Latest News in Mortgages and Home Loans- April 06, 2010

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Home Contracts Jump
Home sales contracts jumped in February, prompting hopes that the housing market really is stabilizing, and that things are on the verge of improvement.

Payrolls Rise Most in Three Years
Today, the payrolls report for March came out, showing the biggest rise in three years.

Housing Market News: TARP Money and Mortgage Applications
There are some hopes that the housing market situation is finally stabilizing. A lot of this hope is coming from the fact that there are a number of programs in place designed to help overcome the housing funk we are currently in.

Home Price Index Shows Gains in 20 U.S. Cities
The January 2010 Case-Shiller home price index showed a month over month increase from December 2009, and 20 U.S. cities saw gains in home prices. It’s not a huge victory for the housing market, but it does show that things are stabilizing. Bloomberg reports on the news on home prices:
The S&P/Case-Shiller home-price index climbed 0.3 [...]

Treasury Gets Ready to Sell Citi Shares
One of the things the government did during the mortgage market crisis to help shore up Citi was to buy shares in the company. Now the Treasury department says that it is planning to unwind its position in Citi as this year progresses.

New Mortgage Modification Options for Jobless
One of the big concerns right now is that as the employment situation remains dire, a new wave of foreclosure could hit. As a result, the Obama Administration is working to provide help for those who have been jobless.

Back and Forth Over Mortgage Modification Program
Image by joelogon via Flickr

Back and forth continues over the success (or lack thereof) of the mortgage modification program put into effect last year. President Barack Obama suggested the program as a way for families to avoid foreclosure. However, the plan included trial modifications, not to become permanent until it was clear that the trial [...]

Bank of America to Begin Reducing Mortgage Principals
Bank of America announced yesterday it would begin reducing the principal on some mortgages by up to 30%.

Reader Question: Can I Delay Taking a Mortgage Deduction on My Taxes?
After consulting with an accountant and looking at the IRS web site, it appears that you can only take the mortgage deduction in the year that you paid the mortgage interest.

February Existing Home Sales Fall Slightly
There are, of course, hopes that now that President Obama has got his #1 domestic priority taken care of (health care reform), he can turn focus to job creation. It remains difficult to stem the tide of foreclosure and convince people to make a large purchase when the economy continues to shed jobs.

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