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Todays Mortgage Rates 8/17/2009

Monday, August 17, 2009
by The Schaller Family
Larger Loan Amounts in Eligible Areas. In federally designated metropolitan areas, qualified customers may be able to borrow up to $729,750 on conforming1 or FHA loans without paying the typical higher interest rates on jumbo loan amounts. Contact a local home mortgage specialist to determine your eligibility for a larger loan amount.
as of 08/17/2009 11:27 AM Eastern
Product

 

 

Interest Rate

APR
Conforming1and FHA Loans
30-Year Fixed 5.125% 5.318%
30-Year Fixed FHA 5.500% 6.245%
15-Year Fixed 4.625% 4.952%
5-Year ARM 3.875% 3.892%
5-Year ARM FHA 3.875% 3.477%
Larger Loan Amounts in Eligible Areas – Conforming and FHA.
30-Year Fixed 5.375% 5.516%
30-Year Fixed FHA 5.500% 6.187%
5-Year ARM 4.250% 3.979%
Jumbo2 Loans – Amounts that exceed conforming loan limits1
30-Year Fixed 6.250% 6.399%
5-Year ARM 5.250% 4.353%

Report: Economists say recession over 8/17/2009

Monday, August 17, 2009
by The Schaller Family
   Is the recession over? Economists polled by the Wall Street Journal say yes, and they suggest that's a big reason why Federal Reserve Chairman Ben Bernanke should stay. Economists date the start of the recession to December 2007 and a majority agrees that the recession is coming to an end.
    Productivity is a key ingredient for rising living standards because it means that companies can pay their workers more with the wage increases financed by rising output. However, in the current recession, companies have been using the productivity gains to bolster their bottom lines in the face of declining sales. Many companies have been reporting second-quarter earnings results that have beaten expectations despite falling sales, due largely to their aggressive cost cutting.
 
     Many economists believe the current recession is on the verge of ending. If the economy starts to grow in the second half of this year, companies are expected to switch from layoffs and trimming workers' hours to boosting employment as demand for their products increases.
 
Sources: CNNNews.com, Associated Press, The Wall Street Journal

California foreclosure prevention act fails to slow filings 8/16/2009

Sunday, August 16, 2009
by The Schaller Family
Despite state lawmakers' efforts to curtail home losses, a record number of California foreclosures are now scheduled for sale-that's according to a report released by ForeclosureRadar, a local company that tracks every foreclosure in the Golden State and provides daily auction updates.
High-level findings of ForeclosureRadar's July California Foreclosure Report include:
* Filings of new Notices of Default were little changed from June. A total of 44,996 default notices were filed during July, a 1.5 percent decrease. However, year-over-year filings rose by 11.9 percent from July 2008.
* After increasing for three consecutive months, foreclosure auction sales dropped by 22.7 percent to a total of 17,239, with a combined loan value of $8.08 billion dollars. Opening bids set by lenders were an average of 39.1 percent lower than the loan balance, with nearly half of sales discounted by 50 percent or more.
* Foreclosures scheduled for sale rose to 124,874, a 10.4 percent increase from the prior month, and a 93.3 percent increase over the same time last year. The year-over-year gain is significant given that foreclosure sales in July 2008 set a record that has not again been reached.
 
According to ForeclosureRadar's report, the average California foreclosure has a total loan balance of $425,134 on a home that is now worth $236,739. While negative equity is a prerequisite for the vast majority of foreclosures in California, the degree of negative equity varies a great deal by location.
 
Source: DSNews.com

NAR responds to FHFA guidance on HVCC 8/13/2009

Thursday, August 13, 2009
by The Schaller Family
Real Estate Investors has released its midyear outlooks on real estate markets in the United States, Europe, Latin America and Asia. PREI® is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU).
 
* U.S. Quarterly Real Estate Outlook, July 2009: The worst appears to be over for the U.S. economy, but the outlook remains poor for commercial real estate. The industry is facing a period of deteriorating fundamentals and rapidly declining property values at a time when the entire economy is deleveraging. The result will be a widespread recapitalization of properties that will likely continue for years.
* European Quarterly Real Estate Outlook, July 2009: Sentiment in the European commercial real estate market improved in the second quarter, led by a rebound in the listed property market. Yet the sector is not out of the woods yet. New capital is scarce, while the occupier market remains in weak shape, with trade volume falling and unemployment rising in many countries.
* Latin American Quarterly Real Estate Outlook, July 2009: Soft demand for exports, reduced consumer spending, rising unemployment and the effects of the H1N1 "swine flu" swept through Latin America in the second quarter. Consequently, demand has been weak for commercial real estate, particularly in the industrial, office and retail sectors.
* Asian Quarterly Real Estate Outlook, July 2009: Heavy government intervention in the economy in Asian countries has helped stabilize growth, reversing a negative cycle that was caused by the slide in global trade. While the Asian commercial real estate market will not be out of the woods until the global economy is expanding again, the region appears to be on the road to recovery.

For more information, please visit http://www.prei.com

Housing supply drops for 13th straight month 8/10/2009

Monday, August 10, 2009
by The Schaller Family
   Sale listings of homes in U.S. metro areas continued to shrink for the thirteenth month in a row, according to California-based ZipRealty, feeding hopes that buyers are returning and the worst of the housing crisis might be over.  
                                            Bennett Flat Meadow
   ZipRealty estimated that the inventory of homes, townhouses and condos in nearly 30 major cities dropped 2.5 percent in July. That's 28 percent lower than it was a year earlier.  A decrease in the supply could suggest that prospective homeowners are finally entering the market, convinced that asking prices are near their bottom. But as The Wall Street Journal reported Tuesday, many real-estate-owned homes may be hidden in the recent inventory numbers, because banks are hesitant to glut the market and depress home values with excess listings. 
 
   The inventory of available homes might also see increases later this year, as loan modifications and foreclosure moratoriums run their course and fail to help many homeowners.
 
Source: DSNews.com, Adam Weinstein

New confidence index tracks real estate market sentiment 8/7/2009

Friday, August 07, 2009
by The Schaller Family
    Technologies recently debuted the Real Estate Confidence Index. The Index, which tracks the real estate market opinions of thousands of real estate professionals across the United States, captures the current, near-term and long-term sentiment of the people most attuned to market conditions.  The company released its June and July national level results today with plans to provide regional indices starting September 2009.   
 
  The Real Estate Confidence Index for June was 4.7, with respondents taking a measured assessment of current conditions on a seasonal adjusted basis-a median rating of 5 on the ten-point scale. However, respondents showed marked optimism for both short (3-6 months) and long-term (6-12 months) prospects. The July index showed a 16.5 percent increase, rising to 5.5, signaling that real estate professionals are seeing positive movement in a market characterized by contraction for over two years. However, not all respondents were sanguine. 18 percent were less than optimistic about market prospects even 12 to 18 months into the future.

California sees higher home sales 8/6/2009

Thursday, August 06, 2009
by The Schaller Family
      Home sales increased 20.1 percent in June in California compared with the same period a year ago, while the median price of an existing home declined 26.4 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported
                                                Lake Dulzura
    Closed escrow sales of existing, single-family detached homes in California totaled 514,110 in June at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 20.1 percent from the revised 427,910 sales pace recorded in June 2008. Sales in June 2009 decreased 6 percent compared with the previous month.
 
The median price of an existing, single-family detached home in California during June 2009 was $274,740, a 26.4 percent decrease from the revised $373,100 median for June 2008, C.A.R. reported. The June 2009 median price rose 4.2 percent compared with May's $263,600 median price. 

Todays Mortgage rates 8/5/2009

Wednesday, August 05, 2009
by The Schaller Family
Larger Loan Amounts in Eligible Areas. In federally designated metropolitan areas, qualified customers may be able to borrow up to $729,750 on conforming1 or FHA loans without paying the typical higher interest rates on jumbo loan amounts. Contact a local home mortgage specialist to determine your eligibility for a larger loan amount.
as of 08/05/2009 05:30 PM Eastern
ProductInterest RateAPR
Conforming1and FHA Loans
30-Year Fixed 5.250% 5.444%
30-Year Fixed FHA 5.500% 6.245%
15-Year Fixed 4.750% 5.078%
5-Year ARM 4.250% 4.110%
5-Year ARM FHA 4.125% 3.595%
Larger Loan Amounts in Eligible Areas – Conforming and FHA.
30-Year Fixed 5.500% 5.643%
30-Year Fixed FHA 5.750% 6.451%
5-Year ARM 4.500% 4.152%
Jumbo2 Loans – Amounts that exceed conforming loan limits1
30-Year Fixed 6.250% 6.399%
5-Year ARM 5.250% 4.434%

US banks used Tarp funds to increase lending 7/4/2009

Tuesday, August 04, 2009
by The Schaller Family

                                                  Lake Dulsura

    A large majority of U.S. banks claim government bailout money has allowed them to write new loans to customers, while a minority have used it to buy rivals, according to a report by Neil Barofsky, the special inspector-general for SIGTARP-Special Inspector General for the Troubled Asset Relief Program.  The report reveals a continuing argument with the U.S. Treasury over how much information should be disclosed by recipients of the money.  Some 83% of the 360 recipients surveyed by the SIGTARP team said they had used funds from the government for lending.  That may provide a boost to both the banks and the Treasury after a week in which Goldman Sachs, one recipient of Tarp funds, encountered criticism for preparing to pay large bonuses. Forty-three per cent said they had bolstered their capital cushion, 31% made other investments-such as mortgage-backed securities-14% repaid debt and 4% made acquisitions.
 
     There was no independent verification of the responses. Herb Allison, the former chief executive of Fannie Mae, said in a letter in the report: "It is not possible to say that investment of Tarp dollars resulted in particular loans, investments or other activities by the recipient."

California sees higher home sales 8/2/2009

Saturday, August 01, 2009
by The Schaller Family
      Home sales increased 20.1 percent in June in California compared with the same period a year ago, while the median price of an existing home declined 26.4 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.
                                                       Donner Lake in Summer

     Closed escrow sales of existing, single-family detached homes in California totaled 514,110 in June at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 20.1 percent from the revised 427,910 sales pace recorded in June 2008. Sales in June 2009 decreased 6 percent compared with the previous month. 
 
     The median price of an existing, single-family detached home in California during June 2009 was $274,740, a 26.4 percent decrease from the revised $373,100 median for June 2008, C.A.R. reported. The June 2009 median price rose 4.2 percent compared with May's $263,600 median price. 

Displaying blog entries 391-400 of 623