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The Long Beach Mortgage Report: Fannie to request $16 billion bailout from US Treasury

By
Real Estate Broker/Owner with Prudential California Realty/Gem Mortgage

Long Beach, Ca.   With all the news about the recent layoffs, there is no holding back by home buyers in the local Long Beach real estate markets if the price on a listing is reasonable.   Inventories for certain areas of REOs on the market have diminished.  The current trend is Short Sale listings.  Remember that there are approximately 50 million mortgages outstanding and a full 10% of them are in default.  That means that one out of every 10 neighbors is probably feeling the stress of the new economy.  There are lots of short sale properties avialable at more affordable prices; but, not not as many agents that understand how the process of getting the property accepted by the lenders. 

Yesterday we had some interesting economic news. The Conference Board's Leading Economic Index rose .3%, which is the first gain in six months. Four of the 10 indicators the report were positive, unfortunately led by a 0.99 percent increase in the money supply adjusted for inflation, which is due to increased lending and purchases of securities by the Federal Reserve to unclog credit markets and ease borrowing costs. We also had Existing Home Sales unexpectedly rise 6.5% in December, mostly attributed to prices being down and a brisk market in foreclosures.

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