MSNBC reports Rates on 15- and 30-year mortgages tumble

5-year mortgage rate dips below 4% for first time in three months

By JANNA HERRON

NEW YORK — Fixed mortgage rates tumbled this week and the 15-year loan dipped below 4 percent for the first time in three months. Rates followed the yield on U.S. Treasury bonds, which fell on worries that the crisis in Japan could slow economic growth.

Freddie Mac said Tuesday the average rate on the 15-year fixed mortgage, a popular refinance option, dropped to 3.97 percent from 4.15 percent. The last time the rate was below 4 percent was in mid-December. It reached 3.57 percent in November, the lowest level on records dating back to 1991. CLICK HERE FOR FULL Article

5 Homes you Can own for $450,000 or less.

Each week, TODAY real estate expert Barbara Corcoran looks around the U.S. to see what homebuyers can get for their money. This week she goes from California to New York in search of truly unique properties you can get for $450,000 or less.

 

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Slash mortgage deductions for the rich? Fat chance- CNN Money

 
By Tami Luhby, senior writerFebruary 15, 2011: 8:08 AM ET
 

NEW YORK (CNNMoney) -- President Obama's plan to limit two popular deductions for wealthy taxpayers will hit a wall of resistance from entrenched special interests.

The president once again proposed in his budget to curtail high-income earners' tax deduction for mortgage interest payments and charitable contributions.

Under his proposal, taxpayers in the 33% and 35% tax brackets would only be able to deduct their contributions and mortgage interest payments at the 28% rate. It would affect those with taxable income of $250,000 and up and bring in $321 billion over 10 years, according to the White House.

The Obama administration, as well as several tax and deficit commissions, have called for limiting or eliminating the deductions in the past. But the proposals have gone nowhere and the same outcome is expected this year.
 CLICK HERE for full article.

30-year mortgages back above 5%

Washington Business Journal - by Jeff Clabaugh


Date: Thursday, February 10, 2011, 10:38am EST


Long-term mortgage rates continued to climb this week, with 30-year mortgages now back above 5 percent.
Freddie Mac says a 30-year fixed-rate mortgage averaged 5.05 percent in the week ending Feb. 10, up from 4.81 percent last week and the highest since April 2010. A 15-year fix averaged 4.29 percent, up from 4.08 percent last week.Adjustable rate mortgages also rose, with the average rate on a one-year adjustable-rate mortgage at 3.35 percent.
Read more: 30-year mortgages back above 5%
Washington Business Journal

Read more: 30-year mortgages back above 5%
Washington Business Journal

NY Times Reports: Closing Costs Are not Set in Stone. NEGOTIATE!

Curbing Closing Costs

The New York TimesBy LYNNLEY BROWNING

Published: January 27, 2011

BORROWERS have some weapons for keeping closing costs down, the result of recent guidelines requiring lenders to disclose certain fees, but perhaps the most underutilized consumer tool simply involves old-fashioned haggling.

Good-faith estimate rules, part of a tougher Truth in Lending Act that emerged from the mortgage crisis, mean that lenders must provide a clear picture of the costs involved in buying or refinancing a home. Yet consumers may not realize that some of those numbers are actually negotiable, mortgage experts say.
“There’s a lot of room for negotiation in the costs of closing,” said Barry Zigas, the director of housing policy at the Consumer Federation of America, a consumer advocacy group, “and consumers should examine every charge and not hesitate to challenge them and try to bring them down.”
Closing costs can run a borrower 3 to 6 percent of the price of a property, according to the Federal Reserve. In 2010, the average cost for a $200,000 purchase rose by nearly 37 percent, to $3,741, according to Bankrate.com, a financial data publisher; the average in New York State was $5,623.
CLICK HERE FOR  FULL ARTICLE

CNN money- 8 Reasons to Remodel

8 reasons to invest in your home

By Josh Garskof, contributorJanuary 25, 2011: 5:30 PM ET
(MONEY Magazine) -- Not long ago, you could have your big remodeling project and get your money back too. Owners recouped an average of 87% of home improvement costs at resale in 2005, according to Remodeling magazine.

But by 2010 the magazine had pegged the typical payback at just 60%. Hardly the right time to tackle the new kitchen or master bathroom you've been dreaming of, right?

CLICK HERE for Full Article

Today Show Video- "Today's Real Estate"

Visit msnbc.com for breaking news, world news, and news about the economy

CNN money Reports- 1 million homes reposessed in 2010

1 million homes repossessed in 2010

By Les Christie, staff writer--January 13, 2011: 10:05 AM ET

NEW YORK (CNNMoney) -- Foreclosures were at a record high in 2010, and more than 1 million people lost their homes, even as notices started leveling off during the end year.
In total, there were nearly 2.9 million foreclosure notices filed during the year, according to report released Thursday by RealtyTrac. That was a record high, but just 1.7% above 2009.

Click on image for full article

Rent Vs Own - What to do in 2011?

Many Americans are content to rent after witnessing the crumbling housing market in recent years. But with rents on the rise and home prices continuing to fall, a reversal is in sight.



It wasn't hard for many homeowners to bid adieu to 2010. It was the year where, in many metropolitan areas across the country, rents surged as home prices fell, leading a growing chorus of skeptics to question the so-called American Dream of homeownership.
Perhaps not surprisingly, it makes more financial sense to rent than buy today in many U.S. cities, according to the latest data from Moody's Analytics. After declining during the depths of the latest recession, prices for rentals nationwide increased modestly by about 3% in 2010, partly driven by a record number of homeowners looking for new digs after foreclosing on their homes. In Moody's latest list of rent ratios (which is the price of a typical home divided by the annual cost of renting that home) for 54 U.S. metropolitan areas, 39 fell into the 'better to rent' category -- roughly the same level it's been for the past year.
Click HERE for full article

Mortgage rates dip after weeks of rising

NEW YORK — Rates on fixed mortgages dipped this week after rising steadily over the last two months.
Freddie Mac said Thursday the average rate on the 30-year mortgage dropped to 4.77 percent from 4.86 percent the previous week. It hit a 40-year low of 4.17 percent in November.
The average rate on the 15-year loan slipped to 4.13 percent from 4.20 percent. It reached 3.57 percent in November, the lowest level on records starting in 1991. Rates have been rising since November. Investors have shifted money out of Treasurys and into stocks. Many expect the tax-cut plan will fuel economic growth and increase inflation. Yields tend to rise on inflation fears.

Mortgage rates tend to track the yield on the 10-year Treasury note. Those rates have been fluctuating in recent weeks.
Low mortgage rates did little to boost home sales last year and higher rates now could hamper a robust recovery.

CNN Money- Panel of Experts Debate Over Housing Prices in 2011, Will They Drop?

Study: Exterior Improvements Bring Better Returns - RealEstate.com

December 17, 2010

A report from the National Association of Realtors finds that those looking at potential home improvement projects before putting their properties up for sale should focus on exterior jobs, because they generally bring in a better return.

The study found that of the 10 projects that brought in the best return for the investment involved, nine of them were exterior projects. The most cost-effective project was the installation of a steel entry door, which actually brought back an average of more than 102 percent of the investment after the home was sold.
Study: Exterior Improvements Bring Better Returns - RealEstate.com

CNN Money Reports- What Will Happen With Real Estate Market?

Bull vs. Bear: Will housing rebound?

Posted by Nin-Hai Tseng, writer-reporter

December 27, 2010 3:00 am

It's a question many Americans want answered: Will the value of my home rise or fall next year? Smart minds fall in both camps -- here are both sides of the coin on real estate.
One of the most closely watched sectors in 2011 will continue to be real estate – a wildly emotional and divisive topic that's puzzled investors and economists since the housing bubble burst around 2007. Earlier this year, many observers thought the market would turn around in a big way as federal tax credits spurred home purchases and the economy added jobs following hundreds of billions of dollars of government stimulus spending.
CLICK HERE FOR FULL ARTICLE

Foreclosure Fiasco!

Record plunge in foreclosures, thanks to robo-signers

 
 
 
 
 
 
 
 
 
 
 
NEW YORK (CNNMoney.com) -- The number of foreclosure notices filed in November plunged 21%, the biggest month-over-month drop ever recorded by RealtyTrac, the online foreclosure marketer. Filings fell 14% compared with November 2009.
The number of Americans who actually lost their homes to bank repossessions plummeted even more steeply -- to 67,428. That was off a whopping 28% from 93,236 in October. Repossessions are down a third since September. CLICK HERE for Full Article






 

CNN Money Report- Good Time to Buy?

Buying a home now is a no-brainer

 
By Ali Velshi, CNN chief business correspondentDecember 10, 2010: 2:43 PM ET

(MONEY Magazine) -- Is now the right time to invest in a house?
Trick question. Actually, it's two questions.

Question No. 1: Is now the time to buy?
Question No. 2: Is buying a house a good investment?
The first answer is easy: With a few exceptions, if you have 20% to put down and good credit, now is a great time to buy. That's been the case all year, and I'd argue that we're probably closer to the end than to the beginning of the really great time. Let me explain.
Back in January home prices had dropped 28% from their peak. More important, interest rates were at historical lows. By locking in a mortgage for 15 or 30 years on a value-priced home, you were getting an incredible deal, even if home prices decreased. (I took my advice and bought a New York City apartment.) CLICK HERE for full article

Former HUD Official Offers Advice to Home Buyers

Former HUD secretary Cisneros weighs in on how to help home buyers

Henry Cisneros addresses the CEO Technology Summit in San Antoinio, in this Aug. 4, 2000, file photo. (William Luther - AP)

By Katherine Salant

Friday, December 10, 2010; 9:23 AM

How can homeownership be a more sustainable proposition for middle- and low-income households? When I posed this question to former Housing and Urban Development secretary Henry G. Cisneros, his response was immediate and surprising.

Click Here for Full Story

MSNBC Reports: Homes you can Buy for $300k Or less

Barbara Corcoran picks 5 homes you can get for $300K

Each week, TODAY real estate expert Barbara Corcoran looks around the U.S. to see what homebuyers can get for their money.
This week’s search goes from the foothills of the Appalachian Mountains to the "Olde Towne" neighborhood of Columbus, Ohio, in search of truly unique properties you can get the keys to for $300,000 or less.

Click Here for Full Article

Washington Post Reports: Public Officials Scrutinize Foreclosure Processing

Foreclosure mess prompts growing number of public officials to slow down process
By Ariana Eunjung Cha

Washington Post Staff Writer

Thursday, November 11, 2010; 10:23 PM

One month ago, the city of Chicago and the surrounding suburbs of Cook County became a foreclosure-free zone. It wasn't the banks or judges that instituted the moratorium, because they were still moving cases forward at a rapid clip. The holdup was elsewhere: at the sheriff's office.
Click HERE for Full Article



CNN Money Reports: Retirement fund or Mortgage downpayment?

Should we pay down the mortgage or save for retirement?

 
By Karen CheneyNovember 10, 2010: 11:50 AM ET

(MONEY Magazine) -- For more than a year, Kim Champney, 40, and Pat Minick, 41, have been kicking in an extra $650 to their $1,048 monthly mortgage payments. "We don't like carrying a lot of debt," says Minick, who stays home with their three kids, ages 7, 8 and 10.
At this pace, the couple will pay off the loan in 2018, eight years early. But with their mortgage rate a low 4.4% after a refi, they wonder if the house is the best place to stash their cash

Click Here For Full Article. 

Monthly New York Times Feature How Much Can Buy for $600k?

Property Values

What You Get for ... $600,000

 

Ryan Collerd for The New York Times

A former firehouse in Philadelphia, divided between workshop and living space, is on the market for $599,900.

By MIKE POWELL

Published: November 9, 2010

CLICK HERE for Full Article