By Inman News, Monday, January 8, 2007. Local efforts in 12 states to eliminate lead-paint hazards in thousands of privately owned low-income housing units have been awarded more than $31 million in grants from the U.S. Department of Housing and Urban Development. HUD's grants will help local projects in California, Illinois, Michigan, New Hampshire, New York, Rhode Island, Texas and Wisconsin reduce lead-based-paint hazards and improve living conditions. Eligible jurisdictions for the grant program include those with at least 3,500 occupied rental-housing units built before 1940. more...
By Inman News, Monday, January 8, 2007. Although home sales across Virginia slowed for the 15th straight month in November, low interest rates and plentiful inventory seem to be drawing buyers back into the market, the Virginia Association of Realtors reported. According to statistics, there were 7,942 sales of existing single-family homes in November, down 18.4 percent from 9,735 sales a year earlier, but Richmond Metro, the Eastern Shore, Martinsville-Henry area, Chesapeake Bay & Rivers, Dan River Region, New River Valley and Southwest Virginia all posted sales gains in November compared to a year earlier. more...
By Inman News, Monday, January 8, 2007. Long-term mortgage interest rates inched up Friday, and the benchmark 10-year Treasury bond yield edged up to 4.65 percent. The 30-year fixed-rate average gained to 5.71 percent, and the 15-year fixed rate rose to 5.48 percent. The 1-year adjustable was up at 5.33 percent. The 30-year Treasury bond yield increased to 4.74 percent. Rates are current as of 7:15 p.m. Eastern Standard Time. Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. more...
By Matt Carter, Monday, January 8, 2007. Housing and finance experts say lower interest rates and a healthy economy could help housing markets rebound in 2007. But there's no guarantee that a surge in oil prices or another unexpected jolt to the economy won't send the country into a recession, with long-term interest rates soaring even as the Federal Reserve cuts short-term rates to encourage borrowing. The slowdown in housing helped keep inflation in check in 2006, allowing the Fed to take a break from a string of 17 straight increases in the short-term federal funds interest rate since 2004. more...
By Jack Guttentag, Monday, January 8, 2007.
"What type of borrower finds it advantageous to take an FHA loan?" The answer to this question is a little different today than in 2000 when I first addressed it because FHA's market niche is smaller. This reflects developments in the conventional sector that have not been matched by FHA, including the growth in popularity of loans with no down payment, interest-only monthly payments, and option ARMs. Reflecting these developments, FHA's market share fell from about 15 percent in 2000 to about 5 percent in 2006. more...
By Dian Hymer, Monday, January 8, 2007.
David Lereah, chief economist for the National Association of Realtors, recently said that the home sale market has started to stabilize and could even turn around by spring 2007. Other economists are less optimistic. Ken Rosen, a noted real estate forecaster, predicts that it will take about three years for the San Francisco Bay Area housing market to turn around. Leslie Appleton Young, chief economist for the California Association of Realtors, thinks it will take 18 months for the California market to recover. more...
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