Existing Home Sales and Mortgage Apps Fall Again
The National Association of Realtors reports that total existing home sales - including single-family, townhomes, condominiums and co-ops - decreased 2% in March when compared to the previous month's sales.
Meanwhile, mortgage application volume continues to fall off weekly. Over the past couple of weeks, application volume dropped by over 14% according to the Mortgage Bankers Association.
And although existing home sales and mortgage applications continue to show declines, conflicting sentiment seems to indicate that more people are positive about the overall economy than not. Recent surveys show more American's feel they still can buy a home than those who feel they cannot.
What's your feeling now? We'd love to get your feedback on exactly how you feel (overall) about the current economy. Use the comment link below to give us your opinion.
The Real Estate Crisis: Congress Expected to Fail
An over-whelming majority surveyed say the U.S. Congress will fail in its attempt to solve the nation's real estate crisis. That, according to a new poll conducted by Housing Predictor.
The online survey clearly indicated that Americans are fed up with Congressional failures, the government's stance on the nation's economic crisis and the White House.
Housing Predictor forecasts more than 250 local housing market futures in all 50 states, and regularly surveys visitors on real estate related issues, which are in the forefront of the national economic crisis. They also forecast the nation's top 25 real estate markets annually, the worst 25 markets and the nation's foreclosure epidemic.
Tell us what you think. Do you think Congress will fail in its attempt to solve the nation's real estate crisis? Click the comment link below and sound off. We'd love to hear from you.
Consumer Sentiment: Plunges to a 26-Year Low
Consumer sentiment plunged to its lowest level in 26 years in early April, according to a report released recently by the University of Michigan/Reuters, as worries about the economy, unemployment and inflation deflated hopes for the future.
The U.S. consumer sentiment index fell to 63.2 in early April from 69.5 in March. Sentiment is at its lowest level since March 1982. Economists surveyed by MarketWatch were looking for an April result of 68.8.
Where is your "consumer sentiment" right now? We'd love to hear from you on this topic. Just click the comment link below and give us your feedback.
Foreclosure Relief Compromise Reached
Senate leaders have reached a deal to advance legislation to ease the nation's home foreclosure crisis. The bill has not been written yet, but Sen. Mitch McConnell of Kentucky, the Republican leader, and Senate Democratic Leader Harry Reid of Nevada defused a GOP filibuster threat that had stymied a Democratic plan a month ago.
The legislation would provide billions of dollars to buy up foreclosed homes. It also would ensure that people who take out high-cost mortgages in the future aren't surprised by big payment increases.
What do you think? We'd love to hear your comments. Do you think this deal will help the struggling housing industry? Use the comment link below to register your feedback on this issue. Your email address will never be published to protect your privacy.
Housing: Where do the Candidates Stand?
Recent data show that nearly a million American households are at risk of foreclosure, 71% more than a year ago. Nearly 6% of all borrowers are past due on their mortgages.
And the presidential candidates are trying hard to convince voters that they have the best plan for fixing the problems. How do their plans compare?
The Democratic candidates argue that if the Federal Reserve can back the purchase of Bear Stearns with $29 billion, then the federal government can also lend a hand to struggling homeowners. John McCain contends that the Fed's intervention in the financial markets was designed to stabalize Wall Street, which in turn is supposed to stabalize the mortgage market and help more borrowers.
Have you been keeping up with what the three Presidential candidates are saying about housing and the banking industry? Who do you believe? Anyone?? We'd love to hear your thoughts and comments. Just use the comment link below and sound off. Don't worry, your email address is never published on our site.
