Renee Grosz's Real Estate Blog

Interesting  article By Dina ElBoghdady and Dan Keating ! From the Washington Post this is a must read if you think that the housing market has recovered. Did you know that About 9.1 percent of about FHA borrowers had missed at least three payments as of December, up from 6.5 percent a year ago, the agency’s figures show.  http://www.washingtonpost.com/wp-dyn/content/article/2010/02/01/AR2010020103527.html. When will the foreclosures End?

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 Today is Ground Hog Day……… Which On February 2nd of each year the town of Punxsutawney celebrates the beloved groundhog with a festive. At which time Phil will emerge from his temporary home on Gobblers Knob.  According to tradition if Phil sees his shadow and returns to his hole, We will have six more weeks of Winter. If he doesn’t see his shadow we will have a early Spring! It looks like we are in for six more weeks of winter! 

In December the interest rates on a 30 year fix dipped to a 38 year low! How long will they stay this low? The clock is ticking, In September 2009; the feds said it would gradually wind down the purchase program that has been purchasing mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae in an effort to stabilize the housing market which will be ending March 30, 2010. This has the mortgage lending industry worried. Home buyers should be excited  right now with interest rate being low, housing prices at a low and the expanded federal tax credit which will expire in the spring!