July 27, 2008
- Foreclosures: 343,000 and Counting
Foreclosures: 343,000 and Counting
The number of Americans losing their homes to foreclosure continued to soar in June, according to a report released recently.
RealtyTrac, an online marketer of foreclosed properties, reported that lenders repossessed 71,563 homes in June. A year ago, just 26,369 homes were taken back.
During the first six months of 2008, 343,159 Americans lost [...]
July 21, 2008
- The New Housing Stimulus Package
The New Housing Stimulus Package
Even with Presidential veto threats looming, the housing stimulus package has taken another necessary step to being implemented – it has taken on another round of changes, passed the Senate, and is on its merry way to the White House again.
The package is much larger than our aforementioned Foreclosure Prevention Act [...]
July 16, 2008
- Housing Market: Can It Really Get Any Worse?
Housing Market: Can It Really Get Any Worse?
An even gloomier scenario may be in store for an already ailing U.S. housing market if the overall economy slips into a recession, according to UBS Securities analysts.
Falling home prices, soaring foreclosures at a time of tighter lending and rising unemployment are all weighing heavily on an already [...]
July 12, 2008
- Housing Rescue Pace Slows
Housing Rescue Pace Slows
Hope Now, the mortgage industry alliance of lenders, servicers and housing counselors, reported recently that it helped roughly 170,000 homeowners avoid foreclosure in the month of May. That's down 7% from the 183,000 loan workouts it reported for April.
The group estimates that its members have helped keep 1.7 million homeowners out [...]
July 9, 2008
- National Speed Limit: Would You Slow Down?
National Speed Limit: Would You Slow Down?
Sen. John Warner of Virginia, asked Energy Secretary Samuel Bodman to look into what speed limit would provide optimum gasoline efficiency given current technology. He said he wants to know if the administration might support efforts in Congress to require a lower speed limit.
In 1974, Congress set a national [...]
July 8, 2008
- Saving for a Down Payment
Saving for a Down Payment
Ok, so saving $20,000 for a down payment on a home or condo by purchasing generic brand drugs versus the name brand alternatives may sound a little far-fetched, but watch this video, and Money Editor Stacy Johnson will explain. (Runs 1:29)
So do you buy name brand, or generic? Any different view on [...]
June 16, 2008
- Foreclosures: Lenders Slashing Prices
Foreclosures: Lenders Slashing Prices
Lenders stung by the housing bust are slashing prices dramatically to rid themselves of an unprecedented number of foreclosed properties, sparking bidding wars in some places that harken back to the market's go-go years and may signal the bottom is near.
The trend is more dramatic in some parts of the country where [...]
June 9, 2008
- Homes Sales Dip, Prices Down Sharply
Homes Sales Dip, Prices Down Sharply
The National Association of Realtors reported that sales by homeowners dipped in April to an annual pace of 4.89 million, down 1% from the revised March reading of 4.94 million.
The existing home sales rate - including single-family, townhomes, condominiums and co-ops - is 17.5% below the 5.93 million units sold [...]
June 8, 2008
- Housing Starts Up 8.2%
Housing Starts Up 8.2%
Construction of new homes posted the biggest increase in more than two years in April and applications for new building permits turned up for the first time in five months, a rare bit of good news in what has been the worst downturn in housing in more than two decades.
The Commerce Department [...]
June 5, 2008
- Walkaway Homeowners: Fact or Fiction?
Walkaway Homeowners: Fact or Fiction?
U.S. lenders claim people who owe more on their homes than they're worth are simply abandoning them, "walking away" from high mortgage payments.
Bankers say the trend is frightening because homeowners in the past have gone to great lengths to avoid foreclosure.
But the Los Angeles Times reports few banks or real estate [...]
June 4, 2008
- Consumer Confidence: Worst Since '92
Consumer Confidence: Worst Since '92
A key measure of consumer confidence dropped in May to the lowest level in 16 years, as Americans grew more concerned about their jobs and more pessimistic about business conditions. The index has now declined for five months in a row.
The Consumer Confidence Index is a weighted average of where consumers [...]
May 23, 2008
- Home Appraisals: Changes on the Horizon?
Home Appraisals: Changes on the Horizon?
A major legal brawl is breaking out over how homes are appraised, at what cost, and by whom. The outcome could directly affect the price you pay for your next piece of real estate, and the amount of mortgage money you can obtain.
The fight centers on an unusual agreement reached [...]
May 20, 2008
- Housing Inventory Up Again in April
Housing Inventory Up Again in April
The number of homes for sale was on the rise again in April. Nationally, inventories expanded 3.5% last month overall and were up 6% over the same period last year.
Even some markets that used to be considered bulletproof have seen inventories grow and these bloated inventories have put pressure [...]
May 17, 2008
- Vacant Homes for Sale Hit a New Record High
Vacant Homes for Sale Hit a New Record High
The percentage of vacant homes for sale in the United States set a new record high in the first quarter of this year.
The Census Bureau report released recently shows that 2.9% of U.S. homes — excluding rental properties — were vacant and up for sale, compared with [...]
May 13, 2008
- Gas Prices Continue to Spike
Gas Prices Continue to Spike
The average price of gasoline has jumped another 15 cents over the past two weeks to a national average of $3.62 per gallon of self-serve regular, according to a national survey. That rise continued at virtually the same rate as the previous two weeks, and forecasts are, it will only get [...]
May 10, 2008
- Fed Cuts Funds Rate Again
Fed Cuts Funds Rate Again
For the seventh consecutive meeting, the Federal Open Market Committee (FOMC) cut the Fed Funds Rate, this time reducing it to 2.00%.
Lowering the Fed Funds Rate makes it less expensive for banks to lend to one another, which could make funding more readily available for consumer loans, such as adjustable rate [...]
May 5, 2008
- The Real Estate Crisis: Congress Expected to Fail
The Real Estate Crisis: Congress Expected to Fail
An over-whelming majority surveyed say the U.S. Congress will fail in its attempt to solve the nation's real estate crisis. That, according to a new poll conducted by Housing Predictor.
The online survey clearly indicated that Americans are fed up with Congressional failures, the government's stance on the nation's [...]
May 3, 2008
- Existing Home Sales and Mortgage Apps Fall Again
Existing Home Sales and Mortgage Apps Fall Again
The National Association of Realtors reports that total existing home sales - including single-family, townhomes, condominiums and co-ops - decreased 2% in March when compared to the previous month's sales.
Meanwhile, mortgage application volume continues to fall off weekly. Over the past couple of weeks, application volume dropped by [...]
April 14, 2008
- Consumer Sentiment: Plunges to a 26-Year Low
Consumer Sentiment: Plunges to a 26-Year Low
Consumer sentiment plunged to its lowest level in 26 years in early April, according to a report released recently by the University of Michigan/Reuters, as worries about the economy, unemployment and inflation deflated hopes for the future.
The U.S. consumer sentiment index fell to 63.2 in early April from 69.5 [...]
April 13, 2008
- Housing: Where do the Candidates Stand?
Housing: Where do the Candidates Stand?
Recent data show that nearly a million American households are at risk of foreclosure, 71% more than a year ago. Nearly 6% of all borrowers are past due on their mortgages.
And the presidential candidates are trying hard to convince voters that they have the best plan for fixing the problems. [...]
