Housing Market Edges Up As the Fed Considers an Interest Rate Hike
8 percent increase in Sales Offset by Dip in Active Listings, compared to last May

Fairfax – Home sale closings climbed 8 percent in May, at 2,312 settlements, compared with last year, as the Northern Virginia spring market showed strength.  This past month had the most sales in the NVAR footprint in the past three years compared to previous Mays. Affordable housing stock remains lean, with inventory at all price points continuing to be squeezed. Total active listings of 5,122 are down 10 percent compared to last year’s 55,672 check this number homes available. New contract activity rose nearly 6 percent with 746 new deals made in May 2015.

“With pending home sales up 4 percent, it…

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Paying your bills on time is the most important contributor to a good credit score. Even if the debt you owe is a small amount, it is crucial that you make payments on time. In addition, you should:

  • Minimize outstanding debt
  • Avoid overextending yourself
  • Refrain from applying for credit needlessly
Applications for credit show up as inquiries on your credit report, indicating to lenders that you may be taking on new debt. It may be to your advantage to use the credit you already have to prove your ongoing ability to manage credit responsibly.   How Changes Affect Scores One common question involves understanding how very specific actions will affect a credit score. For example, will closing two of your revolving accounts improve…

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Fairfax – Home sale closings climbed 8 percent in May, at 2,312 settlements, compared with last year, as the Northern Virginia spring market showed strength.  This past month had the most sales in the NVAR footprint in the past three years compared to previous Mays. Affordable housing stock remains lean, with inventory at all price points continuing to be squeezed. Total active listings of 5,122 are down 10 percent compared to last year’s 55,672 check this number homes available. New contract activity rose nearly 6 percent with 746 new deals made in May 2015.

“With pending home sales up 4 percent, it appears that our region’s home sales activity will be sustainable,” said Virgil Frizzell, NVAR Chairman of the Board. “But there is still a consistent…

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Federal Reserve Chairman Janet Yellen said Friday that the central bank would "probably" raise interest rates in the coming months, a move that would indicate that America's economy had successfully weathered the global financial turmoil earlier in the year.   Yellen said the recovery appears to be picking up steam after losing momentum in the first quarter of the year. Fears of a slowdown in China and emerging markets, falling oil prices and a rising dollar had sent financial markets into a tailspin. But the U.S. economy continued to expand and add a healthy number of jobs. On Friday, the government increased its estimate of growth in the first quarter to 0.8 percent. That number is forecast to jump to 2.9 percent in the second quarter, according…

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