Edina Realty Title was the #1 title company in terms of closings in the Twin City metropolitan area in 2011.
Interest rates reached their lowest point on Friday June 15, 2012 when the rate was quoted at 3.625%. Buyer’s purchasing power is the highest it has been in the past six years and it is a great time to buy. If you don’t see your next home in MLS, give us a call. With Edina Realty’s extensive agent and office networking, there is a chance we can find a home that might work!
According to Bloomberg News on June 14, 2012, Americans are finally digging themselves out of mortgage debt. “Home equity in the first quarter rose to $6.7 trillion, the highest level since 2008” said the news service. “The willingness of homeowners to carry housing debt has been radically altered” said Richard DeKaser, former chariman of the American Bankers Association’s Economic Advisory Committee. “When the market was booming, the mortgage was used as a leveraging tool, and now it’s seen as a risk. People got too overleveraged in the boom years, and that left them with too much debt when the bubble burst.” Bloomberg says Americans aren’t just bringing money to the table when they refinacne their mortgages at the low rates; they are also choosing to shorten the terms of their loans, thereby increasing their monthly payments. DeKaser continues “It’s the strongest sign yet that Americans’ home loan debt burden is beginning to ease after the record borrowing in the early 2000’s.”