Global Property Inspections and National Property Inspections are celebrating 5th year anniversaries this month. Seven inspectors have spent 5 years with us: Garry Pigeon of Vancouver Island, BC; Eldon (Scooter) Holliday of Olive Branch, MS; Tim Williams of Panama City, FL; Mark Sinclair of Tallahassee, FL; Gerry & Susan Millen of Regina, SK; Gary Longstreet of Brampton, ON; and Brandon Jefferies of Laurel, MD. Congratulations to you all from GPI and NPI!
According to a Citibank survey of 750 small business owners, four out of ten of them reported positive business conditions. This is an improvement from the 2010 Citibank survey where 2 out of 10 reported improving business conditions. The 2012 survey also showed 33% of businesses reported doing better than a year ago. Another 33% said that they expect business to grow by 10% this year.
National Property Inspections is proud to say that 4 inspectors are celebrating their 10th year anniversaries with us. Congratulations to Dave Perrin of Roanoke, VA; Bob Valan of Joliet, IL; Kate & Ron Griffith of Clinton, CT; and Wes Keysor of Tucson, AZ. Thanks to all of you from NPI!
The price of bank-owned foreclosed properties is going up. This would indicate an improvement in home prices nationwide. The REO, or national average prices for bank-owned foreclosures, is up 8.1% from a year ago. This was for the median price per square on a square foot basis. These higher foreclosure rates are helping to drive improving market rates in the Northeast, South and West regions, and a stabilizing Midwest market.
National Property Inspections is proud to have Clyde Yost of Kansas City, MO celebrate his 25th anniversary with us. It’s been a great 25 years Clyde. Thank you from NPI.
The National Association of Home Builders (NAHB) has released an index showing the highest levels for multifamily housing since 2005. The Multifamily Production Index (MPI) had results for the last quarter that point to an improving apartment and condo market. This is the seventh quarter in a row with improving numbers. Construction of rental properties and for sale condominiums saw gains this past quarter and were at their highest level since 2005. Vacancies for apartments and condominiums were at their lowest rates since 2003.
Mortgage applications have seen an 18% one week increase this week. The data was taken from Mortgage Bankers Association Weekly Mortgage Applications Survey. This was the highest level for this survey since May of 2009.
John McKnight of Kensington, CA, Dennis Twigg of Garden Plain, KS, and Nick Eaton of Cambridge, ON are all new franchisees with NPI/GPI. Congratulations John, Dennis and Nick, and welcome to NPI and GPI!
The Primary Mortgage Market Survey, a weekly survey conducted by Freddie Mac, showed another record setting performance for fixed mortgage rates. At 3.75%, this is the 5th week in a row where 30 year fixed mortgages hit all time lows. 15 year fixed rate mortgages also had an all time low this week with a rate of 2.97%.
Numbers released by the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) show an all time high in national housing affordability. The index covers housing data for the first quarter of this year. According to the HOI, a family with a median income of $65,000 per year could afford 77.5% of homes sold during this time. This makes the second quarter in a row where affordability rates have seen an all time high according to this index.