Archive for December, 2008
Existing home sales increase by largest amount in 5 years
Sales of existing homes rose by the largest amount in more than five years in September, a real estate trade group said Friday. The data is a possible glimmer of hope that the housing slump could be starting to bottom out.
The National Association of Realtors said Friday that sales of existing homes rose by 5.5 percent in September compared to August, the best showing since a 5.6 percent increase in July 2003, during the five-year housing boom.
More on this story at AikenStandard.com
Treasury mulls plan to lower mortgage rates to 4.5%
Lobbyists are pushing the Treasury Department to consider a plan to purchase mortgage-backed securities in the hopes of driving mortgage rates to as low as 4.5%, an industry source said.
Similar to an effort unveiled last week by the Federal Reserve, the proposal calls for Treasury to buy securities backed by 30-year fixed-rate mortgages from Fannie Mae and Freddie Mac. Details on the plan remain sketchy, but an announcement could come as early as next week, the source said.
More on this story at CNNMoney.com