Quarterly Updates 1 July 2022
Happy Fourth of July….we are passing 2022’s half-way mark and we have seen so much happening since January 1. The world continues to spin on its axis, but it has also changed a great deal in the past few months. Every day brings something new and with it a challenge or two, but we will get through it and the real estate market will stay strong as well.
There is some good news…. especially about demand for loans which were on the rebound last week since interest rates have retreated from 2022’s high last week with smaller loan requests, hinting that home price appreciation maybe cooling. According to a weekly survey of lenders by the Mortgage Bankers Association. purchase mortgage applications were up a seasonally adjusted 8% when compared to the week before. Mortgage rates have been on the rise this year, after the Federal Reserve gradually withdrew the support it provided to the economy during the pandemic and began tightening monetary policy to fight inflation. So this may be a stabilizing factor in mortgagelending according to the Mortgage Bankers. I know for me, I will be refinancing my loan as it adjusts in November and I want to take advantage of the rates now, w. h is 4,75% for a confirming (under $989,000) 15-year fixed rate loan.
One of the positive outcomes of rising home prices that we have seen in the past few years, is that Americans have more equity in their homes than ever before. Total U.S. home equity increased almost 20% in the first quarter to $27.8 trillion, a record high, according to the Federal Reserve. The increase is another consequence of a red-hot housing market. Double-digit price gains have driven some would-be homeowners out of the market. At the same
time, rising home values are boosting the finances of the Americans who already own them.
Fortunately, we are seeing strong sales on the Westside even as interest rates rise — which do not seem to have the same impact as in other parts of the country. Bottom-line: Our business is strong on the Westside, and I expect it to remain so.
Click here to see the Bel Air Crest Quarterly Market Update
Click here to see the Bel Air Park Quarterly Market Update
Click here to see the Brentwood Quarterly Market Update
Click here to see the Brentwood Circle Quarterly Market Update
Click here to see the Moraga Drive Quarterly Market Update
Click here to see the Moraga Place Quarterly Market Update
Click here to see the Mountaingate Quarterly Market Update
Click here to see the Westwood Hills Quarterly Market Update