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U.S. economic growth is slowing as the two-year housing decline worsens amid the surge in foreclosures and the collapse of more than 100 mortgage companies, said David Berson, chief economist of Fannie Mae, the largest mortgage buyer. The Federal Reserve today lowered its benchmark rate to 4.75 percent, the first cut in four years, saying the ``tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth.''
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The spike could be partly attributed to buyers on the fence finally getting into the market after mortgage rates began to rise, NAR explained. Sales in the second half of this year are likely to slow, but NAR is still predicting a record year for real estate sales. Lawrence Yun, NAR's senior economist, expects sales to slow only slightly in the second half of this year.
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Private mortgage buyers purchase a wide variety of owner financing. Whether you have a first or second mortgage, a wrap-around, a balloon payment, or a fully amortized note, finding a mortgage note buyer is easy. Private mortgage buyers will purchase any kind of payment plan written into the note, whether it's lump sum payments with all principal and interest, or interest only payments with a balloon.
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