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Daily Real Estate News recently reported that housing starts are expected to increase in 2011. But by how much? It depends on who you ask. During an economic update at the International Builders’ Show in Orlando on January 12, David Crowe, The National Association of Home Builders’ chief economist, said that projected single-family home starts are … Continue reading How Much Will Housing Starts Increase in 2011? REALTORMag.com reported today that, for the fourth consecutive week, mortgage rates have risen after seeing record lows. Interest rates for 30-year fixed-rate loans went from 4.46% last week to 4.61%, based on the most recent Freddie Mac survey. In addition, 15-fixed-rate loans averaged 3.96% last week, compared to 3.81% the week before. These rates are at … Continue reading Mortgage Rates Rise for Fourth Straight Week The Wall Street Journal reported today that the percentage of U.S. consumers who are delinquent on their mortgages could be less than 5% by the end of 2011. The delinquency rate is expected to be above 6% by the end of this year. TransUnion LLC predicts that mortgage delinquencies will decline to 4.98% by the end … Continue reading Mortgage Delinquency Rate Could Fall Below 5% By The End of Next Year MarketWatch recently reported that the Mortgage Bankers Association is predicting that — barring any “blockbuster” announcement from the Federal Reserve next month — mortgage rates will come out of their record lows, reaching above 5% by 2011. The MBA predicts that rates on the 30-year fixed-rate mortgage will average 4.4% in the fourth quarter of 2010, … Continue reading MBA: Mortgage Rates Will Rise Above 5% in 2011 Today’s Wall Street Journal reported that it will cost taxpayers another $154 billion to keep Fannie Mae and Freddie Mac afloat under the most likely scenario for home prices. But if the economy slides back into a recession and the housing market worsens, then the price tag to the taxpayers can be higher than that. The … Continue reading Fannie, Freddie May Need $154 Billion to Survive — Maybe More National Mortgage Professional Magazine reported today on its website that mortgage applications were up as interest rates fell for a fifth consecutive week. The Mortgage Bankers Association’s Weekly Mortgage Applications Survey showed that the Market Composite Index — a measure of mortgage loan application volume — increased 14.6% on the week ending October 8. The Refinance … Continue reading Mortgage Applications Rise As Interest Rates Fall Again Today’s REALTORMag article reported that members of Congress want a nationwide moratorium on foreclosure sales, citing alleged errors and irregularities in processing the applications. While some say this is needed, others worry the already weakening housing market and economic conditions will only be weakened further. U.S. Congressman Edolphus Towns of New York said that the top … Continue reading What Might the Foreclosure Moratorium Mean to the Housing Market? MortgageOrb.com reported yesterday that California Congressman Dennis Cardoza is introducing a piece of legislation that he says would encourage refinancing, which, in turn, would reduce the number of defaults and help prevent foreclosures. The Housing Opportunity and Mortgage Equity (HOME) Act would enable mortgages currently owned by Fannie Mae and Freddie Mac that meet certain criteria … Continue reading HOME Act Seeks to Encourage Refinancing, Prevent Foreclosures Today’s Associated Press article reported that the amount consumers owed on their credit cards fell to its lowest level in eight years. According to TransUnion, the average combined debt for bank-issued credit cards — either with a MasterCard or Visa logo — was $4,951 in the second quarter of this year, down 13% from $5,719 … Continue reading Credit Card Debt at Eight-Year Low With mortgage rates at record lows, some homeowners are still not taking advantage of them, but through no fault of their own. Today’s CNNMoney article reports how the new lending requirements are turning away borrowers who, under the old lending rules, would have been eligible for a loan. Last week, mortgage rates fell for the eighth … Continue reading Some Homeowners Unable to Take Advantage of Record-Low Interest Rates |
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