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Jumbo conforming rates come down to earth Premium Content

By Matt Carter, Friday, May 23, 2008.

Jumbo conforming loans eligible for purchase by Fannie Mae and Freddie Mac are now available at nearly the same interest rate as conventional, conforming loans, executives at the companies told lawmakers this week.

But the credit crunch is keeping rates elevated on jumbo loans Fannie and Freddie can't buy, and the government-chartered companies could lose their ability to buy mortgages above the $417,000 conforming loan limit at the end of the year if Congress doesn't act.  more...

Housing stars in economic freak show

By Lou Barnes, Friday, May 23, 2008.

Mortgage and Treasury rates have stayed within a tight range for six-straight weeks: 5.875 percent to 6.25 percent and 3.7 percent to 3.92 percent, respectively.

Given the lurching in other markets, the credit market stability may seem other-worldly, but it is not -- recent bond trading accurately reflects the current economy. We are still stumbling forward, avoiding one open manhole after another. The cardinal indicator: The labor market is still intact; there are no waves of layoffs; and new claims for unemployment insurance are just as steady as interest rates.  more...

U.S. home-price index down 3.1%

By Inman News, Friday, May 23, 2008.
For larger image <a href="http://cache.inman.com/files/images/stories_images/OFHEO_map.jpg" target=blank>click here</a>.

Nationwide home prices are down a record 3.1 percent from a year ago, according to a government house-price index that excludes mortgages too large or risky for purchase or guarantee by Fannie Mae and Freddie Mac and may understate price declines in some markets.  more...

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Foreclosures: Vultures, Voyeurs and Lawyers

By Glenn Roberts Jr., Friday, May 23, 2008.

The swath of blight and financial troubles carved out by a rise in foreclosures has also cleared the path for a growing cottage industry.

A production company in Florida is seeking to syndicate a reality television show starring Tom Bruzzesi, a Realtor and foreclosure investor who has bought and sold over 250 foreclosure properties in the past five years.  more...

Guess Who's Coming To Connect?

By Joel Burslem, Friday, May 23, 2008.

Have you seen who's coming to Connect this year?

I just took at the list of speakers and it made my head spin a bit. It's going to be a fantastic event.

Check out who's going to be there:  more...

Resale home price plummets 17% in West

By Inman News, Friday, May 23, 2008.

The supply of resale condos, co-ops, townhouses and single-family homes mushroomed to 11.2 months in April and prices dropped 8 percent year-over-year, the National Association of Realtors reported today.

A supply greater than six months is generally indicative of a buyer's market, and the supply is a gauge of how long it will take to deplete the inventory of for-sale homes based on the sales pace.  more...

Real estate veteran sees slow times ahead

By Inman News, Friday, May 23, 2008.
Patrick Stone

Patrick F. Stone, chairman of the Stone Group, is best known for his past roles as vice chairman of Metrocities Mortgage and CEO of Fidelity National Information Solutions, a former majority-owned subsidiary of Fidelity National Financial.

Stone has had a lengthy career in the real estate industry, and brings with it a solid understanding of markets and processes.

He will speak at Real Estate Connect in San Francisco, July 23-25, 2008.  more...

Nightly real estate rates up

By Inman News, Friday, May 23, 2008.

Long-term mortgage interest rates increased again Thursday, and the benchmark 10-year Treasury bond yield climbed to 3.91 percent.

The 30-year fixed-rate average rose to 5.81 percent, and the 15-year fixed rate gained to 5.39 percent. Meanwhile, the 1-year adjustable rate held at 5.87 percent.

The 30-year Treasury bond yield edged up to 4.62 percent.

Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.  more...