According to the U.S. Census Bureau, first quarter home ownership rate was at 64.8 percent, the lowest in 19 years. But on a much more positive note, according to Black Night Financial, nationwide negative equity levels are down 60 percent from their peak, with only 1 in 10 Americans underwater on their mortgages versus 1 in 3 in 2010. Meanwhile conforming no point 30 year fixed mortgage rates still average 4 1/4 percent with 15 year rates closer to 3 1/4.
And now for something, completely different: In July of 1934, Babe Ruth paid a fan $20 for the return of the baseball he hit for his 700th career home run. Of course, that was a lot of money back then.
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at www.ARAMCO.biz or call me at (877) 700-0942.
This is Mehran Aram with today's ARAMCO Report.