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Mortgage rates fall to record low

Published: 10/8/2010
NEW YORK – Rates on 30-year mortgages fell to the lowest level in decades for the ninth time in 12 weeks, pushed down by traders anticipating a move by the Federal Reserve to pump more money into the economy.
Read more from this Tulsa World article at http://www.tulsaworld.com/business/article.aspx?subjectid=32&articleid=20101008_32_E2_CUTLIN465849

Tulsa sales ahead of 2009

The Greater Tulsa Association of Realtors says 1,053 home transactions were recorded in June, down 8.7 percent from May and down 5.7 percent from June 2009.
But the six-month total of 5,346 home sales in metro Tulsa was still 4 percent above the first half of last year.

The June numbers are the latest data available.
By ALAN ZIBEL & J.W. ELPHINSTONE Associated Press

Oklahoma No. 1 in home equity

Fewer borrowers are upside-down on their mortgages than anywhere else in the U.S., a survey says.

By ROBERT EVATT World Staff Writer
Published: 5/12/2010  2:22 AM
Last Modified: 5/12/2010  3:43 AM

Although millions of people owe more on their homes than they’re worth, Oklahoma has the lowest percentage of upside-down mortgages in the country.

Just 5.9 percent of Oklahoma homeowners, or 23,724 mortgage holders out of 402,187 recorded, have negative equity on their homes, according to a survey released Tuesday by business data company CoreLogic.

The state’s number is well below the national average of 23.7 percent.

John Hausam, president of ERA John Hausam Realtors in Tulsa, said the low rate is likely the result of Oklahoma skipping the last decade’s housing bubble, when prices in many regions skyrocketed, only to plunge.

"We’ve never had the strong appreciation," Hausam said. "We’ve averaged a 3 percent increase each year since 1981 up until the last year or so."

In its latest report, the Greater Tulsa Association of Realtors says the median price of a home was $126,000 in March, up 5 percent from a year earlier.

CoreLogic’s survey said the state with the next lowest rate of negative equity was New York at 7 percent, followed by Montana, Pennsylvania and North Dakota.

Nevada had the highest negative equity rate by far at 69.9 percent of all homes.

The national rate was even with this time in 2009, said Mark Fleming, chief economist at Santa Ana, Calif.-based CoreLogic.

"The two most important triggers of default, negative equity and unemployment, have stabilized over the last six months," he said in a written statement. "As house
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prices grow again and borrowers pay down their mortgage debt, negative equity levels will begin to diminish. The typical underwater borrower is likely to regain their lost equity over the next five to seven years."

The report was based on data from 47 million mortgages representing 85 percent of all home loans. Louisiana, Maine, Mississippi, South Dakota, Vermont, West Virginia and Wyoming were not included in the survey.

States with lowest negative equity
1. Oklahoma: 5.9 percent
2. New York: 7 percent
3. Montana: 7.3 percent
4. Pennsylvania: 7.4 percent
5. North Dakota: 8 percent

States with highest negative equity
1. Nevada: 69.9 percent
2. Arizona: 51.2 percent
3. Florida: 47. 7 percent
4. Michigan: 38.6 percent
5. California: 34.1 percent

Broken Arrow Rankings

Broken Arrow Named One of the Country’s Best Places to Retire

By Tim Stanley World Staff Writer
Published: 9/15/2009  11:28 AM
Last Modified: 9/15/2009  1:35 PM

BROKEN ARROW – The city has been recognized as one of the country’s best places to retire by a national magazine.

Money Magazine named Broken Arrow to its “25 Best Places to Retire” after profiling cities around the country based on cost of living, recreational activities and quality of healthcare, a news release stated.

Broken Arrow made the list for offering the “ease of suburban living with close proximity to metropolitan offerings like museums, shopping and dining … and home prices that start in the low $100,000s.”

The magazine also mentioned the city’s new Broken Arrow Historical Museum, which opened earlier this year, and the school district’s new performing arts center, which will host its inaugural concert this month.

“We are thrilled about the recognition,” Broken Arrow Mayor Mike Lester said. “We know what a wonderful community we live in but it’s nice to see the nation taking notice.”

Other cities making the Money list include Palm Springs, Calif.; Savannah, Ga.; Bella Vista, Ark.; and Chattanooga, Tenn.

Broken Arrow has earned other magazine honors recently: Last year, Family Circle magazine named the city one of its Top 10 Towns for Families for 2008.

Recent Tulsa Rankings

• No. 19 America’s Best Bang-For-The-Buck Cities (Forbes 2009)
• No. 12 America’s Fastest Recovering Cities (Forbes 2009)
• No. 7 Strongest City due to oil & gas industry and solid housing market (BusinessWeek)
• No. 1 place to live in the U.S. (Relocate America 2009)
• No. 2 mid-sized city for jobs and No. 10 among all cities (Forbes 2009)
• No. 2 “pay-raise” city in the U.S. (Forbes 2009)
• 5th best metro region in the nation to ride out the U.S. recession (Forbes 2008)
• No. 8 small city of the future (fDi magazine 2009)
• No. 5 on America’s Most Livable Cities list (Forbes 2009)
• No. 1 U.S. city likely to escape the commercial real estate slump (U.S. News & World Report 2009)
• 5th strongest market for residential real estate through September 2009 (Forbes 2009)
• 9th best city for real estate bargains (MSN Real Estate 2009)
• One of America’s top hot real estate markets (CNNMoney 2009)

Industry News

Home Prices Rise for 4th Month In A Row

By ALAN ZIBEL AP Real Estate Writer
Published: 11/24/2009  9:42 AM
Last Modified: 11/24/2009  11:06 AM

WASHINGTON — Home prices rose slightly in September, the fourth straight monthly increase and a clear sign the housing market recovery is continuing.

The Standard & Poor’s/Case-Shiller home price index of 20 major cities released Tuesday rose 0.3 percent to a seasonally adjusted reading of 144.96 in September. Prices rose month-over-month in 11 metro areas, a weaker showing than in recent months.

Compared with a year earlier, prices were down 9.4 percent, the smallest year over year decline since January 2008.

"We have seen broad improvement in home prices for most of the past six months," David M. Blitzer, chairman of the Standard & Poor’s index committee. "However, the gains in the most recent month are more modest than during the seasonally strong summer months."

Prices, as measured by the seasonally adjusted 20-city index, are up more than 3 percent from the bottom in May. But they are still down 30 percent from the peak in April 2006.

Rising home prices are a key ingredient to rebuilding the economy. Homeowners feel wealthier when their property appreciates in value and are more likely to spend money. Rising prices also help millions of homeowners who owe more to the bank than their homes are worth.

Industry experts, however, still worry that rising unemployment and foreclosures could stifle the rebound in prices, causing them to dip again. "While many are interpreting the most recent results from this index as indicative of a bottom in home prices, we do not believe this to

at MFR Inc.

National Home Sales Rise 9.4 Percent

 
By Tulsa World Staff and Wire Reports
Published: 10/24/2009  2:25 AM
Last Modified: 10/24/2009  5:14 AM

WASHINGTON — Racing to complete their purchases before a tax credit for first-time owners expires, homebuyers pushed sales up last month by the largest amount in more than 26 years.

After jumping 9.4 percent in September, home resales are up nearly 24 percent from the bottom in January, the National Association of Realtors said Friday.

The Greater Tulsa Association of Realtors’ most recent report notes that area home sales fell in August after two months of gains.

Approximately 965 homes changed hands, which was 15.3 percent below both July’s tally and the number for August 2008, GTAR reported.

The year-to-date total for Tulsa-area home sales stands at 7,235, nearly 10 percent below the first eight months of 2008.

Harriett Dunham, president of GTAR, said pending contracts were a bright spot in the local report — they rose significantly from both the month and year before to 1,215. Pending contracts often become sales in the subsequent month.

"Pending contracts are up 17 percent from last year, which tells us buyers are out there," she said.

Meanwhile, the new momentum in the U.S. housing market could be threatened if Congress doesn’t extend the credit of up to $8,000 for first-time buyers beyond its current Nov. 30 deadline, observers said.

One potential roadblock to an extension emerged this week. There are concerns that some of the 1.5 million applications for the tax credit are fraudulent.

Index shows home prices increase from 1st to 2nd quarter
 
By Associated Press

Published: 8/25/2009  8:24 AM
Last Modified: 8/25/2009  8:24 AM

NEW YORK — A closely watched index shows home prices posted their first quarterly increase in three years, signaling the housing market has turned a corner.

The Standard & Poor’s/Case-Shiller’s U.S. National Home Price Index released Tuesday rose nearly 3 percent from the first quarter, though was still down almost 15 percent from the second quarter last year.

Home prices are at levels not seen since early 2003.

The monthly index of 20 major cities increased 1.4 percent from May to June, the second straight month the index registered a gain. It was still 15 percent below June a year ago.

By Associated Press

Home construction up

By Tulsa World Staff and Wire Reports
Published: 8/19/2009 4:21 AM
Last Modified: 8/19/2009 4:21 AM

Construction of single-family homes rose in July for the fifth straight month, edging up almost 2 percent to the highest level since last October, the government said Tuesday. Building permits climbed nearly 6 percent.

With new construction up 37 percent from its low point last winter, the industry is expected to help the overall economy this quarter for the first time in three years.

By Tulsa World Staff and Wire Reports