Monday, May 24, 2010
Wall street and your street
So the world stock markets seem to be in full retreat again. But on the plus side the 10 year treasury rate is tanking right along with them. This in turn is dropping the interest rates again. Just when everyone expected them to rise (and they did for a month or two), the stock markets throw some fuel on the real estate market. Rates on a 30 yr fixed are down to 4.625% and I've seen a few at 4.5% with no points. That's a mighty fine rate.
Subscribe to:
Post Comments (Atom)
7 comments:
Which is another reason why it's too bad the inventory is so low right now. I do a broad search every day. A year ago I'd get 50+ results on the MLS. Today it's more like 3.
Inventory has climbed a bit but still remains well below peak levels. I was expecting more by now but it seems the banks are still dragging their feet on getting these homes turned over. In the $400k to $600k range there's a pretty good selection but many of those are dreamers. The good deals don't last long though.
Golfer X,
Can you share the website you refer to for comparing mortgage rates?
I remember the announcement from BofA beginning of this year which stated they were going to increase foreclosure by 600% , taking those shadow inventory out of the shadows. Looks like they were wrong about that and the Obama HAMP is further tying them up. Most of the deadbeats I know have gotten their trials extended.
An acquaintance got one of them Mods and was selected for a survey by the bank. It was an in person type where they pay you $200 to show up and take a survey and if you get selected for the in depth one you get $250. She was selected for the in depth. Anyways, the acquaintance said they were gauging her interest in a program that would have paid her $7,000 if she gave the house back to the bank within 6 months. My guess is this may be the best way for the bank to make sure it's getting all it can out of the resell. Judging by all these flippers, destroyed houses, and those living scot free a mere $7k and the promise of a kept house may be a bargain.
americaninterbanc.com
Post a Comment