Archive for October, 2009
What The Media Missed In September’s New Home Sales Report
Some days, newspaper headlines are a terrible place to get your real estate news.
Today is one of those days.
After the September New Home Sales report showed sales volume down from August, the mainstream media jumped on the story:
New Home Sales fall a surprising 3.6%
Surprise Drop In New Home Sales
Stocks slide as New Home Sales fall
But the headlines miss [...]
What’s Ahead For Mortgage Rates This Week : October 26, 2009
Mortgage markets were volatile last week, making it very difficult to shop for mortgage rates.
On most days, lenders issued multiple rate sheets with the trend putting rates higher in the morning, and lower in the afternoon.
Overall, mortgage rates were unchanged on the week. It broke a three-week streak through which mortgage rates rose.
Rates [...]
Previewing The New Good Faith Estimate
The new Good Faith Estimate makes its debut January 1, 2010.
Expanded from 1page to 3, the legislators responsible for the new Good Faith Estimate want it to be simpler for homeowners and home buyers to understand than the former version.
By most accounts, Congress will meet this goal.
The new Good Faith Estimate includes plain-English explanations of [...]
What’s Ahead For Mortgage Rates This Week : October 19, 2009
Mortgage markets worsened last week on better than expected economic data, causing mortgage rates to rise.
Last week was the third consecutive week that mortgage rates moved higher and, since touching a multi-month low in early-October, conforming mortgage rates are up by about a half-percent.
It’s likely rates will continue to rise, too. That’s because the same force that [...]
The Fed Thinks The Economy Is Improving And What It Means For Home Affordability
Mortgage rates are higher after the Federal Reserve released the internal notes of its September 22-23, 2009 meeting.
Known as the ”Fed Minutes”, the report details the conversation and cross-currents that led to the Federal Reserve’s decision to vote “unchanged” on the Fed Funds Rate after its last meeting.
The Fed Minutes are the lengthy companion to the more famous, [...]
Should Joint Homeowners Have Separate Bank Accounts?
When you own a home with a spouse or partner, the issue of what’s mine, what’s yours, and what’s ours can be a divisive one.
Each household has its own money management methodology and, according to financial talk-show host Suze Orman, most leave significant room for improvement.
In this 4-minute piece aired on NBC’s The Today Show, [...]
What’s Ahead For Mortgage Rates This Week : October 13, 2009
Mortgage markets worsened last week as investors responded to a recovering global economy.
Despite briefly touching their lowest levels since May, mortgage rates ended the week dramatically higher.
It’s the second straight week that rates soared on a Friday.
For several months, Wall Street has been in limbo; undecided whether the economy is truly showing signs of improvement. [...]
Simple Real Estate Definitions : Escrow Account
An escrow account is a designated savings account into which funds get deposited for a specific purpose.
With respect to real estate and home loans, escrow accounts are used to pay real estate tax bills and homeowners insurance payments.
Escrow accounts are managed and disbursed by lenders.
When a homeowner “escrows” his mortgage, along with his scheduled monthly [...]
Pending Homes Sales Gain For The 7th Straight Month
Buoyed by a generous tax credit, affordable homes, and low mortgage rates, the Pending Home Sales Index posted its seventh consecutive monthly gain in August.
It’s the longest winning streak in the index’s history and the highest reading in 2-1/2 years.
It’s also another signal that the housing market is in recovery.
“Pending home sales” are a forward-looking indicator, [...]
