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The current administration said it has expanded its refinancing program to include borrowers whose mortgages are up to 125% greater than the value of their homes. The preceding guideline was set at 105%. Homeowners who fall under the stretched umbrella and have a loan owned or guaranteed by Fannie Mae or Freddie Mac will be able to refinance their debt at a more attractive rate, bringing monthly payments down considerably.
Home borrowers in states like California, Nevada and Florida, where home prices have dropped severely, stand to benefit the most from this plan. But the move will also help extend a recent profit boon for banks that earn fees from servicing and processing the refinancing.
The country’s largest banks shocked the markets a few months ago when reporting far healthier first quarter results than expected. The trend began with Wells Fargo in early April, followed by big competitors like Bank Of America.
Some analysts and critics have noted that the booming profits, or narrower-than-expected losses, might not be repeated. They were simply the result of one-time items, like big counterparty payments from AIG changes to accounting standards, and government initiatives to improve the capital, credit and housing markets. Asset sales also stand to provide some hardy one-time gains in the quarters to come, as banks sell off major holdings to boost capital levels.
The Mortgage Bankers Association purchase applications index raised to 285.6 in May, up from 267.7 the previous month, the MBA reported Wednesday. After a vicious plunge since late 2006, when the housing-market bubble reached its peak, the rate at which prices are falling is slowing. However, for several key reasons, price decline are unlikely to end until mid-2010.
Prices jumped from 2000 to 2006, fueled by very low interest rates and a substantial loosening of mortgage-lending standards, average U.S. housing prices increased by around 80%. Since the housing-market bubble burst in September 2006, prices have declined by approximately 32%, a slide without precedent in the post-war period. This turn down has returned home prices to the levels current in 2003, and has destroyed an estimated $6 trillion in household assets.
What all this mean for you and I as a potential home owner? Simple with the current economic market combined with the government trying everything they can to entice us to purchase homes and the 8000 dollar tax credit there has never been a better time to buy a home, home ownership has and always will be the pride of American wealth independence and success, no matter if you are simply buying that first starter home or well on your way to letting past equity pay for that dream retirement estate, you can be sure of one thing now is the time to act. When housing prices begin to return to normal you as an investor will be far behind the curve, housing markets will return to solid rock pricing with little room for negotiation but only after interest rates have went up and those great government tax credits for 8000 dollars will be gone so act now buy your-self a home, find a great home builder, a really good agent and get on it because not only you make a great deal now but when those prices return you will have made a lot of money.

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