Interest rates today
Today's update from Susan Costello at Empire Home Loans had a pretty nice interest rate:
5.875% for conforming 30-year fixed loans!
Latino polulation growth will require 4 million new homes
An interesting projection for our state...
Latino homeownership in California trails the nation, and, in order to adequately meet the needs of the state's fastest growing ethnic community, roughly 4 million homes must be built in the coming decades, according to a new study by the California Building Industry Association (CBIA), and the California Homebuilding Foundation (CHF).
"Latino Californians understand the importance of homeownership to their families and their long-term economic prosperity," said Robert Rivinius, CBIA president and CEO. "California will grow by over 14 million people by 2030, and nearly 80 percent will be Latino. To meet the demand, California must produce 4 million homes and apartments. Right now, we're not even close."
The study shows an overwhelming majority of non-home owning Latinos would like to own their own homes. Latino Californians support environmental protection laws, but want to see increased production of well-planned housing; they overwhelmingly believe home builder and home buyer government fees need to be lowered to increase affordability; and Latino Californians strongly support government sponsored programs for homeownership for low-income families, but oppose inclusionary zoning policy, according to the study.
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California real estate price snapshot
This is the latest update from the California Association of Realtors:
California median home price - $588,970
California highest median home price by region - Santa Barbara Southern Coast $1,262,500
California lowest median home price by region - High Desert $287,390
Interest rate update
This is the latest update from Susan Costello from Empire Home Loans.
Conforming interest rates are great! 6.125% 30-Year Fixed
Real estate owned property
This is useful information given by Rob Bor from First American Title Company in Grass Valley, California. It's a guide to understanding the REO transaction.
What is an REO?
REO means "Real Estate Owned" and is an expression used in the real estate industry to describe property which is owned by a bank because it has foreclosed on one of its loans.
Background
In our current economic market, foreclosures are on the rise. When a borrower defaults on his loan, the bank can take back the property which is the collateral or security for its loan. Most lenders do not want to own these properties, because the maintenance and management expenses add to their costs and decrease profitability. This climate creates a favorable environment for both investors and residential home buyers who are searching for a good deal, and the REO market is presently quite active.
If you are a prospective REO Buyer, the information in this tip will help you understand the unique characteristics of these transactions and prepare you for an escrow process which may be different from what you have experienced in the past.
Read more for the details...
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Feds cut interest rate big this past week. What does it mean for you?
The Federal Reserve jumped in this past week to try to help the housing market. Here's some information from articles in The Union and CNNMoney.com.
The Federal Reserve cut a key interest rate for the first time in four years, starting with an aggressive half-point move to prevent a steep housing slump and turbulent financial markets from triggering a recession.
The action triggered a huge rally on Wall Street.
The Fed announced Tuesday that it was reducing its target for the federal funds rate, the interest that banks charge each other, from 5.25 percent to 4.75 percent.
The Fed’s action is designed to boost economic growth by lowering borrowing costs for millions of consumers and businesses.
The Fed Funds rate affects a range of consumer loans, including home equity and mortgages. Lower mortgage rates would add to the number of home buyers able to afford to make purchases, increasing demand for properties and buoying home prices. Buyers often care less about the actual purchase price than they do about the size of their payments. If rates drop, so will monthly debt obligations.
Borrowers with mortgages that are about to reset to higher levels will also get a break.
The Fed's decision Tuesday to slash its benchmark federal funds rate by a larger-than-expected half percentage point sent stocks soaring and lifted the Dow Jones industrials nearly 336 points.
Consumers will likely be helped by seeing lower interest rates on debt such as credit cards. While the boost to investor confidence is often immediate, Fed interest rate moves often take six months or more to fully work themselves into the economy.
So, hopefully, this will give our economy a boost in a number of ways, so look forward to the future.
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