The mortgage industry surprises us everyday it seems! Nothing is a constant anymore... everything seems to be shifting from high to low, and low to high. Mortgage rates have dropped significantly though, from last year at this time. Below is an article high lighting the latest news in the mortgage industry... take a look a the average charts at the bottom of the article. It is showing the Southwest United States average mortgage rate at 5.74% for a 15 year fixed. That is the lowest mortgage rate out of the other parts of the United States! If you can afford to purchase a home right now, it really is a great time to do so. As always, let us know what your thoughts are.
http://www.riskcenter.com/story.php?id=17104
Friday, September 26, 2008
Monday, September 22, 2008
Who says Multi-Million Homes Are Exempt?
So, with all of the buzz surrounding foreclosures throughout California, Nevada, and Arizona... we think that some people have forgotten that million dollar homes were also purchased on false hopes and over-inflated incomes (in some cases), along with their lesser counterparts. We do realize that our tumultuous economy has also been a factor in many families being unable to pay their mortgages, but for the most part, lending institutions are to blame for the country's "mortgage meltdown".
Seeing that Arizona has been consistently ranked #3 in the national for foreclosures, we should not assume that these foreclosures aren't occurring in million dollar neighborhoods. Foreclosure is happening to everyone... it is not bias to one nationality, one race, one income bracket, etc. It rears its ugly head anywhere and to anyone.
In relation to our local market, we are seeing more $600,000+ homes on the market reading "Short-Sale" or "Foreclosure". Sometimes, purchasing these homes can be a "good deal" for the buyer... if you have a few weeks or months to wait for a response from the lender. To learn about homes such as these within Tucson, Oro Valley, and Marana... just give us a call.
There was a great article in The Wall Street Journal today regarding these types of foreclosures. Attached is the link to the article... Please feel free to comment.
http://online.wsj.com/article/SB122177752165254337.html
Seeing that Arizona has been consistently ranked #3 in the national for foreclosures, we should not assume that these foreclosures aren't occurring in million dollar neighborhoods. Foreclosure is happening to everyone... it is not bias to one nationality, one race, one income bracket, etc. It rears its ugly head anywhere and to anyone.
In relation to our local market, we are seeing more $600,000+ homes on the market reading "Short-Sale" or "Foreclosure". Sometimes, purchasing these homes can be a "good deal" for the buyer... if you have a few weeks or months to wait for a response from the lender. To learn about homes such as these within Tucson, Oro Valley, and Marana... just give us a call.
There was a great article in The Wall Street Journal today regarding these types of foreclosures. Attached is the link to the article... Please feel free to comment.
http://online.wsj.com/article/SB122177752165254337.html
Monday, September 8, 2008
U.S Seizes Fannie and Freddie
The U.S. government on Sunday seized control of mortgage finance companies Fannie Mae and Freddie Mac , launching what could be its biggest bailout ever in a bid to support the U.S. housing market and ward off more global financial market turbulence.
The action, prompted by worries over the companies' shrinking capital, was the latest in a series of emergency steps taken by U.S. officials to prop up the wobbly housing sector and quell what is now a year-long crisis in credit markets that has helped push many economies toward recession.
"Our economy and our markets will not recover until the bulk of this housing correction is behind us," U.S. Treasury Secretary Henry Paulson said in a statement read to reporters.
Fannie Mae and Freddie Mac, which own or guarantee almost half of the country's $12 trillion (6.7 trillion pounds) in outstanding home mortgage debt, were so large that "a failure of either of them would cause great turmoil in our financial markets here at home and around the globe," Paulson said.
READ FULL ARTICLE AT: http://www.iht.com/articles/reuters/2008/09/07/business/OUKBS-UK-FANNIE-FREDDIE.php
The action, prompted by worries over the companies' shrinking capital, was the latest in a series of emergency steps taken by U.S. officials to prop up the wobbly housing sector and quell what is now a year-long crisis in credit markets that has helped push many economies toward recession.
"Our economy and our markets will not recover until the bulk of this housing correction is behind us," U.S. Treasury Secretary Henry Paulson said in a statement read to reporters.
Fannie Mae and Freddie Mac, which own or guarantee almost half of the country's $12 trillion (6.7 trillion pounds) in outstanding home mortgage debt, were so large that "a failure of either of them would cause great turmoil in our financial markets here at home and around the globe," Paulson said.
READ FULL ARTICLE AT: http://www.iht.com/articles/reuters/2008/09/07/business/OUKBS-UK-FANNIE-FREDDIE.php
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