Today’s News Synopsis:
According to the Orange County Register, home prices in California dropped 6.2% year-over-year in August from last year. However, for the whole United States home prices dropped .4% month-over-month from July to August, the first drop in prices CoreLogic has reported in four months. Rates on a 30-year mortgage dipped below 4%, according to Bloomberg.
In The News:
Housing Wire - “3Q house prices up but Clear Capital predicts 2012 dip” (10-6-11)
“Home prices rose nationally 3.5% in the third quarter over the previous quarter, according to the latest home data index from Clear Capital.”
Bloomberg - “30-Year Mortgage Rates in U.S. Fall Below 4%” (10-6-11)
“Mortgage rates in the U.S. fell, sending longer-term borrowing costs below 4 percent for the first time on record, as stricter credit standards and the slowing economy hold back a housing rebound.”
O.C. Register - “Calif. home prices off 6.2%, 7th worst drop” (10-6-11)
“California home prices fell 6.2 percent in the year ending in August, 7th biggest drop among the states, according to new data from CoreLogic.”
NAHB - “Number of Improving Housing Markets Nearly Doubles in October” (10-6-11)
“The second edition of the National Association of Home Builders/ First American Improving Markets Index (IMI), released today, shows 23 individual housing markets now qualifying as “improving” under the new gauge’s parameters. This is nearly double the 12 housing markets that made the list last month.”
DS News - “Congress Scrutinizes Federal Housing Programs” (10-6-11)
“Several Federal housing programs came under attack during a hearing Thursday morning titled “The Obama Administration’s Response to the Housing Crisis’.”
Realty Times - “Remodeling Double-dip Offers Opportunity for Homeowners” (10-6-11)
“Remodeling is suffering a double dip in sales, not unlike the double dip in home prices, but just as it’s a good time to buy an affordable home, it’s a good time to budget for and negotiate a home improvement deal.”
Housing Wire – “Homeownership rate at lowest level in 70 years” (10-6-11)
“The U.S. homeownership rate in 2010 fell to the lowest level in 70 years, dropping to 65.1%, down from 66.2% in 2000, according to data from the Census Bureau.”
DS News – “CoreLogic Records First Drop in Home Prices in Four Months” (10-6-11)
“Home prices in the U.S. slipped 0.4 percent between July and August, CoreLogic reported Thursday. It marks the first time in four months the company’s index has recorded a decline.”
One year ago, the National League of Cities expected city property-tax revenues to decrease 1.8% in 2010. The IMF believed a double-dip in real estate was possible. A new program from HUD allowed delinquent borrowers, who were unemployed or suffering from a severe medical condition, to receive up to $50,000 at a 0% interest rate. The monthly ADP National Employment Report showed the private sector lost 39,000 jobs in September 2010.
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