Standard & Poors released its Case-Shiller Index for the month of January this week. The index is a home valuation tool, measuring the monthly and annual changes in home prices in select cities nationwide. January's Case-Shiller Index gave a poor showing. As compared to December 2010, home valu
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03/30/2011
On a seasonally-adjusted basis, the Pending Home Sales Index rose 2 percent last month, according to the National Association of REALTORS®. A "pending home sale" is defined as a home under contract to sell, but not yet closed. February's Pending Home Sales Index rebound breaks a 2-month losing s
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03/30/2011
Mortgage markets worsened last week as nuclear meltdown concerns eased across Japan, and the war within Libya moved closer to a potential finish. Wall Street voted with its dollars, and a return to risk-taking emerged. "Safe haven" buying softened last week and, as a result, conforming mortgage r
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03/30/2011
It's a great time for Minneapolis buyers and homeowners to look at the 15-year fixed rate mortgage. According to Freddie Mac's weekly Primary Mortgage Market Survey, the relative "discount" of a 15-year fixed rate loan as compared to a comparable 30-year product is the largest in recorded histo
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03/30/2011
Sales of newly-built homes plunged 17 percent to an seasonally-adjusted, annualized 250,000 units in February, and the supply of new homes rose to 8.9 months in February - a 1.5 month jump from January. It's the lowest New Home Sales reading in recorded history, according to the Census Bureau, an
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03/24/2011
Home sales data is easing so far in this calendar year. Home resales and new construction have dropped to multi-month lows and, in many cities, home supplies are rising. One housing sector that's not slowing, however, is rentals. The rental market is booming. As reported by the Wall Street Journa
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03/24/2011
Existing Home Sales fell 10 percent last month, according to a report from the National Association of REALTORS®. On an annual basis, 4.88 million homes were sold in February - the first time annualized home resales dropped below 5,000,000 since November 2010. An "existing home" is one that's not
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03/22/2011
Mortgage markets improved again last week despite an inflation-acknowledging statement from the FOMC and stronger-than-expected jobless data. Usually, events like this would lead mortgage rates higher, but violence in the Middle East and worsening fear for public safety in Japan took center stage
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03/22/2011
Today, for the second straight meeting, the Federal Open Market Committee voted unanimously to leave the Fed Funds Rate unchanged within its target range of 0.000-0.250 percent. The vote was 10-0. In its press release, the FOMC noted that since its January 2011 meeting, the economic recovery "is
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03/16/2011
The Federal Open Market Committee meets today in Washington D.C. The FOMC is a special group within the Federal Reserve, led by Fed Chairman Ben Bernanke, and consisting of 12 members. The FOMC's official schedule calls for 8 meetings annually at which it reviews the nation's economic and financi
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03/16/2011
