, they continue to be at historically low levels.

What to Expect:

Once again, news from overseas will continue to create market movement. Here at home, we have a few economic reports that will be important to watch. We obtain both the Consumer Price Index and the Producer Price Index Reports. Both reports measure inflationary trends. We expect inflation to remain low. Low inflation keeps home loan rates low.

Rates have moved lower the since the beginning of April. Over the past two weeks, rates have remained in the same range looking for the next news item to cause them to move one direction or the other. If we see stabilization in Europe, expect rates to increase.

Breg-ometer:

Next 7 Days: Same range

Next 30 to 90 Days: Depends on news from Europe. Improving conditions = rates up; Worsening conditions = possible drop further

Courtesy of:

Bob Bregitzer

Southeast Mortgage

[where: 30339]

Possibly Related Posts:

• Smyrna Vinings Mortgage Rate Update – Week of August 16, 2010
• Smyrna Vinings Mortgage Rate Update – Week of August 16, 2010
• Smyrna Vinings Mortgage Rate Update – Week of August 2, 2010
• Keller Williams Ranks Highest in Customer Satisfaction among Home Buyers
• Smyrna Vinings Mortgage Rate Update – Week of July 12, 2010