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ECONOMY CAN ABSORB WEAKER HOUSING MARKET

U.S.

Treasury Secretary Henry Paulson said Wednesday, “We’ve had a significant correction in our housing market,” adding, “the

U.S.

economy is strong enough to absorb a weaker housing market.” The Commerce Department recently reported the

U.S.

economy expanded at a 3.5 percent annual rate in the fourth quarter last year. Here is the article.

LATEST MORTGAGE SCAM UNCOVERED Labeled “shotgunning,” a new scam revealed by authorities has new property owners applying for home-equity loans with multiple lenders at the same time. Since lenders do not all report into the same credit bureau, it can be hard to detect simultaneous applications. Ten fraudulent mortgages totaling more than $1 million were recently obtained on a Chicago-area condominium with a market value of approximately $125,000. The full story is here.

HOMEOWNERSHIP RATE REMAINS STEADY Data from the U.S. Census Bureau shows the homeownership rate held steady in the fourth quarter at 68.9 percent. The Northeast rate was 65.3 percent. Rates in the 65-and-up segment showed a rise while those in the 45-54 segment dropped. The full article is here.