Orlando Real Estate Update 08/03/09

Reports show economy mending Economic indicators keep saying what investors have known for months: Things are getting better. The latest government report to reinforce a more positive view of the economy’s health was the Federal Reserve’s “beige book,” released last Wednesday, which indicated many parts of the nation are seeing economic stability. While the latest pieces of economic data provide some comfort, they by no means signal a return to the boom times.

Frank threatens banks to stop foreclosures In a sternly worded statement, Rep. Barney Frank said Congress will revive legislation that would let bankruptcy judges write down a person’s monthly mortgage payment if the number of loan modifications remains low. He also said his committee won’t consider legislation to help banks lend unless there is a “significant increase” in mortgage modifications. Congress tried earlier this spring to pass legislation that would give people a chance to keep their homes by filing for bankruptcy. But while President Barack Obama said he supported the measure, he did little to see it through and it was defeated amid an aggressive lobbying effort by banks.

30-year mortgage rates rise for 2nd-straight week The average rate for a 30-year fixed mortgage was 5.25 % this week, up from 5.2 percent last week. “Bond yields rose slightly higher this week on market optimism that the economy may be stabilizing somewhat, and mortgage rates followed those yields,” said Frank Nothaft, Freddie Mac's chief economist.

Click on these links for more information on Orlando Real Estate, Orlando Rentals, and Orlando Property Management.