The Fed ended their program of buying MBS (Mortgage Backed Securities – Fannie Mae Bonds) and it is already affecting the market. We have already seen upward pressure on interest rates. Additionally, we are seeing an overall improvement in jobs and housing. The S & P/Case-Schiller Home Price Index has been rising for eight consecutive months and Pending Home Sales rose by 8.2%!
The $8000 tax credit for first time buyers has been a decent stimulus, but the $6500 credit for homeowners buying a new primary residence has fallen short of expectations.
Here are articles of interest regarding bonds and real estate:
Real Estate Outlook: Positive Track
Contact me, David Wolsky, if you have any mortgage related questions. I can be reached at 520-529-7515 or email david@davidwolsky.com. Your comments are welcome.
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