Rick Kellow's (dad4_2) Blog

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Mortgage and Lending - Cherry Creek Mortgage
RECENT BLOG POSTS
Eager to move closer to their grandchildren in Tennessee, retirees Allen and Wilma Sawtelle put their home in the Southwestern Nevada town of Pahrump up for sale in August. They got nowhere. "The market is just dead," says Mr. Sawtelle. At their open house, he says, "I think one guy came, and he'...
02/17/2008
Question: I'm currently in the midst of trying to close on a townhouse. My mortgage broker has locked in a rate for me based on 5% down. The appraiser has deemed the geographical area to be a "declining market." How is this determination made? I'm told -- and it's still early -- that I might need...
02/17/2008
U.S. fixed mortgage rates crept higher this week but still remain well below their year-ago levels, pushing up housing affordability, Freddie Mac said in its weekly survey Thursday. Adjustable-rate loans notched a slight decline. The benchmark 30-year, fixed-rate loan averaged 5.72% nationwide in...
02/17/2008
NEW YORK (MarketWatch) -- For just the second time in 2008, fixed mortgage rates moved higher with the average conforming 30-year fixed mortgage rate now 5.96%. According to Bankrate.com's weekly national survey of large lenders reported on Thursday, the average 30-year fixed mortgage has an aver...
02/14/2008
UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.Still holding $27.59 billion in securities linked to the subprime residential mortgage market, UBS said it expects more pro...
02/14/2008
The interest-rate savings ARMs once offered relative to fixed-rate mortgages is shrinking, according to the survey. Plus, the difference between an ARM's initial rate and the rate to which the loan eventually adjusts has decreased -- an erosion of the discounts that were prevalent in 2005 and 200...
02/14/2008
WASHINGTON (MarketWatch) -- The decline in U.S. home values accelerated in November, with prices falling for the third month in a row in all 20 cities tracked by the Case-Shiller home price index released Tuesday by Standard & Poor's. For the 20 cities, prices fell a record 2.1% in November. In t...
02/13/2008
Housing starts, which fell 30% in 2007, could drop nearly that much again in 2008, said David Seiders, chief economist for the National Association of Home Builders. His forecast calls for new-home sales to fall to a 25-year low of 632,000 units in 2008, down more than 20%. Existing-home sales wi...
02/13/2008
Prospective buyers, concerned that prices will drop even more than they already have -- not to mention jittery about the prospect of a recession -- aren't showing up at models and information centers as they once were. And while mortgage interest rates are low, stricter standards to be eligible f...
02/13/2008
Months ago, Countrywide launched a program to help subprime adjustable rate mortgage (ARM) borrowers. The latest initiative, brokered with the Association of Community Organizations for Reform Now, or ACORN, adds borrowers of subprime, fixed-rate loans. "Countrywide is eager to help all borrowers...
02/13/2008
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Rick Kellow

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