Home Prices Fall at Record Rate
- By:
- MortgageLoan.com | June 25, 2008
US home prices experienced an unprecedented slide in April since the S&P/Case-Shiller home price index began in 2000 with every top metropolitan area now posting annual losses and a sizeable percentage of them showing double -digit decline.
The S&P/Case-Shiller home price index dropped 15.3 percent from a year earlier, less than forecast, after a 14.3 percent decline in March. The 20-city index is based on data that goes back 19 years, while the 10-city index is 21 years old.
The composite index of 10 metro areas fell 1.6% in April, resulting in a record 16.3 percent annual drop. Home prices in 12 of the metro areas have fallen for eight consecutive months.
The fall in home prices is further exasperated by mounting mortgage defaults, foreclosures and stringent loan rules that make it more difficult for prospective buyers to get financing.
Despite the gloomy outlook, the figures were better than analysts expected, with the 20-city index expected to fall 2 percent for April and 15.9 percent from the previous year.
The figures quickly follow comments made by US Treasury Secretary, Henry Paulson who sees an end to the housing decline in sight.
"Hopefully the biggest part of the housing decline will be over by the end of the year," he said.
Bankruptcy Reform Back on the Table
- By:
- Bill Rice - MortgageLoan.com | November 21, 2008
One of the earliest ideas for helping homeowners facing mounting mortgage debt and potential foreclosure on their home was to reform bankruptcy laws. The concept is now officially back on the table, introduced into the Congressional lame-duck session by Senator Richard Durbin (D-IL).
TARP is Closed for Relief Until Further Notice
- By:
- Bill Rice - MortgageLoan.com | November 20, 2008
Remember what a crisis the $700 billion mortgage market bailout was--the very existence of the American financial order hung in the balance.
Fixing the Housing Market, Lots of Ideas...Any Answers?
- By:
- Bill Rice - MortgageLoan.com | November 19, 2008
Almost a year into the dawning of the housing crisis (many chronologist are setting that around the January 2008 crumbling of Countrywide) ideas continue to flow, but few seem to be the answer. In fact, this seems to be the growing consensus--there is no silver bullet.
G-20 Lots of Motion, Will There Be Action?
- By:
- Bill Rice - MortgageLoan.com | November 18, 2008
The 20 most powerful industrial nations, and now the caretakers of an unprecedented global financial crisis, assembled in Washington DC over the weekend. Their mandate was broad and daunting--stabilize world markets.
FDIC Challenges Treasury with New Loan Modification Proposal
- By:
- Bill Rice - MortgageLoan.com | November 17, 2008
On the heels of the Treasury and Federal Housing Finance Agency's (FHFA) loan modification plan for Fannie Mae and Freddie Mac, the FDIC releases their own proposal. In this unprecedented, unilateral, and aggressive move by a Federal agency the FDIC is essential fighting a very public political battle directly with the Treasury and the current Administration.
Mortgage Rates Drop for Second Straight Week
- By:
- Bill Rice - MortgageLoan.com | November 14, 2008
Another week of dismal economic data have again pushed down mortgage rates. Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.14 percent, down from 6.20 percent last week. This demonstrates a steep decline from 6.46 percent two weeks prior.
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