A recent report by the Federal Reserve claims that the equity position of homeowners in the United States increased by over one trillion dollars in the last 15 months. This is a simply staggering number, and one that many people are rightly questioning. According to the Federal Reserve’s latest “flow of funds” statistical report, homeowner [...]
Archive of posts tagged Kenneth Harney
Federal Reserve Report Shows Americans Gained Over One Trillion in Home Equity in the Last 15 Months
Fannie Mae Homepath Mortgage May Be a Good Option for Some Dallas Area Home Buyers
The Fannie Mae Homepath mortgage is increasingly becoming a popular method of financing for some Dallas area home buyers. The program allows credit scores of as low as 660 in some cases, along with the option to roll in additional money for repairs. It also allows seller contributions of up to 6%, no mortgage insurance [...]
New Home Sales Drop by 33% from April to May of 2010…but WHY?
Some great commentary from Kenneth Harney on why it’s no surprise that new home sales were reported to have dropped by 33% between April and May of 2010. With the tax credits expiring, many homebuyers that would have closed later in the year have already decided to purchase homes to secure their share of the [...]
Deed In Lieu of Foreclosure as an Alternative to Short Sale or Foreclosure
Here’s an article from Kenneth Harney about how some homeowners are using the deed in lieu of foreclosure as an alternative to short selling their home or outright foreclosure. Although this may be a great alternative for many homeowners, some lenders will not allow a deed in lieu of foreclosure in the state of Texas [...]
Will a Loan Modification Destroy Your Credit Score?
Many homeowners that are either underwater or unable to pay their mortgage worry excessively about their credit score. In fact, many people worry more about their credit score than their financial well being in general. However, as Ken Harney explains in this article, loan modifications may actually INCREASE the credit scores of some homeowners. Read [...]
Will Congress Change The Mortgage Interest Deduction?
Speculation is brewing in Washington D.C. that Congress may propose legislation that would gradually phase out the mortgage interest deduction from 1.1 Million down to $500,000. Every year, the Congressional Budget Office makes recommendations to Congress on how they could “trim some fat” to curb the massive bleeding in the Federal budget. The deduction is [...]
