ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 07/13/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 07/13/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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Mortgage rates broke records again this week as fears that the European debt crisis will slow the global economy had investors moving money out of stocks and into safer investments like Treasuries and bonds that fund most mortgage loans.

Rates on 30-year fixed-rate mortgage averaged 3.56 percent with an average 0.7 point for the week ending July 12, down from 3.62 percent last week and 4.51 percent a year ago, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.

That’s a new all-time low in Freddie Mac records dating to 1971, and rates on 30-year loans have now been below 4 percent for 16 consecutive weeks.

At their June 19-20 meeting, members of the Federal Reserve’s Open Market Committee were told by Fed staffers that while the “housing sector generally improved in recent months,” it was “still restrained by tight credit standards for mortgage loans and the substantial inventory of foreclosed and distressed properties,” according to minutes of the meeting.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Most committee members attending the meeting “anticipated that housing markets were likely to recover only slowly over time, in part because tight credit standards in mortgage lending meant that low mortgage rates were now generating less of a pickup in home sales and construction than had been the case during the recoveries from earlier recessions,” the minutes said.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

If investors believe the government is buying up too much debt, some committee members worried there could be a “deterioration in the functioning of the Treasury securities market that could undermine the intended effects of the policy.” In other words, interest rates might go up, instead of down — a problem already being experienced by a number of countries in Europe.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Before embarking on QE3, “a few members observed that it would be helpful to have a better understanding of how large the Federal Reserve’s asset purchases would have to be to cause a meaningful deterioration in securities market functioning, and of the potential costs of such deterioration for the economy as a whole,” the meeting minutes said.

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