National and Orlando Realty Information Roundup for December, 2010

Frequently, there are news stories that affect our Orlando real estate market. Here are two I want to share with you this month:

Rising Interest Rates Could Get Patrons Moving

Rising interest rates may finally push Orlando real estate buyers off the fence and into the market.

In December, after President Obama agreed to increase tax cuts for 2 years, the financial markets indicated this occasion would almost definitely push mortgage interest rates higher.
Analysts predict that buyers will move shortly when it looks like rates are going up and are unlikely to return down. "As soon as individuals see this would possibly actually be the bottom, they're going to go for it," says Paul Dales, U.S. economist at Capital Economics Ltd.

For an example of interest rate increases, observe what occurred in December, 2010.

" On December 2, the 30-year fixed interest rate hovered round 4.46 percent.
" One week later, on December 9, it was as much as 4.61 percent.
" When I checked on December 26, the 30-year fixed interest rate was up once more to 4.875 percent.

National Foreclosure Rates Fall

Has the real estate market hit bottom? One sign that it has is RealtyTrac's report that foreclosures fell sharply in November. RealtyTrac's November, 2010, U.S. Foreclosure Market Report™ indicated a 21 percent decrease in foreclosures activity from the earlier month and a 14 percent lower from November, 2009.

In line with RealtyTrac, a mortgage research firm, foreclosure activity decreased dramatically in November with fewer than 300,000 properties receiving a foreclosure notice for the first time since February, 2009.

While foreclosures usually decrease in November, and we're sure to see a rebound in foreclosure exercise, these statistics are to not be dismissed as a result of they present the lowest level of foreclosures activity since November, 2008. Additionally, both the 21 percent month-over-month decrease and 14 percent year-over-year decrease in foreclosure activity were the highest drops recorded since RealtyTrac started publishing the U.S. Foreclosures Report in January, 2005.

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