Builder confidence in the market for newly built, single-family homes rose five points in April to the highest level since October 2008, according to the most recent National Association of Home Builders/Wells Fargo Housing Market Index (HMI) report. It was the largest one-month increase recorded since May of 2003, and brings the HMI to 14, [...]
The Federal Trade Commission (FTC) is warning consumers that they could get stung by economic stimulus scams, perpetrated on the Web and through e-mail, by enticing consumers to provide personal information or a small payment.
E-mail messages and Web sites may ask for bank account information and use it to drain consumers’ accounts of money or [...]
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) recently reported that 59 percent of households in California could afford to purchase an entry-level home in the state during the fourth quarter of 2008. The affordability rate is the highest level this decade.
MAKING SENSE OF THE STORY FOR CONSUMERS
The minimum household income needed to purchase an entry-level home [...]
The New Rules of Mortgage Lending
Current mortgage rates and changes in loan underwriting standards have led some borrowers to make mistakes when applying for a mortgage loan. One old adage that many borrowers fall into is not paying up-front points. In previous real estate cycles, paying one percentage point was equivalent to shaving off approximately [...]
Lower home prices, coupled with low interest rates are making this an ideal time for many to purchase a home. According to the Standard & Poor’s/Case-Shiller Index, home prices in 20 metropolitan areas were down 18.2 percent in November compared with the same month a year ago. Phoenix, with a 33 percent drop, posted the [...]
The U.S. House of Representatives approved an $819 billion stimulus package — the Economic Recovery Package — this week, which if approved by the Senate will extend all 2008 Metropolitan Statistical Areas’ (MSAs’) Fannie Mae, Freddie Mac, and FHA loan limits through the end of this year. The extension will prevent an MSA’s 2008 loan [...]
Will Loan Limits Rise?
Congressional leaders from both parties have been lobbying President-elect Obama to increase the limits of conforming loans – mortgages eligible to be purchased by Government Sponsored Enterprises (GSEs), like Fannie Mae and Freddie Mac – in high cost areas from $625,500 to $729,750 as part of an economic stimulus package. Qualified borrowers [...]
Whether they are a first-time home buyer, interested in moving from their current home to a larger one, or downsizing to a smaller house, your clients will want to attend the second annual Southern California Homebuyer’s Fair. Presented by the CALIFORNIA ASSOCIATION OF REALTORS®, and sponsored by the Los Angeles Times, the free, two-day, event [...]
The average rate on a 30-year, fixed-rate mortgage dropped to 5.14 percent last week to a new record low, according to Freddie Mac. A year ago, the rate was 6.17 percent for a comparable loan. As a result, mortgage applications last week jumped to the highest level in five years, with more than 80 percent [...]
6 Things To Know About The Fed Rate Cut
The Federal Reserve this week reduced the federal funds rate to a range of zero to 0.25 percent. The rate cut likely will not impact 30-year, fixed-rate mortgages. The real impact will be on consumer loans tied to the prime rate, such as home-equity lines of credit [...]