Latest News in Mortgages and Home Loans- June 16, 2009

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Rising Mortgage Trend: Rent-To-Own
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In my neck of the woods, I’ve seen an increase in rent-to-own signs. Selling is difficult right now, in part because mortgage lenders are being stingy with the qualifying. Would-be home buyers cannot get approved for home loans, and that means that sellers are not able to unload their homes. Rent-to-own provides a [...]

Applying the First Time Home Buyer Tax Credit to Your Down Payment
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Earlier this year, Congress passed an economic stimulus bill that included generous tax breaks for those buying a home for the first time. The first time home buyer tax credit is a true tax credit, of up to $8,000, designed to reward those who are purchasing a home for the first time. Now, [...]

Household Wealth Falls in 2009 Quarter 1
The Federal Reserve released its quarterly report on household wealth earlier this morning. In the first quarter of 2009, household wealth dropped. This represents the 7th straight quarterly drop, keeping in line with losses during the recession. MarketWatch reports on the drop in household net worth:
Household net worth fell at a 9.9% annual rate in [...]

Senate Passes Foreclosure Bill Aimed at Helping Those with Risky Credit
Image by Getty Images via Daylife
This morning, the Senate voted to pass housing bill that aims at helping to reduce the rate of foreclosure in this country. With foreclosures mounting again (following a moratorium over the holidays), government officials are scrambling to try to and do what they can to stem the tide of foreclosure [...]

Is Home Loan Modification Helping to Stop Foreclosure?
Image by TheTruthAbout… via Flickr
One of the questions that many people are considering right now is this one: Can home loan modification really help to stop foreclosure? The answer, as so often is the case with such personal finance concerns, is both yes and no. It really depends on your situation. In many cases, though, [...]

Jobs Data Improves: Is the Recession Almost Over?
Today, the main economic data release is U.S. non-farm payrolls data for the month of May. Economists had predicted that the U.S. economy would lose 525,000 jobs last month. However, when the job loss numbers were announced today, they came in at 345,000. This is even lower than the revised 504,000 job losses that came [...]

Dealing with Depression: The Aftermath of Foreclosure
Depression is on the rise right now, due to anxiety and concern about the recession and the economy. Indeed, one of the more troubling aspects of the foreclosure crisis is the fact depression is on the rise as former homeowners deal with the emotional fallout from losing their homes. And it can be very really. [...]

Pending U.S. Home Sales Rise
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For the third month in a row, U.S. pending home sales are on the rise. April saw an increase in pending sales as low mortgage rates and government incentives continued to fuel buying. Even with pending U.S. home sales on the rise, though, home prices continue to fall. And until home [...]

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 [...]

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