MORTGAGE RATES – Rates on 30-year mortgages dropped for a fourth straight week to 5.48 percent, the lowest level in nearly four years, raising hopes that low rates will help spur a rebound in the hard-hit housing industry. This is surely the time to start thinking about buying – low interest rates and lots of homes and condominiums on the market!!
MORTGAGES – The United State House of Representatives’ proposed stimulus package includes help for the housing industry, allowing government-sponsored Fannie Mae and Freddie Mac to buy mortgages up to 75 percent more expensive than the current $417,000 limit. However, the Senate and White House still must still sign off on the proposal.
HOME SELLERS – Realtors there’s one thing that drives them crazy: unrealistic sellers who insist on asking buyers to pay boom-year sales prices. So they could recommend the termination of the listing contract – in essence firing sellers.
HOMEBUILDERS – Miami-based Lennar Corp. reported a $1.25 billion fourth-quarter loss Thursday – the biggest in its history – as the prolonged housing slump drove prices lower and the builder took hefty charges to write down land values. Lennar builds homes and condos in the Naples area.