Why there IS a Double dip in housing

Sales of new homes dropped 17 percent in February following another big drop in January.   This combined with a reported low level of mortgage purchase applications clearly spells out a Double Dip in the housing market.  The question is not if there will be a double dip, the question is when will it end. With… Read more »

No Housing Rebound Expected until 2012

During more traditional times sellers may welcome the Spring as a time when they start receiving more activity on their home.  It seems that once the snow starts melting home buyer’s start to heat up their desire to buy their dream home and sellers are the beneficiary.  Last year, homeowners had the benefit of this Spring time home buying season… Read more »

Jobs Reports Reflect Lowest Unemployment Rate in 2 Years

Three months in a row we have seen the unemployment rate drop for us non-farm payrolls.  According to this morning’s jobs report we are now under 9% unemployment rates at 8.9%.  Employers added 192,000 jobs in the last month alone with manufacturing, business, education and healthcare.  This is the lowest unemployment rate since April of… Read more »

Obama Increasing Down Payment Required for a Mortgage

Thousands of people agree that the down payment for buying a home should be increased.  Today, if you are in the market to purchase a home you may not even need a down payment if you are able to qualify for a USDA Rural Housing Mortgage or VA Loan.  Most other qualified borrowers have the… Read more »

The Cost of Not Refinancing

When it comes to your mortgage the first thing people ask is “what is your interest rate?”  Many people have the old rule of them embedded in their thought processes that it does not make sense to refinance unless you are lowering your interest rate at least 1%.  This may be true in some cases… Read more »

Mortgage’s Around the World

I thought it may be interesting to share some information on how other countires handle their mortgage markets.  Interestingly enough, most countries require much larger down payments to buy a home.  Here are a couple of countries I found some information on.  In Japan a buyer needs 10% down, in India a buyer needs to put 15% down,… Read more »

Government seeks phase out of Fannie and Freddie

The talking heads have been weighing in on a new report that came out today by the Treasury Dept.  This report is called the “White Paper”.  The White Paper report is going to be given to your elected officials so that they can figure out how to get the pseudo-government entities of Fannie-Mae and Freddie-Mac out of the mortgage business.  The government wants to lower… Read more »