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So, it has been a while since I
had to chance to send out an email. A lot has transpired since the last time, and I
wanted to try and catch up.
Nobody is quite yet sure to say
that the mortgage market has found bottom. In fact, the IMF thinks
that this credit crunch could cause world-wide markets almost $1
trillion dollars! The economy continues to head towards a recession
and although the Fed continues to reduce rates, nobody knows for
certain if it will be able to head off a downturn. Also, Washington
Mutual has decided to cut off its relationship with mortgage brokers
altogether. Perhaps others will follow. Can it get any worse?
I don't know, but we just might be turning the corner on
this one. And there is definitely some good news to be found. The
Senate passed a bill which raises the FHA limits. In some areas the
limit has been raised as high as $829,750. Hopefully, this should
loosen up the markets a bit. At the same time the National
Association of Realtors is finally predicting stabilization in the
existing home market and perhaps even an up tick in the second half
of the year.
I plan on bringing back the DealWire regularly
(again), so don't hesitate to drop me a line. Now, I just need a few
more days to finish my taxes...
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Yahoo |
| The
International Monetary Fund said Tuesday the worldwide losses
stemming from the US subprime mortgage crisis could hit 945 billion
dollars as the impact spreads in the global economy. Full Story |
BusinessWeek |
| Chief
Economist Mike Mandel explains why the recession probably began in
November, why it has mainly hit less-educated workers so far, and
what might come next Full Story |
BusinessWeek |
| Troubled
thrift giant Washington Mutual (WM), once one of the biggest players
in residential mortgages, will stop making loans through independent
mortgage brokers—what the industry calls the "wholesale" side of the
business. Instead the company will focus on loans through its 2,200
retail bank branches. Full Story |
MortgageNewsDaily |
| So-called FHA
reform reached an important milestone on Friday when the U.S. Senate
overwhelmingly approved its version of the legislation. Full Story |
Realtor.org |
| Little change
is expected in existing-home sales over the next few months, before
improving notably during the second half of the year, according to
the latest forecast by the National Association of Realtors. Full Story |
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