Philadelphia Real Estate One Liners August 10, 2011

Philadelphia Real Estate One Liners August 10, 2011

• According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate on 30-year fixed-rate mortgages fell to 4.37 percent last week from 4.45 percent the week before. The drop brought rates to their lowest level of the year and sparked a 21.7 percent increase in the Market Composite Index, which measures total mortgage loan application volume. (http://timroachtridentmortgage.com)

• According to Alan Heavens’ Philly.com article getting your home appraisal and Philadelphia condo or home sale price to match is getting increasingly more difficult.  (www.Philly.com)

• An 8 story, 126 unit luxury apartment with ground level commercial space is being built at the intersection of Front street and Brown street – site of the old night club The Eighth Floor and Liberties Self Storage- in the Northern Liberties neighborhood of Center City Philadelphia.  (http://blog.thesomersteam.com)

• The Fed announced yesterday that they would “promote the ongoing economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to keep the target range for the federal funds rate at 0 to 1/4 percent.  The Committee currently anticipates that economic conditions–including low rates of resource utilization and a subdued outlook for inflation over the medium run–are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.  They also hinted that more quantitative easing could be imminent. (http://www.federalreserve.gov/newsevents/press/monetary/20110809a.htm)

• As a consequence of the US downgrade, Freddie Mac and Fannie Mae debt is downgraded by Standard and Poor’s from AAA to AA+.  (www.therealestatebloggers.com)

To search Philadelphia Real Estate listings for condos, homes and apartments click here.

Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog

Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623  Direct
610.636.4364  Cellular
888.308.1148  Fax
[email protected]
www.CenterCityTeam.com