Linda Young – AHN News Writer
Washington, D.C., United States (AHN) – Home prices in November continued their fall from the bubble-high prices of 2006, dropping by 1.3 percent compared to October, according to the latest S&P/Case-Shiller 20-city report. Sales prices fell for the second consecutive month in 19 of the 20 cities the index covers. Analysts had not expected such a steep decline because mortgage interest rates remain low and the nation’s gross domestic product grew during the fourth quarter of the year. Prices are down 3.7 percent from a year ago, and off 32.8 percent since their bubble-high peak in the summer of 2006. “The trend is down and there are few, if any, signs in the numbers that a turning point is close at hand,” says David M. Blitzer, chairman of the index committee at S&P Indices. Despite the low mortgage rates [...] Continue Reading…
Home prices continue to fall
Categories: home equity loan
Tags: AHN, Continue, D.C., David M. Blitzer, Fall, full time job, home, mortgage interest rates, P Indices, percent, Prices, second consecutive month, steep decline, u s census, u s census bureau, U.S. Department, United States, Washington
Foreclosure filings fell 34 percent in 2011
Categories: home equity loan
Tags: 2011, fell, Filings, Foreclosure, News, percent
Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – First the good news. Foreclosure filings fell 34 percent in 2011 from 2010. Now the bad news. The decline was due to processing delays. RealtyTrac, an online marketplace for foreclosure properties, said Thursday a total of 2,698,967 foreclosure filings were reported on 1,887,777 U.S. properties in 2011, representing a 34 percent drop from 2010. The report also showed that 1.45 percent of U.S. housing units had at least one foreclosure filing during 2011, down from 2.23 percent in 2010, 2.21 percent in 2009, and 1.84 percent in 2008. The total U.S. foreclosure activity and foreclosure rate in 2011 were both at the lowest annual level since 2007. The state with the highest foreclosure activity was Nevada. More than 6 percent of Nevada housing units in 2011 had at least one foreclosure filing. Nevada has [...] Continue Reading…
30-year mortgage rate matches record low
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Tags: 30Year, matches, mortgage, percent, rate, Record, year
Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – The New Year looks to be promising for home buyers and those who look to refinance. Mortgage giant Freddie Mac said Thursday that the average rate on a 30-year fixed mortgage fell to 3.91 percent for the week ending Jan. 5, matching the all-time record low hit two weeks ago. The average rate on the 15-year fixed mortgage ticked down to 3.23 percent from 3.24 percent. That is up slightly from the record low of 3.21 percent, also set two weeks ago. Mortgage rates continue to stay low because they tend to track the yield on the 10-year treasury note, which fell below 2 percent during the current week. The persistent record-low mortgage rates have done little to help the ailing housing market. High unemployment and tight credit standards have kept many Americans [...] Continue Reading…
New home sales jump in November to 7-month high
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Tags: 7month, AHN, High, home, jump, November, Sales, year
Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – New home sales jumped in November from October. But, 2011 is still on track to end the year as the worst year for home sales in history. On Friday, the Commerce Department said new home sales rose 1.6 percent last month to a seasonally adjusted annual rate of 315,000. The scant rise is less than half the 700,000 new homes that economists say should be sold to sustain a healthy housing market. The number is also below the 323,000 homes sold in 2010, the worst year for sales on records dating back to 1963. While new home sales account for just a fraction of the housing market, they do have a big impact on the economy. According to the National Association of Home Builders, each new home built creates about three jobs for a [...] Continue Reading…
Housing prices drop back to 2003 levels
Categories: home equity loan
Tags: 2003, Atlanta, Back, David M. Blitzer, DC, drop, full time work, home, housing, Las Vegas, Levels, linda young, metro markets, national index, P Index, P Indices, percent, Phoenix, Prices, quarter, U.S. Department, United States, Washington, writer washington
Linda Young – AHN News Writer
Washington, DC, United States (AHN) – National home prices declined by 3.9 percent during the third quarter, which was a larger decrease than expected but still less than the 5.8 percent drop posted in the second quarter. Many analysts had only expected a 3 percent drop in housing prices. The 3.9 percent drop places home prices back at their first quarter 2003 level, which was still in the run-up phase to the record highs seen in 2006 before the housing bubble burst. David M. Blitzer, chairman of the Index Committee at S&P Indices, put the situation in perspective, noting that higher house prices would require a better economy. “Home prices drifted lower in September and the third quarter,” says Blitzer. “The National Index was down 3.9 percent versus the third quarter of 2010 and up only 0.1 percent from the [...] Continue Reading…
Oprah’s Chicago apartment for rent
Categories: home equity loan
Tags: AHN, apartment, Chicago, Don, foot ceilings, gold coast neighborhood, Hollywood, hollywood women, Lake Michigan, Oprah, Oprah Winfrey, oprah winfrey show, Oprah's, rent, Reporter Chicago, show, spacious library, square foot residence, United States, Windy City
Diane Alter – AHN News Reporter
Chicago, IL, United States (AHN) – Looking for an apartment to rent with bragging rights? Look no further. Talk show queen Oprah Winfrey has listed her $5.6 million Chicago apartment for rent for $15,000 a month, or $180,000 a year. Winfrey bought the luxurious digs on the sixth floor of the 1913 Beaux Arts Building in the Gold Coast neighborhood of the Windy City in 2006, but never moved in because of security concerns. The 4.607-square-foot residence features 10-foot ceilings and includes a wine room, solarium, gourmet kitchen, three bedrooms, four bathrooms and a two car garage. Winfrey listed the apartment for sale in 2008 for $6 million, but had no takers. The new tenant will have a spectacular view of Lake Michigan from the spacious library, living room and master bedroom. Don’t worry, Oprah, who quit her [...] Continue Reading…
Fannie Mae says it needs $7.8 billion in U.S. aid
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Tags: $7.8, AHN, Billion, d c united, D.C., Fannie, fannie mae, finance company, Freddie, government aid, loss, mortgage, mortgage delinquencies, mortgage finance, Needs, Reporter Washington, Says, U.S., United States, Washington
Diane Alter – AHN News Reporter
Washington, D.C., United States (AHN) – First Freddie, now Fannie. Fannie Mae, the Washington based mortgage finance company, reported a wider loss in the third quarter on Tuesday and said it needs $7.8 billion more in U.S. assistance. Fannie posted a net loss of $5.1 billion in the third quarter, compared with a loss of $1.3 billion a year earlier. It was the 16th loss in the past 17 quarters for the company, which continues to suffer from the housing market troubles. Fannie, and its sibling Freddie Mac, buy home loans and package them into investments. They ensure that investors receive payment even when borrowers default. A little more than a week ago, Freddie had its hands out for and addition $6 billion in U.S. government aid. While mortgage delinquencies have stopped rising, Freddie and Fannie are currently selling [...] Continue Reading…
Index finds home prices edge up in August
Categories: home equity loan
Tags: August, Chicago, City, David Blitzer, DC, Detroit, Edge, Finds, glimmer of hope, home, Index, linda young, MINNEAPOLIS, msas, percent, price declines, price indices, Prices, U.S., United States, Washington, writer washington
Linda Young – AHN News Writer
Washington, DC, United States (AHN) – Home prices showed increases in some parts of the country although they remained stagnant in many places in August, according to data released Tuesday by S&P/Case-Shiller Home Price Indices. The S&P/Case-Shiller Indices is the leading measure of home prices in the United States. It showed that 10 of the 20 cities covered by the composites showed price increases in August compared to July. Housing prices increased by 0.2 percent. August marked the fifth consecutive month that home prices edged upward. S&P also found that 16 of the 20 MSAs posted improved annual returns compared to July’s data. “There was some weakness in the monthly statistics, as 10 of the cities post price declines in August over July,” said David Blitzer, chairman of the Index Committee. “And even though the annual rates are [...] Continue Reading…
Home ownership rate drops to 65.1 percent
Categories: home equity loan
Tags: 65.1, census bureau, drops, great depression, home, linda young, ownership, percent, rate, u s census, u s census bureau, writer washington
Linda Young – AHN News Writer
Washington, DC, United States (AHN) – The rate of home ownership dropped to 65.1 percent in April 2010. That rate was 1.1 percentage points lower than the 2000 level, according to the most recent data from the U.S. Census Bureau. That was the largest drop in home ownership in a 10-year period since the Great Depression, when home ownership plummeted 4.2 percent between 1930 and 1940, the Census Bureau said. Despite the drop, home ownership is still at its second-highest rate since 2000. From 2000 to 2010, the national housing inventory increased by 13.6 percent, or 15.8 million units. Although the housing inventory increased in all states, it grew faster in the South and West than it did in the Northeast and Midwest. “The South grew 17.9 percent to 50.0 million units, and the West grew 17.3 percent to [...] Continue Reading…
Mortgage rates close the week unchanged
Categories: home equity loan
Tags: 30 year fixed rate, 30 year fixed rate mortgage, close, fixed rate mortgage, fixed rate mortgages, mortgage, NY, percent, Rates, Reporter NYC, U.S., unchanged, United States, week, year, year fixed rate mortgage, year fixed rate mortgages
Diane Alter – AHN News Reporter
NYC, NY, United States (AHN) – In a week that was volatile and turbulent for equities, mortgage rates appeared to be the one dull spot. According to mortgage giant Freddie Mac, mortgage rates were largely unchanged over the past week. The 30-year fixed rate mortgage averaged 4.09 percent for the week ending Thursday, unchanged from the prior week, and down 4.37 percent from a year earlier Rates on 15-year fixed rate mortgages averaged 3.29 percent, down 3.82 percent from last year. Global markets plunged during the week and U.S. equities also tumbled. In early afternoon trading on Friday, markets were choppy off about 22 points.
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