The Headlines Were Overly Rosy On February’s Case-Shiller Index
Earlier this week, Standard & Poors released its February Case-Shiller Index, a home price tracker for select metropolitan areas. Overwhelmingly, home values fell in the 20 markets tracked by the Case-Shiller. Only San Diego showed a modest increase. The other 19 markets averaged a 1.23 percent decline between January and February. However, that’s not the [...]
A Simple Explanation Of The Federal Reserve Statement (April 28, 2010 Edition)
Today, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged within in its current target range of 0.000-0.250 percent. In its press release, the FOMC noted that, since March, the U.S. economy “has continued to strengthen” and that the jobs markets “is beginning to improve”. This is a step up [...]
The Fed Adjourns From A 2-Day Meeting Today And What It Means For Mortgage Rates
The Federal Reserve adjourns from a scheduled, 2-day meeting today. It’s one of 8 scheduled Fed meetings for 2010. Upon adjournment, Fed Chairman Ben Bernanke & Co. will release a formal statement to the market. In it, the Fed is expected to announce “no change” in the Fed Funds Rate. The Fed Funds Rate is [...]
New Homes Sales Were Strong in March, But Not As Strong As The News Would Have You Believe
The sales of newly-built homes soared in March. Even more than what was expected. But the news may not be as glowing as what the media is telling us. Take a look at the headlines from last Friday: Sales of new homes rocketed up 27 percent in March (WaPo) New-home sales rise fastest in 47 [...]
What’s Ahead For Mortgage Rates This Week : April 26, 2010
Mortgage markets worsened last week in see-saw trading. By the time Friday’s market closed, mortgage rates were higher across the board — ARMs, fixed rates, FHA and conventional. The biggest stories of last week were actually non-stories. First, the ash cloud from Iceland’s Eyjafjallajökull volcano dissipated, allowing warehouses to move inventory, airlines to move people, [...]
Home Resales Boom Into The End Of The Tax Credit; Home Values Seen Rising.
Existing Home Sales rose in March, as expected. U.S. home buyers closed on 7 percent more homes as compared to February. Furthermore, versus March 2009 — a month many people equate to the low point of the U.S. economy — sales volume was up 16 percent. “Existing home sale” is the technical term for a [...]
Fight Your Real Estate Property Tax Bill Without A Lawyer
More than 60 percent of U.S. homes are “over-assessed”, says an industry trade group. Homeowners pay more in property taxes than they otherwise should have to. You might be one of them. Have you considered fighting your real estate tax bill? In this 4-minute piece from The Today Show, you’ll learn: When to file your [...]
How Iceland’s Volcanoes Are Helping Mortgage Rates Fall
Mortgage rates and home affordability have improved lately, thanks to an unlikely ally — Mother Nature. In the 7 days since Iceland’s Eyjafjallajökull erupted, ash clouds have grounded planes, disrupted businesses, and stranded exports in warehouses worldwide. It’s a drag on commerce that’s spilled over onto Wall Street. As experts debate the potential for future [...]
Housing Starts Data Hints That Housing Will Expand Even After The Tax Credit Expires
After a strong March showing and a surprise upward-revision for February, Housing Starts are, once again, trending better. It’s yet another signal that the housing market nationwide is stabilized. A Housing Start is a new home on which construction has started and, over the last 6 months, home builders are averaging one half-million starts per [...]
What’s Ahead For Mortgage Rates This Week : April 19, 2010
Mortgage markets improved last week for the second week in a row. And, also for the second week in a row, rates were down on “safe haven” buying — just not for the same safe haven reasons as before. If you’ll remember, safe haven buying is when investors sense market risk, then move money toward [...]