Nashville Mortgage Rates Lower with Fed Action

Freddie Mac reports a decline in the 30-year fixed mortgage rate to 4.80 percent during the week ended April 23 from 4.82 percent the prior week, while average interest on 15-year fixed loans held steady at 4.48 percent. Experts attribute the drop in the 30-year rate to the Federal Reserve’s plan to purchase upwards of $750 billion in additional…see the rest of the Nashville mortgage rates and fed action article.

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Nashville Mortgage Rates Lower with Fed Action

Freddie Mac reports a decline in the 30-year fixed mortgage rate to 4.80 percent during the week ended April 23 from 4.82 percent the prior week, while average interest on 15-year fixed loans held steady at 4.48 percent. Experts attribute the drop in the 30-year rate to the Federal Reserve’s plan to purchase upwards of $750 billion in additional mortgage-backed debt.

Do not forget about the new HASP mortgage refinance program that is basically a no cost, no qualifying refinance that should save you a full point on your mortgage. Talk with your current lender to see if you qualify! The rule of thumb is if you plan to stay in your home for at least another 1.5 years, you need to refi your loan under this program.

2009 Relocation Forecast Lower Than Expected

That’s the conclusion reported last week by Atlas Van Lines. According to their annual Corporate Relocation Survey, companies are cutting their relocation budgets as well as the number of people being relocated, and expect that trend to continue at least through 2009.

“More than half (52 percent) predict that they will decrease the number of employees they move in 2009, and 48 percent predict relocation budgets will be cut again, as well. These percentages are more than double…see the rest of the 2009 relocation forecast article.

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2009 Relocation Forecast Lower Than Expected

That’s the conclusion reported last week by Atlas Van Lines. According to their annual Corporate Relocation Survey, companies are cutting their relocation budgets as well as the number of people being relocated, and expect that trend to continue at least through 2009.

“More than half (52 percent) predict that they will decrease the number of employees they move in 2009, and 48 percent predict relocation budgets will be cut again, as well. These percentages are more than double those seen in the past five years and represent the gloomiest outlook since 1975, when 38 percent of companies predicted lower relocation volumes than the previous year.”

Also noted: “Fewer employees are willing to accept a relocation. Roughly two-thirds (65 percent) of respondents had employees refuse relocation requests last year, up from 56 percent in 2007.”

There is quite an interesting standoff forming between employees not wanting to relocate and employers who have to move employees in order to keep their businesses profitable. It almost reminds me of those disgruntled and entrenched unions in Ohio auto factories, just without the picket lines and scabs. The other interesting consequence is that real estate doesn’t get sold because no one is moving! That’s not good news for anyone in my industry…

Nationally Pending Home Sales Are Up

From NAR’s Research Division this past week:

Pending home sales have edged up, hinting at a possible pickup of sales activity in coming months, according to the National Association of Realtors. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January, but is 1.4 percent below February 2008 when it was 83.3…rest the rest of the pending home sales are up nationally story.

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Nationally Pending Home Sales Are Up

From NAR’s Research Division this past week:

Pending home sales have edged up, hinting at a possible pickup of sales activity in coming months, according to the National Association of Realtors. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January, but is 1.4 percent below February 2008 when it was 83.3.

Lawrence Yun, NAR chief economist, said the market is continuing to under perform. “Pending home sales have a way to go for there to be a meaningful increase, but recent increases in shopping activity are hopeful indicators that we’ll see additional sales gains,” he said. “More buyers are getting into the market to take advantage of stimulus incentives and much improved housing affordability conditions, but it will take a few months before we could see this turn up in measurable sales contract activity.”

The Nashville real estate market has also seen an uptick in pending home sales, gaining 3.5 percent since January 2009. Year over year, Nashville pending home sales are down 2.1 percent. New construction sales make up a majority of the new pending home sales in the Nashville housing market while traditional resale homes are beginning to languish.

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