Is this the end of mortgages under 4%?

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The “will they won’t they” saga of when the Federal Reserve will increase interest rates took another yesterday as the jobs report saw with 271,000 new jobs added, a decrease in the official unemployment rate to a flat 5 percent, and a pick up in wage growth to an annualized rate of 2.5 percent, the fastest pace in about 6 years. The yield on the 10 year Treasury (the bench mark for 30 year Fixed Rate Mortgages – FRM) jumped to 2.34%, bringing speculation that we could be about to see the end of mortgages under 4%. (more…)

This week’s new listings

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This week’s new listings continued to be at a slow summer pace : (more…)

Open Houses tailing off

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Here are today’s Open Houses together with a chart showing that the number today, in Marblehead, Salem, Beverly and Swampscott, is a little over half the number just two weeks ago: (more…)

Detroit property rebounding: the Chinese are coming……

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A recent NBC report Chinese investors snap up property in bankrupt Detroit cited Chinese online property site juwai.com as saying that Detroit was the number 4 destination in the US for Chinese housing investors.

That makes me wonder if my posts about Detroit property over the last year Detroit housing market continues to improve and Is Detroit real estate a bargain? have been read in the People’s Republic. Probably not. (more…)

Detroit Housing Market continues to improve

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In August 2013 I wrote Is Detroit real estate a bargain?

This article Detroit prices up 15% in August suggests the answer is Yes.

At an event called Detroit Homecoming this week, Warren Buffett commented that Detroit will be better, stronger after bankruptcy, while Michael Bloomberg stated that Detroit Is Just Like 1970s New York, And That’s A Good Thing.

Not long ago Detroit was not only written off as a disaster area but also held up as the example of what would likely happen to other former industrial cities. Signs of recovery are, therefore, particularly encouraging.

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or [email protected].
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
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