Existing home sales are up 11% year over year. If foreclosures and short sales are excluded, then sales are up 25% year over year! This shift away from distressed sales is a sure indicator that the industry is in recovery. Home sales dropped in the month of September but that was expected due to the rate spike in May/June. The recent government shutdown won’t manifest itself in home sales until later.
Everybody’s heard of the 30-year home mortgage, and probably the 15-year mortgage, too. But did you know that there is a 10-year, fixed-rate mortgage? And for some, it can offer big advantages. Read more here.
Sandwiched between art nouveau and art deco chronologically, the American Arts and Crafts movement revolted against the mass production of home goods and the overcomplicated design style of the Victorian era. This design era favored originality, craftsmanship, simple forms and local and natural materials. Read and see more here.
Patios, porches, decks, terraces and verandas are lovely things. Too often we just toss out a few chairs, and perhaps a table and call it a day. These beautiful spaces are often neglected and not utilized to their fullest potential. When the weather starts to get warmer, we absolutely should take advantage and turn this outdoor space into an additional, usable living space. Read more here.
Home purchase contracts in New Jersey soared in April, recording a 28% increase compared to one year ago. Given that the pace of sales rose by 23% in April-2012, purchase demand has expanded by an astounding 58% over the past 2 years. The “buy now, pay less” mood among home buyers is creating a sense-of-urgency that is likely to raise purchase demand in 2013 to pre-recession levels last seen in 2006.
The New York Times says: Americans are in a buying mood, thanks largely to the housing recovery. Housing prices rose in every one of the 20 cities tracked, continuing a trend that began three months ago. Similar strength has appeared in new and existing home sales and in building permits. Read more here.