Standard & Poors released its Case-Shiller Index Tuesday.  The index is a monthly home valuation report from select cities and among the private sector's most popular home pricing models. In reviewing the April Case-Shiller Index and its accompanying analysis, it appears that the housing market's rebound is gathering momentum. In the index's 20 tracked cities: 18 of 20 improved from March to April 2010 Versus April 2009, home prices are up nearly 4 percent The two "down" cities from April -- Miami and New York -- are off just 0.5% and 1.0% annually, respectively Furthermore, as ...

All day, every day, conforming and FHA mortgage rates in Illinois are in flux.  Rates move in response to hundreds of factors which exact varying levels of influence. Among the biggest influences on mortgage rates is inflation.  When inflation is unexpectedly high, mortgage rates tend to rise quickly. Conversely, when inflation is unexpectedly low, rates tend to fall quickly. But what is inflation? By definition, inflation is when a currency loses its value; when what used to cost $1.00 now costs $1.10. As consumers, we recognize inflation by the items we buy on a daily basis ...

On June 23, 2010, Fannie Mae announced a change to its "waiting period" policy for prior foreclosures. Heretofore, the waiting period that must elapse after a borrower experiences a foreclosure is seven years. However, Fannie Mae allowed a shorter time period - five years - if certain additional requirements were met (i.e., minimum down payment, credit score, and occupancy requirements). These requirements have now been modified to remove the five year option. Unless the foreclosure was the result of documented extenuating circumstances, which only requires a three-year waiting period ...

The Senate has approved a plan to give home buyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. The move by Senate Majority Leader Harry Reid (D-Nev.) would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to close the sale. The proposal would only allow people who have signed contracts to finish later. About 180,000 homebuyers who already signed purchase agreements would ...

Mortgage markets improved last week in response to mostly negative data about the U.S. economy, and the Federal Reserve's acknowledgement that Eurozone financial ills could cross the Atlantic. Conforming and FHA mortgage rates fell last week, extending a rate rally that dates to early-April.  Mortgage rates have fallen to several, new, all-time lows during this period and last week was no different. The best rates of last week hit Thursday morning. This week, mortgage rates should be volatile, and may rise, too.  There's a bevy of data due for release, and market volume will be ...

One month after the federal homebuyer tax credit's official expiration, the New Home Sales report turned in its worst showing ever. In May 2010, for the first time in 11 months, the inventory of unsold new homes crossed the 8-month marker, posting an 8.5 month supply overall. Additionally, new homes sales volume fell to 300,000 units nationwide -- a drop of 32% and its lowest level since the Commerce Department started tracking data in 1963. Now, universally, the press is referring to the May New Home Sales report as "poor".  A closer look, however, shows that may not be the case. For ...

  photo: TheTruthAbout… I confess: I am somewhat of a serial refinancer. Since my husband and I bought our home in the summer of 2006, we have refinanced twice. That’s three mortgages within four years of homeownership. (Can you blame us, though? Our rate dropped from 6.35% for a 30-year fixed loan in 2006 to 5.35% for a 5/1 ARM in 2008, to the current 4.1% for a 5/1 ARM. With a full percentage point or more decrease each time, we recouped our closing costs in less than a year.) There’s a reason why I’m telling you this. I’d like to share our latest refi experience: a story in ...

  photo: TheTruthAbout… I confess: I am somewhat of a serial refinancer. Since my husband and I bought our home in the summer of 2006, we have refinanced twice. That’s three mortgages within four years of homeownership. (Can you blame us, though? Our rate dropped from 6.35% for a 30-year fixed loan in 2006 to 5.35% for a 5/1 ARM in 2008, to the current 4.1% for a 5/1 ARM. With a full percentage point or more decrease each time, we recouped our closing costs in less than a year.) There’s a reason why I’m telling you this. I’d like to share our latest refi experience: a story in ...