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Home > Real Estate > Archives > 2006 > November > 17

Friday, November 17, 2006

Good news and not-so-good news

By Jeff Ostrowski | Friday, November 17, 2006, 01:12 PM

Bob Graeve of Illustrated Properties asks me to report some good news about the local housing market, so I’ll oblige.

First piece of good news: Mortgage rates have fallen to an eight-month low, Freddie Mac reports. The average 30-year fixed-rate loan this week cost 6.24 percent.

Second piece of good news: Florida unemployment rates are falling. Palm Beach County’s rate dipped to 3.2 percent in October.

As for the not-so-good news: Housing starts fell to a six-year low, the Commerce Department reported today.

Even more bad news: The supply of homes for sale still far outweighs the demand for homes. For some ugly numbers, check out this chart posted by Palm Beach hedge fund manager Doug Kass. It shows homes for sale and sold in central and northern Palm Beach County.

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