HOME SALES RISE UNEXPECTEDLY ………….
after 6 straight months of decline according to the National Association of Realtors. Sales
of existing homes rose by 2.9% in February or the biggest increase in a year. The median
sales price fell to $195,000. This is the largest year-over-year drop since 1999. The
surge in the South was 2.1% with the Northeast at 11.3%. The only region to decline was
the West.
Watch what mortgage lenders are doing. They have glagged more than 9,600 ZIP codes in
34 states. This means certain types of loans will not be financed or are more riskier, meaning
a HIGHER INTEREST RATE & HIGHER CREDIT SCORES. Entire states on the list are California,
Florida, Arizona, Michigan, Ohio & Nevada. Generally these are in markets where home prices
are falling, BUT even regions where property values are rising are NOT IMMUNE. Check with
your lender before you get a loan OR refinance.