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Federal Reserve Chairman Ben S. Bernanke said that the central bank’s low interest rates didn’t cause the last decade’s housing bubble and that better regulation would have been more effective in limiting the boom.
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Last year, lenders often took three to six months to respond to a short-sale offer. If the response was no, the buyer was out looking for another home after having wasted a lot of time. Many buyers who expected short sales to be good deals shied away from them altogether after having a few bad experiences.
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The U.S. economy is finally crawling out of a deep hole, and is surprisingly on the threshold of massive job creation.
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It’s important to keep in mind, however, that the sales price is not the only factor that determines what the monthly payment will be. In fact, the impact of higher interest rates can easily nullify any benefit of waiting for a lower price.
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HSH’s latest two-month forecast for mortgage rates is in. While rates trended higher than we thought they would during the last forecast period, “Our expected range of movement was pretty good, but rather than moving to the lower end of the scale, we moved to the upper side instead.”
Here’s just a taste of our latest [...]
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Image by Gojca? via Flickr When shopping for a home, the natural tendency of any buyer is to want to pay the lowest price possible maybe even buying a foreclosure. It’s important to keep in mind, however, that the sales price is not the only factor that determines what the monthly payment will be. In [...]
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Image via Wikipedia Monday, June 1, 2009 10:10 AM NEW YORK – Roger Wald recently discovered he would save $25,000 a year if he refinanced or sought a loan modification for his five-year mortgage at 4.75 percent. Wald, an auto body repairman in Sarasota, Fla., could have gotten that rate last month. But like many [...]
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By BRIAN BLACKSTONE WASHINGTON — Former Federal Reserve Chairman Alan Greenspan Tuesday brushed back critics who contend that easy monetary policy fueled the housing bubble and ensuing bust, saying, “I respectfully disagree; they’re wrong.” Mr. Greenspan was asked after a speech to a National Association of Realtors conference whether, in hindsight, he thought interest rates [...]
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