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Mortgage Rates Decline PDF Print E-mail
Clipped by Sam Stamper   
Thursday, 15 May 2008

Mortgage rates decline slightly

Freddie Mac says rates on 30-year home loans came down amid upbeat economic reports and Bernanke comments.

NEW YORK (CNNMoney.com) -- Rates on 30-year mortgages eased this week, but remained above 6%, as signs that the overall economy is recovering helped offset ongoing weakness in the housing market, mortgage backer Freddie Mac said Thursday.

Freddie Mac said 30-year fixed-rate mortgages averaged 6.01% this week with an average of 0.6 point, down from 6.05% last week. Last year at this time, the 30-year loan averaged 6.15%.

"Despite the bleak housing market, there was positive news on the overall state of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.

Nothaft said comments made Tuesday by Federal Reserve officials, including Chairman Ben Bernanke, bolstered optimism that financial markets will recover later this year and "helped mortgage rates ease up a little this week."

A number of economic reports released this week also helped support the perception of recovery.

The Commerce Department said Tuesday that total retail sales fell 0.2% in April, meeting economists' expectations and reversing a gain of 0.2% in March. But minus volatile auto sales, retail sales rose 0.5% last month, topping the consensus forecast of a 0.2% increase.

On Wednesday, the Labor Department said its Consumer Price Index, a key measure of inflation, rose at a slower-than-expected pace in March. The overall index rose 0.2% last month, compared to the 0.3% increase recorded the month before.

But the component that measures food prices rose to an 18 year high, while the component that measures seasonally adjusted energy prices held steady.

Rates on other types of mortgages were unchanged or lower.

Freddie Mac said 15-year fixed-rate loans averaged 5.60% with an average 0.6 point, unchanged from last week. A year ago, the 15-year rate averaged 5.87%.

Rates on five-year adjustable-rate mortgages (ARMs) averaged 5.57% this week, with an average 0.6 point, down from last week when it averaged 5.67%. A year ago, the 5-year ARM averaged 5.89%.

One-year Treasury-indexed ARMs averaged 5.18% this week with an average 0.7 point, down from last week when it was 5.29%. At this time last year, the 1-year ARM averaged 5.48%. To top of page

Last Updated ( Thursday, 15 May 2008 )
 
Foreclosure filings PDF Print E-mail
Clipped by Sam Stamper   
Wednesday, 14 May 2008

Survey sees more than 243,000 filings, up 65% from a year earlier, creating problems for local governments.

By Kenneth Musante, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) -- U.S. foreclosure filings reached a record high in April, rising almost 65% over the previous year and putting municipalities at risk by cutting into the value of taxed property, according to a study released Wednesday.

Some 243,353 households, nearly one in 519, received a foreclosure filing during April, according to the U.S. Foreclosure Market Report from RealtyTrac, an online marketplace that tracks foreclosed properties. That was up 4% from March, and surpassed the record of 239,851 set in August 2007.

It's "the highest monthly total we've seen since we began issuing the report in January 2005," said chief executive James J. Saccacio in a statement.

RealtyTrac's measure of foreclosure filings includes notices of default, auction sales and bank repossessions. According to the report, 54,574 were fully repossessed by banks in April.

Property tax plunge: The record number of foreclosures added their weight to an already saturated real estate market, pulling down home prices. Plunging home values reduce the money that cities, villages and towns collect in property taxes.

In particular jeopardy are parts of Nevada, California, Arizona and Florida, whose states maintained the highest foreclosure rates, according to RealtyTrac.

Last Updated ( Wednesday, 14 May 2008 )
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Mortgage delinquency PDF Print E-mail
Clipped by Sam Stamper   
Tuesday, 13 May 2008

Outlook for delinquencies worsens as lower home prices create cycle of increasing defaults.

By Ben Rooney, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) -- Mortgage delinquencies will continue to rise over the next six to 12 months as home prices decline and economic conditions remain difficult, according to one forecast released Monday.

The Core Mortgage Risk Monitor (CMRM), an index of foreclosure risk compiled by real estate data analyzer First American CoreLogic, increased 16% compared with the same period last year.

Read more...
 
Foreclosure - Housing Rescue PDF Print E-mail
Clipped by Sam Stamper   
Tuesday, 13 May 2008

Housing rescue: Fighting over best fix

Bush administration broadens its program to back troubled loans, as critics say the agency is not doing enough.

By Les Christie, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) -- While Congress grapples with how to help troubled homeowners, the Bush administration is expanding a more modest effort to help at-risk borrowers.

The Federal Housing Administration announced changes last week to FHASecure, a program launched in August in response to a housing crisis that threatened as many as 2.2 million borrowers of adjustable rate mortgages (ARMs) with foreclosure.

Read more...
 
Home Buyers - New Rules PDF Print E-mail
Clipped by Sam Stamper   
Tuesday, 13 May 2008

 

5 new rules for home buyers

There's no guarantee that prices have hit bottom yet - but that doesn't mean that you can't get a great deal now.

By Amanda Gengler, Money Magazine

(Money Magazine) -- There's no telling how long the housing crisis will drag on. Here's what you need to know before you start shopping in a rocky market.

Read more...
 
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