Mortgage Rates Rise in Response to Wind-Down of Federal Support

2009 saw historically low mortgage rates.  Early last year, the Federal Reserve announced plans to purchase debt and mortgage-backed securities from Fannie Mae and Freddie Mac to lower interest rates for consumers and spur homebuying.  As a result, rates on 30-year, fixed mortgages fell to historic lows. 2010 rates are expected to rise because the Fed’s asset purchase program is scheduled to expire at the end of the first quarter of 2010, and a lack of private demand for mortgage-backed securities could lead to a rise…

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Southern California Home Buyer & Seller Fair

Don’t miss the third annual Southern California Home Buyer’s Fair! Thousands of potential home buyers are expected to converge the weekend of March 13 and March 14 at the Los Angeles Convention Center for the FREE third annual Southern California Home Buyer’s Fair. The event is sponsored by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and the Los Angeles Times. The Southern California Home Buyer’s Fair, open 10 a.m. to 5 p.m., Saturday, March 13, and 11 a.m. to 4 p.m., Sunday, March 14, features more than 50 educational…

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Cash for Clunkers for Appliances

Cash In on Appliance Savings Don’t miss out on your chance to cash in on appliance savings.  The program is expected to begin in California in early spring.  It’s worth keeping an eye on the California Energy Commission’s website for up to the minute announcement. If you are thinking about upgrading appliances, you might want to wait until the Cash for Clunkers for Appliances money is released.  It’s important not to wait for too long though because once the $35.2 million allotment is gone, it’s over. Eligible…

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Wondering What's Happening with Home Sales?

What’s ahead for home prices? California remains ahead of the nation in market recovery with many first-time home buyers entering the market due to affordable home prices, low mortgage rates, and first-time home buyer tax credits from the state and federal governments.  However, credit still is tight and unemployment remains high, which could hinder a full market recovery until 2011. KEEP THIS IN MIND Home sales in California hit bottom more than two years, and the median home price of an existing, single-family home reached its trough in February,…

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