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Rates Tick Up
In Freddie Mac's Primary Mortgage
Market Survey the 30-year fixed-rate mortgage
averaged 5.91 percent, for the week ending
September 29, 2005, up from the previous week
when it averaged 5.80 percent. Last year at this
time, the 30-year FRM averaged 5.72 percent.
"Mortgage rates look like they are back on track
where the Fed wants them, which is gradually
rising," said Frank Nothaft, vice president and
chief economist at Freddie Mac. "However, the
resiliency of the housing sector
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continues to
amaze. Applications are running at a strong
pace, and the most recent housing starts
figures, were still at near record levels. 2005
will be another banner year for the housing
industry."
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Household Net Worth
Rises
 Thanks in large part to soaring
property values, the net worth of American
households increased again during the second
quarter. The Federal Reserve's "flow of funds"
report for the second quarter shows a 1.9% boost
in household net worth to $49.8 trillion from the
first quarter.
Household net worth is a measure of total assets,
such as houses, investments, and pensions , minus
total liabilities, such as mortgages and
credit-card debt.
The
report also reveals a 9.9% jump in household debt
during the April through June period, up from 9.6%
in the first quarter and 9.8% in last year's
second quarter. Residential mortgage debt rose at
a rate of 11.5%, up from 11.3% in the first
quarter. |
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Property Assessments Increasingly
Online
Around the country property tax
offices are placing real estate records online,
such items as property size, plot location,
assessed valuation, and current taxes. However,
are government sites a substitute for the
comparative market analysis (CMA) done by your
real estate agent?
Tax assessments and CMAs both look at real estate
data, each has value, but each product has a
different purpose. Tax assessments are typically
updated every one to three years. A CMA will
reflect current sales and a local broker
will surely discuss homes now for sale but not yet
sold -- homes which nevertheless impact local
pricing patterns. | |
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Have You
Checked Your Property Insurance?
 Once a year it's a good idea to review
your property insurance to make certain you have
adequate coverage. How much coverage do you need?
Certainly you want enough
to protect your household in the event of catastrophe,
but homeowner policies also offer many additional forms
of protection.
For example:
Do you have a home office? If yes, would you be covered
if your computer was stolen or damaged?
Do you have antiques or a
stamp collection which have become more valuable over
time? If so, do you have coverage?
Do you have photos or
videos showing all areas of the house? Individual items
with monetary value? And do you keep such photographic
evidence in a secure place, such as a safety deposit
box? Are there multiple copies?
Do you rent property? Did
you know that tenants can obtain insurance coverage as
well as property owners?
Most insurance agents recommend a regular insurance
"check-up" for consumers, so that homeowners are not
left "high and dry" when disasters and losses strike.
Your insurance provider can
provide the information you need, and once updated
you'll be more comfortable with the coverage you have.
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