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Indianapolis, IN Area Real Estate Blog: Carmel, Fishers, Geist, Noblesville, Westfield, Indiana

 Indianapolis, IN Area Real Estate Blog
Home > Indianapolis, IN Area Real Estate Blog 
Saturday, October 20 2012
As I've been saying for a few months now, trends in the housing market have been indicating that discount home prices and bargain-rate mortgages have reached their lowest levels (or pretty close to them) and that the best time to buy a new home is rapidly ending. The latest economic news seems to support my opinion.

According to Mortgage Time, a weekly newsletter for Real Estate Professionals from Access National Mortgage, mortgage rates have been driven by economic data that was generally stronger than expected, which caused rates to end the week higher.

Some of the important factors indicating recent economic growth include:
  • Retail Sales and Industrial Production showed solid increases from last month.*
  • The Philly Fed manufacturing index, compiled by the Federal Reserve Bank of Philadelphia, rose to the highest level since April.
  • Average change of a 30 year fixed rate mortgage went from -0.05% last week to +0.10% this week, a +0.015% swing.
  • September Housing Starts jumped 15% from August to the highest level since July 2008.
  • September Existing Home Sales were 11% higher than one year ago, making 15 straight months of increases on an annual basis.
  • Inventories of unsold existing homes declined to the lowest level since March 2006.
  • Released monthly by the National Association of Home Builders, the October NAHB/Wells Fargo Housing Market Index (HMI) rose slightly, its sixth consecutive monthly increase, to the highest level since June 2006.
Unfortunately, while it is great news that the economy seems to be strengthening and stabilizing, all of these indicators, and more, may be bad news for prospective home buyers. Historically, this kind of growth tends to increase future inflation, which can lead to increased home prices and/or mortgage rates.

While I don't want to be redundant, let me just repeat this one more time:

If you have been considering buying a new home, NOW IS THE TIME!

Once they've gone back up, we won't see home prices and mortgage rates this low for years to come, if ever.

If you need help finding your next home, give me a call at (317) 446-4605. With almost 20 years experience representing home buyers, I have helped hundreds of families find their new homes in Carmel, Fishers, Noblesville and the entire North Metro Indianapolis area.
 
* src: Bloomberg.com, U.S. Industrial Production Rises in Stabilization Sign, Lorraine Woellert, Oct 16, 2012
Posted by: Jim Cadwalader AT 12:27 pm   |  Permalink   |  Email
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