Lending Cafe

On June 17, the National Association of Home Builders (NAHB) released the results of their June index, which demonstrated that the housing market has reached 52 on the scale, the highest it has been in seven years.

This is a fantastic development that suggests that now can be a great time to invest in a new home, and with jumbo loans - which offer amounts of up to $2 million and refinancing or cash options totaling $400,000 - buyers have more opportunities to purchase their dream houses.

It's never been a better time than now to purchase a new home. According to recent reports from National Association of Realtors and other groups, the sale of new homes has been steadily rising.

In April 2013, the rate increased at an annual pace of 454,000, representing a 12 percent increase from figures released in March and a 13 percent growth from the statistics published last year, CNN Money reported.

For individuals who are looking to buy homes, jumbo loans can be a great resource. With grant loan amounts totaling up to $2 million and refinancing or cash options available for up to $400,000, jumbo mortgages can help would-be homeowners capitalize on the ever-improving housing market and take advantage of deals in their areas.

Yet when it comes to picking the right place to call home, there any many factors to consider. Some prize the aesthetics of a home, while others look for structural aspects like a good roof, clog-free gutters, newly renovated siding and especially updated windows.

The deadline to apply for the Making Home Affordable Program, which works to prevent housing foreclosures for families and improve the housing market nationwide, has been extended, according to the U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development (HUD), through Dec. 31, 2015.

The program, which was developed by the Obama Administration and launched in March 2009, has helped close to 1.3 million homeowners. The Home Affordable Modification Program - which helps to modify the terms of a homeowner's mortgage to make payments more affordable - is one of the services provided under the program and has been used by more than 1.1 million homeowners.

There's never been a better time to invest in a new home, according to the results of the S&P/Case Shiller composite index, which measures the housing markets of 20 metropolitan areas.

The index revealed that the purchase of new homes has increased by 10.9 percent year over year from 2012.

A 2013 National Housing Survey conducted in May by Fannie Mae has found that more Americans across the U.S. are feeling confident about their abilities to buy and sell their homes.

According to the findings, 40 percent of respondents claimed it is a good time to sell homes - an all-time high. In April, only 30 percent of participants said the time was right to move into new spaces, and during this time last year, the number was 16 percent.

On May 30, the National Association of Realtors released the Pending Home Sales Index, which is used to indicate contracts signed during the previous month. The report demonstrated that pending home sales increased from 0.3 percent to 106.0, which is the highest reading issued since April 2010.

"The housing market continues to squeak out gains from already very positive conditions," said Lawrence Yun, chief economist with NAR. "Pending contracts so far this year easily correspond to higher closed home sales in 2013."

For young people, determining the right time to buy a first home can be difficult. However, the National Association of Home Builders is urging new buyers to seize upon the opportunity during the month of June, which has been designated National Homeownership Month.

"As the economy recovers and young people who had to live at home with their parents move forward with their lives and achieve their dreams of homeownership, home builders are delivering homes that cater to the floor plans, features and affordability that this generation desires," said NAHB Chairman Rick Judson, a home builder and developer based out of Charlotte, N.C.

The prices of homes have been steadily increasing over the last year, which has created a ripple effect throughout other industries like construction, where business has been booming.

However, a weekly report issued on June 5 by the Mortgage Bankers Association on the rate of mortgage applications has determined that rates have dropped 11.5 percent over the last seven days. As well, the Wall Street Journal reports that average rates on 30-year fixed-rate mortgages have increased from 3.4 percent to 4.1 percent over the month of May.

On May 30, the National Association of Home Builders (NAHB) released the Multifamily Production Index (MPI), which compiles the conditions of the apartment and condominium market based on the perspectives of builders and developers.

The MPI revealed that the market dropped to an index level of 52 for the first quarter of 2013, which is two points lower than it was in the previous quarter, but still reflects positive conditions in housing.