Latest News in Mortgages and Home Loans- June 02, 2009

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Would You Let Seth Green Teach You About Mortgages?
I like Seth Green. He’s smart, satirical and savvy. And tonight he’s going to be educational. He’s going to teach the country (or at least the portion of it that watches ABC) about mortgages. Tonight, at 9 p.m. Eastern, ABC is airing a one-hour special: UN-BROKE: What You Need to Know About Money. The [...]

Mortgage Market News: Foreclosures, New Home Sales, Mortgage Rates
It’s been a fairly eventful couple of days in terms of mortgage market news. Not only have existing home sales increased, but there is new data for foreclosures, new home sales and mortgage rates now.
Foreclosures
The latest foreclosure data shows that foreclosure starts rose dramatically in the first quarter of 2009. This is not much of [...]

Existing Home Sales Increase in April
April saw an increase in existing home sales. When the National Association of Realtors broke the numbers down further, there were two very interesting trends that came out of it:

40% of home buyers are first time home buyers.
45% of home sales were distressed properties.

This information offers an interesting snapshot of what is going on right [...]

What You Need To Know Before Buying a Home at Auction
Real estate auctions are becoming more popular as the recession continues and people look for ways to turn the current housing market problems to their advantage. Indeed, with home prices lower, it is little surprise that the bargain hunters are out in force. And one of the best places to look for good deals is [...]

Home Prices Continue to Drop
Image by Getty Images via Daylife
Home prices continue to drop, prompting many to continue looking for a real estate market bottom. Indeed, for Quarter 1 of 2009, home prices fell by 19.1%. This decline in home prices indicates that the real estate market is far from out of the woods yet. CNN Money reports on [...]

Happy Memorial Day!
Image by Dustin C Oliver via Flickr
Today is the observation of Memorial Day. The actual Memorial Day is not until Saturday, but it is observed the last Monday in May, so that is today. I think it is a good idea to take a few minutes to reflect on the sacrifices made by our service [...]

Debt Forgiveness: Taxable in Many Cases
It is important to recognize that in many cases the debt forgiveness you receive is taxable. Even though you do not actually receive any money when a debt — or part of a debt – is forgiven, the IRS taxes you like you did. However, there are some instances in which debt forgiveness is not [...]

Credit Score: Important for Getting a Mortgage Loan
One of the most important aspects of your personal finance life is your credit score. This number is essentially a snapshot of your credit history — the record of how responsible you are when it comes to loans. In order to get a mortgage loan, you need to have a reasonably good credit score. Indeed, [...]

Credit Card Rules Make it Through the Senate
Image by larrybobsf via Flickr
New credit card rules have been passed by the Senate. They still have to go to the House, before heading to President Obama’s desk, but they are well on their way. It appears that this is the year for credit card reform. The rules passed by the Senate go beyond what [...]

U.S. Housing Market Set to Stabilize Soon
Image by Getty Images via Daylife
Today, April data for housing starts was released. It shows a record low. Housing construction has slowed dramatically, especially in terms of apartment buildings. However, the data shows that single-family homes increased in construction in April. This latter bit of the data is being used — along with the fact [...]

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