The Federal Open Market Committee of the Federal Reserve announced the first rate cut to its key interest rate range since the Great Recession ushered in a series of rate cuts described as "quantitative easing." The Fed committee confirmed a quarter-point cut to 2.00 to 2.25 percent. Fed Chair Jerome Powell described the rate cut as a "mid-cycle adjustment" intended as a one-time boost for the economy. Mr. Powell said he did not view the cut as the first in a series of quantitative easing moves, … [Read more...]
What’s Ahead For Mortgage Rates This Week – August 5th, 2019
Last week's economic news included readings from Case-Shiller on home prices, pending home sales, construction spending and a post-meeting statement from the Federal Open Market Committee of the Federal Reserve. Consumer sentiment was released along with Commerce Department reports on public and private sector job growth and the national unemployment rate. Weekly readings on mortgage rates and new jobless claims. Home Price Growth Slows in May The Case-Shiller National Home price Index showed … [Read more...]
How To Buy A Bargain Home As A Short Sale
A short sale is when the mortgage lender(s) agrees to sell the property for a lower amount than the loan-balance remaining. During the worst moments of the 2006 to 2008 real estate crisis, homes sold as short sales for a fraction of their value. Lenders had so many properties with loans in default that they could not manage the ones that they had in foreclosure. Foreclosure is an expensive legal process that causes a lender to lose more money on a property. This is one of the motivators that … [Read more...]
Case-Shiller: Home Prices Growth Slows in March
Home price growth slowed again in May according to Case-Shiller home price indices. Home price growth slowed for the 14th consecutive month to its lowest rate in 12 years. Case-Shiller's National Home Price Index showed 3.40 percent growth year-over-year in May as compared to April's year-over-year reading of 3.50 percent. Las Vegas, Nevada held its first place position in the 20-City Home Price Index for highest year-over-year home price growth rate at 6.40 percent; Phoenix, Arizona held second … [Read more...]
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