From my friend at The Mortgage Advantage:
"Is that the sun peaking through the clouds? Housing resales in some communities are showing signs of recovery, mainly spurred by sales of REO’s. Wednesday’s Consumer Price Index indicated that the prices we are paying are in line with what we are making, therefore keeping the big “I” (inflation) away from the door. Today’s construction starts showed a surprising gain, the strongest showing in two years. New apartment complexes were the cause for the increase, not residential housing. Secretary of Treasury, Hank Paulson, stated that the financial markets are improving. Ben Bernanke, Fed Chair, speaking at a Fed conference in
, is encouraged by financial institutions recent liquidity, and strongly suggested they continue to build up “generous cushions”. Chicago
What about those clouds? Oil prices that affect our cars and other products and food prices for our three squares a day are kicking the housing market out of headlines."
FYI: Fannie Mae announced today that they are re-implementing nationally the 95% and 97% LTV loans with a new “risk based” module. Everyone is so excited! The soothsayers are telling us that it means: Only individuals with stellar credit, income, little debt, and are willing to pay the high mortgage insurance monthly fee, will qualify for the 97% LTV. Has Fannie notified the Mortgage Insurance companies to let them in on this “great” news? "
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