A QUICK UPDATE by Paul

Spring was the healthiest real estate market in three years – Realtor.com.

The U.S. economy grew 4.2% in the second quarter and 3.5 % last quarter.

Florida’s closed sales in the 3rd Quarter increased 7.6% year over year and average sales prices were up 4.0%.
National Association of Realtors Chief Economist, Lawrence Yun, expects existing-home sales in 2014 (4.9 million) to end up slightly below 2013 sales. However, he predicts an increase to 5.3 million next year and 5.4 million in 2016. Yun expects the national median existing-home price to rise 4% in both 2015 and in 2016. He projects mortgage interest rates will increase to slightly below 5% next year and then reach 6% in 2016.

Mortgage Rates Still Near Yearly Lows! Freddie Mac averages for the week ending Nov. 13: 30-year fixed-rate 4.01% and 15-year fixed-rate 3.2%