Finance & Mortgage

Federal Reserve: Weak house prices causes U.S. family wealth to tumble

The true cost of the 2007 recession has been tallied. According to a report by the Federal Reserve released on Monday, the typical American family lost nearly 40 percent of its wealth from 2007 to 2010, the lowest since the early 1990s.

More foreigners buying up U.S. real estate, up 9 Pct YTD

More and more foreigners are purchasing real estate in the U.S. due to a six-year drop in housing prices along with rising value of some foreign currencies, according to a survey released Monday.

Mortgage rates drop making home affordability possible

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 3.91 percent, lowest rate in history for 80 percent loan-to-value ratio loans, according to a report from the Mortgage Bankers Association.
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