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October 21, 2010: Housing Starts, Mortgage Rates and Foreclosures Single family housing starts rose 4.4 percent in September: The Northeast showed a gain of 2.9 percent; the South showed a gain of 4.8 percent; the Midwest showed a decline of 8.2 percent; and the West showed a decline of 3.6 percent. Single family permit issuances increased just .5 percent in September.
Mortgage rates continue to fall with the 30 year fixed rate mortgage now at 3.875 percent; the 15 year fixed rate mortgage is now at 3.375 percent; and the 5year ARM is now at 2.375 percent. Even the 30 year fixed rate JUMBO loan is now only 4.75 percent.
According to RealtyTrac foreclosure filings for the third quarter of 2010 increased 4 percent from the previous quarter, but were down 1 percent from the third quarter of 2009. Five states account for more than 50 percent of the foreclosures, with California alone accounting for 21 percent of the foreclosures. Florida was second, accounting for 12 percent of the foreclosures; and Arizona was third, with 8 percent.
In the metro Denver neighborhoods, including Evergreen, Conifer and Pine, distressed homes (which includes foreclosures and short sales) accounted for 42 percent of the market for the first half of 2010, down from 49 percent for the same time last year.
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