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Steadily, there are news stories that influence our Orlando real estate market. Here are two I wish to share with you this month: Rising Interest Rates Could Get Buyers Moving Rising interest rates might finally push Orlando real estate buyers off the fence and into the market. In December, after President Obama agreed to extend tax cuts for two years, the financial markets indicated this occasion would almost certainly push mortgage interest rates higher. Analysts predict that buyers will move quickly when it seems to be like rates are going up and are unlikely to come back down. "Once people see this would possibly actually be the bottom, they will go for it," says Paul Dales, U.S. economist at Capital Economics Ltd. For an example of interest rate increases, observe what happened in December, 2010. " On December 2, the 30-year fixed interest rate hovered round 4.46 percent. " One week later, on December 9, it was as much as 4.61 percent. " After I checked on December 26, the 30-year fixed interest rate was up once more to 4.875 percent. Nationwide Foreclosure Rates Fall Has the real estate market hit bottom? One sign that it has is RealtyTrac's report that foreclosures fell sharply in November. RealtyTrac's November, 2010, U.S. Foreclosures Market Report™ indicated a 21 percent decrease in foreclosure exercise from the earlier month and a 14 percent lower from November, 2009. In line with RealtyTrac, a mortgage analysis agency, foreclosure activity decreased dramatically in November with fewer than 300,000 properties receiving a foreclosure notice for the first time since February, 2009. While foreclosures sometimes decrease in November, and we're certain to see a rebound in foreclosure exercise, these statistics are not to be dismissed as a result of they show the lowest level of foreclosures activity since November, 2008. Moreover, both the 21 percent month-over-month decrease and 14 percent year-over-year decrease in foreclosure activity had been the highest drops recorded since RealtyTrac started publishing the U.S. Foreclosures Report in January, 2005.
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