2005 Buyer Survey on Internet Use

It's no surprise that Buyers use the Internet to acquaint themselves with the homebuying process. The percentage increases every year: according to this survey it's up to 62 percent. Buyers do count on their REALTORS to provide interpretation, judgment and expertise about the market. Six out of 10 Internet buyers said information gathered from the Internet was less useful than that provided by their REALTORS. In my own personal experience I currently receive inquiries from prospective buyers who less current about market prices compared to inquiries of about 5 years ago. More information on the Internet does not add up to more informed buyers--just the opposite may be true as there is more information to decipher and more time required to find it. Read about the 2005 "Internet Versus Traditional Buyer Survey" for additional interesting facts about buyers.

Interest Rates Continue Upward

Rates continue upward, but rates also vary by region. However, in the words of Freddie Mac vice president: "Although mortgage rates have risen these past six weeks, they still remain at very affordable levels." That means they still compare to rates of several decades ago. Also, if you're applying for a loan, your FICO score and other personal financial factors may get you a lower rate, or a higher one. Read this article for more.

Who Is Affected By Yesterday's Rate Hike?

If you have a home equity line of credit (that's a lot of us) or an adjustable rate loan, you will feel the pinch soon. Fixed rate loan interest rates are usually anticipated well in advance of rate hikes, and those have already seen the change for now. Also credit card borrowers will likely seen a rate increase, but so will CD investors. Read Bankrate.com's Rate-hike winners and losers for more.

Mortgage Rates Rise to 6%

As rates rise, borrowers increasingly use ARMs (adjustable rate mortgages) with the lower rates for a fixed period of time or those with extremely low start rates. Those ARMs help get the buyer into an much more expensive home--it's a chicken vs. the egg story with high home prices on the one hand, and lower rates on the other hand that helped keep those home prices high. On the one hand, rates have maintained 40-year low, on the other hand, homes haven't ever been this expensive. Does this mean there's a bubble? As long as we have jobs, retail sales, housing starts and continued employment, the picture for higher prices with real estate is likely to remain. Mortgage rates, CD rates, auto loans, credit cards, mortgages, personal finance advice and more

Long Beach's Historic Districts Anchor Stability

Growth in this area has coincided with preservation. While occasionally preservation has caused controversy among neighbors, it has also brought identity which has brought appreciation and real estate value. Cultural recognition of Long Beach's areas has risen, especially in the last 10 years. This Press-Telegram article covers the how's, why's and players in Long Beach historic preservation, one of the great attractions for living in this city for a lot of people.

Real Estate Fuels Net Worth

The Federal Reserve reported on Thursday that household net worth jumped $2 trillion in the fourth quarter, to $59.2 trillion. Higher values in real estate, stocks and mutual funds fueled the last quarter rise in net worth. American homes were worth a net $8.7 trillion, up 13 percent from a year ago. Click here for the C.A.R article.

Local Long Beach

If you're looking for an overview about the area and some information phone numbers, shopping centers, points of interest, and that sort of thing, look at "Facts At a Glance", published by the City of Long Beach on their website.

What About the CLUE report?

This article is another reminder to be careful about claims on your homeowner insurance. All buyers and sellers should be aware that a previous owner's, not just the current owner's, claims may affect the current buyer's ability to get certain insurance coverage on their new home purchase. The Comprehensive Loss Underwriting Exchange is the insurance industry's database about claims history, especially related to water and mold problems. This article should emphasize the point of vigilance about home maintenance issues to prevent the unexpected as much as possible.