FOR IMMEDIATE RELEASE:

Springtime Optimism Returns to Residential Real Estate Market

Two longstanding records were recently shattered -- one for home affordability and the other for low interest rates. The Federal Home Loan Corporation or "Freddie Mac" reports that mortgage interest rates are currently the lowest since Freddie Mac began keeping records back in 1971. The National Association of Realtors (NAR) started compiling a different type of statistic during that same year to measure the overall affordability of homes. Right now the Home Affordability Index shows that American homes are more affordable than they have been since the National Association of REALTORS® starting indexing those figures nearly 40 years ago.

The Standard & Poor's/Case Shiller Index which is one of the most closely-watched barometers of the real estate market – also shows that home prices are about 30 percent lower than they were when the real estate bubble peaked back in 2006. Now that the excess has been wrung out of prices, the real estate market appears poised for renewed health and vigor. As realistic values return to the market, so do buyers, and helping them finance their purchases this springtime are safe, fixed-rate mortgages available at historically cheap rates of five percent or less. That is a whole point below rates this time last year, and the affordable mortgages have inspired a surge in mortgage applications.

According to the Mortgage Bankers Association, record numbers of Americans are seeking new loans and refinances at the exceptionally attractive rates. So many applications are being processed, in fact, that banks are having to gear up for the brisk business activity by hiring more underwriters and installing faster loan processing software. Many of the nation's leading banks and mortgage companies -- including Bank of America -- are adding staff to help meet the demand for mortgages. At the same time, new buyers are taking advantage of a special $8,000 tax benefit enacted by the Obama Administration.

Meanwhile programs to help stop foreclosure through loan modification are gaining traction and the Fed continues to aggressively purchase mortgage securities in an effort to bolster the credit markets.

Buyers and sellers have plenty of reasons for optimism as a powerful confluence of forces lifts the residential housing market and the shopping season kicks into full swing.

To find a buyer's agent to represent you in your purchase, visit: http://www.GayRealEstate.com and for mortgage pre-qualifications and or refinancing visit http://www.GayMortgageLoans.com

MEDIA CONTACT:
Jeff Hammerberg, Founder & CEO
GayRealEstate.com
Denver, CO
Toll-Free: 1-888-420-MOVE(6683)

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