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The Conference Board’s employment trends index reflected continued softness in the U.S. job market during March, as the reading dipped to 90.1 from 92.2 in February. While the data suggests that more jobs are at risk, the rate of decline has slowed from previous month, indicating that the heaviest phase of job losses may be [...] Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.98 percent during the week ended March 19 from 5.03 percent the prior year, marking the lowest rate since 4.96 percent in mid-January. Experts say rates could fall further in response to the Federal Reserve’s announcement that it will add $1.2 trillion to [...] The Federal Reserve has committed to purchase up to $300 billion in Treasuries and, now, an additional $750 billion in agency mortgage-backed securities, bringing its bond purchase commitment to $1.25 trillion. Officials released a statement following their policymaking session saying that the moves are meant “to provide greater support to mortgage lending and housing markets.” [...] Despite a nationwide slump in the residential property markets, sales of modern prefabricated homes are on the rise. The movement toward green building and sustainable living is driving the popularity of efficient prefab dwellings constructed by companies such as EcoSteel Building Systems. The company is in the process of completing five prefab steel homes in [...] (NAPSI)-For people ready to make the commitment and buy a home, the timing couldn’t be better. Buying conditions are more favorable than they’ve been in years: Home choices are abundant, affordability has improved, mortgages are available and interest rates are historically low. Even better, a temporary $7,500 tax credit is also available for first-time homebuyers. [...] President Barack Obama has announced a housing plan that would spend $75 billion to modify the loans of 4 million homeowners and would make it easier for 5 million borrowers with little equity to refinance into more affordable mortgages. The White House also wants to provide an additional $200 billion in financial backing to Fannie [...] One of the first homes completed for Make It Right (MIR), a not-for-profit foundation launched by Brad Pitt and Hollywood producer Steve Bing with $10 million of their own money, is a modular design by Los Angeles-based architect Nora Gordon. With her firm Graft, the architect designed a compact home that meets the target cost [...] The Obama administration is expected to unveil a foreclosure-prevention initiative on Feb. 18 that includes carrots and sticks to encourage lenders to lower monthly payments for struggling borrowers, perhaps by several hundred dollars. For example, Obama is likely to offer government subsidies for reducing a borrower’s interest rate; but he also could push for legislation [...] |
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