Fewer and fewer homeowners with jumbo loans are underwater these days, making it possible for them to take advantage of today's low interest rates. In fact, recent data from Zillow.com showed that during the first quarter of 2013, just 20.6 percent of all Americans with jumbo loans (those over the conventional loan limits of $417,000 in most parts of the country) owed more than their homes were worth. That's down significantly from 32.3 percent one year earlier.
And in five of the nation's major Read more [...]
A year ago in the U.S. housing market, everyone seemed to be concerned about a looming shadow inventory of foreclosures that would flood the country and pull home prices back into a sinkhole. If that inventory even exists and is still coming, it seems there is a large investment crowd that is ready and willing to gobble it up, leaving little room for falling prices.
According to recent research from JPMorgan Chase, the nation's largest investment companies have a combined total of roughly $10 Read more [...]
Home prices rose last year by the most in six years, according to housing data company CoreLogic, and are likely to see a significant increase in 2013 as well the company said.
In its January newsletter "The Market Pulse," CoreLogic reported that across the U.S. home prices rose an average of 7.5 percent in 2012, even as the rest of the economy has made only marginal progress.
The housing market's improvement certainly surprised most analysts. At the beginning of 2012 even CoreLogic's experts Read more [...]
Beating analysts' predictions, sales of existing U.S. homes rose in October as did home prices, according to the National Association of Realtors, both signs of a clearly recovering housing market.
Total sales increased 2.1 percent in October to a seasonally adjusted annual rate of 4.79 million, up from 4.69 million in September. Sales were also up 10.9 percent from the year before.
Meanwhile, the median price for existing homes rose to $178,600 last month, an 11.1 percent increase from October Read more [...]
The average rate on long-term U.S mortgages stayed at the all-time, rock-bottom record low this past week, yet how many borrowers are really able to qualify for a home loan with a rate below 4 percent?
According to mortgage finance company Freddie Mac, the average rate on a 30-year fixed rate mortgage flat-lined during the week ended June 28 at 3.66 percent, excluding fees. That is the lowest rate on record in the 41-year history of the Freddie Mac survey. Last year at this time, the average Read more [...]
The average age is dropping for borrowers seeking reverse mortgages these days, according to a new study, signaling a generational shift in financial priorities.
Reverse mortgages allow homeowners age 62 and older to get a loan based on the equity in their homes. They can then receive monthly payments, lines of credit or even a lump sum of cash. The advantage of this type of loan for seniors is that they can continue to live in their homes. When they leave the house (or die), the loan must then Read more [...]
More and more homeowners are finding themselves underwater on their mortgage loans. According to mortgage data firm CoreLogic, during the fourth quarter of 2011, 11.1 million homeowners owed more on their loans than their homes were worth, up 22.1 percent from 10.7 million in the third quarter. That is the highest level since the company started tracking in the third quarter of 2009.
The current figure represents 22.8 percent of all mortgages across the country, almost one of out every four homes. Read more [...]
Adjustable rate mortgages were all the rage during the housing boom, making up almost 70 percent of all mortgages issued during those years, but their popularity tanked with the financial crash. In 2009, they made up just 3 percent of new U.S. home loans. However, ARM loans are gradually creeping back into the market and may even take a significant market share by the end of the year.
According to mortgage finance company Freddie Mac, ARM loans account for 5 percent of all new mortgages, with Read more [...]
President Barack Obama met Monday at the White House with the nation's state governors to garner support for his $787 billion economic stimulus plan, promising that $15 billion of those funds would be released Wednesday to bolster state efforts to provide Medicaid coverage for the poor.
Some governors are excitedly supportive of the entire Obama plan and the allocation of more money.
"We are very anxious to see the loan modification program that the president is proposing as we think it will Read more [...]