Today’s housing market belches new numbers almost hourly, and some seem counter-intuitive; that is precisely because the current housing market is driven by abnormal circumstances. Sales and prices are driven by investors, and credit is being manipulated by the Federal Reserve.
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The nation’s banks are slowly loosening the reins on credit, a survey of bank lending executives by the Federal Reserve said Monday.
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The week after Christmas isn’t just a time for cruising the post-holiday sales. For some, it’s when the realization of all that spending over the last month kicks in.
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As home prices rise and the economy recovers, fewer borrowers are falling behind on their mortgages, or at least on their primary mortgages.
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Moody’s Investors Service cut the debt ratings for four big bank holding companies, including Morgan Stanley and JPMorgan Chase & Co, citing its increasing confidence that the U.S. government will not bail out the companies if they fail.
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The Fed recently released the latest Senior Loan Officer Survey data. The results are important because they allow us to get a glimpse of how the increase in long-term rates impacted lender and borrower behavior. Here are a couple of conclusions:
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Investors may be reaping the rewards of the housing recovery, but regular buyers, especially single and first-time buyers, are still on the outside looking in.
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The Justice Department’s potential $13 billion settlement with JPMorgan may go a long way toward appeasing consumers’ anger at big banks for the financial crisis, but it probably won’t help those same consumers get a mortgage. In fact, it may make it harder.
Read more: http://www.cnbc.com/id/101129906
Adele and Josue Montoya missed the housing bubble and bust
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OTTAWA — The Bank of Canada is holding its main interest rate at one per cent, where it has been since September 2010.
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