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The biggest news for St. Louis and national real estate this week is coming from the mortgage industry. Mortgage interest rates have dropped below 4% for a conventional 30 year fixed-rate loan. While the vast majority of loan applications are for refinances, we are seeing a pick up in purchase activity as a result.
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With inventory holding steady and pending sales increasing slightly, the data found on the Nolting Report points to good news this week. In fact, our months of inventory average number has now dipped into the 6 – 7 range for the first time in a long while. While this number still indicates a buyer’s market, it is awfully close to a balanced market. I’m continuing to expect a healthy fall sales season as buyers who waited out the summer’s political and economic troubles (debt ceiling debate, downgrade of the economy by Standard and Poor’s) finally decide to get back in the market.
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Within the last 7 days, Active Listings have dropped from 3993 to 3931 as many listing agreements expired on the last day of August. We also saw a large number of end of the month closings, resulting in a our Pending number dropping from 1011 to 937. This week should show a healthy beginning of the fall market in St. Louis as continued low interest rates push those who have been sitting on the sidelines onto the playing field.
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According to Fox News, The Federal Housing Agency, which oversees U.S. mortgage giants Fannie Mae and Freddie Mac is preparing to file suit against more than a dozen big banks.
“The suits– which seek billion in compensation– allege that lenders including Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank inaccurately represented the mortgage securities they put together and sold during the housing bubble.”
This recent word of suit has affected the stock market significantly. This could possibly be one of the largest lawsuits in U.S. history if these companies are deemed responsible. The Russell Nolting Group will keep you updated as to what the outcome out this lawsuit will mean and how it will affect the St. Louis Real Estate Market.
Category : Blog &St. Louis Community Resources
Lance Kendricks has been an integral part to the Rams offense since training camp started after the lockout. During preseason Kendricks made his debut and doesn’t look like he is about to slow down at any point.
The second-round tight end has led the Rams in receiving this season, catching 11 passes for 155 yards and three scores. The St. Louis Rams will open up the regular season against the Philadelphia Eagles on Sunday September 11 at noon.
The Rams are going to have a difficult schedule this season! Having their leader Sam Bradford as quarterback, the solid play of the team in their undefeated preseason, and the power to overcome adversity they will find success!
Category : Blog
In this week’s St. Louis Real Estate update, there has been a slight decline in the number of active listings and month of inventory. This could be a direct result of people getting back into the swing of “school time” for their children putting the real estate market on the back burner. Although, with interest rates still at record lows there should be an increase in houses being sold for the next coming months. If you are a seller in this economy the good news is that the sellers that are motivated to sell there home have taken their property off the market. Therefore, giving those motivated sellers more of an advantage to selling their home.
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This week’s slide in the number of Pending Contracts in St. Louis is accompanied by a reduction in the number of ACTIVE listings. In fact, from a statistical standpoint, your home continues to have the same statistical likelihood of being selected by the buyer pool — fewer buyers have fewer homes to choose from. Typical expectations for the 2nd half of August — showings tend to be on the slow side as families focus on getting their kids back to school. After Labor Day, we start to see a pick up as families begin to focus on moving prior to the holidays. Of course, the highest quality buyer — the one who NEEDS to find something — is always out there regardless of the time of year.
Category : Blog &community &Home Buyer and Seller Tips &luxury &Luxury Home Statistics St Louis &market update &Moving to/from St. Louis &pending real estate sales &Real Estate Sales in St. Louis &St. Louis Community Resources &St. Louis Real Estate Buyers &St. Louis Real Estate Sales Statistics &The Nolting Report
This week’s slide in the number of Pending Contracts in St. Louis is accompanied by a reduction in the number of ACTIVE listings. In fact, from a statistical standpoint, your home continues to have the same statistical likelihood of being selected by the buyer pool — fewer buyers have fewer homes to choose from. Typical expectations for the 2nd half of August — showings tend to be on the slow side as families focus on getting their kids back to school. After Labor Day, we start to see a pick up as families begin to focus on moving prior to the holidays. Of course, the highest quality buyer — the one who NEEDS to find something — is always out there regardless of the time of year.
Category : Blog &Buyers &First Time Homebuyers in St. Louis &luxury &Luxury Home Statistics St Louis &Moving to/from St. Louis &pending real estate sales &Real Estate Sales in St. Louis &Sellers &St. Louis Community Resources &St. Louis Real Estate Buyers &St. Louis Real Estate Sales Statistics &The Nolting Report
Apart from all of the praise that has been showered on him for his performance so far in this training camp, there’s one title rookie tight end Lance Kendricks can hang his helmet on when he goes back to the team hotel every night.
Nearly a week and a half into this training camp, Kendricks has been dubbed the hardest working man in show business for what seems like his near constant participation in drills during practice.
One minute he’s line up out wide catching passes, the next he’s in the slot running down the seam for a long catch, the next he’s moving into the backfield and busting a linebacker’s head to open up running room for a running back.
No matter where you look on the field, it seems Kendricks is everywhere.
“Lance has done some great things,” quarterback Sam Bradford
said. “He has been asked to do a lot as well. I think he’s probably taken more reps than anyone else on our offense. It seems like that every time I look out there he’s in there. Whether he is at Y, he’s at F; he’s playing wide receiver some. I think he’s done a great job, he’s physical.”
Taken with the Rams’ second round pick in April’s draft (No. 47 overall), there were some that questioned the team’s selection of a tight end. It wasn’t anything against Kendricks so much as it was a perceived need to take someone at a different position, namely wide receiver.
But the Rams viewed Kendricks as the type of multi-purpose weapon that could excel right away in offensive coordinator Josh McDaniels’ offense. They viewed him as one of the top three pure pass catchers in the draft, regardless of position and they knew he was a much better blocker than perhaps his 243-pound frame might indicate.
So far in this camp, Kendricks has proved to be one of the team’s most must-see players. It’s no coincidence that he’s already taking the majority of his repetitions with the first-team offense.
Category : Blog &Uncategorized
ST. LOUIS — The St. Louis Blues will be without winger David Perron, who has been sidelined with a concussion, for training camp and the start of the regular season. Blues general manager Doug Armstrong made the announcement Wednesday. The Blues open training camp on Sept. 16 and the regular season begins Oct. 8.
Perron has not played since suffering a concussion on Nov. 4 against the San Jose Sharks. He took a blindside hit from Joe Thornton near center ice and missed the final 72 games of the season. Armstrong said Perron has shown signs of improvement over the summer. His progress “took a big jump a few months ago,” when he attempted some light exercises.
The Blues are prepared if Perron can’t play. They signed forwards Jason Arnott and Jamie Langenbrunner, re-signed winger Matt D’Agostini and added depth with Jonathan Cheechoo.
Category : Blog
According to the Associated Press in Washington DC the Standard & Poor’s Ratings Services on Monday downgraded the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S debt.
The agency also lowered the ratings for: farm lenders; long-term U.S. government-backed debt issued by 32 banks and credit unions; and three major clearinghouses, which are used to execute trades of stocks, bonds and options. All the downgrades were from AAA to AA+, reflecting the same downgrade S&P made of long-term U.S. government debt on Friday.
The downgrades of the US
credit rating from a AAA to AA+ means that the collective pool of risk in the United States is viewed as slightly riskier than it was in the past. The Federal debt will be repriced to match this higher risk with higher interest rates.
Monday’s downgrades of the mortgage giants Fannie and Freddie reflected their “direct reliance” on the U.S. government, S&P said.
Fannie and Freddie own or guarantee about half of all U.S. mortgages, or nearly 31 million home loans worth more than $5 trillion. As part of a nationalized system, they account for nearly all new mortgage loans. Their downgrade might force anyone looking to buy a home to pay higher mortgage rates.
Neither have commented on whether or not the credit rating from AAA to AA+ will effect there interest rates, but it is something to watch out for in the near future for first time home buyers. Still, mortgage rates will likely stay low and might hit new record lows in the next few weeks. Debt issued by the nationalized mortgage-finance companies is still an attractive option for skittish traders looking for relatively safe investments.
Many commercial banks also are loaded down with Fannie and Freddie debt, which could prompt them to raise more money and constrain new lending to consumers and businesses. That could mean tougher lending requirements for would-be buyers. In a bear market like today, it is imperative to have great representation. That is why at the Russell Nolting Group, Powered by Keller Williams, we study the St. Louis real estate market day in and day out to have to best knowledge of how to sell your home for the best price, and find the house you’ve always dreamed of. Call Russell at 314-677-6560.
Category : Blog &First Time Homebuyers in St. Louis &Home Buyer and Seller Tips &Mortgages St. Louis &St. Louis Community Resources &St. Louis Real Estate Buyers
The St. Louis real estate market took an expected hit last week. Concerns about the financial stability of our country, back-to-school seasonal issues, and continued heat-dome weather contributed to reduced showings, offers, and contracts. The good news is all over the media: Interest rates continue to be at record-breaking lows! Buyers will choose homes that are aggressively priced and move-in ready. For any information about your next home, please call Russell Nolting at 314-677-6560
Category : Blog &Buyers &community &First Time Homebuyers in St. Louis &Home Buyer and Seller Tips &luxury &Luxury Home Statistics St Louis &market update &Moving to/from St. Louis &Real Estate Sales in St. Louis &St. Louis Community Resources &St. Louis Real Estate Buyers &St. Louis Real Estate Sales Statistics &The Nolting Report
