Total sales of existing homes including single family houses, condominiums, and cooperative apartments, increased 4.3 percent to an annual, seasonally adjusted rate of 4.57 million units during the month compared to a downward revised rate of 4.38 million in December and are 0.7 percent above what NAR described as a “spike” in the rate in January 2011.  December 2011 sales were originally estimated at a rate of 4.61 million.

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The motivation for selling is a key factor. Are you commuting to work several hours a day and the commute is killing you? Are your children grown and your home is now too big, in addition to being a burden to maintain? Is your home too small? Have you taken a job out of the area? Can you no longer afford to own your home? Or do you no longer want to pay the price it costs to own your home?

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Spa-like and eco-sensitive, the  “New American Home 2012” being unveiled in Orlando this week by the National Association of Home Builders in conjunction with the International Builders’ Show, is a warmer take on the classic “White Box” of mid-20th century modern design.

“A lot of people want a spa feeling and a spa look that’s very analogous to modern,” said Luis Juaregui, a Texas-based American Institute of Architects accredited architect. The 4,200 square foot, $3.5 million gray stone and glass home has free flowing entertaining spaces,  floor to ceiling sliding glass doors, a stone staircase with open risers, clear glass balustrades and clean geometric lines, tempered by dark wood cabinets, area rugs and soft furnishings.

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The median price of an existing single-family home rose in 29 out of 149 metropolitan statistical areas (MSAs) in the fourth quarter compared to the fourth quarter of 2010.  Prices were unchanged in two MSAs and fell in 118.  The national median existing home price was $163,500 in the fourth quarter compared to $170,600 one year earlier, a decrease of 4.2 percent.  Distressed homes – foreclosures and short sales – sold for discounts averaging 15 to 20 percent and represented 30 percent of total sales compared to 34 percent during the same quarter of 2010.  The median price of a condo was $160,800, down 1.7 percent from one year earlier.

Read More at: http://www.mortgagenewsdaily.com/02092012_home_prices.asp

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The increases were driven solely by refinancing which represented 80.5 percent of total applications for the week, up from 80.0 percent the previous week.  The Index measuring applications for refinancing increased 9.4 percent over that of the week ended January 27 but the seasonally adjusted basis the Purchase Index ticked up only 0.1 percent. The unadjusted Purchase Index was 6 percent higher than in the previous week and 4.1 percent lower than during the same week in 2011.

Read the Article: http://www.mortgagenewsdaily.com/02082012_mortgage_applications_survey.asp

The central bank indicated that it expects to keep the federal funds rate near historic lows until late 2014 — an extension from the Fed’s original pledge to keep rates low through mid 2013.

“[T]he economy has been expanding moderately, notwithstanding some slowing in global growth,” the Fed said in a statement Wednesday. Meanwhile, the program known as Operation Twist remains in place.

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Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”

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