Friday, May 27, 2011

6 real estate headlines: 27-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

Rates fall for 6th straight week
Washington Business Journal
: Signs of a slowing economy continued to bring mortgage rates down, with a 30-year fixed-rate mortgage falling to the lowest level of the year this week.
Who pays the most in property taxes?
CNN Money
: Two main factors contribute to property taxes: the amount of services local governments provide, and the revenue shared by state governments.
Counseling before borrowing
The New York Times
: Prepurchase education, although traditionally aimed at low- and moderate-income first-time buyers, is available to anyone.

Foreclosure sales high, but volumes drop
Wall Street Journal
: The foreclosure sales' data, and a drop in foreclosure activity suggest banks are moving cautiously.

This is what it takes to get approved for a mortgage
: Mortgage applicants must now meet strict debt-to-income limits, often set to 45 percent. This means that your monthly debts--housing costs, bills, etc.--may not exceed 45 percent of your documented monthly income.
Booming boomer population straining 'burbs
Washington Examiner
: As baby boomers enter retirement and begin collecting pensions and Social Security, government funding for those programs will be in trouble.

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