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Mortgage & Housing Market News from HSH.com

GM-Chrysler Merger Talks Continue

October 17th, 2008 | Leave a Comment | Posted in Uncategorized by Tim Manni

Merger talks between GM and Chrysler have intensified this week with the added interest of support from certain financial institutions:

J.P. Morgan and Citigroup Inc., are representing Chrysler and Cerberus, while Morgan Stanley and Evercore Partners are representing GM, according to a person involved in the situation.

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Update: phones still out

September 15th, 2008 | Leave a Comment | Posted in Uncategorized by Tim Manni

Our phone lines have been down since early this morning. As of 11 AM, we’re told that Verizon is experiencing spot outages in our area, and they can’t give us an estimated time for service restoration.

We’re still here, though – if you need us, use email and we’ll get back to you.

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CNBC’s Online Budget Calculator

September 10th, 2008 | Leave a Comment | Posted in Uncategorized by Tim Manni

Despite some of the limitations on creating a weekly or monthly budget as opposed to creating one for six months or a year, here is a new online calculator designed to divvy up your monthly expenses from CNBC’s Carmen Wong Ulrich.

The calculator asks you enter your total monthly income, then divides the sum into different categories such as housing, transportation, food, and houshold.

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We’re in the news

September 9th, 2008 (Modified on September 11th, 2008) | 2 Comments | Posted in Uncategorized by Tim Manni

Sometimes, such as when rates are falling by nearly a third of a percent, we get a little too busy to add a blog post. Take at look at who we’ve been talking to and you’ll see why. (And check out the article links – there’s a lot of good news and advice to take advantage of.)

We’ll have another, longer post coming soon from Keith about what’s going on, and
what you can do about it (or not).

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Treasury To Bail Out Fannie & Freddie?

September 5th, 2008 (Modified on September 8th, 2008) | 4 Comments | Posted in Uncategorized by Tim Manni

Various news outlets have published stories this evening that claim the Treasury Department is close to a deal with mortgage giants Fannie Mae and Freddie Mac. From The Wall Street Journal:

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Unemployment Reaches Five Year High

September 5th, 2008 | 1 Comment | Posted in Uncategorized by Tim Manni

The Labor Department reported this morning that the unemployment rate rose to 6.1% in August, from 5.7% in July. Nonfarm payrolls decreased by 84,000 last month, as continued troubles in the financial and manufacturing sectors have led to heavy losses in the employment market. The 84,000 cuts in August follow losses of 60,000 and 100,000 in July and June.

Glimmers of good news saw no job cuts in the government and education/healthcare sectors. Hourly earnings rose a seven cents in August. On a year-over-year basis, earnings increased 3.6%. Despite the year-over-year increase, wages have not been able to keep up with inflation.

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Foreclosures Rising Despite Assistance

August 15th, 2008 | Leave a Comment | Posted in Uncategorized by Tim Manni

According to a report released yesterday by RealtyTrac, foreclosures rose 55% in July from a year ago, and increased 8% in just one month. With policies in place to aid and help homeowners avert from defaulting on their mortgages, why do foreclosures continue to increase?

Diana Olick of CNBC shares the evidence she found that answers why:

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Trade Deficit Narrows

August 12th, 2008 | 1 Comment | Posted in Uncategorized by Tim Manni

According to the Census Bureau, the national trade deficit of goods and services narrowed to $56.8 billion in June, down from $59.2 billion in May. Exports increased $6.4 billion (4%) in June to $164.4 billion, from $158 billion in May. Imports rose $3.9 billion (1.8%) to $221.2 billion in June, from $217.2 billion in May.

A weak dollar continued to fuel the export of US products to the foreign market. According to Bloomberg, the dollar has dropped 24% against the Euro in the past five years.

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Will This Be the Last Rate Cut?

April 30th, 2008 (Modified on March 6th, 2009) | Leave a Comment | Posted in Uncategorized by Tim Manni

Market expectations for the finale of today’s Federal Open Market Committee meeting are that the Federal Funds rate will be cut by 0.25%, lowering it to 2%. The question on everyone’s mind remains: “Will this be the last rate cut of the cycle?” If the result of today’s meeting is different from market expectations, the economic effect could be damaging. The market must be given a chance to prepare for Fed activity.

HSH Vice President Keith Gumbinger believes, “Absent a tremendous new emergency the Fed is done cutting rates. However, within the past six months we’ve had several emergencies, so there remains a chance that rates could be lowered yet.”

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Read Our Analysis of Today’s Fed Meeting

April 30th, 2008 (Modified on March 6th, 2009) | Leave a Comment | Posted in Uncategorized by Tim Manni

As expected the Fed cut the Federal Funds rate this afternoon by 0.25% to land at 2%. Click here for the analysis of today’s meeting.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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