National and Orlando Property Information Roundup for December, 2010
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Often, there are news stories that impact our Orlando real estate market. Right here are I need to share with you this month:
Rising Interest Rates Could Get Buyers Moving
Rising interest rates may finally push Orlando real estate buyers off the fence and into the market.
In December, after President Obama agreed to extend tax cuts for 2 years, the monetary markets indicated this occasion would probably push mortgage interest rates higher.
Analysts predict that buyers will move shortly when it appears to be like like rates are going up and are unlikely to come down. "Once people see this might actually be the bottom, they'll go for it," says Paul Dales, U.S. economist at Capital Economics Ltd.
For an example of interest rate increases, note what occurred in December, 2010.
" On December 2, the 30-year fixed interest rate hovered round 4.46 percent.
" One week later, on December 9, it was up to 4.61 percent.
" After I checked on December 26, the 30-year fixed interest rate was up again to 4.875 percent.
Nationwide Foreclosure Rates Fall
Has the real estate market hit bottom? One sign that it has is RealtyTrac's report that foreclosures fell sharply in November. RealtyTrac's November, 2010, U.S. Foreclosures Market Report™ indicated a 21 percent decrease in foreclosures activity from the earlier month and a 14 percent lower from November, 2009.
In accordance with RealtyTrac, a mortgage analysis agency, foreclosure activity decreased dramatically in November with fewer than 300,000 properties receiving a foreclosure notice for the first time since February, 2009.
Whereas foreclosures usually decrease in November, and we're sure to see a rebound in foreclosure activity, these statistics are not to be dismissed as a result of they show the bottom level of foreclosures activity since November, 2008. Moreover, both the 21 percent month-over-month decrease and 14 percent year-over-year decrease in foreclosure activity have been the highest drops recorded since RealtyTrac began publishing the U.S. Foreclosures Report in January, 2005. |
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Author Resource:-
Buy Vacation Condos .com offers Orlando, Florida investment properties, vacation homes and vacation condos for sale. Discover Orlando investment properties, real estate investments and real estate investing.
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By :
Orlando Local
Submitted
2011-01-04 23:20:35 |
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