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Posts Tagged ‘reciprocity’

As of today, 3rd February 2010, the refinance rates are, as follows: (1) 30 yr Fixed Rate, Today, 5.19%, Last Week, 4.94%; (2) 15 yr Fixed Rate, Today, 4.4%, Last Week, 5.06%; (3) 5/1 ARM, Today, 4.53%, Last Week, 4.12%.

According to an article in Mortgage News Daily, “A rising trend of mortgage applications indicates an increase in home buying interest, a positive for the housing industry and economy as a whole. More home purchases can lead to more construction jobs and increased purchases of items to build a home. Furthermore, in a low mortgage rate environment, an increasing trend implies consumers are seeking out lower monthly payments which can result in increased disposable income and therefore more money to spend on discretionary items or to pay down other debt.”

The article further states, “Don’t wait for mortgage rates to decline! I stand by my statement that 4.75% could very well be the lowest mortgage rates offered in 2010…unless there is a fundamental shift in economic outlook. If you have been waiting to refinance or to buy, get out there and start the process before you miss the boat of sub 5% rates.”

Click this web-link,, to read the entire article by Victor Burek.

The Mobile Bay Metro Area, Baldwin County and Mobile County of Alabama, has ongoing (and potential future) economic projects which may have an advantage over other U. S. regions. Our real estate market should draw more positive attention in the near future.

Contact Al Cheney, Cheney Appraisal Services, Certified FHA Approved Real Estate Appraiser, Baldwin County, Mobile County, Alabama, (251) 533-2424, when requiring a residential appraisal report for refinancing, settling an estate with real property, or various other litigation reasons in Alabama. Email your orders and questions to Al at

The Daphne, Alabama Lake Forest development is the largest residential community in BlogWebPhoto-LakeForest-10162009 [08]the State of Alabama. Lake Forest has around 3,400 property owners with approximately $38 dues per lot. This PUD development has a clubhouse, golf courses, horseback riding stables, swimming pools, tennis courts and a yacht club on Mobile Bay. Lake Forest is located on the south side of U. S. Interstate Highway 10, east side of U. S. Highway 98, and located near major regional shopping centers.

Lake Forest is conveniently located near Historic Downtown Mobile, Alabama by traveling about 15 minutes west across the I-10 Bay-Way. Gulf Shores, Orange Beach and Alabama’s white sandy beaches and blue-green waters of the Gulf of Mexico are located only about a 35-minute drive south southeast.

Currently, Lake Forest has at least thirty-eight (38) activeBlogWebPhoto-LakeForest-10162009 [01] MLS (Multiple Listing Service) REALTOR listings. Most of the listed homes have 1,300 to 3,000+ square feet (varies from unit to unit) and the asking prices will primarily range from $125,000 to $255,000.

There have been around forty-eight (48) MLS home sales in the past twelve months according to the Baldwin County Association of REALTORS. The vast majority of these Lake Forest home sales ranged from $75,000 and $210,000.

The Sales Per Month Absorption Rate is currently 4.33 homes per month in Lake Forest. With 38 active listings, the current housing supply is 8.78 months (38 active listings divided by 4.33 home sales per month).

Lake Forest ‘s Median Comparable Sale Price is now $108,000 compared to $120,000 foBlogWebPhoto-LakeForest-10162009 [06]ur to six months ago. The days on market (dom) appears to mostly range from 96 days to 147 days over the past 12 months.

Lake Forest ‘s Median Sale Price as percentage of list price has slipped slightly over the past twelve (12) months: 96.445%, 7-12 months ago; 96.077%, 4-6 months ago; past 3 months, 94.943%.

For more information about Lake Forest, go to this weblink,

BlogWebPhoto-LakeForest-10162009 [03]
Albert Cheney, Cheney Appraisal Services, covers the Mobile Bay Metro Area, Baldwin County and Mobile County of Alabama. Albert Cheney is an active Certified Residential Real Property Appraiser and FHA Approved Appraiser with 35+ years experience in the real estate industry.

Call Albert Cheney at (251) 533-2424 or if you require more information about Alabama real estate and ordering a “Certified” real estate appraisal report.

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