http://newscenter.springhillgrouphome.com/2013/05/national-association-of-realtors-some-areas-now-seeing-sellers-markets/

 The National Association of Realtors® (NAR) said today that home affordability remains high despite rising home prices in U.S. metropolitan areas in the first quarter. The annual price increase posted in Quarter One was the greatest in over seven years but NAR figures demonstrates that the typical buyer receives almost twice the income required to purchase a median priced home in his or her area.

Weigh against $158,600 to the previous year the median price of an existing single-family home rose to $176,600 in the first quarter. An 11.3 percent leap is the greatest raise since Q4 2005 when the increase back then was 13.6 percent. Out of the 140 metropolitan statistical areas (MSA) followed by NAR 133 demonstrated a yearly increase in median prices; the alike number which illustrated a twelve-monthly increase in Q4 but almost twice the number, 74, with such a year-over-year development in the first quarter of 2012.

NAR said that some of the price increase reflected a shrinking market share of lower priced homes and distressed sales and greater activity in the higher price ranges. There was a 23 percent share of distressed sales of the market in the first quarter compared to the 32 percent share in the previous year.

Median prices of condo and condominium prices located in urban areas ascend 4 percent on a yearly basis in the first quarter to $172,400. Thirty-nine metros out of the 54 tracked by NAR showed increases in their median condo price from a year ago while 15 areas had declines.

Lawrence Yun, NAR chief economist, said many areas are experiencing a seller's market. "The supply/demand balance is clearly tilted toward sellers in a good portion of the country," he said. "Inventory conditions are expected to remain fairly constrained this year, so overall price increases should be well above the historic gain of one-to-two percentage points above the rate of inflation. If home builders can continue to ramp up production, then home price growth is expected to moderate in 2014."

The highest since the fourth quarter of 2009 when homebuyer tax credits were in place is the total existing-home sales including single-family and condos rose 0.8 percent to a seasonally adjusted annual rate of 4.94 million in the first quarter. The rate was a boost of 4 percent starting the fourth quarter pace of 4.90 million and 9.8 percent higher compare to the year earlier.

NAR said that to qualify to purchase a home at the national median price during the first quarter a borrower with a 20 percent downpayment would need an income of $30,700. With only a five percent downpayment the qualifying income would be $36,500. The national median income was $62,200.

After the first quarter there were 1.93 million homes available for sale. It is 16.8 percent below the close of the initial quarter of 2012, when 2.32 million homes were on the market.

In the first quarter, existing-home sales in the Northeast rose 4.4 percent furthermore, are 9.1 percent above the first quarter of 2012. In the first quarter from a year ago, the median existing single-family home price in the Northeast rose 2.9 percent to $234,000.

Existing-home sales increased 1.2 percent in the first quarter and are 15.0 percent higher than a year ago in the Midwest. In the first quarter from the same quarter last year, the median existing single-family home price in the Midwest increased 8.2 percent to $135,10.

In the South edged, existing-home sales up 0.7 percent in the first quarter and comparing to the first quarter of 2012 with just 13.3 percent above. The regional median existing single-family home price was $156,800 in the first quarter, up 9.3 percent from a year earlier.

The West is the region most impacted by limited housing supplies and its existing-home sales slipped 1.1 percent in the first quarter but are 0.6 percent above a year ago. The median existing single-family home price in the West leaped 24.4 percent to $247,800 in the first quarter of 2012.

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The following are six sure fire approaches to wreck your likelihood of securing the lowest mortgage rate:

Having poor credit - Bad credit is a definitely a sure destroyer when it comes to acquiring a low rate on your mortgage. In the condition that your credit rating is depleted afterward you can anticipate to be offered an extensively higher interest comparing to those who have finer or exceptional credit. In some cases, you may even be completely denied credit or have to get hold of a bad credit mortgage. Concentrating to your credit issues prior to trying to purchase a home loan can spare you the frustration of not getting the penny-pinching interest rates.

Having too many debts - Even though you have good credit, holding excessively many debts can as well disapprovingly impact your chances of securing an reasonably priced mortgage rate. The higher your debt-to-income ratio is, the more possible you are to be presented a sky-scraping interest rate or less advantageous loan terms. What you need to do first is pay down your debts and you will boost your probability of getting the greatest rates possible. Not having enough in savings - The less money you have in savings or that you can place towards a down payment, the more you'll need to have a loan of, basically making you more of in a fortuity. Having reserves is a good deal tool and can assist you counteract every unforeseen financial troubles.

Not comparing loan rates & fees - weigh against rates is a brilliant method that you can be guaranteed of getting the most excellent deal existing. Agreeing to the initial rate you are referred or deciding on a rate based only on the information given by one lender can be very unfavorable and will cost you money.

Not researching your broker & lender - Not every broker or lender has the loan you require or the means to find you the loan you want. Deciding the right broker and lending company is one of the most vital processes in acquiring the lowest mortgage rate possible.

Not asking enough questions - throughout the home buying procedure, inquiring on questions is one of your finest means in getting the responses and information that you want. Do not be terrified or be indecisive to raise any questions that you might have. If you will not going to do this, it will cost you more harm than good.

from: http://springhillgrouphome.com/

http://newscenter.springhillgrouphome.com/2013/05/south-koreas-economy/

According to the Bank of Korea, despite months of tension on the Korean Peninsula,South Korea’s economy recorded a small but significant quarter-on-quarter (QonQ)GDP rise of 0.9% for the first 3 months of the year. The reports made it clear that this is the highest quarterly growth in two years.

To new president Park Geun-hye, this news has come as a elief. During his first two months in the office was not easy in fact has been difficult due to South Korea’s troublesome northern neighbor off-putting from the economic hold back causing problems the country.

The country’s its reliance on exports is one the South Korea’s main economic weaknesses. Regardless of the actuality that exports raise a little in the initial three months of 2013 exports are composed of about a third of the country’s GDP so ongoing issues in the EU, the U.S., and China persist to discourage future forecasts.

And since “Abenomics” began to be implemented Japanese Yen collapse in the value, making it another worry for South Korean exporters. Yen has touched the 1USD:100Yen mark more than once from highs of 1USD:78Yen in the autumn. A lot of the top Korean export brands, for example Hyundai and Samsung, compete directly with Japanese brands in the world.

Without a doubt, Hyundai’s first quarter bottom line fell 15 percent year-on-year in results announced last April..

The net profit of 2.1 trillion Won (US$1.9 billion) was somewhat liable on the relative strength of Seoul’s currency, together with the wearisome union activity at home throughout the period.

Thus there are still worries that pressure in future months concerning growth in the South Korean economy. After 6 months of holding steady little spending at home as well as with the hesitant viewpoint abroad and a moderately strong Won makes much ammunition to those who are calling on the Bank of Korea to slash interest rates again.

This newest GDP figure endows with some support for the Bank’s. Governor Choongsoo Kim has stayed firm despite the growing calls for action on rates. He highlighted the weak Yen as a concern and, according to Bloomberg, suggested that “financial support” would be provided to vulnerable exporters rather than a tit-for-tat devaluation.

Undeniably, according to some South Korea’s low consumption as due to the consequence of very high levels of personal or individual debt grounds to drag on household spending. Given these situation, then an interest rate cut may make that problem worse by tolerating even additional debt to be accumulate. With that kind of move, it would provide a short term increase to falling consumption, but merely at the cost of longer term pain.

With these thoughts, the most recent GDP growth data will make available an extra piece of ammunition for individuals on the “hold” side of the monetary policy debate. This is above all true given that President Park announced a US$15 billion budget stimulus package early April of this year.