Mortgage Rates Maryland

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Mortgage interest Maryland and refinancing interest Maryland

CREA's June 2009 CREA reports had some very positive figures: In June, revenue rose by 8.7% compared with May 2009. In June, revenues were 17.9% up on the same month last year. Rising revenues and fewer new launches have resulted in inventory declines to their lows since August 2007.

Compared to June 2008, house price averages rose by 1.7%. Canada's property markets are experiencing strong growth for many years. Canadians seem to have learnt a great deal from the property crisis of the early 90s. As a result of this wisdom, the Canada authorities adopted stricter credit regulations, which allowed Canada to prevent the kind of sub-prime loans that cause so much harm to the US residential property markets.

Interest rates are another significant distinction between this downturn and the preceding home interruption. At the beginning of the 90s credit cost increased, but this year interest rates were very low. Commenting as the Calgary Herald reports, Millan Mulraine of TD Securities noted that Canada's relatively robust real estate markets and sound banks enabled home buyers to take full benefit of lower interest rates and lower pricing.

A further encouraging trend was seen in the new construction sector. In June, residential construction figures rose by 8% compared with May 2009. Again, the results were highest in West Canada, where municipal residential construction rose by 60% in Prairie Province and by 25% in B.C. In Ontario, investment in municipal residential construction rose by only 3%, while Québec recorded a 6% fall.

Overall, the numbers for the start of residential construction were significantly higher than anticipated by the analysis. Overall, the June apartment sale and start numbers seem to indicate that the Canada residential property markets are strengthening. With mortgage rates still reasonable, this can be an excellent period to buy a new home.