ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 09/15/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 09/15/2012

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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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The Federal Reserve will attempt to put a tailwind behind the housing sector by purchasing $40 billion a month in mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac, a move that’s intended to keep downward pressure on interest rates.

Under the third round of “quantitative easing,” or QE3, announced today, the Fed will also continue to reinvest principal payments from its holdings of Fannie and Freddie debt and MBS.

Wrapped up in 2010, the Fed’s first round of quantitative easing — $1.25 trillion in purchases of Fannie and Freddie debt and MBS — helped push mortgage rates below 5 percent. The European debt crisis has kept demand for government-guaranteed MBS — seen as a safe haven by investors — high.

Newsweek Daily Beast columnist Daniel Gross said that the apparent goals of QE3 — keeping banks’ cost of capital “at an extremely low level” and bringing mortgage rates low — would be “really important moves” if the economy was plagued by a crippled banking system and high mortgage rates.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Low interest rates alone, he explained, “don’t help people scrape together the larger down payments required to buy a house. And low interest rates alone won’t magically reflate housing values in areas where supply far exceeds demand.”

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Data received since the committee’s August meeting suggested that economic activity has continued to expand at a “moderate pace,” but growth in employment has been slow, and the unemployment rate remains elevated.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Homebuyers finally seem to be responding to lower mortgage rates, with a survey by the Mortgage Bankers Association showing demand for purchase loans during the week ending Sept. 7 up a seasonally adjusted 8 percent from the week before.

Demand for purchase mortgages was up 7 percent from a year ago, the MBA said. Mortgage rates held near record lows this week after a disappointing jobs report Friday cast doubt on the strength of the economic recovery and boosted expectations for QE3.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL– 09/15/2012

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