Morning Briefing: What’s the most expensive ZIP code?

by Steve Randall09 Jul 2015
What’s the most expensive ZIP code?
The twenty most expensive ZIP codes have been revealed in analysis by PropertyShark. The survey looked at median home prices between January 2014 and May 2015 and discovered that Sagaponack, NY (ZIP code 11962) was the most expensive at $5,125,000. California dominated the rest of the top 5 with Atherton at $5,050,000 (94027); Beverly Hills at $3,221,250 (90210); Santa Monica at $3,062,250 (90402); and Palo Alto at $2,827,500 (94301). New York state and California made up most of the top 20 with the Miami Beach 33109 ZIP the only other US state featured.
Mortgage applications higher
There were more applications for home loans last week than ion the previous week according to new data from the Mortgage Bankers’ Association. The Weekly Mortgage Applications Survey for the week to July 3 increased by 4.6 per cent including an adjustment for the July 4th holiday. On an unadjusted basis, the index decreased 6 per cent. The Refinance Index increased 3 per cent; the seasonally adjusted Purchase Index increased 7 per cent; the unadjusted Purchase Index decreased 4 per cent and was 32 percent higher than the same week one year ago.
The refinance share of mortgage activity decreased to 48.0 per cent of total applications, its lowest level since June 2009, from 48.9 per cent the previous week. The ARM share increased to 7.1 per cent; FHA’s decreased to 13.7 per cent from 14.0 per cent; VA’s remained unchanged at 10.8 per cent; the USDA share of total applications decreased to 0.9 per cent from 1.0 per cent the week prior.
California mortgage bonds get positive rating
Two credit rating agencies continue to show confidence in the California Housing Finance Agency’s Home Mortgage Revenue bonds. Standard & Poor’s upgraded its rating from A- to A, while affirming its stable outlook on the bonds. Moody’s affirmed its A3 rating for the same bonds, and assigned a rating of Baa1 to several other HMRB series. Both ratings agencies cited significant declines in delinquency and foreclosure rates over the past two years, mainly due to assistance from loan modification programs and the overall improvement of the California real estate market.


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