What Obama’s Housing Plan Means for You
What Obama’s Housing Plan Means for You
By Sara Kehaulani Goo, Washington Post, Feb 1, 2012
Many people are wondering about President Obama’s refinance plan, announced Wednesday, and a new program that would try to make thousands of vacant homes available for rent. Is this your chance to refinance and take advantage of the historically low interest rates? Will this really help the housing market — and the economy? Let’s walk through it.
U.S. Regulator Launches Foreclosure Sales Plan
By Margaret Chadbourn, Reuters, Feb 1, 2012
The regulator for mortgage finance companies Fannie Mae and Freddie Mac said on Wednesday investors could now sign up to pre-qualify to bid on foreclosed properties held by the government-controlled firms.
Homeownership Rates Fall to 66%
By Julie Schmit, USA TODAY, Feb 1, 2012
The U.S. Census Bureau reported Tuesday that the nation's homeownership rate fell to 66 percent in the fourth quarter, continuing a seven-year drop from a fourth-quarter peak of 69.2 percent in 2004. Falling homeownership — and prices — reflect the worst housing downturn since the Great Depression. And while there are signs that the housing industry's downturn may at least be nearing a bottom, the impact of the collapse will be evident for years to come, economists say.
No Bottoming Out for Real Estate Market as Home Values Keep Falling
By Alison Rogers, TIME, Jan 31, 2012
If you’re watching the real estate markets, the good news is that the Federal Reserve has pledged to keep interest rates low through 2014. The bad news is that the market is going to need it. The November Case-Shiller housing numbers, released this morning, indicate that prices tumbled 3.7% from the year before. That’s below expectations of a 3.2% drop.
Bernanke: Fed Will Protect U.S. Economy from Europe
By Annalyn Censky, CNNMoney.com, Feb 2, 2012
The recovery remains "frustrating slow" in the United States, and now Europe's debt crisis is posing additional challenges, Federal Reserve Chairman Ben Bernanke told Congress Thursday. "Risks remain that developments in Europe or elsewhere may unfold unfavorably and could worsen economic prospects here at home," Bernanke told the House Budget Committee.
Hedge Funds Brace for Euro Zone Break-Up
By Laurence Fletcher, New York Times via Reuters, Feb 1, 2012
Nervous hedge funds managers are stress-testing their portfolios and searching for ways of protecting themselves against their worst nightmare — a potential break-up of the euro zone. With talks on restructuring Greece's debt mountain still deadlocked, and the exit of one of more countries from the euro seen as a small but definite possibility, funds are modeling scenarios ranging from a 50 percent slump in European stocks or a 45 percent fall in the oil price to a 30 percent rise in gold.