To speed recovery of the housing market, Fannie Mae in March will begin purchasing and guaranteeing mortgages for borrowers carrying loans on as many as nine other properties, up from the current limit of three. However, the number of months of reserve payments that must be held by investors will rise to six in June from two currently. "One of the things that leads the economy out of a housing crisis is when prices get cheap enough that investors start moving in and buying things," says Joe Garrett of the Berkeley, Calif.-based consulting firm Garret, Watts & Co.
Source: American Banker, Harry Terris (02/10/09)
Copyright Info Inc.
Tuesday, February 10, 2009
Friday, February 6, 2009
When Will Prices Bottom Out?
Housing prices will hit bottom in the fourth quarter of 2009, predicts Moody’s Economy.com in a new report.
"Despite the darkening national economic outlook and the weak conditions in the housing market, some positive signs give hope that a bottom in the housing market is coming into view," the report says.
On average, home prices will decline 36 percent from the peak in the first quarter of 2006, the report says.
By the end of the housing downturn, nearly 62 percent of the nation's 381 metropolitan areas will have experienced double-digit-percent declines in house prices, peak-to-trough, says the report.
The declines will exceed 20 percent in about 100 metro areas, according to the report, scheduled to be discussed in a Webcast on Thursday.
The recovery will be “lackluster,” the report continues.
"A number of uncertainties in both the housing and economic outlooks remain, and the risks tilt to the downside," says Moody’s Economy.com Chief Economist, Mark Zandi.
Source: The Wall Street Journal, James R. Hagerty (02/06/2009)
"Despite the darkening national economic outlook and the weak conditions in the housing market, some positive signs give hope that a bottom in the housing market is coming into view," the report says.
On average, home prices will decline 36 percent from the peak in the first quarter of 2006, the report says.
By the end of the housing downturn, nearly 62 percent of the nation's 381 metropolitan areas will have experienced double-digit-percent declines in house prices, peak-to-trough, says the report.
The declines will exceed 20 percent in about 100 metro areas, according to the report, scheduled to be discussed in a Webcast on Thursday.
The recovery will be “lackluster,” the report continues.
"A number of uncertainties in both the housing and economic outlooks remain, and the risks tilt to the downside," says Moody’s Economy.com Chief Economist, Mark Zandi.
Source: The Wall Street Journal, James R. Hagerty (02/06/2009)
Wednesday, February 4, 2009
Experian Blocks Access to Scores at MyFICO.com
Experian will no longer offer credit scores via MyFICO.com, but FICO scores based on data from Equifax and TransUnion will still be available through the Web site.
The change doesn’t affect lenders, but it makes it more difficult for potential borrowers to examine their score before they apply for a loan.
Experian said in a e-mailed statement: "Consumers will continue to have many choices for obtaining credit scores based on Experian data, including from Experian Web sites and our many resellers. Consumers can also assess their creditworthiness by purchasing credit scores developed by other credit reporting agencies or third parties, or FICO scores based on other bureaus’ credit data."
Source: The Wall Street Journal, Jane J. Kim (02/04/2009)
The change doesn’t affect lenders, but it makes it more difficult for potential borrowers to examine their score before they apply for a loan.
Experian said in a e-mailed statement: "Consumers will continue to have many choices for obtaining credit scores based on Experian data, including from Experian Web sites and our many resellers. Consumers can also assess their creditworthiness by purchasing credit scores developed by other credit reporting agencies or third parties, or FICO scores based on other bureaus’ credit data."
Source: The Wall Street Journal, Jane J. Kim (02/04/2009)
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