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January 25, 2012 to February
1, 2012
President Barack Obama in his State of
the Union speech on January 24, 2012
proposed a plan to streamline mortgage
refinancing for underwater homeowners
so they can take advantage of
historically low interest rates. The
President said borrowers could save
$3,000 a year. Cost of the program
would be offset by a fee charged to
the country's largest banks. The
NATIONAL ASSOCIATION OF REALTORS ®
(NAR) President Moe Veissi after the
speech released a statement saying NAR
stands ready to help efforts to
streamline the refinancing process for
struggling homeowners. For more
information on this topic, visit realtor.org.
After reaching a 19-month high,
pending home sales eased in December
but stayed above year-ago levels,
according to the NATIONAL ASSOCIATION
OF REALTORS® (NAR).
The Pending Home Sales Index (PHSI), a
forward-looking indicator based on
contract signings, declined 3.5
percent in December from November but
is 5.6 percent above December 2010.
The data reflects contracts but not
closings.
The PHSI in the Northeast declined 3.1
percent in December and is 0.8 percent
below a year ago. For additional
information, check out the REAL
Story Market Facts.
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