Housing Bright Spot: Construction Spending Rises

Construction Spending Rises U.S. construction spending rose 0.3 percent in April as private residential construction increased at the fastest pace in six months. Overall construction spending was up 6.8 percent compared with April 2011. Construction spending rose to an annual rate of $820.7 billion, the Commerce Department said on Friday, after an upwardly revised 0.3Continue reading “Housing Bright Spot: Construction Spending Rises”

The Housing Market Update – What to Look for

  Consumer Sentiment Jumps to Four Year High: While historically low mortgage rates and attractive home prices are important to make the housing market attractive, it is actually how a consumers feels about the economy and their own situation that drives demand. U.S. consumer sentiment rose to its highest level in more than four yearsContinue reading “The Housing Market Update – What to Look for”

REFINANCE UPDATE if your home is under water

This morning, FHFA announced their enhancements to the HARP refinancing program. Operational details of the plan are to be released on November 15. Only loans that were purchased or guaranteed by Fannie Mae or Freddie Mac on or before May 31, 2009 and have a current LTV over 80% are eligible. In addition, the loan mustContinue reading “REFINANCE UPDATE if your home is under water”

The Volley on the Market Continues

WOW. What a roller coaster on Wall street. Markets experienced extreme volatility once again today especially after the Fed announced its statement at 2:15pm ET. The Fed did not say that it would add any additional stimulus to the economy but Stocks bounced back after the horrific sell-off in recent days. Mortgage Bonds also roseContinue reading “The Volley on the Market Continues”

FDIC’s Bair suggests time right for rate hikes.

Outgoing Federal Deposit Insurance Corp. Chairman Sheila Bair on Friday said it may be time to think about implementing a slow increase in interest rates to make bank lending more profitable. Bair’s comments come as some bankers have been criticizing the Federal Reserve’s zero interest rate policy, insisting that it is hurting bank profitability andContinue reading “FDIC’s Bair suggests time right for rate hikes.”

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