in this issue Higher rates has turned casual shoppers into serious buyers Spooked by Fed talk Cunsumer Debt not a Problem See Today's Mortgage Rates Rates, income aid home affordability Economic uptick sparks interest-rate panic Realtors Click Here - Close on Time Assessor Records and Maps Find a Home in the MLS

Now, the two are looking at as many houses as they can no matter when they have to squeeze in the appointments. They've even put off planning their wedding for now to focus instead on buying a home.

Higher rates has turned casual shoppers into serious buyers

The reason for their all-out push comes down to simple economics, specifically rising interest rates. When the couple visited their bank two weeks ago, the interest rate for the loan they want to obtain was 6 percent. A few days ago, it was up to 6.25 percent, Egan said. Today the same loan was 6.5 percent.

"Our banker is super helpful and doesn't persuade us, but the interest rate sure did," she said. Home-buying activity historically has picked up its pace just before interest rates increased as potential home buyers scrambled to get into the market. That trend already is showing signs of holding true this year. Mortgage interest rates have crept up during the last few weeks, and the Federal Reserve this week hinted that it might raise its key funds rate, which could drive mortgage interest rates even higher.

Real estate brokers said they weren't sure whether the prospect of higher rates had pushed many new buyers into the market, but the possibility of even higher rates has turned casual shoppers into serious buyers.

Harley Rouda, Real Living "Any time there's an interest-rate movement up, it's going to push any buyers in the gray area or those sitting on the fence much closer to making a home purchase," said Harley Rouda Jr, CEO and managing partner of Real Living in Columbus, Ohio. "People in the market now are probably going to make a little bit faster decision."

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	Spooked by Fed talk
CHICAGO (CBS.MW) -- Mortgage rates jumped again this week, the seventh consecutive hike, as a looming Fed interest-rate boost pushed yields higher across the board. Freddie Mac said the national average interest rate on a 30-year, fixed mortgage hit 6.12 percent for the week ending Thursday, up from 6.01 percent the week before. That is the highest the benchmark loan has been since Sept. 11, when it reached 6.16 percent. The 15-year mortgage, a popular refinancing choice, averaged 5.47 percent, up from 5.35 percent. The one- year, Treasury-indexed, adjustable-rate loan only inched higher, to 3.76 percent from 3.75 percent a week earlier. All three loans required the payment of an average 0.7 points to achieve the rate. A point is one percent of the loan amount. "A steady drip of good economic news coupled with the Federal Reserve's change of language in their statement this week reinforced market expectations that the Fed may raise rates sooner than expected," said Amy Crews Cutts, Freddie Mac (FRE: news, chart, profile) deputy chief economist. "That expectation carried over into the housing sector causing a rise in mortgage rates for the seventh week in a row." See Full Story.... »

	Cunsumer Debt not a Problem
By CBS MarketWatch Last Update: 12:26 PM ET May 7, 2004 Plenty of people are concerned about the debt positions of American consumers, particularly in the mortgage arena where so many low-down payment and subprime loans have been made in recent years. But Fed Chairman Alan Greenspan is not among the worrywarts. For one thing, Greenspan thinks U.S. household balance sheets are in pretty good shape overall. For another, he noted this week that most of the mortgage debt Americans hold is at fixed rates, meaning the vast majority of homeowners will be enjoying the fruits of recent low rates for a long time to come. As he has before, the Fed chief discounted any probability of a housing bubble. Rising rates are not likely to crimp households, who he says do not face "significant financial strain." As mortgage rates have jumped back over 6 percent, refinancing activity has been cut in half. But nearly half of those who do refinance these days are pulling equity out of their houses, something else that gives pause to the worriers. So far, the alarmist views don't wash. People are actually doing the financially prudent thing with their money, either paying off much more burdensome credit- card debt or pumping dollars right back into their homes in the form of repairs and upgrades. At the same time, rising home prices in most parts of the country have quickly replenished homeowner equity -- on paper at least. Whether that responsible behavior continues as interest rates keep rising, whether it can continue as interest rates keep rising, is the question that remains in the back of everyone's mind. Except Mr. Greenspan. Should I Consolidate Debt into a Home Equity Loan? »

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	Rates, income aid home affordability
But good Q1 numbers don't extend to California The National Association of Realtors said that an index it uses to measure affordability increased 5.4 percentage points in the first quarter to 144.1 versus 138.7 in the fourth quarter of 2003. Despite the jump, the index remained slightly under its year-ago level of 144.9. The Realtors' index measures the ability of a family with the median U.S. household income to afford a home at the median U.S. price, assuming a 20 percent down payment. In the first quarter, that meant a household with the median annual income of $54,517 has 144.1 percent of the income needed to qualify for a median house costing $170,800. NAR President Walt McDonald said any index reading above 100 means generally favorable conditions exist. "As a broad national gauge, the housing affordability index is expected to stay above 130 for the rest of the year -- meaning there's a lot of headroom in the market," he said. Californians get socked -- The place with the biggest challenge is California. With the median price of an existing home nearing half a million dollars in the state, less than one-quarter of households have enough income to qualify for a conventional 20-percent-down mortgage on that median house. Just 21 percent of households in California could afford the median-priced $428,300 home in March, off from 24 percent in February and down from 28 percent in March of 2003. The California Association of Realtors said the minimum household income needed to purchase a $428,300 home in California in March was $97,340, based on a typical 30-year, fixed-rate mortgage at 5.48 percent and assuming a 20 percent down payment. Soaring home prices in the state have countered the effects of lower mortgage rates. The minimum household income needed to purchase a median-priced home was up from $82,080 in March 2003, when the median price of a home was $351,130 and the prevailing interest rate was 5.80 percent. First-time buyers have it toughest -- Although affordability conditions for first-time buyers improved in the first quarter, they remained well below that for homebuyers overall. The NAR's first-time buyer affordability index stood at 83.4, up from 79.6 in the fourth quarter but off from 83.9 in the year-ago period. The index showed a typical first-time buyer household, aged 25 to 44, with an income of $30,980, had 83.4 percent of the income needed to purchase a typical starter home with a 10 percent down payment. The median starter home price was $145,200, during the first quarter. The typical first-time buyer, therefore, could afford a home costing $121,100. "Although it's usually a challenge to buy your first home, there are more state and local programs today that are targeted to help entry level buyers," McDonald said. Many lenders also offer a variety of low-down payment options for first-time buyers, including those who offer federally insured FHA mortgages. What is the Average Fico Score for Your State? »

	Economic uptick sparks interest-rate panic
Pros, cons of senior-citizen reverse mortgages The older the homeowner, the better Temporary guardrails revamp real estate construction Learn which areas of work site need most attention Understanding dual agency, mortgage pre-approval Common real estate practices before shopping for home loan Senior homeowners discover path to money tree Is home equity loan better than a reverse mortgage? See these Real Estate News stories and more.... »

	Realtors Click Here - Close on Time
You need to Close your Transactions on Time and often You need constant communication with your lender, being able to speak to a live person getting the updates in real time. You want to work with an experienced yet flexible company who will adapt to your clients unique requirements. You expect that a full service Lender has the ability to handle a wide spectrum of issues including a wide range of loan programs, appraisals, Title, Escrow, Documentation, and Transaction coordination. You are looking for experts to work in partnership with you, to supplement your skills and abilities, and to extend the amount of discretionary time you have available. You recognize that a Mortgage team that leverages both technology and human interaction will be the most effective in meeting your needs. You expect results Get the Reults you Require »

	Assessor Records and Maps
The Clark County Assessor's Office makes every effort to produce and publish the most current and accurate information possible. No warranties, expressed or implied, are provided for the data herein, its use, or its interpretation. The assessed values are subject to change before being finalized for ad valorem tax purposes. The Assessor parcel maps are for assessment use only and do NOT represent a survey. The Assessor parcel maps are compiled from official records, including surveys and deeds, but only contain the information required for assessment. See the recorded documents for more detailed legal information. ASSESSOR RECORDS AND MAPS »

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