Today's Commentary: 04.09.07
Special Report: Mortgages
By Paul Petillo
Special Report: Return to Lender: The First of a Three Part Series on Mortgages. First and foremost, despite how they might appear in relation to recent years, interest rates are still historically low. Unfortunately, many folks with mortgages that are adjustable or were written creatively over the last several years will find little solace in that tidbit of news.
Searching with Credentials: The Second of a Three Part Series on Mortgages. In days gone by, according to several brokers I have spoken with, qualifying for a mortgage may have taken place once the potential buyer selected a broker. Given a general set of income and job history questions, brokers would have made a determination of which home a likely buyer could afford.
No more.
Losing Proposition: The Third in a Three Part Series on Mortgages. Foreclosures estimates for 2007 are expected to reach 1.3 million. These additional homes add to the already higher than normal inventory of available houses driving prices down. It is important to remember that each 1% increase in housing prices keeps 70-80,000 foreclosures from occurring. With inventories of unsold homes rising, the nationwide average home price is expected to fall 5%.
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