Home Value Projections for 2012

Wondering what home values have in store for 2012? BusinessWeek dove in head first with the research group Fiserv to analyze some historic data and offer some projections. Below are some results from their research in some major US markets.

Metro:
Los Angeles-Long Beach-Glendale
Projected Median Home Price: $253,328
Projected Price Change from 4th Quater 2008: -27.6%

Metro:
Houston-Sugar Land-Baytown
Projected Median Home Price: $160,471
Projected Price Change from 4th Quater 2008: +.03%


Metro:
New York-White Plains-Wayne (NY & NJ)
Projected Median Home Price: $343,937
Projected Price Change from 4th Quater 2008: -21.8%

Metro:
Tampa-St. Petersburg-Clearwater
Projected Median Home Price: $166,000
Projected Price Change from 4th Quater 2008: -28.1%

Metro:
Chicago-Naperville-Joliet
Projected Median Home Price: $248,136
Projected Price Change from 4th Quater 2008: +0.5%

Metro:
Philadelphia
Projected Median Home Price: $171,347
Projected Price Change from 4th Quater 2008: -12.1%


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Happy Holidays from Fannie & Freddie - No Foreclosures from Dec. 19th - Jan. 2nd

It's beginning to feel a lot like Christmas. Fannie Mac, Freddie Mac and several other major banks such as Chase and Wells Fargo have pledged not to foreclose on late homeowners during this holiday season. Wells Fargo noted that it suspend foreclosures on loans within its portfolio while it still may proceed with loans held by other lenders that the bank is servicing.

That certainly was nice of them. Perhaps the agencies and banks are simply saying "thank you" for the billions of dollars they received in tax payer bailouts.

Just a quick reminder that both JP Morgan Chase and Wells Fargo each received $25,000,000,000 in bailout funds. Fannie received $112.6 billion and recently asked for $7.8 billion more. Freddie's only received $72.2 billion from the government and recently asked for another $6 billion.

So, thank you Fannie, Freddie, Chase and Wells doing a little something for the people who bailed you out.

Today's Georgia Mortgage Rate Round-Up

Home mortgage rates leveled out this past week with the 30 year fixed rate average coming in at 4.00% with 0.7 points according to Freddie Mac's weekly interest rate survey. The 15 year fixed rate average also remained relatively flat at 3.30% with .8 points.