ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 03/05/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 03/05/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

Mortgage rates eased this week, remaining at or near record lows as the spring homebuying season approaches, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey. While low rates boost affordability, many would-be buyers are still unable — or unwilling — to finance a home purchase.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

“Fixed mortgage rates bottomed out in January and February of this year, which is helping spur the housing market,” said Frank Nothaft, Freddie Mac chief economist, in a statement. Pending sales of existing home rose in January to the strongest pace since April 2010, and sales figures for December saw upward revisions, he noted.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

Testifying before the House Financial Services Committee on Wednesday, Federal Reserve Chairman Ben Bernanke noted that affordability has “increased dramatically” as a result of the decline in house prices and historically low mortgage rates. A pickup in construction in the multifamily sector and recent increases in homebuilder sentiment are also encouraging, Bernanke said.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

“Unfortunately, many potential buyers lack the down payment and credit history required to qualify for loans; others are reluctant to buy a house now because of concerns about their income, employment prospects, and the future path of home prices,” Bernanke said

Fannie Mae’s survey showed rates on 30-year fixed-rate mortgages averaged 3.9 percent with an average 0.8 point for the week ending March 1, down from 3.95 percent last week and 4.87 percent a year ago. Rates on 30-year fixed-rate mortgages hit a low in records dating to 1971 of 3.87 percent during three consecutive weeks in February.

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