Greenspan expects Housing to Stabilize Soon – Sunday, August 17, 2008

AV Market Right for Home Buyers – Today’s AV Press top article states lower prices now are creating unique opportunities for home buyers. Read it yourself at http://avpress.com/n/17/0817_s1.hts. (8/17)

Greenspan expects Housing to Stabilize Soon - Former Federal Reserve Chair Alan Greenspan in an interview with the Wall Street Journal this week says he expects U.S. home prices to stabilize in the first half of 2009. "Stable home prices will clarify the level of equity in homes, the ultimate collateral support for much of the financial world's mortgage-backed securities. We won't really know the market value of the asset side of the banking system's balance sheet – and hence banks' capital – until then," he said. (8/13)

Mortgage Rates Steady - Freddie Mac reports that the 30-year fixed mortgage rate held steady at 6.52 percent during the week ended Aug. 14. However, interest on 15-year fixed loans fell slightly to 6.07 percent from the prior week. Meanwhile, the five-year adjustable mortgage rate dipped to 6.05 percent, and the one-year ARM dropped to 5.18 percent. (Chicago Sun-Times, 8/15)

California 10^th Most Expensive States for Closing Costs - The 2007 average closing cost of $2,736 has gone up to an average of $3,118 in 2008, a 14 percent increase. New York City at $4,016 is the most expensive place to close. North Carolina is the least expensive area with an average fee of $2,650. Here are the top 10 most expensive states to pay closing costs.

1. New York: $4,016
2. Texas: $3,975
3. Florida: $3,683
4. Oklahoma: $3,558
5. New Mexico: $3,465
6. New Jersey: $3,432
7. Pennsylvania: $3,411
8. Alaska: $3,409
9. Colorado: $3,358
10. California: $3,321 (bankrate.com, 8/15)

Sources: National Association of REALTORS, Chicago Sun Times, Antelope Valley Press, Bankrate.com, Wall Street Journal.

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