Posted by - Jimbo - on January 08, 2003 at 10:38:08:
Just a note to all you wanna be investors…with this info., investing in the next couple years will reap HUGE rewards for those who actually do it.
RE makes good money in up times - great money in down times. Get out there and buy it.
Just saw this on Yahoo! about foreclosures - Posted by Andrew
Posted by Andrew on January 08, 2003 at 09:59:50:
Business - Reuters
Record Home Foreclosures
Tue Jan 7, 8:47 PM ET Add Business - Reuters to My Yahoo!
By Mark Felsenthal
WASHINGTON (Reuters) - A record level of U.S. mortgage holders lost their homes to foreclosure in the third quarter of 2002, but mortgage rates near 37-year lows will remain irresistible to home buyers, keeping the housing boom humming through 2003, separate reports said on Tuesday.
U.S. home loans in foreclosure edged up to a new high in the third quarter last year as job losses due to the weak economy squeezed more mortgage holders out of their homes, the Mortgage Bankers Association of America said on Tuesday.
However, the group said a slowdown in late loan payments means foreclosures will decline, with more people finding and keeping jobs as business activity picks up.
At the same time, mortgage interest rates at lows not seen since 1965 mean home sales and building will sustain the heated pace that has made housing the lone bright spot in the sluggish U.S. economy, mortgage finance giant Freddie Mac (NYSE:FRE - news) said on Tuesday.
“With this rate scenario, 2003 should be an excellent year for housing, with new construction and sales close to 2002’s mark,” said Freddie Mac Chief Economist Frank Nothaft in an annual forecast.
DROP IN REFINANCING
Nothaft forecast that total home sales should settle to 6.5 million in 2003 from a record 6.54 million in 2002, while housing starts would slow to 1.68 million units from an anticipated 1.7 million last year, the strongest showing since 1978. Refinancing will drop by 40 percent as interest rates rise, he added.
Markets were little moved by the news. Stock markets ended the day with modest declines on skepticism about the political chances of President Bush (news - web sites)'s tax cut plan. In bond markets, Treasury prices rose as investors sought safe havens because of worries about international instability.
Interest rates on the popular 30-year fixed-rate mortgage fell to a national average of 5.83 percent in the week ending Jan. 3, the lowest level since October 1965, Freddie Mac said. Housing activity and consumer spending associated with mortgage refinancings are credited with keeping the downturn mild.
Interest rates are likely to rise as the economy rebounds, but should average a historically cheap 6.1 percent in 2003, Nothaft said.
Gee… - Posted by Bryan-SactoCA
Posted by Bryan-SactoCA on January 08, 2003 at 20:12:08:
Maybe I’m in the wrong part of CREI. Any recommendations for courses about doing foreclosures?