Fannie Mae and Freddie Mac Mortgage and Foreclosure Notes; Fixed Rate Mortgage Rates Low; Stop Foreclosure Today
Posted on | November 1, 2010 | No Comments
The Fannie Mae and Freddie Mac bailout continues and the economic recovery plods along. The housing market continues its struggles. Reports on pending Home Sales are due out Friday from the National Association of Realtors.
As home sales are often a positive indicator of the general health of the economy, hopes are that signs will point toward home sales improvements. But current statistics are not positive. In the second quarter in 2010, almost 3% of all houses stood empty and the foreclosures keep coming. The housing market in general has not been healthy for some time and anticipation for a positive report come this Friday are wavering. Predictions stemming from Fiserv state that the national forecast for price gains regarding projected home prices could drop as much as 7.1% between June 30th 2010 and June 30th 2011 and home prices are not predicted to rebound any time soon. Bad news for some is good news for others although. It could be years, in fact, before we see the market bottom out and begin movement in the opposite direction. Data has been giving mixed messages as the existing home sales did rise to 4.53 million annualized rate in September which was up 10% from a month earlier. A positive from all of this is that home prices are dropping and very affordable for first time home buyers. Even better is that the interest rates for lending continue to drop. It is anticipated that the Federal Reserve will launch a plan to purchase government bonds in an attempt to make loans cheaper and prompt lending, spending and economic growth. The national average 15 and 30 year fixed rate mortgage fell between 3.9% and 4.5% depending on case and area. Refinancing is always an option for current home owners as this could make the monthly payment a bit more affordable and stave off the foreclosure process.
Author: Stephen Johnson