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According to this article from the AP, new home sales fell 7.6% last month. The Commerce Department said December sales fell to a seasonally adjusted annual rate of 342,000 from an upwardly revised November pace of 370,000. Economists surveyed by Thomson Reuters had forecast a pace of 370,000 for December. It’s mildly surprising given that the home [...] It seems like only yesterday that we were hearing about Option ARM Mortgage rates resetting, and that holders of those loans were unable to refinance because their house was worth less than the mortgage…. Oh, wait… it was yesterday. Well, even so, things appear to be confusing in the housing market and mortgage industry [...] A recent report released by Freddie Mac shows that half of the borrowers who refinanced their mortgage in the 3rd quarter of 2009 lowered the mortgage rate by an average of 1.1%. This totaled a whopping $3 billion in dollars saved. This is in large part due to The Home Ownership Affordability Refinance Program that allowed home [...] Pop quiz: The majority of foreclosures are concentrated in which four states? If you’ve paid even minor attention to housing news for the past two years or so, you should at least be able to guess Florida and Nevada. My guess was: Florida, Nevada, California and ??? I wasn’t quite sure where the 4th state was. It turns [...] |
 
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