Fannie Mae sees housing upturn as “intact”

Despite some bumps in the road, the housing upturn is “intact” and rising home prices are expected to boost household net worth and offset fiscal tightening, according to a monthly economic outlook released by economists at Fannie Mae. Tight inventories continue to restrain sales of existing homes. Although the number of homes on the market …

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Fewer U.S. homes underwater as prices rise

Fewer U.S. homes underwater as prices rise More than 1.3 million U.S. homeowners who owed more on their mortgages than their homes were worth have regained equity this year,  Santa Ana-based data firm CoreLogic says. Increases in home values are giving homeowners not only more equity but the ability to refinance. Nationwide, home values saw the biggest annual …

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Low Rates, High Obstacles to Refinancing Mortgage

As interest rates have slid over the past couple of years, Gabriel Bousbib of Englewood, N.J., refinanced his 15-year mortgage not once, but twice-cutting his interest rate in two steps from about 4.6 percent to 3.375 percent. He’s one of a number of homeowners who refinanced just a year or two ago, but decided it …

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Federal refinance plan in the works for underwater borrowers?

It looks as if a federal plan is in the works to help underwater borrowers with mortgages not backed by Fannie Mae or Freddie Mac.  The proposal, outlined in President Obama’s State of the Union address, would help millions of homeowners in America.  Borrowers would need a minimum credit score of 580 to be eligible.  …

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