Mortgage Rates Fall to 3-month Lows

By Associated Pres – Re-Blogged From Headline Wealth

U.S. long-term mortgage rates fell this week to their lowest level in three months, deepening the incentive for prospective homebuyers although they face eroded affordability as prices continue to climb.

Mortgage buyer Freddie Mac said Thursday that the average rate for a 30-year fixed-rate mortgage declined to 3.60% from 3.65% last week. The benchmark rate stood at 4.45% a year ago.

The average rate on a 15-year mortgage eased to 3.04% from 3.09% last week.

Mortgage rates have shown stability in recent months, buoyed by positive economic data, a strong job market and improved sentiment in the housing market.

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Mortgage Applications Hit 4-Year Low as 30-Year Rate at 8-Year High

By Thomson Reuters – Re-Blogged From Newsmax

U.S. borrowers filed the fewest applications to buy a home and to refinance one in nearly four years last week as some 30-year mortgage rates increased to their highest levels in about 8-1/2 years, the Mortgage Bankers Association said on Wednesday.

The Washington-based industry group’s seasonally adjusted gauge on mortgage requests, which is seen as a proxy on future housing activity, fell 4.0 percent to 316.2 in the week ended Nov. 2. This was the weakest reading since December 2014, according to the Mortgage Bankers Association.

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Shiller: Housing Market Ready to Burst, Reminiscent of 2006 Bubble

Re-Blogged From Newsmax

Nobel Prize-winning Yale economist Robert Shiller warns that the weakening housing market is showing the same symptoms as it did just before the subprime housing bubble burst a decade ago.

The economist, who predicted the 2007-2008 crisis, recently told Yahoo Finance that current data reflects “a sign of weakness.”

“The housing market does have a momentum component and we’re seeing a clipping of momentum at this time,” said Shiller, the co-founder of the Case-Shiller Index, which tracks home prices around the nation.

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4.5 Million US Homeowners Still Under Water on Mortgages

By Bloomberg – Re-Blogged From Newsmax

A staggering number of American homeowners remain under water on their mortgages a decade after the housing bubble burst.

Almost 4.5 million households — or 9.1 percent — owed more than their homes are worth in the fourth quarter of 2017, according to data firm Zillow, with an estimated 713,000 owing at least twice as much as their property’s value.

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More Signs Of Inflation: Home Prices Jump Again And “$3 Gas Is Coming”

By John Rubino – Re-Blogged From Dollar Collapse

Cornflakes and milk may or may not be getting more expensive, but some higher-profile things are rocking like it’s 1979. Houses, for example:

Home prices just took the biggest jump in four years

(CNBC) – Homebuyers, hold onto your wallets. The gains in home prices are getting bigger as the supply of homes for sale gets leaner.

The median price of a home sold in March surged 8.9 percent compared with March 2017, according to Redfin, a real estate brokerage. It is the biggest annual increase in four years. Redfin tracks prices in 174 local markets and calculated the median home price at $297,000.

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The US Housing Market Goes “Brutal”

By John Rubino – Re-Blogged From Dollar Collapse

Real estate tends to ride an emotional rollercoaster, as anyone who made it through the 2000s can attest. But in some ways the current market is even stranger than those of past cycles. Consider:

Home buying market so brutal, some home buyers make offer sight unseen

(CNBC) – This spring home-buying season should be a coming-out party for Millennials, many of whom are finally ready to make a purchase after hunkering down for years in their parents’ basements or expensive apartments.

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