Refinancing activity was very strong in the fourth quarter, even with higher interest rates. The large share of borrowers who took cash out when refinancing their mortgages combined with the strong overall refinance volume led to an extraction of home equity through prime first-lien refinances of 70.3 billion, slightly higher than the revised estimate of 67.2 billion extracted in the third quarter. We expect the share of all refinance borrowers who take out cash to remain high in 2006 because of the relatively high cost of second mortgages and home-equity lines of credit.
More Quotes from Amy Cutts:Expecting job growth on the order of about 150,000 in December, financial markets were taken aback, to say the least, when those figures came in at only a thousand new jobs.
Five percent on its own would be good news. That's a good rate of appreciation and reflects a strong housing market.
This is a slowing down to what I think of as good, sustainable levels.
Interest-only and option payment loans had been ways to afford homes in expensive markets. Now even, these products will no longer be attractive. That will impact affordability.
Last Friday's unexpectedly weak employment report caused interest rates on long-term Treasury bonds and, by extension mortgage rates, to fall as investors worried about the health of the U.S. economy.
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I think the system is broken; most people think that it's broken. And we think that what we're going to do is invigorate the political system and allow for this country to be turned around.
The knife of historical relativism... which has cut to pieces all metaphysics and religion must also bring about healing.
Some people act as though art that is for a mass audience is not good art, and I think this has been a very negative thing. I know that I have wanted very much to write books that are accessible to the widest audience possible.