With individuals not being able to pay their mortgages, lenders step in and foreclose on their homes. Statistics • 315,716 homes were in the foreclosure process last month • 1 in every 409 U.S homes sold last month, is facing foreclosure possibilities. • 31% increase in foreclosures from January 2009 • 12% less default notices […]
Tag: mortgage
Pricey Home Sales Down For 2009
Properties that pass the one million dollar mark are seeing a decrease in sales. There has been a decline in sales for the past four years. About 18,621 homes over the million dollar mark were sold last year and 24,436 were sold in 2008. In 2005 a total of 54,773 homes priced over a million […]
Mortgage Rates
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 […]
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 […]