Mortgage rates, which rose precipitously during December, have fallen during January and while still above the record low during the week of November 11, 2010, thirty year rates and fifteen year rates continue to be remarkably favorable. Despite low interest rates and home prices which have fallen dramatically in the past four years, home buying activity has fallen substantially when compared to early 2010 when the FirstTime Homebuyer Tax Credit remained in effect. Since the expiration of this stimulant, real estate activity has fallen markedly.
Not a single day goes by in which some article does not appear in our newspapers, on the internet or in other media regarding the foreclosure crisis. Foreclosure filings in the last quarter of 2010, according to RealtyTrac, were down 8% from the same period one year prior. That is no comfort when a reported 799,064 homes supposedly were the subject of foreclosure related filings, including default notices, foreclosure suits, auction notices and lender repossessions.
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