The rate on the Treasury’s 10-year note a bellwether for mortgage rates fell sharply after the Fed announcement. At 3:45 p.m, the rate had fallen 15 basis points to 2.71 percent. It had been as high as 2.98 percent earlier this month. Rising interest rates were a key factor in the decision by the Fed’s Federal Open Market Committee, which sets short-term interest rates. RECOMMENDED: Presidents and the economy: Who was best, worst? Take our quiz.
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Negative equity dropping as housing market improves
How do you get maximum value out of it? We’re in the pretty-early innings of that. We’re only recently finishing building out our data warehouse. If you did a comparison, we do less than other retailers.
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Housing is back – and so is Home Depot
(We know that every day your house is underwater can feel like an eternity, but the housing markets have been recovering faster than many industry observers imagined they would.) According to CoreLogic, a property information analytics provider, at the end of the first quarter of 2013, 9.6 million homes (roughly 19.7 percent of all homeowners with a mortgage) had negative equity. By the end of the second quarter, 2.5 million homeowners moved into positive equity, leaving just 7.1 million homes with negative equity. The total amount of negative equity was estimated to be $576 billion at the end of the first quarter, and only $428 billion at the end of the second quarter. That means homeowners gained over $148 billion in equity. On a state level, the CoreLogic Negative Equity survey found that Nevada had the highest percentage of mortgaged properties in negative equity at 36.4 percent; if you add the category of “near negative equity,” which essentially means the property is at par or just under par, that number rises to 40 percent.
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