by Al Heavens
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In the Housing Market, still waiting for the dust to clear
Volatility in the mortgage markets. Rising foreclosure rates and delinquencies. Increasing existing-home inventories. Weak demand for new and existing homes, and lagging construction. Continued price declines.
Not a good week for housing, which PMI Group Inc. chief economist David Berson says "historically leads the economy out of a recession."
Berson did not say it would be easy. He and other economists, including Economy.com's Mark Zandi, caution that the housing market must stop falling before it reverses course, probably by mid-2010.
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by Alan Zibel
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Home-loan rates rise, to go higher
WASHINGTON - Rates on 30-year home loans rose this week and were poised to go higher as investors demanded higher rates for long-term government debt, which is closely tied to mortgage rates.
Mortgage giant Freddie Mac said yesterday that average rates on 30-year fixed-rate mortgages rose to 4.91 percent this week from 4.82 percent a week earlier. Rates in Freddie Mac's survey have been below 5 percent for more than two months. If they rise higher, that will diminish the appeal for refinancing for many borrowers.
The yield on the Treasury's 10-year note - a key benchmark for home mortgages and other kinds of loans - reached its highest level since November earlier this week.
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by Danielle Lynch
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DASD plans 2.5% property tax hike
DOWNINGTOWN - Residents living in the Downingtown Area School District will see a tax increase of about 2.5 percent next school year, finance administrators said at a meeting on Tuesday night.
"The school board was very cognizant of the impact the recession has had on residents and taxpayers in the district," said Chief Financial Officer Richard Fazio in a written statement. "The board insisted upon the lowest possible tax increase that would not impede the high quality of education we offer our 12,000 students."
The school board approved the preliminary 2009-10 budget in February. At that time, the budget stood at $184 million and included a 3.75 percent property tax increase.
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