Below is your August monthly update for the Big Bear Real Estate market as of 8/15/2010.....A
tad late but worth the wait.... Things are changing!...Right Now there are 151 Sales
Pending!.. Here are those on the market:
VACANT LAND 353
MOBILE HOMES 15
GOVERNMENT LEASE 22
COMMERCIAL & RES INVESTMENT 72 (includes some businesses)
BUSINESS OPPORTUNITY 9
TOTAL AVALABLE 4 SALE... Only 1451
IT"S A GREAT TIME TO BUY!
30-Year, 15-Year Fixed-Rate Mortgages Drop Again
McLean, VA - Freddie Mac today released the results of its Primary Mortgage Market
Survey® (PMMS®), and again, the fixed-rate mortgages reaching, along with the 5-year
adjustable rate, set record lows for this survey. (The 30-year fixed-rate survey
began in 1971, the 15-year began in 1991, and the 5-year adjustable in 2005.)
30-year fixed-rate mortgage (FRM) averaged 4.44 percent with an average 0.7 point
for the week ending August 12, 2010, down from last week when it averaged 4.49 percent.
Last year at this time, the 30-year FRM averaged 5.29 percent.
15-year FRM this week averaged a record low of 3.92 percent with an average 0.6 point,
down from last week when it averaged 3.95 percent. A year ago at this time, the 15-year
FRM averaged 4.68 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.56 percent
this week, with an average 0.7 point, down from last week when it averaged 3.63 percent.
A year ago, the 5-year ARM averaged 4.75 percent.
1-year Treasury-indexed ARM averaged 3.53 percent this week with an average 0.7 point,
down from last week when it averaged 3.55 percent. At this time last year, the 1-year
ARM averaged 4.72 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, reports, "Interest
rates for fixed mortgages and 5-year hybrid ARMs again broke record lows this week
following reports of a sluggish job market. Private payrolls increased by 71,000
jobs in July, below the market consensus forecast, and revisions shaved June's growth
by 34,000 workers. The Federal Reserve also noted in its August 10th policy statement
that the pace of recovery in output and employment slowed since its last meeting
He continues, "Low rates are helping to heal many battered local housing markets
by increasing home-purchase activity. The National Association of Realtors® reported
that 65 percent of the 155 metropolitan areas they track experienced yearly increases
in the second quarter of this year. This compares to 60 percent of areas in the first
quarter and only 44 percent in the fourth quarter of 2009."