Buying a home is now cheaper than renting one: September 10 – 14 web roundup
If you plan on being in the same home for the next seven years, the cost of purchasing a home is 45 percent cheaper than the cost of renting one in the nation’s 100 largest metropolitan areas. Real estate statistics provider Trulia reports that the cost of renting outpaced the cost of homeownership due to declining home prices, record low mortgage rates and rising rent costs. || LINK
Initial unemployment claims spiked 15,000 to 382,000 – the highest in 2 months. This is due partially to Hurricane Isaac. || LINK
Rep. John Campbell, R-Calif has introduced federal legislation in an attempt to stop governments from seizing mortgages with eminent domain. The bill would forbid Fannie Mae and Freddie Mac from financing loans in counties or cities in which governments use eminent domain in such a way in the past 10 years. Freddie and Fannie currently hold about half of the nation’s mortgages. || LINK
Foreclosure activity rose in August from the previous month, but it is still 15 percent below last year. Banks continue to work through their backlog. || LINK
The U.S. federal budget deficit topped $1 trillion for the fourth straight year. || LINK
And of course, all of that ruckus over the latest Federal Reserve stimulus plan, this time to purchase $40 billion in mortgage-backed securities (QE3). || LINK
Stock markets shot up over the Fed announcement and economists (and politicians) have all sorts of opinions of if (and how) this plan will work. || LINK
Four ways the Fed’s plan could go wrong. || LINK
There is also the mortgage industry angle to consider: how will mortgage rates move with this new round of stimulus? || LINK
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