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Positive industry news Weichert Realtors New Target for Federal Funds Rate: The Federal Reserve set a new target for the federal funds rate of zero to 0.25 percent. This is the lowest rate on record and is expected to encourage lending between banks, improve the economy and help prevent a potentially dangerous downward spiral in consumer prices.
Pending Home Sales Rise: According to the National Association of Realtors, the Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, rose 0.6 percent in the Northeast. More pending home sales means more closed business!
Foreclosures Drop to June Levels: As a result of recently enacted laws that have extended the foreclosure process in some states, more aggressive loan modification programs and foreclosure moratoriums by some lenders, foreclosure activity dropped 7 percent in November to the lowest level since June.
Mortgage Rate Hits Four-Year Low: For the week ended Dec. 11, the 30-year fixed-rate mortgage was at its lowest level in more than four years, according to Freddie Mac. The improved affordability is great news for buyers.
Posted: December 17, 2008
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