Below, you'll find extensive information
on leading lending articles and products to
help you on your way to success.
Mortgage Crisis Hit The Sales & Value Of Real Estate By rateempire In a conference of US Mayors, experts said that in last 16 years this is the worst housing downturn. They have estimated that during the next year this will lead to the decline of property value by $1.2 trillion and will cut down tax revenue by more than $6.6 billion.
It was said that the California would suffer the hardest, as decrease in property value here will be around $630.6 billion. They also said that the New York City might face the utmost slowdown in the economic output because of the crisis.
The real estate market in United States, especially the residential subdivision is very uncertain as the prices are pushed down due to the increasing percentage of the foreclosures among the sub prime borrowers. The highest default rate is from the sub prime section. This has led to the record number of unsold homes.
In a recently released report on home sales by National Association of Realtors, it is very clear that the things are getting worse everyday. The report reveals the data of existing home sales in the month of October and it is actually a shocking one that shows the largest fall of existing home sales in last 8 years.
They said that during the last quarter home prices fell in one-third cities of the United States due to the strict lending process. This also caused decline in the nationwide home sales by 14 percent.
The October existing home sales including different types of houses were down 1.2 percent at a seasonally adjusted annual rate of 4.97 million units compared to the 5.03 million units of September 2007. The figures in October are 20.7 percent lower than the 6.27 million units that were sold in September 2006.
The seasonally adjusted annual rate of sales of new homes in October was at 728,000 units. This month there is a little increase of 1.7 percent above the revised September sales figure of 716,000 units. If we compare with the new homes’ sales figure of October 2006, then this is the sale is 23.6 percent lower than the 952,000 units of October 2006.
Experts believe that the 1.7 percent increase can barely be called as recovery; yet,
there were few good signs in the report in the report. To start with, sales in all the regions except the West were positive enough compared to September with the longtime sufferer Midwest up by 14.3 percent month-over-month. Three of the four regions were still self-indulgent well below October 2006 figures but the Northeast, which had begun its downturn before the other provinces, was up by 43.6 percent when compared to the October 2006 sales.
Inventory was another positive sign in the report. During September there was a 9.0 month supply of new homes for sale nationally, a figure that had dropped to 8.5 months in October.
Experts believe that the fall in the value of the bonds backed by mortgages is the main culprit that has forced the US banks and financial institutions to take write downs more than $45 million and also tighten their lending standards. Falling home prices also created trouble in refinancing or selling the homes.
We strive to provide only quality articles, so
if there is a specific topic related to mortgage
that you would like us to cover, please contact
us at any time.
And again, thank you to those contributing daily
to our lending website.
buying a mobile home on a rented lot Am in the process of divorcing my present husband and found this mobile home to live in. What would be a good way to finance it? Who owns the home My friends son passed away several years ago, his mother lived with him prior to his death and has paid the mortgage, property taxes, insurance, etc... on the property for almost 10 years. She is wanting to get the property in her name and Bank of America will not talk to her. Her son has a child who is almost 10 yrs old who lives with his biological mother. My friend says that she will do a will and live the property to her grand son, however can the 10 yr old son's mother take the home afte... Inquiries to dissappear completely? I have 5 inquiries that are due this month from different credit bureaus. Basically I will be inquiring free on Experian and about 3 inq on TU and EQFX. They will be 1 year old......according to USAA credit monitoring. Is this the right time or I will need to wait 1 more year for the inquiries to dissappear completely? Thanks for the answer Letter of explanation Please help. My underwriter wants a letter of explanation on a couple of late car payments from 2 years ago. The car loan was in my name but the car was my sisters? should I say that? Will they think I?m full of it? Anybody have similar experience? File with underwriter Well, my file went to the underwriter on Monday after we worked with our broker to get everything together. Now, they are playing the waiting game. I know that someone has looked at the file only because they did come back on yesterday asking for us to sign 2 forms that were not included in the file. I have followed up with our broker today to check status and he is placing a call with the lender. Fingers crossed we can get our answer soon. Divorce My husband and I own commercial real estate. We are contemplating divorce and have been legally seperated for 2 years now. The joint property we own, he operates a shoe repair and uphostery shop and he resides there. He has full use of the property and he wants me to share in with the mortgage, insurance, and taxes. He receives all profits and does not share any with me, but he wants me to share in the cost of his expense. He gives me $300 a month for our 6 yrs old daughter and not on a regular ... Banks selling mortgages - Escow mess ups & raised Mort Incre My Husband and I just went through a mortgage modification loan with a bank. We were andquot;forcedandquot; to not pay our mortgage for 2 months in order to qualify for the modification loan. We have always made our mortgage payments on time. We got the Mod. loan.
Since the sale of our mortgage, 2nd time banks have sold our mortgage to another bank, our escrow gets screwed up, monthly payment goes up.
Currently the andquot;NEWandquot; bank now holding our loan, is harassing us by saying that the e... Feedback on GFE Just got a GFE from a broker on a loan amount of 350k and wanted to get some feedback.
Rate = 3.875
801 = 7k
802 = 11k
Is this standard? With the 801 fee the APR is slightly north of 4. Previous year tax returns How greatly do previous years taxes filed effect your ability to obtain a mortgage? Do you have to have the same level of income for the past two years to get a mortgage loan? Close cards before pre-approval Hi? I?m trying to get pre-approved for my first mortgage loan within a few months. My present score is 786. I paid off a vehicle loan with time payments. I have 6 credit cards 3 are department store cards with a combined limit of around 8k with no balance the other 4 are regular visa cc's with a limit of 9k combined no balance or late payments. I want to close 3 of the visa cards bringing my limit back to 5k. The one I am keeping I just opened about 2 weeks ago. My question is if I close the...
Cannot find what your looking for? Use keywords to get what you want.
