Mortgage rates fall to near-record lows
Interest for a 30-year, fixed-rate loan fell to an average of 4.93% this week, the third-lowest rate on record, according to government-sponsored mortgage giant Freddie Mac.
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Agency fights home foreclosures
CEDAR FALLS – A stranger knocked on Kimbee Dinsmore’s door lastMay asking to look around inside. He was interested in buying herhome during an upcoming sheriff’s sale.
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Habitat accepting applications for next home
ST. JOHNS — Habitat for Humanity of Clinton County is a Christian housing ministry with the goal of eliminating substandard housing in our community. It is the organization’s plan to build a decent, affordable home this year in partnership with a local family.
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Bay Area home prices rise, but sales fall
Bay Area home prices rose in January for the fourth-straight month on a year-to-year basis while the number of home sales dropped below what they were a year ago for the first time in 17 months.
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Report: Fewer people falling behind on home loans
New mortgage delinquencies fell at end of 2009 as foreclosure crisis begins to ebb
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The Council of Mortgage Lenders (CML) has reported that UK gross mortgage lending has fallen six per cent during August – sinking to £32.2 billion from a record £34.25 billion in July – prompting fresh fears that the housing boom is over. Only a month ago analysts were pointing to the record level of mortgage advances, bullish at the fact that five interest rate rises had not dampened the market. But in only a month that appears to have been turned on its head.
The recently released figures represent a three per cent fall on lending for the same period in 2006 and even more worrying for the banks, building societies and other lenders, is that this drop in lending took place before recent credit restrictions were imposed on mortgage lending resulting from the knock-on effect of the sub-prime market failure in the USA.
With perhaps predictable bravado, the director general of the CML, Michael Coogan rejected claims that the market was anywhere near a dramatic slowdown, commenting: “Lending fell slightly during August but was still at very high levels. We see no obvious decline in consumer demand, although in the short term we are seeing a decrease in the supply of lending due to the problems lenders are experiencing in raising wholesale funding.”
The CML point to the overwhelming support of the economy from the chancellor, the Bank of England’s declaration that it would support three-month funding and the US Federal Bank rate cuts that will increase liquidity amongst lenders. However, caution is still urged as providers of UK mortgages are reminded to factor in interest levels on mortgages similar to those that exist now, if they are to avoid problems in the future.
As a result of the tightening of lending criteria, now more than ever potential borrowers are being urged to compare mortgages carefully before committing themselves to a particular deal. Anyone in such a situation will find that rates have risen sharply and even the amount they may be able to borrow has significantly reduced compared to several months ago, as lenders move to protect themselves against potential bad-debt.
The ogre of negative equity and the close shave for the Northern Rock building society are causing some jitters in the financial world with lenders doing all they can to ensure that they can protect their assets. The CML’s claim that there is nothing to worry about will be tested over the coming months as more borrowers struggle to keep up with increased payments and the dust from the sub-prime mortgage market collapse in the USA settles.
Andrew Regan is an online, freelance author from Scotland. He is a keen rugby player and enjoys travelling.
Toyota recalls new Prius in latest safety fix
The spiraling crisis at Toyota Motor Corp deepened on Tuesday as the automaker said it would recall thousands of Camry sedans as well as nearly half a million new Prius and other hybrid cars to fix steering and braking problems.
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FDA Agreements Should Be Public
One of the biggest initiatives Margaret Hamburg has announced since she became head of the Food and
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Drink and spend, spend and drink
It’s the holiday season, and time to celebrate. Typically that would mean breaking out the oranges, but nowadays it also means popping open a bottle of wine.
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Frightened buyers pull out of real estate deals
Property buyers are getting cold feet and reneging on deals, says a real estate firm.John Stewart, general manager of the 70-branch First National Group, said buyers were using escape clauses to cancel offer agreements.Christmas,…
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Toyota resale value, reputation falling
Kelley Blue Book dropped the resale values of recalled Toyotas for the second time in four days Monday, leaving them as much as 4 percent or $300 to $750 lower than a week ago, depending on the model.
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Status update
The Las Vegas Convention and Visitors Authority is fighting with the American Cancer Society.
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Record movement of money as low returns drive investors back to markets
IT WAS only a matter of time before savers fed up of pathetic cash returns would throw caution to the wind and put their money at the mercy of the markets.
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Fewer homeowners see home values falling
By Julie Haviv
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Fewer homeowners see home values falling
By Julie Haviv
Read more on Reuters via Yahoo! Singapore News
Fewer homeowners see home values falling
By Julie Haviv
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Aussie eyes non-bank crown
AUSSIE Home Loans executive chairman John Symond is positioning the company to dominate the non-bank lending sector despite expectations of up to three more interest rate rises this year.
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Aussie set to lead non-bank lenders
Aussie Home Loans is positioning itself to dominate the non-bank lending sector despite expectations of up to three more interest rate rises in 2010.
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People on the move
Brandee Walker has joined the staff at Grand Realty in Milton. She has been a resident of Northwest Florida for more than 20 years.
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Delaware Business Achievers
Who’s who in Delaware business
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Falling homes sales have some Realtors looking for other work
Mitch Dozier is like a lot of other former Realtors.
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