New Home Sales Jump in June

Sales of new homes jumped in June, but it was the second-weakest month on record.

New home sales rose nearly 24 percent in June from a month earlier to a seasonally adjusted annual sales pace of 330,000. May's number was revised downward to a rate of 267,000, the slowest pace on records dating back to 1963. Sales for April and March were also revised downward.

The housing market had boomed earlier in the year on the strength of federal tax credits. Since they have expired, the number of people looking to buy has dropped even with the lowest mortgage rates in decades.

New homes sales made up about 7 percent of the housing market last year. That's down from about 15 percent before the bust. Weak sales mean fewer jobs in the construction industry, which normally power economic recoveries.

uilders have sharply scaled back construction in the face of a severe housing market bust. The number of new homes up for sale in March fell 1.4 percent to 210,000, the lowest level in nearly 42 years.

Due to the sluggish sales pace, it would still take eight months to exhaust that supply, above a healthy level of about six months.

When is the Right Time to Sell Your Home?

Everyone has always heard the saying, "sell high and buy low." We hear that all the time, whether it's selling a home, or buying a car.

When it comes to selling your home, target to sell your home when the number of buyers are at a maximum. The following information gives you an idea on the right time to sell your home.

* Usually the most appropriate time to sell a home would be the months of May through August. This is the time when the schools are closed and the weather is warm. Families find the season to be perfect for the shift to a new home or location. The selling market usually remains on the stronger side until the onset of winter.

* Though the weather is still generally nice in most parts of the U.S. during the months of October and November, that's the time for festivals and families are not as interested in house hunting and shifting during that time.

* The winter season in the U.S. is again highly convenient for selling a house as many house hunters come out at this time to beat the heat of summer. The period immediately after Christmas and New Year's is typically the best time during the winter months.

Sometimes, the off-seasons like the very hot summer season or the festive seasons can also turn out to be the right time to sell your home.

Why to Sell during Off-peak times

* Though there are usually fewer buyers in the market, so too are the number of sellers. You would be facing less competition than other times of the year.

* You may be able to sell your home faster. Since there would be fewer sellers in the marketplace, the buyers would have fewer options and hence, it could actually become easier for you to sell your home.

* As you would not be facing as much competition, you can oftentimes demand a higher price. Some desperate purchasers may not negotiate much as they are left with fewer choices.

So, choose the right time to sell your home by judging the quality of your home and the current market timing.

Solar Storm Warning

Here's a storm no homeowner is prepared to weather. It's economic impact could be 20 times worse than Hurricane Katrina. A storm that could make Hollywood disaster movies look trivial.

NASA is warning us to get ready for a "Once in a Lifetime Event"…

Foreclosures Fall 5%

The foreclosure plague seems to have reached its peak and started to fade, but the recovery is still fragile.

The number of foreclosure filings of all types — including notices of delinquency, auction notices and repossessions — fell during the first six months of 2010, according to RealtyTrac, the online marketer of foreclosed properties.

There were 1,654,634 properties with foreclosure filings, a 5% decline compared with the previous six months. That equates to 1 out of every 78 homes being at risk.

Unfortunately, the pace of bank repossessions quickened, with nearly 270,000 homes lost to foreclosure during April, May and June, a 5% increase over the three winter months.

The filings data showed improvement because fewer properties were entering the foreclosure process. Part of that is because lenders are now more committed to modifying defaulting mortgages or allowing homeowners to sell their homes for less than they owe.

At the same time, lenders have cleared many properties out of the foreclosure pipeline, finalizing repossession proceedings rather than allowing homes to sit in limbo.

However, there is still much inventory to move through the system and experts aren't sure how bad it will be.

Time For Homeowners to Refinance Mortgages?

Interest rates vs. costs and declining values are key factors to consider when refinancing your home. Is now the time for you to consider refinancing? Mortgage expert Chip Cummings answers some key questions in this Fox News interview…

Have a question or comment about mortgage refinancing in today's market? Use the comment link below to ask. Your email address will never appear on our website, even though it is required (to prevent spam) when you post your comment.