MORTGAGE RATES DROP FURTHER TO RECORD LOWS

Mortgage rates drop further to record lows.......

Mortgage rates continued dropping to record lows, according to figures out yesterday from loan servicer Freddie Mac.

The national average 30-year fixed-rate loan for the week that ended yesterday dipped to 3.49 percent compared with 3.53 percent the previous week.  For 15-year loans, rates averaged 2.8 percent, down from 2.83 percent.

~The Columbus Dispatch,
Friday, July 27, 2012

3.8% TAX WILL GO INTO EFFECT IN 2013

3.8% Tax Will go into Effect in 2013

Now that the Supreme Court has upheld the health care legislation, all of its major provisions remain in effect, including the new tax that was designed to affect upper income taxpayers.  The 3.8% tax is imposed ONLY on  those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return).  The tax applies to investment income, defined as interest, dividends, capital gains and net rents.  These items are all included in an individual's AGI.  A formula will determine what portion, if any, of these types of investment income would be subject to the tax.
The tax is NOT a transfer tax on real estate sales and similar transactions.  Not long after the tax was enacted, erroneous and misleading documents went viral on the Internet and created a great deal of misunderstanding and made the tax into something far more draconian than the actual provisions.
The new tax does NOT eliminate the benefits of the $250,000/$500,000 exclusion on the sale of a principal residence.  Thus, ONLY that portion of a gain above those thresholds is included in AGI and could be subject to the tax.
REALTORS® should familiarize themselves with the tax, but should not advise their clients about the application of the tax.  The amount of tax will vary from individual to individual because the elements that comprise AGI differ from taxpayer to taxpayer.

Visit the links below for additional in-depth information.
NAR video
FAQs
Download a comprehensive brochure
President's Podcast
Linda Goold, lgoold@realtors.org,  202-383-1083
Ken Wingert, kwingert@realtors.org,  202-383-1196 

 

 

 

 

INTEREST RATES AT ALL TIME LOWS

Mortgage interest rates drop again to record lows.....

Mortgage interest rates set record lows again during the week that ended yesterday, Freddie Mac figures show.

The national average for 30-year fixed-rate loans was 3.79 percent, down from 3.83 percent the previous week.  For 15-year fixed-rate loans, the national average fell to 3.04 percent from 3.05 percent.

-From wire reports
~The Columbus Dispatch, May 18, 2012~

  

MAY IS ARTHRITIS AWARENESS MONTH

Arthritis is a term used to describe more than 100 different conditions that affect joints as well as other parts of the body.  Arthritis is one of the most prevalent chronic health problems and the nation's most common cause of disability.  An estimated 46 million people in America have been diagnosed with arthritis including 300,000 children under the age of 18.

The most common types of arthritis include:

• Rheumatoid Arthritis (RA)
• Osteoarthritis (OA)
• Juvenile Arthritis (JA)

Arthritis affects one in five adults in the United States, or an estimated 50 million people.

These estimates are expected to continue to soar, reaching 67 million by 2030.

Two-thirds of people with arthritis are younger than age 65.

In 2003, the total cost attributable to arthritis in the United States reached $128 billion.

Arthritis is the most common cause of disability  among adults in this country.

Are you surprized by any of these statements?  If so, you are not alone.  Most of us don't realize the significant and serious impact arthritis has on a person's quality of life, our country's economy, and the health of our nation.  It is much more than "just aches and pains".

Simple Steps for People with Arthritis:
Taking just a few simple steps can help keep pain away:

• Learn how to apply self-management strategies and techniques.
• Engage in regular physical activity.
• Keep weight under control.
• See your doctor for early diagnosis and appropriate treatment.
• Avoid joint injury to reduce your risk of developing osteoarthritis.

~Source:  http://www/cdc.gov/arthritis/media.htm
~Source:  This appeared in www.ThisWeekNEWS.com  (May 9, 2012)

GOOD NEWS IN MARKET ACTIVITY

Central Ohio Housing Report - Mar. 2012

Posted: 4/18/2012

Columbus Board of REALTORS®

Central Ohio home sales, contracts and prices up in the first quarter

(Apr. 19, 2012) First quarter home sales in central Ohio were up 7.1 percent versus first quarter 2011 sales (4,045 vs. 3,776). March home sales jumped 36 percent to 1,653 compared to the previous month (1,215) and were up 6.1 percent more than last year (1,558) according to the Columbus Board of REALTORS®.

“This upward trend in home sales began last summer,” said Jim Coridan, President of the Columbus Board of REALTORS®. “Average sale prices are increasing, but at a much more cautious pace.”

Average sales price fell 30.6 percent from its decade high of $192,642 in June 2005 to $133,604 in February 2009. The average sales price of a central Ohio home in March 2012 was $153,557 – 6.5 percent higher than one year ago.

The 3,466 homes listed for sale in March marks a 56.7 percent increase over the previous month, but is still 10.4 percent lower than March of 2011. The median list price of new listings last month was $149,900 – 3.5 percent higher than one year ago.

Housing inventory, which peaked at 19,291 in July 2010, continues its downward trend as the local market seeks to rebalance. Total inventory is now just over 11,500 reminiscent of inventory levels in 2003 and 2004.

Months supply has remained near 6.5 for the first three months of 2012 – a healthy level for central Ohio.

“Sales, contracts and home prices are all up this year,” adds Coridan. “This coupled with the temperate inventory levels makes for a much stronger central Ohio housing market than we had a few years ago.”

According to the most recent Ohio Housing Market Confidence Survey, 86 percent of central Ohio REALTORS® see the current housing market as moderate to strong and 89 percent expect it to be moderate to strong in the next six months. However, local professionals are split as to whether home prices will stay the same or increase over the next year.

The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.

The monthly housing reports can be found at ColumbusRealtors.com/stats. The reports include breakouts for 18 central Ohio counties and 52 local municipalities and school districts. New areas included in the 2012 reports include: Grove City and local school districts for Big Walnut, Miami Trace, Johnstown-Monroe and Northridge.

Source:
~ Columbus Board of REALTORS ~
4/18/2012

HISTORIC LOW INTEREST RATES!

AVERAGE 15-YEAR MORTGAGE DROPS TO RECORD-LOW 3.11%.......

Mortgage rates remained low during the most-recent week, with the 15-year average loan standing at a record low, Freddie Mac figures showed yesterday.

The national average 30-year fixed-rate mortgage for the week that ended yesterday was 3.88 percent, down from 3.98 percent the week before.

The 15-year loan fell to a record-low 3.11 percent from 3.21 percent.
-From wire reports-

~ The Columbus Dispatch, April 13, 2012 ~  

INTEREST RATES CONTINUE TO BE GREAT!

Average rate dips to 3.98% for 30-year home loans.....

Mortgage rates were little changed this week compared with the previous week, with the popular 30-year home-loan rate remaining below 4 percent for the second consecutive week.

Freddie Mac reported that the national average rate for a 30-year, fixed-rate loan fell to 3.98 percent during the week that ended on Thursday, from 3.99 percent the week before.

The average 15-year, fixed-rate loan fell to 3.21 percent, from 3.23 percent.

- The Columbus Dispatch, April 7, 2012 -