Mortgage and Real Estate News: April 2015

Thursday, April 30, 2015

$100 million for a home? Luxury buyers reach a new threshold

WASHINGTON (AP) - The poshest of luxury homes are acquiring the cachet of a masterwork by Picasso or Matisse.

Rather than settle for garages of antique cars or a museum's worth of paintings, billionaires are increasingly willing to pay $100 million for homes that can serve as showcases for their fortunes, according to an analysis issued Tuesday by Christie's International Real Estate.

Tuesday, April 28, 2015

Blackstone CEO: Housing makes a 'good investment'

Housing is a "good investment" even though prices aren't rising as much as after the financial crisis, Blackstone chief Steve Schwarzman said Monday.

Monday, April 27, 2015

Mortgage Rates in U.S. Dip in April

According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), average fixed mortgage rates moved down slightly this week and remaining near their 2015 lows as the spring home buying season continues.

Freddie Mac's deputy chief economist Len Kiefer said, "Mortgage rates fell slightly to 3.65 percent this week, positive news for potential home buyers in the market this spring. Purchase applications in 60 of the 100 markets that MiMi tracks are up from the same time last year, including 20 markets that are showing double-digit increases. Reinforcing this positive momentum, existing home sales surged 6.1 percent to a seasonally adjusted annual rate of 5.19 million units in March, the highest annual rate since September 2013. Housing inventory rose 5.3 percent to 2 million homes for sale, but unsold inventory was little changed at a 4.6 month supply."

Here's how much OPEC really makes

The world already knows that the Organization of Petroleum Exporting Countries, or OPEC, can change the fate of the international oil price.

By producing close to 40 % of the world's combined crude oil, OPEC's oil exports represents about 60% of the total petroleum traded internationally.

Sunday, April 26, 2015

The Power of Compound Interest

Albert Einstein is often quoted as saying that compound interest is the greatest discovery of the 20th century. There's no proof he said that, but it's probably not far from the truth.

Here's why: If you invested $10,000 at 5% interest for 20 years, you'd earn $17,126 in profit (ignoring taxes and fees). But if you doubled the rate to 10%, how much would you earn?

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