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Different Ways of Coping with the Mortgage Slump

July 3rd, 2008

Mortgage news this week painted a picture of a variety of ways people are attempting to cope with the mortgage slump:

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Best of Times or Worst of Times for Renters?

May 19th, 2008

Few have emerged unscathed from the mortgage mess. But you’d think that if you were renting rather than owning that you could just duck and wait until things settle down, right? It depends. In some communities, high rates of foreclosure have turned so many former homeowners into renters that rents have been pushed up. To make things worse, good tenants have found themselves served with eviction notices when their landlords default on the property and a lender takes possession.

At the same time, lenders have tightened underwriting standards, requiring better credit scores, higher income, and larger down payments before granting mortgages. So those who might have become homeowners as home prices fell are finding that home ownership remains just out of reach. Finally, fear of making a homebuying mistake has kept a sizable portion of the population from buying — pushing rents up.

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Beauty of Mortgage News Is in the Eye of the Beholder

May 15th, 2008

Mortgage rates edged lower this week, as the prevailing drift of housing news could be seen as good or bad, depending on the perspective.

In other words, more bad news for homeowners — at least some of them — but good news for potential home buyers.

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Will First Time Borrowers Save the Housing Market?

May 6th, 2008

Economist say we are seeing some action with first time home buyers. For the economy to rebound it has to start with the housing market, so can first time buyers boost the market or are there too few options available for this to happen? Also with lower housing prices, what do you need to do as a seller to make sure your house sells in this first time buyer’s market?

For more on this read:
U.S. housing slump may require tax credit to encourage buyers
Part one: Shoppers can get more house for their money across price ranges
First-time home buyers have few options

Busy Week for Mortgage News

May 1st, 2008

The past week was chock full of news affecting the mortgage and housing markets:

In short, a clouded economic picture continues to make this a buyer’s market for financially sound house hunters.

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