Today Freddie Mac released the results of their Primary Mortgage Market Survey, and rates continue to reach record lows.

“Existing home sales plunged 27 percent in July, while new homes fell 12 percent to a newall-time record low, which led to some market concerns that the housing market may slow the economic recovery. As a result, long-term bond yields fell to the lowest levels since January 2009, allowing fixed mortgage rates to ease to new record lows this week,” said Amy Crew Cutts of Freddie Mac.

The 30-year fixed-rate mortgage (FRM) averaged 4.36 percent with an average 0.7 point for the week ending August 26, 2010, down from last week when it averaged 4.42 percent. Last year at this time, the 30-year FRM averaged 5.14 percent.

Amy Crew Cutts also said “Much of the slowdown in sales, however, was expected due to the recently expired homebuyer tax programs, which pulled through future home purchases into the first half of the year. For instance, average existing home sales over the first seven months of 2010 were nearly 8 percent higher than over the same period a year ago.”

“Moreover, house prices still appear to be stabilizing. Nationally, house prices rose 0.9 percent on a seasonally-adjusted basis during the second quarter of this year this year after 11 consecutive quarterly declines, according to the Federal Housing Finance Agency’s purchase only index. Eight of the nine census regions experienced positive gains, compared to none in the first quarter.”

What’s a Walk Score?

Do you remember the old days when people used to walk?  Well, walking is starting to outpace some other forms of exercise.  Deciding to walk is becoming a popular choice for people in Redding these days.  So much so, we have added the “walk score” to some of our homes listed for sale.   The walk score is determined by an algorithm and the score is associated with each unique Redding address.  The walk score represents how “friendly” the address is for people choosing to walk vs. driving.  And, contrary to what some people believe, the walk score has nothing to do with how scenic the area is.

My wife thought certain neighborhoods in Redding had high walk scores because of the views of Mt. Shasta.   Well, maybe the Mt. Shasta Mall!

Technically speaking, the walk score increases when an address is within 1 mile of amenities.  The highest score is given to locations with .25 mile of major amenities and decreases to zero when there are no amenities within a 1 mile radius.

So, does this mean a home in Redding is worth more when it’s located next to Best Buy?  Probably not, but the walk score would certainly be high!

Walk Score Description:

90–100 Walker’s Paradise — Daily errands do not require a car.

70–89 Very Walkable — Most errands can be accomplished on foot.

50–69 Somewhat Walkable — Some amenities within walking distance.

25–49 Car-Dependent — A few amenities within walking distance.

0–24 Car-Dependent — Almost all errands require a car.

The Walk Score can certainly help out-of-town people searching Redding homes for sale on the Internet.  However, for those of us who already live here, we already know many areas of Redding may not score high or even at all using the walk score system.  And, that my friends, is why I live in Redding.  I love the fact that we we’re not a big city with miles of sidewalks nor the crime or pollution that goes with big city life.  I love Redding just the way it is.

In case you’re curious, the Walk Score was started in 2007 by Seattle software company known as “Front Seat”.

To see the Walk Score in action, check out our Redding MLS Listings.