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Survey finds most agents see home prices stabilizing

posted Dec 16, 2009, 10:18 PM by Casey Elliott

A fourth-quarter survey conducted by HomeGain showed that 72 percent of HomeGain members believe that home prices will remain the same in the next six months, an increase from 69 percent in the third-quarter survey.

According to the recent survey, HomeGain members said that 37 percent of home buyers believe that homes for sale are fairly priced or under priced, compared with 36 percent in the third quarter.  Conversely, 41 percent of homeowners think their homes should be listed 10 percent to 20 percent higher than what their agents recommend, up from 38 percent in the third quarter.

The first-time home buyer tax credit has helped drive sales, with 21 percent of respondents saying half of their transactions involved a first-time home buyer, with only 11 percent noting that none of their transactions involved a first-time home buyer. 

Fed leaves key rate unchanged

posted Dec 16, 2009, 9:27 PM by Casey Elliott

The Federal Reserve today announced it will maintain its target for the federal funds rate in the 0 percent to 0.25 percent range, and expects economic conditions to warrant exceptionally low levels of the federal funds rate for an extended period of time. “Information ? suggests that economic activity has continued to pick up and that the deterioration in the labor market is abating,” the Fed said in a prepared statement. 

“Financial market conditions have become more supportive of economic growth, although economic activity is likely to remain weak for a time.  The Committee anticipates that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a strengthening of economic growth and a gradual return to higher levels of resource utilization in a context of price stability,” the Fed said.
 
To provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve also said it will purchase a total of $1.25 trillion of agency mortgage-backed securities and nearly $175 billion of agency debt, and will gradually slow the pace of these purchases in order to promote a smooth transition in markets.

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