Buy foreclosures now – before it’s too late
August 14, 2009
NEW YORK (CNNMoney.com) — You’ve heard of speed dating? It’s got nothin’ on foreclosure buying these days. In many places, anyone who wants to buy a foreclosure better act fast, or they’re going to come away with bupkus.
REOs, the industry term for homes repossessed by lenders and put back on the market, are often selling in a day — sometimes in less.
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Mortgage Rates Increase This Week
August 14, 2009
Freddie Mac confirms that average interest on 30-year fixed mortgages rose this week to 5.29 percent from 5.22 percent a week earlier.
Meanwhile, the average rate on a 15-year fixed loan climbed to 4.68 percent from 4.63 percent. Five-year adjustable-rate mortgages ticked up to 4.75 percent from 4.73 percent, but one-year ARMs slipped to 4.72 percent from 4.78 percent.
Housing officials remain concerned that higher rates could cause some prospective home buyers to delay purchases if they are unable to qualify for larger amounts, thus slowing down recovery efforts.Source: Ventura County Star (08/14/09)
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Median home price rises as sales pick up; 155 metro areas
August 12, 2009
WASHINGTON – A real estate group says home sales and prices posted gains in the second quarter, another sign that the ailing housing market is finally coming to life.
The National Association of Realtors says the median sale price in the quarter was $174,100, up 4% from the first quarter, but still almost 16% below a year ago.
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Is the Pipeline Clogged for Refinancing Homeowners?
August 11, 2009
RISMEDIA, August 11, 2009-(MCT)-Borrowers are waiting an unusually long time to close on mortgage refinance loans because thinly staffed banks can’t handle surges in volume when rates dip, mortgage experts say.
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Mortgage Rates Dip Slightly
August 7, 2009
The 30-year fixed mortgage rate dropped to 5.22 percent during the week ended Aug. 6 from 5.25 percent the prior week, Freddie Mac reports.
Over the same period, the 15-year fixed-mortgage rate slipped to 4.63 percent from 4.69 percent.
As for adjustable-mortgage rates, the five-year fell to 4.73 percent from 4.75 percent, and the one-year dipped to 4.78 percent from 4.80 percent.Source: Los Angeles Times (08/07/09)
