November Housing Starts Increase

Housing starts for November rose 9.3% to 685,000. The highest annual rate since April 2010. Leading the way was multi-family units, rising 32.2%. Single-family units saw an increase of 2.3%. Over the last year, housing starts are up 24.3%. The Housing Starts report measures the number of residential units on which construction is begun each… Read More »

Delinquency Rate Down- Homeownership rate up.

The Virginia Mortgage Lenders Association release the National Delinquency Survey today. It showed that Homeownership in Virginia rose by 1.3% in the 3rd quarter of 2011 compared to the 3rd quarter 2010. Virginia’s homeownership rate is above the national average by 2.5% at 68.8. Delinquency rates and foreclosure starts fell during the third quarter of… Read More »

Initial Jobless Claims Reach 3-Year Low

 Initial jobless claims dropped 19,000 for the week ending December 10th to 366,000. This marks the lowest level for initial claims since May 2008. Though the weekly claims report can be volatile, 5 of the past 6 weeks have come in below the 400,000 mark. A sign that perhaps the employment sector is improving. The… Read More »

Mortgage Rate lower

In a rare move the stock market soared and mortgage rates fell. This is in reverse of the normal trend. Usually when stock improve mortgage rates go higher.

Existing Home Sales Increase

Existing home sales for October rose to 4.97 million, a 1.4% increase from September, and a 13.5% increase from October 2010. An additional positive sign is the decline in the number of homes on the market. Total inventory for October fell 2.2% from September. This represents an 8.0 month supply at the current sales pace,… Read More »

Dave Worrie shares marketing ideas with Village Bank Mortgage Loan Officers

  On Monday November 11th, Dave Worrie with Remax Commonwealth, met with Loan Officers from Village Bank Mortgage to share his insite into his marketing success. Dave also meet with Village Bank Mortgage CEO and President Jerry Mabry. During their discussion they agreed that “…housing has never been more affordable. Real Estate values are the… Read More »

Job Openings show improvement

According to the Job Openings and Labor Turnover report (JOLTS), the number of job openings in September was 3.4 million, up from the August reading of 3.1 million. Although the number of job openings is still below the pre-recession reading of 4.4 million in December 2007, there has been significant improvement since the low in… Read More »

Stock Markets show historic increase in October

The Dow Jones Industrial Average and S&P 500 saw historic gains in the month of October. The Dow advanced 12.0%, it’s biggest gain since January 1987. The S&P 500 saw an increase of 13.5%, it’s largest gain since October 1974. Optimism surrounding Europe, positive economic data and better than expected earnings reports all helped these… Read More »

Home sales up!!

  Featured Chart for Wednesday, October 26th     New Home Sales Rise According to the U.S. Census Bureau and the Department of Housing and Urban Development, new home sales for September climbed to 313,000. This is up nearly 6% from the revised August rate of 296,000. As you can see from this chart, September comes in… Read More »

Grant funds

We continue to have grant funds for home buyers. We have a $7500 grant for qualified buyers. We also have a $15,000 grant for certian qualified foreclosed properties. There are income restrictions and other restrictions.