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Economists Say Home Prices Have Already Hit Bottom

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Home prices in the United States found their floor during the early part of 2010 and are expected to begin trending upward next year, according to a panel of elite economists surveyed by the National Association for Business Economics (NABE) for its October 2010 Outlook. “The housing recovery is intact, but tepid overall. Home prices […]

Could We See 0% Mortgage Rates?

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Imagine financing a home purchase with a no-interest mortgage. You’d probably never want to move again. Granted, it’s doubtful you’ll ever have that luxury. But if rates continue to drop, as some in the mortgage industry suggest they may — especially after the Federal Reserve’s recent statement that it was prepared for more extraordinary measures […]

Home Ownership Decline Lowest in 11 Years

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According to a government survey, home ownership for Americans declined steeply in the 2nd quarter of the year. This was the lowest level of ownership registered in 11 years. The data releasde after second quarter numbers were in shows the drop in ownership of homes was at 66.9%. Compared to 2009, it was down by […]

Pending Home Sales Rise 4.3% in August

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Pending home sales rose 4.3% in August from the month earlier but remain significantly lower than the year ago, and any “sudden rise in mortgage rates could slow the recovery.” The National Association of Realtors said its pending home sales index, which is based on contracts signed, was 82.3 for the month, up from a […]

August Housing Starts Jump 10.5%

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According to the Commerce Department, new construction of U.S. houses is estimated to have surged in August. Starts rose 10.5% in August to a seasonally adjusted 598,000 annualized units, much stronger than the 535,000 pace expected by economists surveyed by MarketWatch. This is the highest level since April. Starts in July were revised down slightly […]

FHA Insurance Premium Increase Update

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According to data provided by the FHA, whether or not the increases in Federal Housing Administration premiums will bring its insurance fund back to good health is dependent on the borrower paying the higher fees for at least seven years of the mortgage. In August, the Senate approved a bill that would allow the FHA […]

2nd Credit Checks Won’t Be Required

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Despite earlier reports to the contrary, it turns out that your mortgage lender will not have to pull a second full credit report on you hours before closing on your home purchase or refinancing. In a clarification of a policy announced earlier this year, mortgage giant Fannie Mae now says applicants will need to come […]

More Tax Relief for Home Owners and Home Buyers?

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The Obama administration’s top housing official says several new programs are in the works to help try to revive the housing market. Housing and Urban Development Secretary Shaun Donovan said in an interview recently that his department in the coming weeks will roll out an FHA refinancing program to help borrowers whose mortgages exceed the […]