FRIDAY FACTS
April 29, 2011
NAR reports that nationally, sales of existing homes rose 3.7% in March, but were down 6.3% from March 2010. First time buyers purchased 33% of homes this March compared with 44% of homes in March last year.
Also from NAR, existing home sales in the Northeast rose 3.9% in March, down 12.1% from March last year. The median price was 3$ lower at $232,900.
RISMedia notes that the average credit score to obtain a conventional mortgage has risen to 760 compared with 720 in 2007. For FHA loans, the average score is 700, up from 630 in 2007. All cash sales were at a record market share of 35% in March compared with 19% in March 2010.
An article in Inman News notes that the home ownership rate in Switzerland is only 31%.
From RISMedia: Expenses to Factor into a Home Buying Decision:
Utilities – heat, electric, water, sewer, phone, cable, Internet, cell phones, trash removal
Food and entertainment
Children – daycare, tuition, sports gear, lunch money, supplies
Health Costs – braces, glasses, medicine
Debt – credit cards, car/student loans
Maintenance, Repair and Décor
Job expenses – transportation, auto maintenance
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