It has been a bit of concern to everybody including the Fed, but until yesterday it had not really showed in a way that would get the working man’s attention. Yesterday it did. What was it: the concern over sub-prime loan defaults, i.e, foreclosures.
Investors withdrew from the sub-prime mortgage sector yesterday and caused a drop in Dow Jones Industrials of more that 240 points. In fact, all the US stock indexes were down about two percent.
Granted there were other contributing factors like retail sale profit figures being relatively small (0.1 percent) and the Mortgage Bankers Association saying that foreclosures increased 28 basis points from the third quarter which is up 25 basis points from last year.
While there forecast for sub-prime loans continues to look dour the number of houses on the market continues to increase. Prime mortgages continues to rise and buyers have plenty of variety from which to choose their future home.
Read the MBAA press release
Read The Times of Trenton article
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Mortgages, Home loans, Foreclosure
For more information on Real Estate in New Jersey visit here.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment