Real Estate News 05/09/08
MORTGAGE RATES
Rates on 30-year mortgages edged down slightly to average 6.05 percent this week, but remained above 6 percent for the third straight week, according to Freddie Mac’s weekly nationwide survey.
REAL ESTATE INVESTING
Despite the sluggish economy, investors this year are putting their money into funds that invest in real estate investment trusts (REITs), a turn-around of recent trends. A total of $1.23 billion flowed into domestic real estate investment funds in the first three months of the year, according to new research. Investors are doing this because they believe that real estate markets are stabilizing and the price of investing in a real estate investment trust with low prices will pay handsomely for them.
HOUSING AID
The House on Thursday passed a massive homeowner rescue plan to provide cheaper, government-backed mortgages to half a million debt-ridden borrowers and bolster an economy hurt by the housing crisis. The Senate now must consider the bill and President Bush has threatened a veto.
MORTGAGE PROBLEMS
Mortgage delinquencies are spreading beyond the subprime market, as new data shows that more borrowers with good credit have fallen behind on their house payments. About 2.3 percent of prime loans were 60 days past due in February, the highest level in at least a decade, according to First American CoreLogic LoanPerformance.
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