Today's Top Real Estate Investment News
Mortgage Rate Falls To All-Time Record Low
Written by: Austin Kilgore - Freddie Mac and Bankrate are both reporting that US mortgage rates are lower than ever. The news following a sharp fall-off in home sales — particularly for new construction. Average rates for 15 and 30-year Fixed Rate Mortgages continued their decline this week, while only conventional 1-year Adjustable Rate Mortgages failed to hit a new low.
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Fannie Mae To Pursue Legal Action Against Strategic Foreclosures
NuWire Investor: Written by: Jon Prior - With one-third of foreclosures considered strategic defaults, Fannie Mae has taken action against borrowers who have the ability to pay, but choose to walk away from their homes that are underwater. In addition to prohibiting strategic defaulters from receiving a Fannie Mae loan for at least seven years, the lending agency is also taking legal action to recoup mortgage debt through deficiency judgments.
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President Approves $1.5 Billion To Be Distributed To Distressed Homeowners
NuWire Investor: Written by: Diana Golobay -
Arizona, California, Florida, Michigan and Nevada are among the states that will receive funds from the Obama administration’s newest program to provide foreclosure prevention relief to underwater borrowers. The Hardest Hit Fund provides states with funds that will enable them to establish state-specific borrower aid programs.
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Housing Market Already Feeling The Impact Of The BP Oil Spill
NuWire Investor: Written by: Property Wire - The nation's fledgling economic and housing recovery is feeling the impact of the BP catastrophe in the Gulf, hurting tourism and property values in states like Florida. With no end yet in sight to the crisis, development has stalled on vacation homes and even primary residences as the spill closes in on the Florida coast.
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Closing Deadline For Tax Credit To Be Moved Back To September
NuWire Investor: Written by: Diana Golobay - The Senate has approved an extension to the closing deadline for homebuyers seeking to claim the tax credit. The extension would allow an estimated backlog of 180,000 first time buyers sufficient time to close on their transactions.
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Low Interest And Fuel Costs Are Providing Relief For US Consumers
NuWire Investor: Written by: Jacob Gaffney - Affordable mortgage rates should help the nation's economy avoid a double-dip by freeing up consumer spending money, according to Morgan Stanley. Although mounting European debt and a weak Euro could have global reverberations, a stronger dollar indicates improved fundamentals in the US.
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Home Construction Numbers Reverse Course In May
NuWire Investor: Written by: Austin Kilgore - The 10 percent drop in May housing starts ended a 4 month run, with the decline expected to continue on the back of lower issuance of new housing permits. A sharp 17 percent decrease in single family home numbers implies that the housing market could slip further, without the boost of the homebuyer tax credit, and in spite of low mortgage rates.
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