I will update this post from time to time - stay tuned for more news.
10-14-2011: About 70-85% of residential mortgage transactions in 2011 were refinances. This means fewer normal resales (since the Sellers have to compete with foreclosures) and more people taking advantage of much lower interest rates. Be sure to read through this article - it provides other information like normal length of time to break even on your additional closing costs, etc,.Source: http://www.bloomberg.com/news/2011-10-14/refinancing-chills-demand-for-u-s-home-purchases-amid-economic-squeeze-.html
9-27-2011: 1/5 of all homeowners with a mortgage owes more than home is worth and $7 Trillion of homeowner's equity was lost in this down market since 2007. Source: WSJ 9-24/25-2011.
1-11-2011: About 10.8 million (about 22.5% of total) homeowners in the US owe more than their home is valued.
Fannie Mae and Freddie Mac guarantee about 50% of the $10.6 Trillion in home loans outstanding.
95% of all mortgages are owned by the US Government in some form through Fannie Mae, Freddie Mac, FHA or other means (up from 45% in 2005).
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
No comments:
Post a Comment