US Home Loan Requests Rise as Purchases Pick up

Reuters Business Channel | Reuters.com: "U.S. mortgage applications increased last week, driven by a brisk rise in demand for loans to purchase homes even as interest rates rose to 16-month highs.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended November 4 increased 2.3 percent to 661.3, up from the previous week's 646.7."
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Realtor Questions Value of Interest-Only Real Estate Loans

Inman Consumer News: ": I am a retired Realtor who began his real estate career in 1946. I have enjoyed your columns since they started in the paper many years ago. You write about current, practical topics I enjoy reading about. Recently, you wrote about 'interest-only mortgages.' Back when I started selling homes, interest-only mortgages were strongly blamed for the many realty foreclosures during the Great Depression. The problem then was the value of the security often fell below the mortgage balance. That's why the FHA was created to provide monthly amortized mortgages to slowly reduce mortgage balances. Do you think American borrowers (and lenders) are setting themselves up for a financial "
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Buying a Home in an Area Where Prices are Ascending Rapidly

: "Do you long for a home in an area of steadily rising prices? Then make your purchase as soon as feasible rather than postponing with the vague hope that prices will decline, says Karen H. O'Connell, a Re/Max agent. 'If you don't get a foothold, the housing market will outrun you.'
Parental help is often critical. Several years ago O'Connell gave her three children $10,000 each toward a down payment on a starter home. Her two daughters, now 29 and 31, purchased properties immediately. And her son, 23, plans to do so once he receives his college diploma."
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Choosing a Home to Buy with a Shopping Convenience in Mind

: "Not long ago, Geoffrey Booth traded his sprawling six-bedroom suburban manse for a condo-apartment within walking distance of elegant shops, restaurants and other commercial amenities. The big attraction was the gourmet supermarket on the first floor of his building. 'Now I can roll out of bed and mosey down to the store when I need milk. I love the convenience,' says Booth, of the Urban Land Institute, a professional group for developers and planners."
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Idiots Guide to Real Estate Essentials

Bob Bruss Real Estate Center: "If you are looking for a very basic guidebook about how to buy or sell a home, 'Buying and Selling a Home, Fourth Edition' by Shelley O'Hara and Nancy D. Lewis meets that test. The latest edition explains the home-buying and -selling essentials.
After four editions, this book reviewer hoped the writers and editor would have corrected any errors and added new material to keep the book up-to-date. But I was disappointed. I actually wondered who checked for errors and misleading information."
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