Cheers,

Curtis Hamilton

McEwen Gold will hit $5000/oz in Two Years | GOLD AND SILVER MARKET.

CNN Money… they did a vast survey and came up with a list of the most affordable places to buy houses vs. least affordable. (defined by the median income versus the media house purchase price) in America.

Most Affordable

1. Indianapolis -
   Median home price: $105,000
   Median income: $68,100
   Affordability score: 94.5%
2. Youngstown, OH
   Median home price: $72,000
   Median income: $54,300
   Affordability score: 93.9%
3. Detroit, MI
   Median home price: $84,000
   Median income: $57,100
   Affordability score: 92.2%
4. Warren, MI
   Median home price: $140,000
   Median income: $79,000
   Affordability score: 91.8%
5. Grand Rapids, MI
   Median home price: $103,000
   Median income: $63,100
   Affordability score: 91.4% — 5th best

Notice 3 of the top 5 are in Michigan…

The Least Affordable Real Estate Markets To Buy a House

1. New York City, NY
   Median home price: $425,000
   Median income: $64,800
   Affordability score: 19.2%
2. San Francisco, CA
   Median home price: $598,000
   Median income: $96,800
   Affordability score: 23.6%
3. Honolulu, HI
   Median home price: $598,000
   Median income: $96,800
   Affordability score: 23.6%
4. Santa Ana, CA
   Median home price: $598,000
   Median income: $96,800
   Affordability score: 23.6%
5. Nassau/Suffolk, NY
   Median home price: $380,000
   Median income: $101,800
   Affordability score: 39.6% — 5th worst

Cheers,

Curtis

Mortgage rates generally fell again this week, with the average rate on 30-year fixed-rate mortgages reaching the lowest level in at least 38 years, according to Freddie Mac‘s weekly survey.

“Interest rates for 30-year and 15-year fixed-rate mortgages fell for the fifth consecutive week to an all-time low while the average rate on five-year (adjustable-rate mortgages) hovered near its record set in the previous week,” Frank Nothaft, Freddie’s chief economist, said Thursday.

Mortgage rates have been pushed lower by weak housing demand and rising foreclosures. In addition, Treasury prices have risen, indicating that investors and financial institutions are retreating from riskier bets, and sending yields lower. Mortgage rates tend to follow the yields.

Earlier this week, the National Association of Realtors said its forecasting gauge of housing-market activity climbed to its highest level in more than three years in October. Last week, the association said October sales of existing homes jumped 10% as buyers continued to take advantage of a first-time-home-buyer tax credit, low prices and low mortgage rates.

The 30-year fixed-rate mortgage averaged 4.71% for the week ended Thursday, down from last week’s 4.78% average and 5.53% a year ago. Rates on 15-year fixed-rate mortgages were 4.27%, down from last week’s prior low of 4.29% and 5.77% a year earlier. Freddie has tracked 15-year rates since 1991.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.19%, up from last week’s record low of 4.18% but were down from 5.77% a year earlier.

One-year Treasury-indexed ARMs were 4.25%, its lowest level since June 2005, down from 4.35% last week and 5.02% a year earlier.

To obtain the rates, the 30-year mortgage required payment of an average 0.7 point, while the rest required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.

Write to Joan E. Solsman at joan.solsman@dowjones.com

Posted using ShareThis

I came across this today and thought I’d share it with you all.  Celia Chen of Moody’s Economy.com says nationwide home prices won’t regain the peak levels they reached in 2006 until 2020.

Successful Investing to you all.

Cheers. Curtis

Top 10 Foreclosure States

1. Navada: Rate: One in every 62 households
2. Florida: Rate: One in every 140 households
3. California: Rate: One in every 144 households
4. Arizona: Rate: One in every 150 households
5. Michigan: Rate: One in every 234 households
6. Idaho: Rate: One in every 241 households
7. Utah: Rate: One in every 282 households
8. Colorado: Rate: One in every 329 households
9. Illinois: Rate: One in every 401 households
10. Georgia Rate: One in every 332 households