Island Wide 1st quarter single family sales are down 64% as compared to the same period in 2008. The number of units sold fell 9% while the average sales price has fallen from $296,392 to $116,612. A majority of the reduction is reflective of "in town" Ike damaged homes selling for as low as $9/sq ft.
An analysis of Galveston "In Town" sales shows a rise in the number of homes sold by 29 units. The averages sales price has fallen from 161,901 to 96,102. A majority of the sales are flooded homes selling "As Is".
Galveston West End homes sales are down by 39 units (64%). The volume is down $22,509,000 (84%). The average sales price is down 54% from 441,906 to 202,150.
What does all this mean? There is not a better time to buy on Galveston Island.
Wednesday, April 8, 2009
Tuesday, April 7, 2009
Jumbo Loans
Jumbo Loans Getting Easier to Find.
For nearly a year, it has been almost impossible for buyers of homes selling for more than $417,00 in most parts of the country and up to $729,750 in pricier areas to find jumbo mortgages to pay for them.Now that appears to be changing. Bank of America recently began offering a 30-year fixed rate jumbo at less than 6 percent. "We decided it was time to really go after that market," says Vijay Lala, a product management executive for the bank.Other banks, including Wells Fargo, J.P. Morgan Chase, GMAC, ING Direct and Citibank are following suit, said Guy Cecala, publisher of Inside Mortgage Finance.Borrowers for jumbos should be prepared for a complex process and should shop aggressively for the best rate, Cecala says.Source: The Wall Street Journal, Amy Hoak (04/04/2009)
For nearly a year, it has been almost impossible for buyers of homes selling for more than $417,00 in most parts of the country and up to $729,750 in pricier areas to find jumbo mortgages to pay for them.Now that appears to be changing. Bank of America recently began offering a 30-year fixed rate jumbo at less than 6 percent. "We decided it was time to really go after that market," says Vijay Lala, a product management executive for the bank.Other banks, including Wells Fargo, J.P. Morgan Chase, GMAC, ING Direct and Citibank are following suit, said Guy Cecala, publisher of Inside Mortgage Finance.Borrowers for jumbos should be prepared for a complex process and should shop aggressively for the best rate, Cecala says.Source: The Wall Street Journal, Amy Hoak (04/04/2009)
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