Are we seeing a recovery in the housing market? This study says
By: Ben Kercheval
According to a story from the USA Today, The Standard & Poor’s/Case-Shiller 20 city price index has grown a national average of 0.8% during the month of April. Unless you’ve completely ignored the news, you can probably guess by now that Obama’s tax credit of $ 8,000 to first time home buyers was an influencing factor. Of the 20 cities included in the study, Dallas, Texas had an increase in home prices of 2% between March and April – part of a larger change of 3.3% over a year ago. Austin, Houston and San Antonio are not included in the study.
Vincent Guzman, one of our top loan officers, is doing a video blog commenting on the ,000 tax credit and its effect on the Texas housing market. We will be posting this on www.americancapitalhomeloans.com shortly. One of the areas he discusses is when the numbers roll in from April 30th (the deadline for the tax credit), we can expect the housing market to see an increase in home sales, as well purchase loans and home prices. But I digress…
Although demonstrating areas of growth, S&P’s David Blitzer, said he does not expect the housing market to experience success in the future until 2011. Speaking to a few loan officers here, I can tell you it’s a mixed bag of feelings. The recent price increase is definitely good news for sellers, given the fact that Texas as a whole demonstrated ‘buyer’s market’ characteristics the last 2-3 years
Also, for multiple reasons including the tax credit, the number of people refinancing their current mortgage is the lowest it’s been in years. However, as the third and fourth quarters approach, expect to see purchase loans decrease and the number of refinances come back up.
As with most economic indicators, a balance is essential for recovery. So if you have questions about Texas purchase loans or whether to refinance your existing mortgage in Texas, visit us today, and we’ll give you a free consultation.
American Capital home loans. Experience Truth in Lending.
Ben Kercheval is the Marketing coordinator for American Capital Home Loans. Since 2003, American Capital has been helping thousands of clients get into a new home. With the launching of www.americancapitalhomeloans.com, the Austin, Texas based mortgage bank is dedicated to providing accurate, reliable information to clients and visitors.
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