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, [...]
March 6, 2008
- Recession in Riverside Co. CA Real Estate?
Recession in Riverside Co. CA Real Estate?
What Happens When There is a Recession and No One Comes?
It looks like 73 out of 150 metropolitan statistical areas did not get invited to doomsday, showing increases in median existing single-family home prices from a year earlier, including 11 areas with double-digit annual gains and another 12 metros [...]
February 29, 2008
- Lenders Put a Freeze on Foreclosures
Lenders Put a Freeze on Foreclosures
Six of the nation's largest mortgage lenders, in a joint effort to cool the raging foreclosure crisis, have agreed to temporarily stop foreclosure proceedings on homeowners who have fallen seriously behind in their house payments.
Under a program unveiled recently, legal efforts to oust seriously delinquent borrowers from their homes will [...]
February 26, 2008
- Riverside Co CA Housing Slump? Homeowners Don't Believe It
Riverside County CA Housing Slump? Homeowners Don't Believe It
Despite numerous reports showing home values in historic decline, more than three out of four homeowners believe their own home has not lost value in the past year, according to an online survey.
The survey was conducted by Harris Interactive for Zillow.com, a Web site that gives estimated [...]
February 24, 2008
- Counting on Higher Mortgage Limits? Be Patient
Counting on Higher Mortgage Limits? Be Patient
Homeowners are already calling their lenders about refinancing, and ads are pushing the idea that the congressional economic rescue plan offers the perfect time to get a loan.
But it could be weeks before consumers will be able to benefit from the mortgage provisions contained in the legislation approved by [...]
February 16, 2008
- Most Middle Class Workers Still Can't Afford a Home
Most Middle Class Workers Still Can't Afford a Home
Despite the housing slump, most middle income workers still don't earn enough to buy a median-priced home in their hometowns, according to the Center for Housing Policy.
The center, an arm of the affordable housing advocacy group the National Housing Conference (NHC), compared housing costs in 201 metro [...]
February 14, 2008
- Foreclosures Up 75% in 2007
Foreclosures Up 75% in 2007
The number of foreclosures soared in 2007, with 405,000 households losing their home, according to a report released recently. That's up 51 percent from the 268,532 homes that were repossessed in 2006.
Total foreclosure filings soared 97% in December alone compared with December of 2006, according to RealtyTrac, an online seller of [...]
