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Mortgage Rates Inch Up for the Week

After reaching or hovering near all-time lows last week, fixed-rate mortgages edged up slightly during the week, Freddie Mac reports in its weekly mortgage market survey. The 5-year adjustable-rate mortgage, however, hit a new all-time low of 2.78 percent

Want A Payroll Tax Cut? Be Prepared For HIGHER Fannie/ Freddie Fees

Democrats and Republicans both support extending the payroll tax cut, and they both agree that the cost of the extension should be offset through changes elsewhere in the budget. The idea coming from the Democrats idea that is to…. pass the expense

Report Predicts Drop in Delinquencies Next Year

--> The number of borrowers behind on their mortgage payments is expected to drop sharply by the end of next year, according to a new report released by TransUnion. Mortgage delinquency rates reflect the ratio of borrowers 60 or more days behind on their

Fastest Way to Sell a Home? Underprice By 10%

Home sellers probably won’t be too happy, but housing experts in an article at CNNMoney say that underpricing a home by 10 percent may help it sell faster. And while sellers may lose out on thousands from the sale, they likely will avoid months

Second Chance for Owners Who Lost Homes

More than 2 million home owners who were foreclosed on or were in the process of a foreclosure during 2009 or 2010 can now ask for a review of their case, banking regulators announced this week. The move is to help identify home owners who may have been

Affordability Reaches Highest Level in 20 Years

Homes are more affordable to more families, according to the latest index for the first quarter of 2011 that shows affordability reaching its highest level in more than 20 years. Nearly 75 percent of all new and existing homes sold in the first quarter

Buyers Better Hurry: Rates Reach New Lows

For the sixth straight week, fixed mortgage rates inched down, reaching new lows for 2011. The 30-year fixed-rate mortgage averaged 4.60 percent this week while the 15-year mortgage averaged 3.78 percent, Freddie Mac reports in its weekly mortgage market

Revamped Foreclosure Procedures Coming Soon

The country’s top mortgage servicers have reportedly reached an agreement on changes to their foreclosure procedures. The consent agreement has not yet been made public, but The New York Times was able to get a preview of what the agreement contains

Housing Shortage on the Horizon?

Mike Castleman, founder and CEO of Metrostudy, which tracks real-time data of the country’s inventory of new homes, says a housing shortage is looming that will soon will create a huge surge in demand for new homes. As such, now is the time to buy,

After a short sale or a foreclosure, will there be taxes owed on the ‘forgiven debt’?

Consult your CPA for more details, but the bottom line is: most homeowners will not owe tax on the forgiven amount. Prior to the Mortgage Forgiveness Debt Relief Act (HR3648), homeowners of primary residences were subject to a “Phantom Tax”

A Year of Contrasts in Real Estate

This has been a year of real estate contrasts: While many consumers have taken advantage of historic buying opportunities and the market has seen a gradual stabilization of sales and prices, other challenges facing the nation have led some to question

Jobs, Lending Key in Market Recovery

Low interest rates are not enough to bring the market into full recovery, real estate prognosticators say. Kenneth Rosen, chair of the Fisher Center for Real Estate at the University of California, Berkeley, points to pent-up demand and cheap loans as

Existing-Home Sales Decline in October

Existing-Home Sales Decline in October Existing-home sales retreated in October on the heels of two strong monthly gains, according to the National Association of REALTORS ® . Existing-home sales , which are completed transactions that include single-family,

Sellers Aren't Cutting Prices

The number of home sellers listing on Zillow.com who lowered their prices in August was unchanged from July, the first time in five months that price cuts weren’t on the rise. The median price cut was 7 percent in August, unchanged from July, Zillow

History will repeat itself

I hope all is well in your world today. I wanted to write you and give you some of my thoughts and opinions on what I see developing in the housing and economic climates. Home loan interest rates are at an all time low, as of 12 th August it hit 4.4 percent,
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