MARCH 2004

A Publication of ELLIOTT® & Company Appraisers

 

Refis, New Home Mortgages “March-ing” At A Brisk Pace

 

The month of March is proving that the refi boom and the new-housing surge are still with us. In its Weekly Mortgage Applications Survey for the week ending March 12, the Mortgage Bankers Association (MBA) announced a recent surge in activity as interest rates, once again, dropped.

“We have been expecting a sharp up-tick in refinance applications as borrowers become more aware of low rates now available,” said Jay Brinkman, MBA’s vice president of research and economics. “The share of applications for adjustable rate mortgages is staying the same at almost 28% of the applications and over 42% of the dollar volume. This means that a sizable percentage of these refinance applications are for adjustable rate loans.”

Meanwhile, the mortgage industry is also benefiting from the healthy market in new-home construction. The March Housing Market Index (HMI), a survey conducted by the National Association of Home Builders (NAHB), came up with a score of 64, the same it had been in February. An HMI score of 50 is average for the survey that rates builders’ evaluations of sales and other market conditions in their industry.

“Highly favorable financing conditions, solid house-price performance and excellent demographics continue to drive the new-homes marketplace,” said David Seiders, chief economist of NAHB. “Builders evidently are deriving confidence from these developments and registering realistic expectations for the future.”

 

Average Home Price Approaches Quarter Million

 
The Federal Housing Finance Board recently released the results of its year-end survey of 2003. According to the board’s report, the average U.S. home price as of December 31 was $245,700, a 3.7% increase over the national average posted the previous year.

The region with the most expensive housing market was the San Francisco Bay area, where home prices averaged $506,200. The San Diego area was next among big-city markets with an average home price of $490,200.

The least expensive big-city housing market was San Antonio, where the average home price was tallied at $146,100. Indianapolis was the next step on the big-city ladder at $154,600.
 

Quotes of Wisdom and Wit

 

“In the business world, the rear-view mirror is always clearer than the windshield.” – Warren Buffett

“There will never be enough time, unless you’re serving it.” – Malcolm Forbes

“Ninety percent of the politicians give the other ten percent a bad reputation.” – Henry Kissinger

“Miracles are not in contradiction to nature. They are only in contradiction to what we know of nature.” – St. Augustine

“Opportunity is missed by most people because it is dressed in overalls and looks like work.” – Thomas Edison

 

 

Contact Us

Newsletter Editor: kevin@elliottco.com   

Web Site: www.appraisalsanywhere.com

 



ELLIOTT® & Company Appraisers currently offers appraisal service throughout all 50 of the United States. Clients are encouraged to place orders directly to any office local to properties to be appraised or to the central office for assignment.

Orders may be placed via telephone, fax or through the company's Web site. All Internet orders will be processed through the central office.

Some Offices Are Independently Owned and Operated
 

3316-A Battleground Avenue
Greensboro, NC 27410

 

 

 

 

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