According to the government, home values edged lower last month. The Federal Housing Finance Agency's Home Price Index report shows values down by 0.3 percent from the month prior -- the index's first down month since April. The Home Price Index is based on the value of homes financed via Fannie Mae or Freddie Mac and, in this sense, the FHFA Home Price Index is more of a "national" real estate index that its private-sector cousin, the Case-Shiller Index. But like the Case-Shiller, the HPI is as notable for what it specifically excludes as for what it includes. Most notably, the Home Price Index doesn't account for homes meeting any of … (0 comments)
jackson: Housing Starts Rise In 8 Months Out Of 9 This Year
- 10/21/09 02:59 AM
Housing Starts Rise In 8 Months Out Of 9 This Year Housing Starts on single-family homes gained last month, marking the 8th time that's happened this year. A "Housing Start" is a home for which the foundation has been excavated and, considered alongside other key market metrics, September data suggests that the housing market has stabilization is complete. Momentum in housing is overwhelmingly positive: Homes under contract are soaring National home supplies are way down Home values are up in a lot of markets Despite the positive news, the press is calling September's Housing Starts data a "bummer". Citing a drop in monthly building permits, the media purports that … (0 comments)
jackson: What's Ahead For Mortgage Rates This Week : October 19, 2009
- 10/19/09 03:19 AM
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 held rates down for so long is now the force pulling them up -- expectations for the U.S. economy. Over the last 6 months, it wasn't clear in what direction the country was headed. … (0 comments)
jackson: It's A Good Time To Look At Adjustable-Rate Mortgages
- 10/09/09 05:39 AM
According to the Freddie Mac weekly mortgage rate survey, the relative cost of a 5-year ARM is dropping versus its 30-year fixed-rate cousin. During the first 5 months of 2009, the products ran neck-and-neck. Today, they're a half-percent apart. On a $200,000 home loan, that's a difference of $60 per month. Adjustable-rate mortgages aren't for everyone, but for the right household, they can be a terrific fit. A few scenarios that warrant consideration of a 5-year ARM include persons: Buying a home with an intent to sell within 5 years With a 30-year fixed mortgage and plans to sell within 5 years Interested in low payments … (0 comments)
jackson: Simple Real Estate Definitions : Escrow Account
- 10/08/09 01:29 PM
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 mortgage payment, he must also send an additional payment to the lender equal to 1/12 of the home's annual real estate tax bill plus 1/12 of the annual homeowners insurance bill. By sending a pro rata portion of the tax and insurance bill … (0 comments)
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