The new housing rescue bill has $300 billion for the troubled homeowners. Do you qualify to get the benefits?The housing bill, which was passed recently, is enacted to help troubled homeowner and the mortgage giants Fannie Mae and Freddie Mac. The law will be put in action from October 1. The at risk homeowners now, will be able to refinance their old mortgage loans with the help of a low-cost fixed-rate loans which will be insured by the the Federal Housing Administration (FHA).

Though the Congressional Budget Office estimation says that 400,000 borrowers with $68 billion in loans will be […] Continue Reading…

A new housing bill with controversial measures to help borrowers , housing market and Fannie and Freddie.

Senate has passed a landmark housing bill which will help the homeowners and the mortgage giants Fannie Mae and Freddie Mac. The bill will offer $300 billion for troubled homeowners. It will also help in establishing a rescue plan for Fannie Mae and Freddie Mac. President Bush was against it but he has agreed to sign it.

This is an effort by Washington to save the nation from the housing chaos. This is one of the legislation in decades that will have far reaching […] Continue Reading…

The West has seen a sharp drop in home prices.

In the first quarter the U.S. real state market has seen a 7.7% decline in home prices. This is the largest year to year decline since 1982.

The median selling price is $196,300 now. This is a decline of 4.8% in comparison to 2007.

 Due to the liquidity problems, the high prices markets are showing decline in the sales as well as sales price. Such declining markets have affected other markets. The shortage of jumbo loans also affected the sale of homes. Sales slowdown has resulted in lower value of the homes.

Jumbo […] Continue Reading…

The interest rate of 30-year mortgages averaged 6.63% this week. In the last week the rate was 6.26%. The rates are increasing continuously for he last three weeks now. The interest rate will be hiked by Federal Reserve as the present condition shows a mixture of weak housing market, and rising inflation. The interest rate is still to touch the record mark of 6.69%.The reasons behind the increasing interest rate are concern about the increasing inflation, probability of Fed increasing the rates, and weakness of the housing market. Freddie Mac chief economist Frank Nothaft mentioned these factors as the […] Continue Reading…

Want to buy a home? If you have the money then there are 2.2 million homes available for you. But if you wan to sell your home, then it is perhaps not a good news for you.

In the first quarters of 2008 the vacancy rate was 2.9%, a record in itself. In the last year the vacancy rate was 2.6%. This is according to the Census Bureau. For homes built after April 2000, the vacancy rate is 9.8%, which is three times that of houses built before.

This is bad for the homeowners because it means more reduction in the […] Continue Reading…