The Bush administration announced today a new mortgage industry coalition aimed at helping homeowners avoid foreclosure. This coalition dubbed “Hope Now” is designed to help an estimated 2 million homeowners whose adjustable rate mortgages are now resetting at much higher rates.
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The demand for mortgages for purchase and refinancing existing mortgages rose last week, this after falling the two prior weeks in a row. The Mortgage Bankers Association stated that mortgage applications rose 2.4% in the week ended October 5th.
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Everyone’s trying to figure out whether or not Ben Bernanke will be announcing a rate cut at the end of October for the meeting on the 30th & 31st.
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Las Vegas the home of sin was once one of the hottest real estate markets in the US. However, builders are now having to cut their prices to encourage people to purchase their homes.
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According to Freddie Mac mortgage rates on a 30-year fixed rate mortgage lowered last week. The average 30 year fixed rate mortgage was going for 6.37 percent vs. 6.42 percent from the week before.
House Lawmakers meet today to vote on a bill that would allow homeowners to avoid paying taxes on mortgage debt that the lender reports as a loss on a foreclosure or short sale.
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Democratic leaders in congress are divided when it comes to how to fix the growing number of foreclosures and the lack of liquidity in the mortgage market.
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Speaker of the House Nancy Pelosia (D. Calif.) and Senate Majority Leader Harry Reid (D. Nev.) scheduled a joint press conference today asking for the Bush Administration to appoint a senior adviser in charge of limiting the record number of homeowners entering the foreclosure process.
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Take advantage of the credit crisis and get yourself a wholesale mansion! By discount I’m talking about the recent CNBC report showing a 22 acre estate in Connecticut that just cut the price to $19 million.
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The National Association of Realtors Pending Home Sales Index reported a record low of 85.5, the lowest since records began in January 2001.
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