Virginia’s housing market recovery is holding steady despite being “tested” by increasing unemployment and interest rates this summer. Last summer we experienced lower 30-year mortgage interest rates and very little change in unemployment. This summer unemployment has increased steadily, reversing the trend we witnessed through the first quarter of 2013 and most of the second quarter. Further, interest rates are increasing as the Federal Reserve Board deems the economy stabilized.
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Special guest speaker:
Lawrence Yun, Chief Economic Advisor, NAR
Local economic representatives:
Russell Seymour, JCC
2013 WAAR Convention & Expo
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Welcome to Good Morning Mortgage, VAR's free lending webinar series. This is your source for up-to-the-minute lending news straight from the source. VAR has partnered with the Virginia Bankers Association to bring lending experts right to Virginia REALTORS®. Check back often for new episodes and watch your e-mail or VARbuzz to register for the live webinars and have your questions answered in real time.
A new survey from NAR found that consumers are upbeat about housing. They "overwhelmingly believe that buying a home is a good financial decision," and they consider owning a home to be a top priority.
The Housing Pulse Survey found that 80 percent of Americans believe it’s a good idea to buy a home, and that half of renters now consider home ownership "one of their highest personal priorities."
Virginia’s residential sales volume (measured by the dollar value of real estate sold) passed an important milestone in the second quarter of 2013. Sales volume surpassed the volume sold in 2010 when sales were boosted by tax credit incentives. The 2010 comparison is important because the 2013 Virginia housing market has advanced beyond the peak of the 2010 market, despite significant economic stressors (government sequester) and without economic incentives (tax credits). All in all, the second quarter was strong and continues to exhibit signs of recovery.