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U.S. Homeownership at Lowest in Over a Decade

The U.S. homeownership rate is at its lowest level since 1999, said a report by the Wall Street Journal. According to the Census Bureau, 66.9 percent of households owned their homes. In 1999, the rate was 66.7 percent.

Americans Less Likely to Spend on Home Improvement When Home Prices are Low

American homeowners may not spend significantly on home improvements in the near future, according to report by the Wall Street Journal. Americans tend to spend more on home improvement as home prices rise, since they are likely to see a return on their investments.

Last Minute Mortgage Credit Checks Could Cause More Headaches for Borrowers

Fannie Mae’s new policy of running a last-minute credit check on borrowers during the last few weeks before closing a mortgage may cause added issues for consumers, according to a report by the New York Times. The guidelines, which were introduced this summer, aim to find out if borrowers changed jobs, applied for other loans or fell behind on bills, like appliances, in between applying for and closing on a mortgage. Freddie Mac has initiated similar guidelines, which will go into effect in February.

Mortgage Bankers Association Predicts Rise in Mortgage Rates

The Mortgage Bankers Association (MBA) predicts that 30-year fixed-rate mortgage rates will rise to 4.7 percent in the first quarter of 2011, and to 5.1 percent by the end of that year, according to a report by the Wall Street Journal. Although the rates will rise, the group notes that a rate of 5.1 percent is still very low historically.The

New Single-Family Home Sales Up in September

Sales of newly built, single-family homes rose 6.6 percent in September, the best rate since June, according to data released by the U.S. Commerce Department, said a press release by the National Association of Home Builders (NAHB). The number of units sold rose to a seasonally adjusted rate of 307,000.

Freddie Mac CEO: Government involvement in housing market must continue

The government will have to continue its involvement in the housing and mortgage markets, as the industry forecast for the next year remains dreary, said Freddie Mac CEO Charles E. Haldeman Jr. The government currently backs nearly nine out of 10 new loans.

Existing Home Sales Up, Median Prices Down, Says National Association of Realtors

Existing home sales increased 10 percent in September according to the National Association of Realtors (NAR), said a report by Forbes.com. There were 4.53 million existing home sales last month, up 10 percent from the 4.12 million sales in August. Sales were 19.1 percent lower than September 2009, however, with 5.6 million existing home sales.

Former economic adviser proposes solution to foreclosure crisis

Former White House housing finance issue adviser Peter Swire proposed that senior bank officials personally vouch for the quality of their banks’ mortgage documentation process. Swire, now a law professor at Ohio State University, based his proposal on the Sarbanes-Oxley Act, which required certain disclosures to restore faith in financial statements after the Enron and WorldCom scandals.

States Announce Investigation of Mortgage Companies

A coalition of state attorneys general this week announced that they will be launching an investigation into the mortgage servicing industry, according to a report by the Wall Street Journal. The decision was made due to the recent allegations of fraudulent documents and “robo-signers,” workers who allegedly signed foreclosure documents without reading them.

2010 Professional Remodeler Market Leaders

Our exclusive annual report on the industry’s leaders shows even the largest companies are feeling the crunch

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