There are some positive and negative news regarding home sales in the Birmingham metro area. According to the Birmingham Association of Realtors, realtors sold more homes in February 2009 than in January 2009, for a 28% increase. However, total residential home sales from February 2009 compared to February 2008 are down 26%.
The average price for a home in February 2009 was $171,062, compared to $178,600 in February 2008.
The median price in February 2009 was $130,000 compared to $152,500 in February 2008.

via nbc13.com

Average residential mortgage rates declined to a near-record low, driven mainly by refinancing activity, according to survey data from the Mortgage Bankers Association. For the week ended March 6, mortgage applications were up about 11.6 percent from the previous week and up 5.7 percent from the same week a year ago. Refinancing accounted for 67.9 percent of all applications. Based on an 80 percent loan-to-value, the 30-year, fixed-rate mortgage dropped to 4.96 percent from 5.14 percent, while points increased to 1.16 from 1.05 for the week.

via bizjournals.com

The Southwest Multiple Listing Service Inc., reports that both Albuquerque and Rio Rancho showed increases in the median sales prices of homes in February. The monthly median price jumped from $175,000 to $185,000, however, overall home sales declined by more than 35 percent compared to Feb. 2008. “The increase of 25.1 percent [in the median home price] from last year for Rio Rancho is probably because we have seen a number of foreclosures eliminated from the market,” said Don Padilla, 2009 chair of the Greater Albuquerque Association of Realtors.

via bizjournals.com

On Friday 6 March, Abbey is launching its lowest mortgage rate for new customers. The limited offer 2.99 per cent 2-year fix at 60 per cent loan-to-value (LTV) is available to Abbey banking customers and has a £599 fee and maximum loan size of £200,000. Abbey is also introducing a best buy 5-year fixed rate mortgage at 3.95 per cent with a 60 per cent LTV and £995 fee and maximum loan size of £250,000.

via easier.com

THE Australian economy's rapid deterioration is likely to force the Reserve Bank to resume cutting interest rates as soon as next month. With the economy shrinking sooner - and faster - than expected, investors and economists said a cut was back on the RBA's April agenda.
Only 24 hours earlier this looked improbable, when the Reserve's Governor Glenn Stevens indicated rates were on hold for the time being. Not only is the RBA likely to cut sooner, it may go lower for longer.

via news.com.au

The good news, of a sort, for the two-thirds of Australian households that are owner-occupiers is that average house prices have dropped less than in other countries. Here, the average for house prices fell by 3.3per cent last year. In the US, average house prices across 20 main cities have declined by about 19 per cent during the past year, while in Britain, Spain, New Zealand and Ireland the slump averaged about 10 per cent.
Our milder decline reflects, in part, the increases in interest rates announced by the Reserve Bank of Australia from mid-2002 that dampened the boom in house prices in some regions, notably Sydney.

via theaustralian.news.com.au

Some building societies are charging mortgage customers twice as much interest as banks, adding up to £1,000 to the cost of monthly payments. Seven regional building societies have standard variable rates (SVR) of between 5.84 per cent and 6.45 per cent; most banks are charging 3 or 4 per cent, and the Bank of England base rate has fallen to a historic low of 1 per cent. Direct Line, part of the maligned RBS Group, is offering the lowest standard variable deal to borrowers: 2.5 per cent. The difference between rates can mean charges of hundreds of pounds a month for a homeowner.

via independent.co.uk

Home prices declined at a record pace around the nation in the final three months of 2008, according to an industry report released Tuesday. The S&P Case-Shiller National Home Price Index reported that prices sank a record 18.2% during the last three months of 2008, compared with the same period in 2007. Case-Shiller's index of 20 major metropolitan areas fell 18.5%, also a record. "The broad downturn in the residential real estate market continues," said David Blitzer, chairman of the Index Committee at Standard & Poor's, in a statement.

via money.cnn.com

The company's figures from last month show average house prices have dropped by tens of thousands of dollars, excluding Auckland which has increased by more than $30,000. In Wellington, average prices fell from $346,000 in January 2008 to $314,000 last month. The worst affected was the central North Island, which suffered a 16 per cent drop in average prices (down almost $70,000). The lower South Island had a 4 per cent decrease ($12,000).

via stuff.co.nz

Capping a steady climb since mid-January, interest rates on 30-year fixed-rate mortgages (FRMs) shed 0.14 percentage points this week to an average of 5.33%, according to the BankingMyWay.com Rate Index. The leveling out of rates likely comes as a relief to consumers delaying their mortgage applications in hopes of seeing a return to January's historically low rates of less than 5.0%.

via thestreet.com

Pulte Homes is staging a “ Let’s Get a Move On” sales event this weekend for its Albuquerque subdivisions, offering a first year 2.875 percent interest rate to qualified home buyers. The limited-time only sales offer requires homes to close by March 31 with a 20 percent down payment. The annual percentage rate of the loan is 5.386 percent. The interest rate increases to nearly 3.9 percent the second year and settles at nearly 4.9 percent from the third year through the balance of the 30 year mortgage.

via bizjournals.com

The latest 0.50% cut in the Bank Base Rate is having little impact on the mortgage rates being offered, according to Moneyfacts. Many lenders are reluctant to pass the latest cuts on, resulting in the average rates hardly moving. Michelle Slade, analyst at Moneyfacts, said: “Those already on or about to move on to their lender’s standard variable rate (SVR) have been hardest hit of late, seeing just a third of the latest two cuts passed on.

via yourmortgage.co.uk

The average interest rate for a 30-year fixed-rate mortgage dropped last week, after several weeks of increases, according to real estate Web site Zillow.com.
Pennsylvania's average rate was down, to 5.18 percent for the week ended Feb. 15, from 5.34 percent for the week prior, a decrease of 3 percent. For the week ended Feb. 15, the average 30-year rate nationally was 5.23 percent, down from 5.44 percent the week prior, according to the Zillow Mortgage Rate Monitor.

via bizjournals.com

Editor's Update: Today, February 17, Bank of Ireland jumped into the competition, offering a 2.45% one-year fixed rate for first-time mortgage buyers - just slightly undercutting AIB's 2.49%. Bank of Ireland says it has a fund of €1 billion set aside for first-time buyers. Taking the average mortgage of €230,000, this fund would enable 4,000 first-time buyers to take out mortgages. The €1 billion fund is part of the bank's commitment under the Government's recapitalisation plan. Under the plan, which was announced last week.

via rte.ie

HOUSE prices rose for the first time in nearly a year last month, providing a glimmer of hope for the beleaguered market. Halifax said UK prices rose by 1.9% in January, following 10 months of consecutive falls.
The Bank of England cut interest rates yesterday to their lowest-ever level, 1%, in a fresh bid to haul the economy out of recession. Estate agents warned that the market remained stagnant, despite an increase in interest from first-time buyers.

via walesonline.co.uk