Wednesday, January 30, 2008

Feds cut rate again!

The Federal Open Market Committee acted again! It lowered the federal funds rate 50 basis points. It now stands at 3 percent.

To read the press release, go here: Federal Open Market Committee

A history of the Fed Funds rate is here: History of Federal Funds rate

To read more details on how this affects the consumer and mortgage rates: Bankrate.com

Tuesday, January 29, 2008

2007 a year for Record Foreclosures

RealtyTrak reports that nationwide foreclosures in 2007 were up 75% over 2006. There are many more interesting statistics, and foreclosure information on their website.

To read more: RealtyTrac

Monday, January 28, 2008

New Home Sales Weak

The National Association of Home Builders (NAHB) reports that " ... New single-family home sales fell 4.7 percent in December ... ". The NAHB reports on how this points to the need for actions from lawmakers to stimulate the market.

To read more: NAHB

Sunday, January 27, 2008

Economic Stimulus Package Includes Increasing Loan Limits

The proposed package includes an increase in the loan limit from $417,000 to a maximum of $725,000. Read more about it here: California Association of Realtors

Friday, January 25, 2008

Interest Rates Fall

Freddie Mac reports that "...the 30-year fixed-rate mortgage (FRM) averaged 5.48 percent with an average 0.4 point for the week ending January 24, 2008, down from last week when it averaged 5.69 percent as well. Last year at this time, the 30-year FRM averaged 6.25 percent. The 30-year FRM has not been lower since the week ending March 25, 2004 when it averaged 5.40 percent."

To read more: Freddie Mac

Thursday, January 24, 2008

December 2007 California Home Sales

DataQuick reports that California home sales for December 2007 were similar to November's numbers, but down slightly more than 41% from last year. DataQuick reports that "Last month's sales made for the slowest December in DataQuick's records, which go back to 1988. On a year-over-year basis, sales have declined the last 27 months."

To read more: DQNews.com

Tuesday, January 22, 2008

Feds Cut Rates

Surprise! The Feds cut rates by 75 basis points. Read more here: Bankrate.com