“Recovery won’t feel terrific” –Ben Bernanke
Federal Reserve Chairman Ben Bernanke said this Monday he expects a continuing economic recovery that it won’t fall back into a “double dip” recession.
“My best guess is we’ll have a continued recovery (but) it won’t feel terrific” he said in an interview at a forum.
Fears of a double-dip recession have grown in the past weeks with the Europe’s debt crisis, “but there seems to be a good bit of momentum in consumer spending and investment, so my best guess is that we’ll have a continued recovery”.
He also warned that the unemployment rate will be high for a while, meaning that “a lot of people are going to be under financial stress, and this is one of the reasons why it won’t be terrific. “
Bernanke was also questions when does the FED will start raising the interest rates, his answer was “in the future” but he added that the FED won’t be able to wait until the jobs market is fully recovered before it pushed rates up.
On the Wall Street reform topic, he said he was in favor of the senate version which gives regulators, including him the power to figure when a bank is at risk. “I think it could be made to work”, he added.
Wednesday, June 9, 2010
Friday, June 4, 2010
Freddie Mac's mortgage rates
Freddie Mac’s mortgage rates
Freddie Mac said on Thursday that the average rates on a 30 year fixed mortgage ticked up this week like the lowest in the year.
The average rate rose to a 4.79 percent up from 4.78 percent last week. These rates have fallen further and because the European turmoil, investors have shifted money into the U.S Treasury bonds; the mortgage rates tend to track the interest paid on long –term Treasury bonds. Join rate on a 15 yr fixed rate mortgage hit a record low of 4.20 percent which is down from last week when it was at 4.21 percent, and rates on a five-year, adjustable-rate mortgages averaged a 3.94 percent, down from 3.97 last week.
The nationwide fee from Freddie Mac’s survey averaged 0.8 of a point for 30-year fixed rate loans and 0.7 of a point for 5-year, 5-year loans and 1-year loans.
Freddie Mac said on Thursday that the average rates on a 30 year fixed mortgage ticked up this week like the lowest in the year.
The average rate rose to a 4.79 percent up from 4.78 percent last week. These rates have fallen further and because the European turmoil, investors have shifted money into the U.S Treasury bonds; the mortgage rates tend to track the interest paid on long –term Treasury bonds. Join rate on a 15 yr fixed rate mortgage hit a record low of 4.20 percent which is down from last week when it was at 4.21 percent, and rates on a five-year, adjustable-rate mortgages averaged a 3.94 percent, down from 3.97 last week.
The nationwide fee from Freddie Mac’s survey averaged 0.8 of a point for 30-year fixed rate loans and 0.7 of a point for 5-year, 5-year loans and 1-year loans.
Buy Or Rent... Which one is better?
Buy Or Rent… Which one is better?
Buy? Think again. Most people think is better to buy than rent, but according to real estate website Trulia.com has looked at major real estate markets across the country and asked: is it cheaper to buy, or rent?
This was a question that was dead until national home prices slid potentially. According to Tara Nicholle Nelson, a spokeswoman for Trulia "we did a survey of site visitors and found that 30% of them were thinking either of buying or renting"
Price stability is factor, and unlike home prices, rents tend to go high, but on the other hand, national median home price rise a 12.2% in 2005 and fell nearly 20% in 2008 according to housing group.
One of the city where is recommended to rent is Manhattan, home prices are way too high says Trulia, but in cities like Miami, Phoenix and Las Vegas and other places were there has been a major housing impact homes are cheap compared to rents.
There are benefits on both ways,for example when you purchase a home the costs tend to be more stable, fixed rate loans don't go up and rents usually do.
On the other hand, renters don't have a responsibility of a home ownership and they don't tie down. If they have to move to another place due to jobs it can easily be done without worrying about selling and buying a new one.
This index addresses but as a consumer you have to make your own decisions based on your lifestyle and what you want to do in life more than anything else.
Buy? Think again. Most people think is better to buy than rent, but according to real estate website Trulia.com has looked at major real estate markets across the country and asked: is it cheaper to buy, or rent?
This was a question that was dead until national home prices slid potentially. According to Tara Nicholle Nelson, a spokeswoman for Trulia "we did a survey of site visitors and found that 30% of them were thinking either of buying or renting"
Price stability is factor, and unlike home prices, rents tend to go high, but on the other hand, national median home price rise a 12.2% in 2005 and fell nearly 20% in 2008 according to housing group.
One of the city where is recommended to rent is Manhattan, home prices are way too high says Trulia, but in cities like Miami, Phoenix and Las Vegas and other places were there has been a major housing impact homes are cheap compared to rents.
There are benefits on both ways,for example when you purchase a home the costs tend to be more stable, fixed rate loans don't go up and rents usually do.
On the other hand, renters don't have a responsibility of a home ownership and they don't tie down. If they have to move to another place due to jobs it can easily be done without worrying about selling and buying a new one.
This index addresses but as a consumer you have to make your own decisions based on your lifestyle and what you want to do in life more than anything else.
Wednesday, June 2, 2010
Foreclosures: A stabilizing option?
People are not paying their mortgage, which means that just waiting for a foreclosure has allowed them to stabilize family business and personal finances; Instead of the house dragging them down, it is raising them up.
Foreclosures procedures are against 1.7 million of the nation’s households. According to the LPS Applied Analytics the average borrower in foreclosure has been delinquent for 438 days before being evicted, which is up from 251 days in January 2008.Some real estate agents and experts say that the number of people who lives like this without paying their mortgages is rising.
LPS also calculated early this year that more than 650,000 households had not paid in 18 months. In some states like California and Texas, lenders can continue a foreclosure outside the court, but in states like Florida, New York and 19 other states it works with judicial foreclosure and it is when the process becomes slow and people takes advantage of this.
People prefer to sustain their business with the money they are saving by not paying a house that probably is worth less than what the real mortgage is, knowing that their credit score is already hit, and not having anything else to lose.
People are not paying their mortgage, which means that just waiting for a foreclosure has allowed them to stabilize family business and personal finances; Instead of the house dragging them down, it is raising them up.
Foreclosures procedures are against 1.7 million of the nation’s households. According to the LPS Applied Analytics the average borrower in foreclosure has been delinquent for 438 days before being evicted, which is up from 251 days in January 2008.Some real estate agents and experts say that the number of people who lives like this without paying their mortgages is rising.
LPS also calculated early this year that more than 650,000 households had not paid in 18 months. In some states like California and Texas, lenders can continue a foreclosure outside the court, but in states like Florida, New York and 19 other states it works with judicial foreclosure and it is when the process becomes slow and people takes advantage of this.
People prefer to sustain their business with the money they are saving by not paying a house that probably is worth less than what the real mortgage is, knowing that their credit score is already hit, and not having anything else to lose.
Tax credit expired on April 30th, but the eligible buyers need to close those transactions by June 30 or they will end up losing the tax credit.
It may seem like a long time, but time is closing swiftly, and there are so many numbers of delays that could push it past June 30. “It’s not uncommon to take 75 to 90 days to settle.” Said Timothy M. Dwyer, president of Entitle Direct, a title insurance company.
Delays can happen because of issues in the mortgage approvals, but on the seller’s side can also be any delay. That’s why buyers need to scheduled their time before deadline, all parts involved need to know there’s a tax credit at stake so everyone knows the essence of time.
Buyers also need to know that with the recent decrease on the mortgage rates, it also created an increase on sells, even though the ones with the tax credit have priority.
Also homebuyers need to have all papers and information to give to the lender as quickly as possible when he ask for them, and as Joseph W. Rand, managing partner with Better Homes and Gardens Rand Realty in New City, N.Y., suggested, ask the lender what they need, and in that way you will be prepared to turn whatever is need as soon as is needed.
It may seem like a long time, but time is closing swiftly, and there are so many numbers of delays that could push it past June 30. “It’s not uncommon to take 75 to 90 days to settle.” Said Timothy M. Dwyer, president of Entitle Direct, a title insurance company.
Delays can happen because of issues in the mortgage approvals, but on the seller’s side can also be any delay. That’s why buyers need to scheduled their time before deadline, all parts involved need to know there’s a tax credit at stake so everyone knows the essence of time.
Buyers also need to know that with the recent decrease on the mortgage rates, it also created an increase on sells, even though the ones with the tax credit have priority.
Also homebuyers need to have all papers and information to give to the lender as quickly as possible when he ask for them, and as Joseph W. Rand, managing partner with Better Homes and Gardens Rand Realty in New City, N.Y., suggested, ask the lender what they need, and in that way you will be prepared to turn whatever is need as soon as is needed.
Subscribe to:
Posts (Atom)