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Major Homebuilder Runs Successful Weekend Sale
It seemed to smack a bit of desperation at the time, but in hindsight
it appears to look more like marketing genius.
Hovnanian Enterprises, Inc., one of the nation’s
largest homebuilders, threw open the doors of literally thousands of its
newly built homes or those that were under construction last weekend and,
in what media has described as a fire sale, offered deep discounts,
sometimes in the six figure range, to buyers ready to make a deal.
Well, whatever it was, it apparently worked…
When builders acquire a piece of property that they plan to build a home on, they will do everything they can do make as much money as possible on their homes.
Another Dramatic Downturn in Mortgage Rates
Even before the Federal Reserve’s
half point rate cut on Tuesday Freddie Mac’s Primary Mortgage Market
Survey showed another dramatic downturn in both long and
short term interest rates for conventional mortgages.
Some Mortgage Rates Move Dramatically, Others Stall
The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications
Survey for the week ended September 7 showed a dramatic drop in the 30-
year FRM, from 6.42 percent with 1.09 points (including the origination
fee) to 6.25 percent with 1 point.
Mortgage application volume increased…
Mortgage Market Disruptions Short-Lived According To NAR
Lawrence Yun, senior economist for NAR said that unusual
disruptions are dampening the outlook for home sales, notably
for August and September. “There’s been an unusual hit to home sales,
starting in March when subprime problems emerged and more recently when
problems spread to jumbo loans, with many potential buyers on the
sidelines.
“However, the jumbo loan market is now beginning to
settle, and…”
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