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Mortgage Rates Boosted By Solid Jobs Report - Construction Jobs Suffer

October 28, 2007

Buoyed by the strong employment figures for September that were
released last week, mortgage interest rates rose
slightly in all categories according to Freddie Mac’s Primary Mortgage
Market Survey for the previous week.

It is interesting that, with the exception of the short-term ARM,
rates were virtually identical last week to the rates one year ago.

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Countrywide CEO Angelo Mozilo Under SEC Spotlight

October 28, 2007

Reuters News Service and the Associated Press are both quoting a story
in the Wall Street Journal on Wednesday that the controversial
CEO of Countrywide Mortgage, Angelo Mozilo, is under an
informal investigation by the Securities and Exchange Commission
(SEC).

Countrywide is the largest mortgage company in the country and Mozilo,
its founder, is generally credited or blamed for the company’s evolution
from a mostly conventional lender into one where subprime products
dominated.

At issue is the sale by Mozilo of some 130 million of
his company’s stock in the first six months of 2007. It seems that there
is…

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Your real estate hasn’t dropped like this property.

October 28, 2007

In a stunning transaction, a Los Angeles luxury Condo Development Sold today. The developer Fifield Cos. has sold an unfinished Wilshire Corridor condo development - once touted as the city’s most high-end - to a Dubai developer for $95 million, some $30 million less than a recent valuation. The recent tightening in the luxury mortgage market and declining real estate values in CA forced a sale. Foreign investors are flush with cash and the steady decline of the dollar vs their currencies has made the U.S. an attractive investment opportunity for large real estate players overseas. This is reminiscent of the flood of money from Japan during the 80’s. Now it is oil money from the middle east that is searching for an attractive home in the U.S. market. I wouldn’t be surprised to see more deals in the coming months especially for luxury condo and hotel properties.
Mortgage Insider dishes it straight on housing and the mortgage market.

How You Can Avoid Foreclosure

October 28, 2007

Are you facing the possibility of a foreclosure? Foreclosure is a very difficult process to deal with but luckily there are some ways you can avoid them. Check out some of these ways you can avoid foreclosure.

Should I Rent a Home or Buy?

October 28, 2007

Ever wondered if renting a house rather then buying one is a better option for you? Both have their strengths and weaknesses, it just depends on what currently works best for you. Read through some basic information to renting versus buying to help make your decision easier.

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