Singer Island, Florida – Weekly Condo Market Update: 07/15/2011

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Singer Island, Florida

There are 259 condos for resale on Singer Island; 6 condos are currently pending. Only one condo sold within the past 7 days at 44% of list price after 1183 days on the market.

Rates for the 30-yr. fixed mortgage decreased to 4.51 percent this week from 4.60%.

The average 15-year fixed mortgage rate also fell to 3.65% from 3.75% last week.

Last year at this time, the 30-year fixed-rate mortgage averaged 4.57 percent.

Low mortgage rates and depressed home values have done little to revive the struggling housing market. Many people can’t take advantage of the low rates because of tighter lending standards and higher downpayment requirements.  Lenders are cautious because the weak economy and high unemployment make it more likely that some borrowers will default.  Other potential homebuyers are holding off, concerned that housing prices will continue to fall.

Sixty-two percent of the mortgage industry experts polled by Bankrate.com expect the rates to remain steady over the next 30 to 45 days; while 23 percent predicting rates will increase and only 15% thinking rates will go lower.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].

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