Buying your first house and obtaining a mortgage can be overwhelming and even confusing. Check out this video to learn the basics about a mortgage and get some tips about the process.
Duration : 0:2:8
As part of his continuing series of reports making sense of economic news, Paul Solman tells the story of some homeowners who have stopped paying their mortgages even though they can still afford them.
Duration : 0:9:23
Commercial property companies may sell about $3 billion of mortgage-backed bonds in September. (Bloomberg News)
Duration : 0:0:28
How to get a great deal
Check out VictoryIndependence later today(uploading now) to see a budget video.
www.youtube.com/user/victoryindependence
Duration : 0:12:54
Intro
Hello. I’m Bernard Hickey with the daily briefing from interest.co.nz…
Today, we’ll look at the latest signs of stress in a housing market where the bubble is bursting,
We’ll look at the latest news from the global credit crunch and what it might mean here for interest rates and our exchange rates,
And finally we’ll preview the next big batch of mortgage rate resets and how it will coincide quite nicely with the election.
Story 1,
Firstly we look at some signs emerging of real stress in the housing market.
Essentially the bubble is bursting and we’re at that exact stage where the bubble pops, covering everyone in soap.
The Sunday Star Times has reported that all 21 house auctions it watched in the last week failed to sell the house, either at auction or after auction. It seems some of the auctions even failed to raise a bid.
Real estate agents report that auction failure rates have more than doubled to 70% in the last year.
It’s clear the market is in deep trouble when you look at the pointy end of the process — mortgagee sales.
We’ve just started an index measuring mortgagee sales listed on trademe.co.nz and realestate.co.nz. This week we saw a big increase to 212 properties listed from 154 properties listed last week.
However this should be taken with a grain of salt. Barfoot and Thompson, which is the biggest real estate agency group, have just started listing their properties with trademe. So their mortgagee sales were included for the first time.
But it is clear there’s a rising trend of mortgagee sales.
Story 2
Now let’s have a quick look at the latest news on the credit crunch coming through from America.
New Zealanders are starting to work out this really matters now that some of the banks are putting up fixed mortgage rates because of higher wholesale mortgage rates, which are directly linked to the turmoil on global credit markets since the sub-prime credit crisis hit the markets midway through last year.
Late on Friday UBS predicted that the big banks may have to book losses of US$600 billion because of exposures to toxic bonds that aren’t paying their way. And then we saw more news that the housing market in America is in dire straights.
There are now more than half a million new houses that are sitting there empty. More than 300,000 of those are empty because people pulled out of initial deals to buy the house.
This latest batch of bad news had real impact on financial markets late on Friday. Stock markets fell more than 3% and the nerves hit those currencies seen as slightly riskier because they depend on the carry trade, where investors borrow in one cheap currency and invest in another currency with higher interest rates.
That meant the New Zealand dollar fell sharply this morning to below 80 cents. This is likely to mean higher interest rates too as nervous global investors demand more for the money they lend us to finance our current account deficit.
Story 3
And finally we look ahead over the rest of the year to an impending rash of mortgage rate resets.
You might remember back in the spring of 2004 the BNZ launched its unbeatable campaign for 2 year fixed mortgages that sparked a price war and a heavy bout of lending. This gave the housing market a second wind.
Those mortgages were reset for the first time in the spring of 2006 and now they’re due to be reset again in the spring of 2008.
We estimate over $40 billion of mortgages or more than 300,000 mortgages will be reset and their mortgage rates will rise from 7.99% to around 9.7%. For someone with a 250,000 dollar mortgage it means their weekly payments will rise by around $60.
This will all happen around the time of the election later this year and will no doubt sharpen political minds on the effects of their policies on interest rates.
In particular the effects of big tax cuts, which the Reserve Bank governor Alan Bollard has warned would increase inflation and may force him to put up interest rates.
I’m Bernard Hickey from interest.co.nz with the Daily Briefing. Catch you on Tuesday.
Duration : 0:4:21
Interview and analysis with Roger Bayston of Franklin Resources. (Taking Stocks)
Duration : 0:4:42
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Aug. 10 (Bloomberg) — The collapse in commercial real estate is preventing Federal Reserve Chairman Ben S. Bernanke from declaring the economy and financial markets are healed.
Property values have fallen 35 percent since October 2007, according to Moodys Investors Service. Thats making it tough for owners to refinance almost $165 billion of mortgages for skyscrapers, shopping malls and hotels this year, pressuring companies such as Maguire Properties Inc., the largest office landlord in downtown Los Angeles, to put buildings up for sale.
Negative Fundamental
Demand for commercial space comes from employment and the income generated by that employment, said University of Pennsylvania Professor Joseph Gyourko, director of the Wharton Schools Samuel Zell and Robert Lurie Real Estate Center in Philadelphia. Mounting job losses are a really significant negative fundamental, signaling that conditions are going to be tough for the industry for a while, he said.
That may spill over into mounting losses at some banks. Forty-seven percent of loans at the 7,000-plus smaller U.S. lenders are in commercial real estate, compared with 17 percent for the biggest banks, according to New York-based Goldman Sachs Group Inc.
Duration : 0:5:57
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Duration : 0:9:54
Successful Rally for DPA at the US Capitol!
With speakers including a former NAACP president, HipHop Summit CEO, US congressperson, BET television show host, and the CEO of Nehemiah, this rally brought together housing professionals, social activists, and political experts to discuss saving DPA.
Organized by the NABMB (National Association of Black Mortgage Brokers), the event provided a forum for group strategizing and networking to save DPA.
The featured speakers included:
• US Representative Al Green, (D-TX) of Texas’ 9th Congressional District
• Dr. Benjamin Chavis, former NAACP President, CEO and Co-Founder (with Russell Simmons) of Hip-Hop Summit Action Network
• Jeff Johnson, BET talk show host, social and political commentator for CNN, MSNBC, Fox News
• Scott Syphax, CEO of the largest non-profit DPA provider, Nehemiah Corporation of America
• Joy Jamison, President of the National Association of Black Mortgage Brokers
• Jeff Belonger, well-known blogger and mortgage broker
Duration : 0:0:49
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Duration : 0:0:32