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June 14, 2010 - Mortgage News Daily
Influential Home Price Indices Paint Fuzzy Picture
"Consequently," the report says, "we believe it's no easy task to get a consistent view of the sector's health, and it's not uncommon for market participants to form different opinions about what they think the future will hold in the housing market."
April 28, 2010 - Bloomberg
Libor for 12-Month Dollars Rises to Highest This Year
The cost of borrowing between banks for 12 months rose to its highest levels of the year on speculation that the Federal Reserve will raise interest rates within the coming year. The rise in 12-month LIBOR is due to a pricing in of an eventual fed rate increase. As the year comes to a close, this speculation will likely cause the 3-Month LIBOR rate, a key index in determining interest payments on everything from mortgages to corporate borrowing, to rise as well.
April 21, 2010 - Housing Wire
First-Time Buyers Take Larger Share of Home Sales in March
According to a recent poll, first time home buyers made up a record percentage of people who bought homes in the month of March. Despite some analysts' fears that the pool of first time home buyers was thinning, the winding down of the federal tax credits has combined with a normal spring-summer upswing in home buying to provide unprecedented opportunities for first time home buyers looking to enter the market. Despite this increased activity, the volume of distressed properties on the market continues to climb. The federal tax credit for first time home buyers expires at the end of April. It remains to be seen whether new programs (ie. $200 Million tax credit for first time home buyers and buyers of new homes in California, government HAFA short sale program) will help to stem the wave of distressed properties coming on the market or if the so-called "shadow inventory" of foreclosure will begin to saturate the market after the federal credit expires.
April 09, 2010 - DS News
Gov. Schwarzenegger Extends $10K Homebuyer Tax Credit in California
On April 30, 2010, the federal tax credits of $8000 and $6500 first-time and repeat home buyers, respectively, will come to an end. For home buyers in California, however, a new bill signed by California Gov. Arnold Schwarzenegger on March 26, 2010 may pick up where the federal tax credits leave off. The bill, AB 183, provides for tax credits of approximately $200 Million, $100 Million for first-time buyers of existing homes and $100 Million for buyers (first-time or otherwise) of newly built, unoccupied homes. The tax credit will be equal to 5% of the purchase price of the home, up to $10,000. The new California credits will be available for homes purchased between May 1, 2010 and December 31, 2010, but recent history suggests that it may not take that long for the balance of the credits to be claimed. A similar $100 Million tax credit for California home buyers approved in February 2009 ran out in four months after nearly 11,000 California home buyers claimed the credit. The state Franchise Tax Board previously estimated that nearly 32,000 home buyers could claim these new credits.
October 27, 2008 - Market Watch
UCLA Anderson Forecast: Gloomy Outlook for Orange County Economy
economic outlook for California and Orange County has become more pessimistic over the last few weeks according to the latest UCLA Anderson Forecast for Orange County. The Forecast projects the U.S. and state economies will move in tandem over the next few years, with income and employment deteriorating further before the housing market hits bottom.
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