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Freddie Mac Market Report Still Gloomy with Patches of Sunlight
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Freddie Mac Market Report Still Gloomy with Patches of Sunlight
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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Freddie Mac Market Report Still Gloomy with Patches of Sunlight
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May 12, 2011 (Jeff Alan)

Freddie Mac has released its Economic and Housing Market Outlook report for May predicting a pick-up in economic growth in the second half of 2011 with unemployment lingering above 8 percent through the rest of the year. Freddie notes on the sunny side, that homebuyer affordability remains extraordinarily high due to a combination of low mortgage rates and housing prices well off their cyclic peak.

Job creation is a major concern according to Freddie Mac. With the unemployment rate almost twice what it was before the recession, Freddie Mac says that approximately 260,000 jobs need to be created monthly, on a sustained basis, to reabsorb all the jobs lost during the recession.

Unfortunately, the report notes, the recovery is not growing fast enough. Freddie projects that 130,000 jobs must be created every month just to keep up with labor force growth and another 130,000 jobs need to be created each month over the next three years just to get employment back to pre-recession levels.

According to the U.S. Labor Department, 244,000 jobs were created last month, the best performance in almost five years. However, many analysts report that government statistics don’t take into account the amount of unemployed who give up looking for a job every month and drop off the government statistics. They believe that the job market actually contracted by as much as 100,000 to 180,000 jobs.

Regardless of which side of the fence you sit on, unemployment last month rose to 9 percent with the average duration of unemployment at 38.3 weeks, a slight improvement from the record 39 weeks in March. As a result, Freddie Mac says large numbers of workers who remain unemployed for long periods of time remain the predominant force behind seriously delinquent rates on mortgages.

Freddie Mac does however project that with an improving economy, they expect the rate of seriously delinquent mortgages, 8.6 percent at years end, to trend downward in 2011. Freddie is also projecting a 5 percent increase in home sales in 2011 over 2010.

Frank Nothaft, vice president and chief economist of Freddie Mac, said, “We also expect a pick-up in economic growth in the second half of 2011, which should help to propel additional job gains later this year. Still, while the labor market is moving in the right direction, it still has a long way to go before the unemployment rate moves sharply lower. And ditto for serious delinquency rates on mortgages.”

Tags: Freddie Mac, Market Outlook, unemployment, homebuyer affordability, job growth, job creation, pre-recession levels, jobs, seriously delinquent mortgages

Source:
Freddie Mac

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May 12, 2011 (Jeff Alan)

Freddie Mac has released its Economic and Housing Market Outlook report for May predicting a pick-up in economic growth in the second half of 2011 with unemployment lingering above 8 percent through the rest of the year. Freddie notes on the sunny side, that homebuyer affordability remains extraordinarily high due to a combination of low mortgage rates and housing prices well off their cyclic peak.

Job creation is a major concern according to Freddie Mac. With the unemployment rate almost twice what it was before the recession, Freddie Mac says that approximately 260,000 jobs need to be created monthly, on a sustained basis, to reabsorb all the jobs lost during the recession.

Unfortunately, the report notes, the recovery is not growing fast enough. Freddie projects that 130,000 jobs must be created every month just to keep up with labor force growth and another 130,000 jobs need to be created each month over the next three years just to get employment back to pre-recession levels.

According to the U.S. Labor Department, 244,000 jobs were created last month, the best performance in almost five years. However, many analysts report that government statistics don’t take into account the amount of unemployed who give up looking for a job every month and drop off the government statistics. They believe that the job market actually contracted by as much as 100,000 to 180,000 jobs.

Regardless of which side of the fence you sit on, unemployment last month rose to 9 percent with the average duration of unemployment at 38.3 weeks, a slight improvement from the record 39 weeks in March. As a result, Freddie Mac says large numbers of workers who remain unemployed for long periods of time remain the predominant force behind seriously delinquent rates on mortgages.

Freddie Mac does however project that with an improving economy, they expect the rate of seriously delinquent mortgages, 8.6 percent at years end, to trend downward in 2011. Freddie is also projecting a 5 percent increase in home sales in 2011 over 2010.

Frank Nothaft, vice president and chief economist of Freddie Mac, said, “We also expect a pick-up in economic growth in the second half of 2011, which should help to propel additional job gains later this year. Still, while the labor market is moving in the right direction, it still has a long way to go before the unemployment rate moves sharply lower. And ditto for serious delinquency rates on mortgages.”

Tags: Freddie Mac, Market Outlook, unemployment, homebuyer affordability, job growth, job creation, pre-recession levels, jobs, seriously delinquent mortgages

Source:
Freddie Mac

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

May 12, 2011 (Jeff Alan)

Freddie Mac has released its Economic and Housing Market Outlook report for May predicting a pick-up in economic growth in the second half of 2011 with unemployment lingering above 8 percent through the rest of the year. Freddie notes on the sunny side, that homebuyer affordability remains extraordinarily high due to a combination of low mortgage rates and housing prices well off their cyclic peak.

Job creation is a major concern according to Freddie Mac. With the unemployment rate almost twice what it was before the recession, Freddie Mac says that approximately 260,000 jobs need to be created monthly, on a sustained basis, to reabsorb all the jobs lost during the recession.

Unfortunately, the report notes, the recovery is not growing fast enough. Freddie projects that 130,000 jobs must be created every month just to keep up with labor force growth and another 130,000 jobs need to be created each month over the next three years just to get employment back to pre-recession levels.

According to the U.S. Labor Department, 244,000 jobs were created last month, the best performance in almost five years. However, many analysts report that government statistics don’t take into account the amount of unemployed who give up looking for a job every month and drop off the government statistics. They believe that the job market actually contracted by as much as 100,000 to 180,000 jobs.

Regardless of which side of the fence you sit on, unemployment last month rose to 9 percent with the average duration of unemployment at 38.3 weeks, a slight improvement from the record 39 weeks in March. As a result, Freddie Mac says large numbers of workers who remain unemployed for long periods of time remain the predominant force behind seriously delinquent rates on mortgages.

Freddie Mac does however project that with an improving economy, they expect the rate of seriously delinquent mortgages, 8.6 percent at years end, to trend downward in 2011. Freddie is also projecting a 5 percent increase in home sales in 2011 over 2010.

Frank Nothaft, vice president and chief economist of Freddie Mac, said, “We also expect a pick-up in economic growth in the second half of 2011, which should help to propel additional job gains later this year. Still, while the labor market is moving in the right direction, it still has a long way to go before the unemployment rate moves sharply lower. And ditto for serious delinquency rates on mortgages.”

Tags: Freddie Mac, Market Outlook, unemployment, homebuyer affordability, job growth, job creation, pre-recession levels, jobs, seriously delinquent mortgages

Source:
Freddie Mac

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.