Federal Reserve official says
housing improving slowly
Source:
Informa Research Services
(06/10/2011) While
there have been a slew of negative reports about the housing market in recent
months, a Federal Reserve official recently reassured that there have been
improvements, and those are expected to continue into the
future.
There
have been small improvements in many of the more worrying areas of the housing
market - including in first-time delinquencies and affordability - that have
been plaguing the country for years, according to Federal Reserve Board vice
chair Janet Yellen, who recently spoke at a policy summit at the Federal Reserve
Bank of Cleveland, Ohio. She credited historically low
mortgage rates and declining housing prices as potential harbingers of a recovery.
Consumers who may be interested in
purchasing a property, or even refinancing their existing home
loan to make it more affordable, may benefit from checking the latest online rate
tables. By doing so, they would likely be able to find
the best local mortgage rates available to them and save hundreds of dollars on their monthly home loan
payments.
Yellen
also noted that the tighter credit standards many lenders have adopted in the
wake of the recession may be contributing to the slower recovery.
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