June 5, 2008
- Walkaway Homeowners: Fact or Fiction?
Walkaway Homeowners: Fact or Fiction?
U.S. lenders claim people who owe more on their homes than they're worth are simply abandoning them, "walking away" from high mortgage payments.
Bankers say the trend is frightening because homeowners in the past have gone to great lengths to avoid foreclosure.
But the Los Angeles Times reports few banks or real estate [...]
June 4, 2008
- Consumer Confidence: Worst Since '92
Consumer Confidence: Worst Since '92
A key measure of consumer confidence dropped in May to the lowest level in 16 years, as Americans grew more concerned about their jobs and more pessimistic about business conditions. The index has now declined for five months in a row.
The Consumer Confidence Index is a weighted average of where consumers [...]
May 23, 2008
- Home Appraisals: Changes on the Horizon?
Home Appraisals: Changes on the Horizon?
A major legal brawl is breaking out over how homes are appraised, at what cost, and by whom. The outcome could directly affect the price you pay for your next piece of real estate, and the amount of mortgage money you can obtain.
The fight centers on an unusual agreement reached [...]
May 20, 2008
- Housing Inventory Up Again in April
Housing Inventory Up Again in April
The number of homes for sale was on the rise again in April. Nationally, inventories expanded 3.5% last month overall and were up 6% over the same period last year.
Even some markets that used to be considered bulletproof have seen inventories grow and these bloated inventories have put pressure [...]
May 17, 2008
- Vacant Homes for Sale Hit a New Record High
Vacant Homes for Sale Hit a New Record High
The percentage of vacant homes for sale in the United States set a new record high in the first quarter of this year.
The Census Bureau report released recently shows that 2.9% of U.S. homes — excluding rental properties — were vacant and up for sale, compared with [...]
May 13, 2008
- Gas Prices Continue to Spike
Gas Prices Continue to Spike
The average price of gasoline has jumped another 15 cents over the past two weeks to a national average of $3.62 per gallon of self-serve regular, according to a national survey. That rise continued at virtually the same rate as the previous two weeks, and forecasts are, it will only get [...]
May 10, 2008
- Fed Cuts Funds Rate Again
Fed Cuts Funds Rate Again
For the seventh consecutive meeting, the Federal Open Market Committee (FOMC) cut the Fed Funds Rate, this time reducing it to 2.00%.
Lowering the Fed Funds Rate makes it less expensive for banks to lend to one another, which could make funding more readily available for consumer loans, such as adjustable rate [...]
May 5, 2008
- The Real Estate Crisis: Congress Expected to Fail
The Real Estate Crisis: Congress Expected to Fail
An over-whelming majority surveyed say the U.S. Congress will fail in its attempt to solve the nation's real estate crisis. That, according to a new poll conducted by Housing Predictor.
The online survey clearly indicated that Americans are fed up with Congressional failures, the government's stance on the nation's [...]
May 3, 2008
- Existing Home Sales and Mortgage Apps Fall Again
Existing Home Sales and Mortgage Apps Fall Again
The National Association of Realtors reports that total existing home sales - including single-family, townhomes, condominiums and co-ops - decreased 2% in March when compared to the previous month's sales.
Meanwhile, mortgage application volume continues to fall off weekly. Over the past couple of weeks, application volume dropped by [...]
April 14, 2008
- Consumer Sentiment: Plunges to a 26-Year Low
Consumer Sentiment: Plunges to a 26-Year Low
Consumer sentiment plunged to its lowest level in 26 years in early April, according to a report released recently by the University of Michigan/Reuters, as worries about the economy, unemployment and inflation deflated hopes for the future.
The U.S. consumer sentiment index fell to 63.2 in early April from 69.5 [...]
April 13, 2008
- Housing: Where do the Candidates Stand?
Housing: Where do the Candidates Stand?
Recent data show that nearly a million American households are at risk of foreclosure, 71% more than a year ago. Nearly 6% of all borrowers are past due on their mortgages.
And the presidential candidates are trying hard to convince voters that they have the best plan for fixing the problems. [...]
April 9, 2008
- Foreclosure Relief Compromise Reached
Foreclosure Relief Compromise Reached
Senate leaders have reached a deal to advance legislation to ease the nation's home foreclosure crisis. The bill has not been written yet, but Sen. Mitch McConnell of Kentucky, the Republican leader, and Senate Democratic Leader Harry Reid of Nevada defused a GOP filibuster threat that had stymied a Democratic plan a [...]
April 4, 2008
- New Home Sales Dip
New Home Sales Dip
The U.S. Census Bureau and the Department of Housing and Urban Development announced recently that sales of new, single-family homes fell to a 13 year low in February, dropping 1.8 percent from January's numbers.
The new home sales report is disappointing, given recent positive existing home sales results, however, the fact remains that [...]
March 30, 2008
- Foreclosures Up 60% in February
Foreclosures Up 60% in February
Foreclosure filings nationwide jumped 60% in February compared with the same month last year, but they decreased slightly versus January, according to a report released recently. The report says 223,651 homes got hit with foreclosure filings last month, which include default notices, auction sale notices and bank repossessions. 46,508 of those [...]
March 29, 2008
- Housing: The Next Shoe to Drop
Housing: The Next Shoe to Drop
The credit crunch has finally hit the traditional mortgage market.
Investors are now shunning mortgage-backed securities issued by government sponsored enterprises Fannie Mae and Freddie Mac, which have been critical in keeping the real estate market from completely falling apart.
For those who can still get a loan, the tremors in the [...]
March 25, 2008
- Interest Rate Cut: Bad for the Economy?
Interest Rate Cut: Bad for the Economy?
The Fed just "keeps on cutting". The most recent three-quarters of a point cut was welcomed (for a day anyway) on Wall-Street, but is the cure (the Fed is looking for) worse than the disease?
We personally believe these continued interest rates cuts are going to be bad for us [...]
March 21, 2008
- Housing: Best Time to Buy in Four Years
Housing: Best Time to Buy in Four Years
It may be the best time to buy a house in more than four years.
According to a report released recently by Cleveland-based bank National City Corp., together with financial analysis firm Global Insight, revealed that more than 88% of the 330 housing markets surveyed showed price declines and [...]
March 17, 2008
- Foreclosures Hit Another All-Time High
Foreclosures Hit Another All-Time High
How many more times must we hear this report? Foreclosures hit another all-time high?
More home owners than ever are losing the battle to make their monthly mortgage payments. Over 900,000 households are in the foreclosure process, up 71% from a year ago, according to a survey by the Mortgage Bankers Association. [...]
March 14, 2008
- Home Equity Slips Below 50%
Home Equity Slips Below 50%
According to a report released recently by the Federal Reserve in its quarterly U.S. Flow of Funds Accounts, Americans' percentage of equity in their homes has fallen below 50 percent for the first time on record since 1945.
According to the report, homeowners' percentage of equity slipped to a revised lower 49.6% [...]
March 10, 2008
- Pending Home Sales Fall in December
Pending Home Sales Fall in December
The pending home sales index, based on contracts signed but not closed in December, was down 24.2% from the prior year's period, according to a report from the National Association of Realtors (NAR). The index, which is considered a leading indicator of existing home sales, had also declined in November, [...]
