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Home values plummet $500 billion PDF Print E-mail
Clipped by Sam Stamper - everyloan.com   
Wednesday, 09 December 2009

Residential real estate owners suffered through another down year, but losses were much lower than in 2008.

By Les Christie, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) -- American homeowners will have lost nearly $500 billion in home value by year's end.

Still, that's a big improvement over 2008, when values fell by $3.6 trillion, according to a report released Wednesday by real estate Web site Zillow, which provides online appraisals for tens of millions of properties nationwide.

"Home values stabilized significantly during the second half of 2009, with the total dollar value of U.S. homes increasing since June," said Zillow's chief economist, Stan Humphries, in a prepared statement. "Most housing markets across the country had a good summer, spurred largely by the government's tax credits for homebuyers combined with very low mortgage rates."

The gigantic Los Angeles market suffered the largest total loss in home value, at $60.8 billion. Metro Chicago values fell $49.6 billion and New York dropped $49 billion.

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Getting a Mortgage in 2010: 10 Things to Know PDF Print E-mail
Clipped by Sam Stamper - everyloan.com   
Tuesday, 08 December 2009

More than three years into a painful housing crash, the real estate market has sent recent—albeit tentative—signs of stabilization. Home sales have increased, inventory levels are down, and price declines have become less precipitous. Along with more affordable home prices and a tax perk from Uncle Sam, attractive mortgage rates—which remained below 5 percent as of late November—have been a driving force behind this development. The availability of low mortgage rates will play a decisive role in the performance of the 2010 housing market as well. To help consumers better understand the requirements and costs they will face as they shop for a home loan next year, U.S. News spoke with a handful of housing market experts and compiled a list of 10 things to know about getting a mortgage in 2010.

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Freddie: 30-Year Mortgage Rate At 38-Year Low PDF Print E-mail
Clipped by Sam Stamper - everyloan.com   
Tuesday, 08 December 2009

Mortgage rates generally fell again this week, with the average rate on 30-year fixed-rate mortgages reaching the lowest level in at least 38 years, according to Freddie Mac's weekly survey.

"Interest rates for 30-year and 15-year fixed-rate mortgages fell for the fifth consecutive week to an all-time low while the average rate on five-year (adjustable-rate mortgages) hovered near its record set in the previous week," Frank Nothaft, Freddie's chief economist, said Thursday.

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2 million troubled borrowers avoid foreclosure PDF Print E-mail
Clipped by Sam Stamper   
Wednesday, 27 August 2008

The Hope Now coalition reports that it completed a record number of mortgage workouts in July - but that was outpaced by the increasing rate of foreclosures.

By Les Christie, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) -- Hope Now has helped more than 2 million at-risk borrowers stay in their homes during the past 13 months, according to numbers released by the coalition on Wednesday.

The alliance of mortgage servicers, counselors, and investors assembled to combat foreclosures fixed more than 192,000 problem loans during July, a one-month record that represents a 6% increase over June.

Despite this progress, foreclosures continue to climb; 91,752 families lost their homes in July. That represents an increase of 14% from June and more than double the number of July 2007, when only 42,043 homes went to foreclosure.

"The treadmill is still going a little faster than [Hope Now] can keep up with," said Nicholas Retsinas, Director of Harvard University's Joint Center for Housing Studies. "Foreclosures have outpaced the efforts to combat them."

So, Hope Now is stepping up its efforts to reach out to troubled borrowers to let them know help is available, according to Faith Schwartz, the alliance's executive director. The group has promoted its program through advertising, public announcements, as well as letters to at-risk borrowers and large foreclosure prevention events that it's holding around the country.

Reluctant to seek help
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Home prices plummet in a new record PDF Print E-mail
Clipped by Sam Stamper   
Tuesday, 26 August 2008

National prices fell 15.4% in past 12 months. Las Vegas was the worst-hit city, while Denver and Boston saw the biggest price increases.

By Les Christie, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) -- National U.S. home prices fell a record 15.4% in the second quarter compared with last year, according to a report released Tuesday.

The latest S&P/Case-Shiller national home price index is down 18.2% from its peak in the second quarter of 2006, and there are no signs that the pace of home-price declines is easing. The second-quarter loss was even larger than the record 14.2% drop posted in the first three months of 2008.

Both the Case-Shiller 10-city index (down 17%) and 20-city index (down 15.9%) also posted record year-over-year losses in the second quarter.

A small piece of good news: In June the pace of monthly declines slowed ever so slightly compared with May. Prices for the 10-city index declined 16.9% year-over-year and the 20-city index was down 15.8%.

Too much inventory
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