Fed Cuts Funds Rate Again   For the seventh consecutive meeting, the Federal Open Market Committee (FOMC) cut the Fed Funds Rate, this time reducing it to 2.00%.   Lowering the Fed Funds Rate makes it less expensive for banks to lend to one another, which could make funding more readily available for consumer loans, […]

The Real Estate Crisis: Congress Expected to Fail   An over-whelming majority surveyed say the U.S. Congress will fail in its attempt to solve the nation’s real estate crisis.  That, according to a new poll conducted by Housing Predictor.   The online survey clearly indicated that Americans are fed up with Congressional failures, the government’s […]

Existing Home Sales and Mortgage Apps Fall Again   The National Association of Realtors reports that total existing home sales – including single-family, townhomes, condominiums and co-ops – decreased 2% in March when compared to the previous month’s sales.   Meanwhile, mortgage application volume continues to fall off weekly.  Over the past couple of weeks, […]

Consumer Sentiment: Plunges to a 26-Year Low   Consumer sentiment plunged to its lowest level in 26 years in early April, according to a report released recently by the University of Michigan/Reuters, as worries about the economy, unemployment and inflation deflated hopes for the future.   The U.S. consumer sentiment index fell to 63.2 in […]

Housing: Where do the Candidates Stand?   Recent data show that nearly a million American households are at risk of foreclosure, 71% more than a year ago. Nearly 6% of all borrowers are past due on their mortgages.   And the presidential candidates are trying hard to convince voters that they have the best plan […]

Foreclosure Relief Compromise Reached   Senate leaders have reached a deal to advance legislation to ease the nation’s home foreclosure crisis. The bill has not been written yet, but Sen. Mitch McConnell of Kentucky, the Republican leader, and Senate Democratic Leader Harry Reid of Nevada defused a GOP filibuster threat that had stymied a Democratic […]

New Home Sales Dip   The U.S. Census Bureau and the Department of Housing and Urban Development announced recently that sales of new, single-family homes fell to a 13 year low in February, dropping 1.8 percent from January’s numbers.   The new home sales report is disappointing, given recent positive existing home sales results, however, […]

Foreclosures Up 60% in February   Foreclosure filings nationwide jumped 60% in February compared with the same month last year, but they decreased slightly versus January, according to a report released recently.  The report says 223,651 homes got hit with foreclosure filings last month, which include default notices, auction sale notices and bank repossessions. 46,508 […]

Housing: The Next Shoe to Drop   The credit crunch has finally hit the traditional mortgage market.   Investors are now shunning mortgage-backed securities issued by government sponsored enterprises Fannie Mae and Freddie Mac, which have been critical in keeping the real estate market from completely falling apart.   For those who can still get […]

Interest Rate Cut: Bad for the Economy?   The Fed just "keeps on cutting".  The most recent three-quarters of a point cut was welcomed (for a day anyway) on Wall-Street, but is the cure (the Fed is looking for) worse than the disease?   We personally believe these continued interest rates cuts are going to […]