Weekly Recap (05/09/11-05/14/11)by Tim Manni
Albert Einstein once said, “The hardest thing in the world to understand is the income tax.” It’s safe to say that understanding the intricacies of your home loan and the mortgage market may be the second-hardest thing for consumers to understand. When you’re dealing with what likely will be the largest transaction of your life, you better make sure you understand what you’re getting into and what it’s going to cost you.
As we mentioned yesterday, many homeowners aren’t even taking the time to read their Good Faith Estimate, the document designed to breakdown your mortgage costs. That’s just one reason why HSH.com has made our very own expert available to all of you…
At least that’s how some mortgage borrowers feel about the Good Faith Estimate.
According to a recent survey from ING Direct, the document that has been designed–and redesigned several times–to help homebuyers estimate the costs associated with their mortgage, apparently isn’t accomplishing what it set out to do. Fifty six percent of those surveyed admitted that they didn’t use the document for its original purpose: to compare mortgage offers…
Real estate has always been distinguished by happy people, folks who can find joy in every market situation.
Consider the case of David Lereah, former chief economist with the National Association of Realtors and author of the 2006 book “Why the Real Estate Boom Will Not Bust – And How You Can Profit from It: How to Build Wealth in Today’s Expanding Real Estate Market.”
In 2006, many economists and soothsayers agreed with Lereah. Indeed, his book produced fabulous reviews according to Amazon…
It’s not good; in fact, it’s getting worse.
You know what they say, “No news is good news.” Unfortunately these days, no news tends to mean it’s just old news.
Like most of us, I have been following the decline in home prices rather closely for the last few years. I’ve blogged about it, my colleague and HSH.com VP Keith Gumbinger has talked to the national media about it, we’ve written articles and forecasts about it, and even devised our own plan to help underwater borrowers refinance…
Do you remember when the recession ended? That would be in June 2009, at least according to the National Bureau of Economic Research.
Still waiting on things to get better
When recessions end the reasonable expectation is that things will get better. That has certainly been true for some sectors of the economy, say large financial institutions and major oil companies, but not for all…
The current economy’s underperforming reputation took another blow last week as several indicators turned decisively south before we saw improvements in employment and oil prices later in the week.
This continued lack of economic growth caused mortgage rates to fall again last week, bringing rates down to new 2011 lows…