Mortgages and Real Estate
Pending Home Sale Numbers Suggest Many Sales Ahead
![](https://web.archive.org/web/20101208154948im_/http://www.blogcdn.com/www.walletpop.com/blog/media/2010/12/home.sold.bill-sikes-for-ap-1291442987.jpg)
Don't Worry About Mortgage Interest Deduction Disappearing Soon
![building sign says home mortgage -- mortgage interest deduction](https://web.archive.org/web/20101208154948im_/http://www.blogcdn.com/www.walletpop.com/blog/media/2010/12/mortgagededuct.jpg)
Housing Reports: What the Real Estate and Mortgage Numbers Mean for You
![for sale sign outside brick home](https://web.archive.org/web/20101208154948im_/http://www.blogcdn.com/www.walletpop.com/blog/media/2010/11/housingdata.jpg)
V.A. Home Loans a Good Deal for Veterans
In a housing market convulsed by tight credit, flattened prices and weak home sales, there is a silver lining for one segment of the market: U.S. military veterans seeking V.A. home loans.
Most honorably discharged veterans are eligible for Department of Veteran Affairs home loans. What's the appeal? Even borrowers with no down payment or a less-than-ideal credit score can qualify. Veterans can borrow up to $417,000 (or more if the buyer lives in a county with higher average home costs.). Borrowers pay no private mortgage insurance. The V.A. sets limits on closing costs and origination and appraisal fees. All in all, it makes for getting a leg up in a market where lenders have clamped down hard.
Extreme(ly Smart) Home Selling: Reverse Offers
![Real estate agent trying to sell a home](https://web.archive.org/web/20101208154948im_/http://www.blogcdn.com/www.walletpop.com/blog/media/2010/11/gyi0061176810.jpg)
At the beginning of the housing crisis, sellers turned to gimmicky tricks like YouTube love letters about their homes and burying St. Christopher's figurines upside down in the front yard to try to move their homes off the market. These days, though, sellers are getting smarter and more strategic, turning the transaction on its head to get buyers off the fence with a phenomenon called the reverse offer.
Feds Target Multiple Mortgage Relief Scams
![mortgage relief scam](https://web.archive.org/web/20101208154948im_/http://www.blogcdn.com/www.walletpop.com/blog/media/2010/11/foreclosureratesjpglr1.jpg)
These law enforcement actions represent the latest fruits of the FTC's ongoing onslaught against scams targeting homeowners who've fallen behind in their mortgage payments or face foreclosure.
Report: Homes as Affordable as They've Been in 20 Years
![a home for sale sign](https://web.archive.org/web/20101208154948im_/http://www.blogcdn.com/www.walletpop.com/blog/media/2010/11/home-for-sale.paul-j.-richards.for-afp.getty-1290401517.jpg)
While that's true "back in the day," homes routinely went for $40,000 or $75,000. These days, the median home price is around $177,000 and in my neck of the woods, the median is upwards of $600,000. Seven percent of that is vastly higher and much more prohibitive to home ownership, than 14% of $40,000.
Foreclosure Scandal Poses Severe Economic Threat, Report Says
![foreclosure sign](https://web.archive.org/web/20101208154948im_/http://www.blogcdn.com/www.walletpop.com/blog/media/2010/11/foreclose2-1290203144.jpg)
The Congressional Oversight Panel's November report, "Examining the Consequences of Mortgage Irregularities for Financial Stability and Foreclosure Mitigation," spells out best- and worst-case scenarios, though the picture is grim if the latter plays out.
Why You Should Buy a House Now
![Red sold sign in front of house](https://web.archive.org/web/20101208154948im_/http://www.blogcdn.com/www.walletpop.com/blog/media/2010/11/mortgageratesfall.jpg)
He says that today's record-low interest rates make this the best time to buy homes in 50 years. In fact, his advice is: "If you don't own a home, buy one," Paulson said. "If you own one home, buy another one, and if you own two homes, buy a third and lend your relatives the money to buy a home."
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Interest Rates
Type | Current | APR |
---|---|---|
30 yr fixed mtg | 4.74% | 4.89% |
5/1 ARM | 3.42% | 3.27% |
$30K HELOC | 5.08% | 0.00% |
36 month new car loan | 5.34% | 0.00% |
1 yr CD | 0.90% | 0.91% |
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