U.S. home prices see first rise in 3 years
Home prices in major U.S. cities registered the first monthly gain in nearly three years, according to a new report that provided fresh evidence that the severe U.S. housing downturn could be easing. News and charts.
Rates up a bit
For the week ending July 30th the 30-year fixed averaged 5.25% with an average 0.7% fees and points, up from last week when it averaged 5.20%. "Bond yields rose slightly higher this week on market optimism that the economy may be stabilizing somewhat, and mortgage rates followed those yields," said Frank Nothaft, Freddie Mac vice president and chief economist. "For instance, the Federal Reserve reported in its July 29th regional review that residential real estate markets in most of its districts remained weak, but many reported signs of improvement. In addition, it noted that entry-level homes continued to perform relatively well in part due to the first-time homebuyer tax credit. Freddie Mac rate surveys.
Home prices in major U.S. cities registered the first monthly gain in nearly three years, according to a new report that provided fresh evidence that the severe U.S. housing downturn could be easing. News and charts.
Rates up a bit
For the week ending July 30th the 30-year fixed averaged 5.25% with an average 0.7% fees and points, up from last week when it averaged 5.20%. "Bond yields rose slightly higher this week on market optimism that the economy may be stabilizing somewhat, and mortgage rates followed those yields," said Frank Nothaft, Freddie Mac vice president and chief economist. "For instance, the Federal Reserve reported in its July 29th regional review that residential real estate markets in most of its districts remained weak, but many reported signs of improvement. In addition, it noted that entry-level homes continued to perform relatively well in part due to the first-time homebuyer tax credit. Freddie Mac rate surveys.
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Congress unlikely to consider tax credit until October
The health reform efforts in both the House and Senate will completely dominate the agenda in both tax-writing committees until the end of September. Accordingly, their leaders have announced that they will not take up expiring provisions, including the first-time homebuyer tax credit, until they have disposed of the health reform legislation. Thus, extension and possible expansion of the $8000 tax credit are unlikely to be considered until October.
The health reform efforts in both the House and Senate will completely dominate the agenda in both tax-writing committees until the end of September. Accordingly, their leaders have announced that they will not take up expiring provisions, including the first-time homebuyer tax credit, until they have disposed of the health reform legislation. Thus, extension and possible expansion of the $8000 tax credit are unlikely to be considered until October.
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"I am not embarrassed to tell you that I believe in miracles"
Corazon Aquino (Jan 25, 1933 – Aug 1, 2009)
"I am not embarrassed to tell you that I believe in miracles"
Corazon Aquino (Jan 25, 1933 – Aug 1, 2009)
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