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Mortgage rates for 30-year fixed U.S. loans decline to record low as report predicts 8.8 percent home-price growth for South Florida

FOR IMMEDIATE RELEASE

Mortgage rates for 30-year fixed U.S. loans decline to record low as report predicts 8.8 percent home-price growth for South Florida

‘Florida markets are expected to extend their impressive 2011 performances into 2012’- Clear Capital, national real estate research company

“The news in early 2012 is positive. The trends are heading in the right direction.”- Attorney Marlyn Wiener

BOCA RATON, Fla. (Jan. 12, 2012) – Today’s news that rates for 30-year fixed-rate U.S. mortgages have fallen to 3.89 percent, the lowest level on record, comes after a new report that shows South Florida, and the state as a whole, is beginning to pick up favorable steam in at least one aspect of the residential market.

According to Clear Capital, a California-based real estate research company, the nation’s home prices stabilized in 2011, while Orlando and Miami led the state in price gains of 6.7 percent and 5.6 percent, respectively. Clear Capital is projecting that Miami-Dade and Broward counties, which are considered one market, will be one of the five highest-performing major metro markets this year, with a price growth of 8.8 percent.

“These are the signs of recovery within the residential real estate market that we were hoping for as we embark on a new year,” said Marlyn Wiener of the law office of Marlyn J. Wiener, P.A., a firm with offices in Boca Raton and Miami. “It’s the momentum we’re looking for.”

According to Clear Capital’s report, national prices should continue to stabilize in 2012, while Florida should continue to rebound. The research firm said that the exceptional growth for Miami, as well as Orlando and Tampa, can be attributed to “the fact that these areas were hit especially hard in the downturn.” But Clear Capital also cautioned: “While fighting back, they remain significantly off their highs of 2006.”

For those who are able to purchase a home, 30-year, fixed-rate mortgages are now at their lowest average rates since 1971, Freddie Mac said today in a statement. “While the rates are low and many trends favorable, it’s important to note there are still millions of people facing foreclosure. We’re certainly not out of the woods yet,” Wiener said.

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With offices in Boca Raton and Miami, the law office of Marlyn J. Wiener, P.A., handles all business and real estate transactions. Since 1981, Marlyn Wiener has represented Realtors; small to mid-size businesses; mortgage bankers, brokers and lenders; contractors and construction companies; real estate investors and developers; commercial landlords and tenants; and homeowners and renters. Visit the firm’s website at https://www.mwfloridalaw.com/. For more information, interview requests, or digital images, please contact Dave Bloom of Bloom PR at dave.bloom@ournewsroom.com or (954) 332-2375.

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