North Carolina foreclosures soared to new heights in 2007, making them one of the states with the highest jumps in foreclosure rate in the past year. During the period between November 2006 and November 2007, the amount of North Carolina foreclosure homes rose over 143%, which is a staggering figure, even for the foreclosure plagued southeastern region. The state still fares better than the national average however, which stands at about 1 foreclosure per 600 households. North Carolina averages roughly 1 foreclosure for every 1000 households.

Freddie Mac: mortgage rates little changed this week
Long-term mortgage rates this week were mixed, with the 30-year fixed rate falling and the 15-year rate rising, Freddie Mac reported today. The average rate on 30-year fixed loans dipped from 5.87 percent to 5.85 percent, while the 15-year average rose from 5.27 percent to 5.34 percent. By contrast, a year ago the 30-year averaged 6.16 percent and the 15-year averaged 5.86 percent.  more…read more

California’s single-family building permits drop 60%
Single-family housing starts, as measured by building permits issued, plunged 59.8 percent in February compared to the same month last year, the California Building Industry Association trade group reported this week, and total housing starts dropped 27.9 percent.  more…read more

real estate rates increase overnight
Long-term mortgage interest rates were up Thursday, and the benchmark 10-year Treasury bond yield climbed to 3.53 percent. The 30-year fixed-rate average rose to 5.75 percent, and the 15-year fixed rate gained to 5.27 percent. The 1-year adjustable rate, however, dropped to 5.3 percent. The 30-year Treasury bond yield was up at 4.39 percent. Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.  more…read more

Washington D.C. Foreclosure Rate Spikes in First Month of 2008
Washington D.C. continues to feel the strong impact of the nationwide housing situation, as new studies report that the area saw a staggering 90% increase in foreclosure in January of 2008 from one month earlier.

Fed schedules hearings on BofA, Countrywide merger
The Federal Reserve will hold public hearings next month in Los Angeles and Chicago before ruling on Bank of America Corp.’s planned acquisition of Countrywide Financial Corp. The meetings will be held on April 22 in Chicago and April 28 and 29 in Los Angeles (see announcement).  more…read more