From The Orange County Register
“The Fed’s San Francisco unit noted housing in the West is “largely stable” in its 1st “Beige Book,” of 2010 — it’s a Federal Reserve Board report on regional economic conditions that’s done eight times a year.”
Read the entire article.
DHW asks: Do you think the housing market is beginning to stabilize?
Freddie Mac announced that the average 30-year mortgage interest rate hit a new record low this week at 4.71 percent. The driving force behind the rate’s decline is the government’s initiative to lower borrowing costs and strengthen the housing market.
The Federal Reserve is infusing $1.25 trillion into mortgage-backed securities in an effort to lower interest rates. However, this money is scheduled to run out next spring.
Fixed interest rates on 15-year mortgages also saw a new record low this week. Rates fell to 4.27 percent, down from 4.29 percent last week.
DHW asks: Will these low rates encourage you to purchase or refinance a home?
I think this article offers some interesting data. I’ve read similar reports forecasting a US housing bottom in mid to late 2010. However, I don’t know if we can really call a bottom without having a clearer picture of the employement market. If 10% will be the “new” standard for unemployment, as some are suggesting, when will the 90% employed reach a consensus on job security?
DHW asks: When do you see the housing market hitting bottom?