Marin Real Estate: 01.13.13

Consumer confidence rose to its highest level in more than four years while U.S. businesses increased their orders for durable goods

The figures suggest that consumers and companies are holding their nerve despite anxiety about the fiscal cliff. The Conference Board, an industry group, said its index of consumer attitudes towards the economy rose to 73.7 in November; the highest since February 2008. Interesting... was that before or after the election?

At the same time, mortgage rates have hit new lows. 3.25% for loans up to $417,000. 3.625% for loans up to 625,000%. Jumbos are also in the high 3's.

Caveat: you will need a good FICO of 740 to secure the best rates.

Home Prices Rise for the Sixth Straight Month According to the S&P/Case-Shiller Home Price Indices - (Calculated Risk)     

Data through September 2012, released this week by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices, showed that home prices continued to rise in the third quarter of 2012.    

The national composite was up 3.6% in the third quarter of 2012 versus the third quarter of 2011, and was up 2.2% versus the second quarter of 2012.    

In September 2012, the 10- and 20-City Composites showed annual returns of +2.1% and +3.0%. Average home prices in the 10-and 20-City Composites were each up by 0.3% in September versus August 2012. Seventeen of the 20 MSA's and both Composites posted better annual returns in September versus August 2012; Detroit and Washington D.C. recorded a slight deceleration in their annual rates, and New York saw no change.

"Home prices rose in the third quarter, marking the sixth consecutive month of increasing prices," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. "In September's report all three headline composites and 17 of the 20 cities gained over their levels of a year ago. Month-over-month, 13 cities and both Composites posted positive monthly gains."    

Thank you to Nevin Miller or Irwin Street Financial Group for compiling much of the data. You can reach Nevin directly at: 415-453-7300. Email: nevin@nevinmiller.com