Washington bargaining on the bailout package presses ahead, as House Republicans return to the negotiating table and lawmakers said theyâll put off a scheduled recess to complete work on the $700 billion package.
Even as Washington debates a massive rescue plan to cure the housing marketâs ills, the government issues data that show U.S. home values declined by 0.6% in July from June and by 5.3% from July 2007.
Home, for millions of Americans, is not only where the heart is. Itâs increasingly where the retirement account is, too. Yes, home equity, along with IRAs, 401s and Social Security is viewed as one of the most important sources of retirement income to millions of homeowners.
The government takeover of mortgage giants Fannie Mae and Freddie Mac has pushed mortgage rates lower, a boon for some home buyers and homeowners seeking to refinance, but it is not automatically going to make home loans easier to obtain.
Some investors are seeing huge opportunities in the growing inventory of distressed properties and foreclosures, so huge that theyâre using retirement funds to buy real estate or even make mortgage loans.
In a sign that the U.S. housing market may weaken in coming months, an index of sales contracts on previously owned U.S. homes fell 3.2% in July from the prior month, the National Association of Realtors reported Tuesday.
Mortgage rates fell Monday on news of a Treasury-led bailout of mortgage giants Fannie and Freddie Mac, but observers warned not to expect lower borrowing costs to suddenly revive the troubled housing market.
Rising college costs are causing some parents to consider an alternate housing plan for their students: Theyâre bypassing the dorm and off-campus apartments in favor of purchasing a condominium or single-family home.
The credit crunch is the one area that many consumers think they can sidestep if their financial situation is not perilous. After all, the term âcredit crunchâ was just put into the Concise Oxford English Dictionary, defined as âa severe shortage of money or credit,â so anyone with decent credit or stable cash flow is likely to believe that credit headlines represent someone elseâs problems.
Fewer applicants seek mortgages, with the volume of applications filed last week down a seasonally adjusted 1.5% compared with the last week of July, the Mortgage Bankers Association says.
In a sign that the U.S. housing market may strengthen in coming months, an index of sales contracts on previously owned U.S. homes rises 5.3% in June from the prior month, the National Association of Realtors reports.
The average rate on the 30-year fixed mortgage remained flat this week, and other mortgage rates moved little, according to Freddie Macâs weekly survey released on Thursday. But a new fee structure announced by Fannie Mae may push rates higher in the weeks ahead.
The chief executive of one of the nationâs largest home builders on Tuesday vented his frustration over new housing legislation and the elimination of some down-payment assistance for buyers, saying the move will further weaken the sagging market.
From a tax perspective, the housing bill is likely to cause more upset than calm. Here is a look at five areas where tax law was changed along with housing law, and the good news and bad news that goes along with each:
President Bush signs legislation that consumers, industry and lawmakers hope will shore up the housing market, provide an emergency safety net for mortgage giants Fannie Mae and Freddie Mac and help hundreds of thousands avoid foreclosure.
