After more than two years of recovering, the U.S. economy is flirting with another downturn, according to Fannie Mae economists. The recovery’s “fragility makes it vulnerable to any additional shocks that might cause the economy to slip back into recession,” Fannie Mae’s economics and mortgage group says. “The weakening economic backdrop, a persistently high unemployment… Continue reading Fannie Mae Says Economy On Edge
Category: 2011 Housing Market
Mortgage Rates Dive to New Low
By Mike Colpitts Troubled by European debt worries and record low bond yields, mortgage rates dropped to new all-time record lows again this week hitting an average 4.09% on the fixed 30-year mortgage, according to Freddie Mac. But many homeowners applying for refinances, and home buyers obtaining mortgages for purchases obtained even lower rates. Mortgage… Continue reading Mortgage Rates Dive to New Low
Mortgage Refinances Jump
Led by a jump in home refinances, mortgage applications rose last week as refinancing grew by 2.2% from a week earlier, according to the Mortgage Bankers Association. Homeowners turned out in larger numbers to refinance their mortgages at near record low mortgage rates. However, applications for new home mortgages on purchases dropped as consumer confidence… Continue reading Mortgage Refinances Jump
Despite Mortgage Rate Drop, Loan Applications Ease
By Mike Colpitts Mortgage rates kept near record all-time low levels, but couldn’t budge home lending much as applications for mortgages dropped for the third week in a row, according to the Mortgage Bankers Association. The average rate on a fully executed 30-year fixed loan dropped to 4.23% from 4.32% for the week ending September… Continue reading Despite Mortgage Rate Drop, Loan Applications Ease
Low Economic Confidence Hinders Housing Recovery
Exceptionally high volatility in financial markets has led Americans to doubt a recovery in the housing market is possible, at least for the time being, according to a new Housing Predictor opinion poll. Low confidence may be a sign of the times. The just completed poll found that 72% of respondents feel that a recovery… Continue reading Low Economic Confidence Hinders Housing Recovery
Group Urges $15,000 Home Buyer Tax Credit
By Mike Colpitts A national consumer advocate’s group is urging the U.S. Congress to adopt a large home buyers federal tax credit in an effort to re-energize home sales and stabilize residential housing markets. America’s Watchdog Homeowners Consumers Center is urging Congress to offer a $15,000 federal “tax credit to anyone who is qualified to… Continue reading Group Urges $15,000 Home Buyer Tax Credit
Banks Lawsuits May Help Homeowners
By Mike Colpitts Homeowners strapped with underwater mortgages or having trouble paying their loans could see some help from Uncle Sam in the way of negotiations with banks being sued by the Federal Housing Finance Agency. The 17 banks and lending institutions lawsuits announced Friday allege misrepresentation and fraud on the banks’ part selling mortgage-backed… Continue reading Banks Lawsuits May Help Homeowners
Despite Mortgage Rate Drop, Loan Applications Ease
By Mike Colpitts Mortgage rates kept near record all-time low levels, but couldn’t budge home lending much as applications for mortgages dropped for the third week in a row, according to the Mortgage Bankers Association. The average mortgage rate on a fully executed 30-year fixed loan dropped to 4.23% from 4.32% for the week ending… Continue reading Despite Mortgage Rate Drop, Loan Applications Ease
Taylor Swift Sells Music City Home
One-time teenage music sensation singer Taylor Swift has listed her Nashville home for sale just a year after buying the place. It seems that the 21-year-old country singing star, who has attracted the attention of just about every teenager in the U.S. is tiring from her new digs already. The Country music sensation purchased the… Continue reading Taylor Swift Sells Music City Home
Home Buying Affordability Hovers at Best Level
By Mike Colpitts Home buying affordability hovered near its best level in more than 20 years in the second quarter of the year, according to the National Association of Home Builders-Wells Fargo housing index. The measure indicates that 72.6% of new and existing homes sold during the quarter were affordable for families earning the national… Continue reading Home Buying Affordability Hovers at Best Level