Green. Gold. Sold.

Housing Prices are on the Rise!!
May 8, 2013

For the month of February, a 20-City Composite Index showed a year-over-year increase in home prices of 9.3% from February, 2012 to February, 2013. This represents the highest year-over-year increase since May 2006. You may have heard that The Fed has been buying Mortgage Backed Securities in order to drive the bond prices up and interest rates down. This has been helping the housing market as rates stay low. There is talk the Fed may stop this Mortgage Bond purchase program. As you can imagine, this will cause a spike in rates. The activity in the housing market is growing fast and you better be a part of it before house prices climb and pull rates up with them. Nick Russo Vice President, Towne Mortgage 600 22nd Street, Suite 302 Virginia Beach, Virginia 23451 Direct: (757) 241-0858 Fax: 1-866-416-5635 TowneBank - A Tradition of Hometown Banking NMLS-119202 For Weekly Market Update from Nick Russo each Wednesday, visit our Facebook page.