The S & P Case/Schiller Home Price Index dropped by 9.1 percent at the end of 2007, which represents the largest drop in the index’s 20 year history. The index measures home prices in 20 key market areas throughout the US. Decreasing home prices can make it difficult, if not impossible, to sell a home or refinance home mortgage loans.

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All types of mortgages,in addition to subprime loans, are eligible for help from six big home lenders.The federal government has worked out a deal with six of the top lenders to help all borrowers who can’t keep up on their mortgage payments in an effort to stimulate the economy.

For more information on Project Lifeline read:

Project Lifeline Gives Mortgage Borrowers a Time-Out
Can ‘Project Lifeline’ help troubled homeowners or will it flatline?

A mixed bag of mortgage and housing news:

• Thirty-year mortgage rates popped back above 6% for the first time since the start of the year
• Home sales recorded their slowest month since 1999
• The dollar sunk to a new low against the Euro

Clearly, the first item is bad news for home buyers, while the second is good news. It is the third item, however, that ought to be a reminder for home buyers to have a sense of urgency about finding a property.

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Mortgage applications dropped for the 3rd consecutive week according to the Mortgage Bankers Association’s weekly survey of applications. Mortgage applications dropped by 19.2% during the week ending February 22. Refinance applications declined by 30%, which appears to highlight the difficulties homeowners are experiencing due to falling home prices and tighter mortgage lending standards.

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Goldman Sax estimates that 30% of mortgages nationwide, or 15,000,000 homes, could have negative equity by the end of the year. On the campaign trail, candidates discuss their plans to aid an economy that hasn’t created new jobs or higher wages as costs of fuel, food and other necessities soar.

For more information about the housing crisis, see:

Project Lifeline Gives Mortgage Borrowers a Time-Out
Housing Downer: Economic Woes Require Targeted Government Action
Throwing Homeowners a Lifeline