The housing market is turning up from the bottom as consumers are starting to borrow again and banks are more willing to extend them credit, according to a report from the New York Federal Reserve.
The report, which looks at mortgages, home equity lines, credit cards and auto loans by consumers nationwide, found that total consumer debt increased slightly in the first quarter of this year, ending a string of nine consecutive declining quarters.
New foreclosures declined 17.7% from the fourth quarter of 2010, and new bankruptcies fell 13.3% during the quarter.
Mortgage originations increased for a third consecutive quarter, to $499 billion. That put new mortgages 65% above their low point at the end of 2008, and 31% above their level of a year ago.
Back from the brink
The ability to borrow more easily is widely seen as an important step for economic growth since it allows consumers to purchase large ticket items, and provides a source of capital for small businesses.
Housing starts are up but the market is now mainly focusing on selling foreclosed homes!
MCLEAN, Va., May 16, 2011 /PRNewswire/ -- HomeSteps, the real estate sales unit of Freddie Mac (OB: FMCC), is launching a nationwide sales promotion for its inventory of foreclosed homes starting today.
The HomeSteps Summer Sales Promotion is offering up to 3.5 percent buyer's closing cost and a $1,200 selling agent bonus for initial offers received between May 16, 2011 - July 31, 2011 and escrows are closed on or before September 30, 2011. This offer is valid only on HomeSteps homes sold to owner-occupant buyers.
A two-year Home Protect® limited home warranty that covers electrical, plumbing, air conditioning, heating and other major systems and appliances is offered on some eligible HomeSteps homes. Home Protect also provides discounts of up to 30 percent on the purchase of appliances. For details, see http://www.HomeSteps.com/smartbuy .
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
AMHD is setting up to capitalize on the home foreclosure retail market opportunities!
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