Fewer bank owned homes for sale

Realty Trac reports that sales of bank-owned houses, and homes headed to foreclosure, fell sharply in the 2nd quarter of 2012. Banks have been more careful about placing homes up for sale. This prudent action seems to be helping stabilize housing prices.

Mortgage rates fall this week

Mortgage rates retreated this week after a few weeks of steady increases. Freddie Mac said rates declined to 3.59% on 30 year fixed rates, down from 3.66% last week. Five weeks ago, rates hit an
all time low at  3.49%.  The average on a 15 year fixed mortgage dropped to 2.86% down from 2.89% last week.

Home prices up in 20 cities in June

June was the first month home prices rose in all 20 cities monitored by thye Case-Schiller home price index. Detroit, Minneapolis, Chicago, and Atlanta registered the biggest gains. Nationally, the gain was +.5% over June 2011. Rising prices give potential home buyers more urgency, as well as
confidence this is a good time to consider buying a home.