Dallas Mortgage Refinance: New Home Sales Rose 11.1% in March

Dallas Mortgage Refinance: New Home Sales Rose 11.1% in March

http://www.ftportfolios.com/Commentary/EconomicResearch/2011/4/25/new-single-family-home-sales-rose-11.1percent-in-march

New home sales rose 11.1% in March and were revised up for prior months. This is very good news, but does not necessarily signal the start of a consistent upward trend. Sales remain in the middle of the range we have seen since last May.

The new home market still faces two big problems: First, there are far too many existing homes on the market, many of which are almost new and (due to foreclosures and short sales) selling at a steep discount to fair value (or even building costs).  Second, despite low mortgage rates, credit conditions are very tight, particularly for buyers who don’t have very good credit scores and a 20% down-payment.
Interestingly, about half of the new homes sold are already completed. By contrast, during the housing boom the vast majority of new homes sold were either still under construction or not even started.

In other words, buyers today can easily forego the headache of waiting for their new home to be finished. Buyers who have access to credit or can buy with cash have never been in a better position.

Whether you’re interested in a new home mortgage loan or refinancing an existing home mortgage loan, we can help! We’re a local Dallas mortgage lender that can offer you the best mortgage rates with the lowest closing costs! Give us a call today!

Dallas:  972-325-2120     Austin:  512-996-8194     Houston:  713-589-2244

If you’d like more information regarding a Texas refinance or a home equity loan please call us at 512-996-8194

Austin Refinance | Dallas Refinance | Houston Refinance | El Paso Refinance

Texas FHA VA Mortgage Rates

Find Mylendingplace.com and our reviews at Yelp: http://www.yelp.com/biz/mylendingplace-com-mortgage-and-refinance-austin