There are 329 condos for resale on Singer Island; 15 condos are currently pending. One condo sold within the past 7 days for 88% of its list price after being on the market for 99 days.
Rates for the 30-yr. fixed mortgage rose just above 5% going from 4.98 percent to 5.01 percent. This time last year the 30-year average was 5.25 percent. The average 15-year fixed mortgage rate rose slightly to 4.40 percent from 4.39 percent the previous week.
“Mortgage rates remained relatively stable for a second week amid news of a strengthening housing market,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Residential fixed investment rose for two consecutive quarters over the last half of 2009 following a steady quarterly decline since the beginning of 2006. Pending existing home sales rebounded by 1 percent in December from a record drop in November that was due in part to the original expiration of the homebuyer tax credit, according the National Association of Realtors®.. More recently mortgage applications for home purchases jumped 10 percent at the end of January, according to figures from the Mortgage Bankers Association..”
“Even more encouraging news came from the Federal Reserve’s Senior Loan Officer Opinion Survey., which reported that banks have generally stopped tightening standards on most types of loans in the fourth quarter of 2009, with commercial real estate as the exception. However, banks have yet to unwind the tightening that occurred over the last two years. Moreover, substantially fewer banks expected credit quality to deteriorate over the coming year.”
Only 14 percent of the industry experts polled by Bankate.com this week expect rates to decline over the next 30 to 45 days, with the remaining split evenly, 43% foreseeing no change and 43% predicting an increase.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected]