Your ACTIVE REAL ESTATE FORECLOSURES FOR SALE Daily List has been
posted. These are Single Family Homes ‘Active’ on the Birmingham MLS.
Applications for home mortgages saw
their biggest jump in three months last week, fueled by demand for refinancing
as interest rates continued to fall, an industry group said on Wednesday.
The Mortgage Bankers Association said
its seasonally adjusted index of mortgage application activity, which includes
both refinancing and home purchase demand, surged 13.0 percent in the week
ended June 10, the biggest percent gain since March.
The MBA’s seasonally adjusted index of
refinancing applications spiked up 16.5 percent, while the gauge of loan
requests for home purchases gained 4.5 percent.
“Mortgage rates have declined for
8 of the past 9 weeks. Coming off of the Memorial Day holiday, refinance application
volume increased significantly, as borrowers jumped to lock in the lowest
mortgage rates since last November,” Michael Fratantoni, MBA’s vice
president of research and economics, said in a statement.
Fixed 30-year mortgage rates averaged
4.51 percent in the week, off from 4.54 percent the previous week.
The refinance share of mortgage
activity rose to 70.0 percent of total applications from 67.3 percent the week
Foreclosure filings on U.S.
properties fell 33 percent year-over-year in May, hitting a 42-month low,
according to a report from foreclosure data site RealtyTrac.
One in every 605 housing units, or 214,927 properties,
received a foreclosure filing — default notice, scheduled auction, or bank
repossession — last month. That’s a 2 percent drop from April and a 33 percent
drop from May 2010.
Cutting closer to homes, according to the latest report
issued by the Alabama Association of Realtors®. Foreclosure activity appears to
becoming less of a market share in terms of sold units.
Out of the 826 units sold in the month of May in the Birmingham,
Alabama Metro Real Estate Market, only 238 of those were foreclosure activity,
for a percentage of 28.8% of the total volume.
What does that mean to Birmingham? It means that the market is leveling out to more of a traditional market that we had back in the late 1980’s. Neither Seller’s market nor Buyer’s Market. A true market place where Transactions are negotiated by terms, not where