Friday, February 4, 2011

Housing Trends in Early 2011

Excerpt from Housing Trends in Early 2011
By Marcie Geffner,

Experts have been able to identify some trends that will characterize the U.S. housing and home loan markets in early 2011. These are some helpful tips that you may want to keep in mind if you own a home or want to buy or sell one in the next few months.

Mortgage refinancing is expected to experience a "very steep drop" in 2011 compared with 2010, according to Michael Fratantoni, vice president of research and economics at the Mortgage Bankers Association in Washington, D.C. Homeowners who have ample equity, sterling credit, and steady employment probably refinanced at least once in 2009 or 2010, locking in low fixed rates and consequently, have little or no incentive to refinance again in 2011, Fratantoni says.

Also, now is supposed to be a great time to buy a home. Mortgage rates are low and prices have fallen. The combination makes dwellings relatively more affordable to buy. Plenty of homes are on the market, and inflation, presumed to be on the horizon, could boost home values over the long term.

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