[mEDITate-OR:
not see that we are not out of the woods yet...
and grandmother's house is being foreclosed...
Very low interest rates...
but no new home sales, no existing home sales, no re-fi's, and many more foreclosures...
While we are clearly not getting worse as fast as we were...
we are NOT seeing the progress that we SHOULD be seeing.
And, not only are we not seeing new jobs being created and the hiring we need...
there are still MORE additional job losses than new hires.
With the home buyer credit about to expire, the FED purchase of FMae&FMac RE securities about over, and with still little to no funds for condos or Jumbo RE loans, this looks like it will get a LOT worse, before it gets better.
The NEW, improved housing program will NOT work. As the last article shows U.S. they will pump a lot of money into 5 more states that have very high unemployment, however, the "unemployment relief" will only delay house payments for up to 6 months.
That WILL help the newly unemployed who can find new jobs quickly...; BUT, it will do NOTHING for the long term unemployed. That is only over 6 million of U.S.
We are in Real, & estate, trouble.
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Mortgage rates rise, hover below 5 percent
Standard 30-year fixed loan is now 4.99 percent, up from 4.96 percent
Mortgage rates moved slightly higher but remained just below 5 percent this week, as a Federal Reserve program that has maintained rates near record lows prepares to end.
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Stall in housing market threatens economy
Fed ending program that has held mortgage rates down may also hurt
The recovery in the housing market is at risk of collapsing.
Home sales are sliding, prices are stalling and foreclosures are rising. And mortgage rates are likely to go up after next week, when the Federal Reserve ends a program that has driven them down.
The trend could threaten the broader economy, economists warn. People whose home equity is stagnant or shrinking are less likely to spend freely.
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U.S. to give $600M in housing aid to 5 states
Beneficiaries include N.C., S.C., Ohio, Oregon and Rhode Island
The Obama administration unveiled Monday $600 million in financial aid for five more states with high unemployment that have been slammed by the housing bust.
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