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Mortgage Rates at All-Time Low
Philly.com (11/16/12)
Long-term fixed mortgage rates fell to unprecedented lows this week, reports Freddie Mac. Average interest on 30-year loans hit 3.34 percent--the lowest since record keeping began in 1971--down from 3.40 percent a week ago. The 15-year mortgage, meanwhile, dropped to 2.65 percent from 2.69 percent.
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Bernanke Says Credit Woes Continue to Plague Housing
Wall Street Journal (11/16/12) P. A4 Hilsenrath, Jon
In a Nov. 15 speech, Federal Reserve Chairman Ben Bernanke played down the budding housing rebound, warning that tight credit, underwater borrowers and delinquent loans remain issues. He did not address looming concerns about monetary policy; central bank officials will meet Dec. 11-12 to chart a course on interest-rate policies.
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Foreclosure Filings Ticked Up in October: Report
American Banker (11/16/12) Browdie, Brian
Foreclosure filings rose slightly last month versus September, reports RealtyTrac, but they are still falling year over year. The firm counted default notices, scheduled auctions and bank repossessions on 186,455 homes in October -- 3 percent more than the previous month but down 19 percent from October 2011. Florida, Nevada, Illinois and California led the nation.
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Taxpayers Face Rescue of F.H.A.
New York Times (11/16/12) P. B4 Lowrey, Annie
For the first time in more than 80 years, the FHA could require taxpayer financing. An independent audit out today projects the agency will not have the cash reserves to pay all of its obligations, with a shortfall of about $16.3 billion. FHA reserves slipped below $3 billion in 2011. The agency blames its woes in part on slower-than-expected home appreciation and low interest rates that have weakened its books.
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NAHB: Nationwide Housing Affordability Improves in Third Quarter
Huntington News (11/15/12) Kinchen, David M.
The National Association of Home Builders and Wells Fargo report that lower interest rates made housing more affordable even as residential prices bumped up in the third quarter. Nationwide, 74.1 percent of all homes sold during the period were within financial reach of families earning the U.S. median income of $65,000. That is up from 73.8 percent in the second quarter.
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