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)
tennessee mortgage: 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)
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 every fee, charge, and interest payment involved in a purchase or refinance. It also includes a section called "The Shopping Cart" in which applicants can compare lenders. The new Good Faith Estimate is concise, too. Using a series of "Yes/No" checkboxes on … (0 comments)
tennessee mortgage: 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)
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, succinct post-meeting press release. As a comparison: Press Release: 383 words Minutes: 6934 words The extra level of details is a big deal because Wall Street is perpetually in … (1 comments)
tennessee mortgage: Foreclosure Activity Remains Concentrated In Just 4 States
- 10/15/09 03:58 AM
For the seventh consecutive month, foreclosure activity in the U.S. was dominated by a tiny subset of states. As reported by RealtyTrac.com, more than half of September's foreclosure-related activity occurred in just 4 states: California Florida Nevada Michigan These states represent just 22.05 percent of the total U.S. population. Overall, foreclosures are up 29 percent from September 2008 and, while, the data seems negative, defaults are creating some interesting buying opportunities. Foreclosed homes often sell at a discount as compared to non-foreclosed homes. Cheap prices, low mortgage rates and willing buyers have helped to spur home sales in many U.S. markets. In August, … (3 comments)
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, Orman talks about co-managing finances with topics including: How to determine how much money goes into a "personal" spending account versus a "family" spending account The importance of both parties taking an active role in bill-paying … (0 comments)
tennessee mortgage: 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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