Fixed Rates See Slight Changes

Fixed Rates See Slight Changes

Hover Near Record Lows

Fixed mortgage rates made small movements this week as fiscal cliff negotiations seemed to stall.

According to Freddie Mac’s Primary Mortgage Market.

“Mortgage rates showed little movement as the fiscal cliff talks looked more like a stalemate,” Bankrate said in a release. “But a newly announced stimulus plan from the Federal Reserve aimed at buying longer-term Treasuries should help bring both bond yields and mortgage rates lower, albeit modestly. Don’t expect any big moves in mortgage rates as long as the fiscal cliff talks drag on.” See rates...

Foreclosure Starts Fall to 6-Year Low

Foreclosure Starts Fall to 6-Year Low

The latest data offers “more evidence that we are past the worst of the foreclosure problem brought about by the housing bubble bursting six years ago,” says Daren Blomquist, vice president at RealtyTrac. “But foreclosures are continuing to hobble the U.S. housing market as lenders finally seize properties that started the process a year or two ago — and much longer in some cases. We’re likely not completely out of the woods when it comes to foreclosure starts, either, as lenders are still adjusting to new foreclosure ground rules set forth in the National Mortgage Settlement along with various state laws and court rulings.” See which States...

Who's Calling the Shots: Buyers or Sellers?

Who's Calling the Shots: Buyers or Sellers?

The housing market is changing, creating a “new playing field for home owners, who are finally able to sell, as well as would-be buyers who've been delaying a purchase in anticipation that prices would keep falling,” Money Magazine reports. 

Mortgages for home purchases are expected to soar 55 percent in 2013, according to forecasts by the Mortgage Bankers Association. 

“The days of buyers sticking it to sellers are over,' says Tracie Peay, a Salt Lake City real estate practitioner.

Still, home sellers should keep their expectations in line: Price increases are to be modest and gradual. Fiserv forecasts home prices will rise 3.3 percent a year in value between now and 2017. 

As for buyers, they may need to have a better understanding of the increased competition they may face. 

'If you want to buy, you have to be ready to make an offer,' says David Howell, chief information officer at McEnearney Associates, a real estate agency in the Washington, D.C., metro area. He says the first offer should be close to the home buyer’s best offer.  Read more ....

More Americans Say Now Is a Good Time to Sell

More Americans Say Now Is a Good Time to Sell

More Americans are growing confident about selling, with the share of those who say now is a good time to sell rising 5 percentage points in November to 23 percent and reaching its highest level since Fannie Mae started its survey in June 2010.

The rise in those who say it's a good time to sell has helped narrow the gap with those who say now is a good time to buy, according to Fannie Mae’s November 2012 National Housing Survey, released Monday. Americans are also getting more confident about the direction of the overall housing market and the economy, according to the report.

Read more....

No Foreclosures for the Holidays by Fannie,Freddie

No Foreclosures for the Holidays by Fannie,Freddie

Homeowners facing foreclosure just received an early Christmas present: They won't be evicted from their homes over the holidays.

Mortgage giants Fannie Mae and Freddie Mac announced Monday that they will temporarily halt all bank repossessions and evictions beginning in mid-December until Jan. 2, 2013. 

The temporary foreclosure suspension goes into effect beginning Dec. 17 and Dec. 19, respectively. The moratorium will not affect the filing notices of default or the scheduling of auction sales. 

'The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year,' says Terry Edwards, Executive Vice President of Credit Portfolio Management, Fannie Mae. Read what other banks are not foreclosing either....

Number of Improving Housing Markets Soars

Number of Improving Housing Markets Soars

The number of improving housing markets grew by 76 in December to a total of 201, according to the National Association of Home Builders/First American Improving Market Index. 

The index identifies U.S. metro areas that have shown improvement in home sales, employment, and housing values for at least the past six months.Some of the new markets added to this month’s improving list include Atlanta; Bloomington, Ill.; Ann Arbor, Mich.; Seattle; and Green Bay, Wis.

'The big gain in improving markets this December indicates that key measures of housing and economic strength have now been holding steady or improving in metros across the country for six months or more, Read more....

Mortgage Rates Stay Low, Near Record Levels

Mortgage Rates Stay Low, Near Record Levels

Fixed-rate mortgages continue to hover near their record lows, keeping home buyer affordability high, Freddie Mac reports in its latest weekly mortgage market survey. 

'Mortgage rates were little changed and near record lows this week amid indicators of stronger economic growth and signs of tame inflation,” says Frank Nothaft, Freddie Mac’s chief economist.

The following are national averages on mortgage rates for the week ending Dec. 6, according to Freddie Mac. See Rates.....