Every week in January we saw a gradual decline in the mortgage rates. The first week of February broke the cycle. The first week of January we started with an interest rate of 5.09% for a 30 year fixed and 4.50% for a 15 year fixed. Three weeks later the rate for a 30 year […]
JohnHart Real Estate
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Fannie Mae and Freddie Mac
As long as the government is in control of Fannie Mae and Freddie Mac, they will not be able to introduce any new loan products. Fannie and Freddie were working on new loan products that would have to pass through the federal regulator of the company. On Tuesday the federal regulator had denied introduction of […]
S&P/Case-Shiller Index
S&P/Case-Shiller Index shows that home sales in November increased about 0.2% compared to the rates in October. A year ago, November, 2008 the index was down to 5.3%.
Down-Payment Standards Eased
As down-payment requirements are reduced, the opportunity for lending becomes more available and will allow the market to prosper. Some states have lowered their standards of how much of the property amount may be borrowed. Now, consumers can make a down-payment of only 5% and borrow the remaining amount of the property. The reduction in […]
California Mortgage Defaults Drop 24.3%
Banks are working with their clients in order to help prevent foreclosures. Over the past three months data from MDA DataQuick shows a 24.3% decrease in the amount of foreclosures or notices of default. Trustee sales did increase a little over 2%, the final stage of the foreclosure process for California.
U.S. Home Resales Drop Almost 17% in December
December was not a prosperous month for previously owned home sales. The rate of decrease was down 16.7% to 5.45 million. This drop is considered to be the biggest drop in 42 years, the National Association of Realtors said. Another concern is regarding the government policies that are set to expire.
Another Decade Before Home Sales Reach Bubble Heights?
The housing bubble burst has financially hurt many homeowners. At this point most want to hold on to their homes until it reaches the value they originally bought it for. Are these individuals only dreaming or will prices reach that level again?
Decline in Home Values Levels Off Payback
We will no longer see great decrease in home values; however they are still gradually decreasing. From January to November there was a 1.9 percent drop in home prices resulting in a loss of $489 billion. This is not so bad considering the loss last year of $3.6 trillion, which is a 12.8 percent drop.
1 in 4 Borrowers Under Water
Unfortunately, it is not a surprise to us that more and more Americans are at risk of losing their home. Some might be able to save their homes and others are not as fortunate. The First American report found that 5.3 million U.S. homeowners have mortgages that are 20% higher than their homes value.
California’s Home Inventory Shrinks to 5-Year Low
The housing market is considered a major economic indicator. If the housing market is doing well it reflects positively on the rest of the economy. As of now the inventory of houses in the California area are considered low compared to the statistics from a few years back. This report may have a double meaning […]