Keyword: whatstheagenda
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Gerard Herard was able to finally purchase a home in 2003 through a $225,070 mortgage from Security Atlantic Mortgage. His payments on the quaint Totowa Avenue house in Paterson were a reasonable $1,300 a month. But Herard's payments have since increased to $2,200 a month and the mortgage has grown, not shrunk, to roughly $300,000. Herard is not entirely sure why his situation changed so dramatically and is struggling to deal with the increase. "I'm trying to climb a steep ladder," said Herard, 53. In recent years, lenders have lured scores of homeowners to untraditional mortgages with changing terms. Many...
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NEW YORK (Reuters) - They are jumping ship or receiving the pink slip. America's real estate agents and mortgage lenders, that is. ADVERTISEMENT Now that the glory days of the most recent U.S. housing market are over, its deterioration is taking a toll on employees who profited from its record-breaking five-year run. With home sales slumping and loan demand diminishing, layoff announcements and resignations have become increasingly common, evidence that the sector's slump is broad. Carmen Cook, a veteran real estate broker, saw the writing on the wall and decided to retire earlier this year. "The market changed and my...
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NEW YORK (CNNMoney.com) -- After several years of turbo-powered growth, home prices have gone into a stall, according to the latest prices released Tuesday. Nationally, the median home price rose just 3.7 percent to $227,500 from last year's second quarter to this year's, according to the National Association of Realtors. Where the growth still is Growth in the median home price in the second quarter. Click for more stats on each city. Baton Rouge, LA: 27.3% Ocala, Fla.: 25.3% Virginia Beach, VA: 23.6% Gainesville, Fla.: 19.7% Portland, Ore.: 19.1% Losing ground Danville, Ill.: - 11.2% Detroit, Mich.: - 8% Rockford,...
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Many brokers thrived last year amid record home sales, but this year the industry has taken a turn for the worse. TAMPA — The sneeze came first: Home sales in the Tampa Bay area dropped by a third from last year’s peak. For symptoms of the developing head cold, plunge into the exhibition hall at the Tampa Convention Center, where the Florida Association of Mortgage Brokers is holding its annual trade show. Puffed up to handle record-breaking home sales of last year, which poured money into savvy brokers’ pockets, the residential lending industry and affiliated businesses are mostly deflating this...
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In the US, Fannie Mae (FNMA) and Freddie Mac are Government Sponsored Enterprises (GSEs) which buy residential mortgages and repackage them to sell on as mortgage-backed bonds. Although these bonds are not backed by the US government, most believe the GSEs would never be allowed to fail. But Dan Denning reports below on how a US Treasury report has warned that this mistaken belief and the illiquid nature of property means that an ‘interest rate shock’ could topple the US mortgage market – making the Long Term Capital Management (LCTM) crisis look like a walk in the park... Could this...
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Contrary to popular belief, the housing market hasn't cooled off that much. In fact, residential real estate prices continue to soar in a number of key metropolitan areas, according to a new study released this week. That's a good thing, right? Actually, no–because the froth building in housing prices raises the distinct possibility of significant corrections to come in many of those regions. In the first quarter, home prices nationwide rose an additional 7.3 percent, according to a joint study by the financial services firm National City Corp. and the research firm Global Insight. As a result, there are now...
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NORTHEAST FLORIDA -- The rise in foreclosures that analysts predicted would follow an easing in lending restrictions, low interest rates and creative mortgage products has emerged in metropolitan Jacksonville. Recently released data from California-based RealtyTrac Inc. showed the five-county metro area experienced a 39 percent increase in foreclosures over last year's first quarter, or 3,579 foreclosures for the first three months of this year compared with 2,570 for the same period in 2005. The increase was just above the national foreclosure increase of 38 percent for the first quarter, which RealtyTrac analysts said could mean foreclosures going above 1.2 million...
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