In a Quarter -- Real Estate Gets $200 Billion

The home mortgages climbed to $6.44 trillion at the end of June, up from $4.53 trillion in 1999. According to a report, the nation's real estate was valued at $15.4 trillion at the end of June -- up $200 billion from the first quarter and an impressive $3.9 trillion since 1999, an increase of almost 34% with in just four years. On the other end mortgage debt also increased.

With home equity loans consumers in many cases have reduced overall interest costs, lowered total monthly payments and found larger tax deductions. The generally lower mortgage rates observed during the last year mean buyers can borrow more with a given level of income. Further, as home values have increased owners have more ability to trade consumer debt for home equity mortgage loans.

We're On The Move, But Not So Far

If you think you have been observing quite a lot of moving vehicles crossing your area, you're right.

According to a Census about 120 million (46%) population age 5 years or older of our nation in 2000 lived in a different home than they did in 1995. Ten percent between counties in the same state, 25% moved within the same county, and 8% between states. Three percent moved here from abroad.

The Census figures show that what real estate brokers have long known: As much as we like to move and move up, we like to move in our local domains. According to the National Association of Realtors, in 2003 the median there was just 10 miles distance between a new residence and an old one.

Record Home Sale in August

The chief economist of the NAR's, David Lereah, said the indications of two-month surge show the top of the housing market's historic run. "Some of the home sales closed in August were negotiated in June when mortgage interest rates hit record lows," he said. "Much of the remaining portion of sales reflect quick decisions to make offers in July when interest rates began to rise rapidly. The mortgage interest rates have declined over the last couple weeks."

Continuous Foreclosures Business Rise in U.S. Housing Market

In most U.S. markets home prices rising at impressive rates, while interest rates at 30 year lows, so many borrowers can restructure their loans on favorable terms, or sell out their way out of foreclosure. Nevertheless, where there are pockets of high and protracted unemployment, the refinance option is limited.

For example, in California, southern Santa Clara County and Alameda County have been especially hard hit by the crash in the technology sector.

Borrower be Alert: Bad home equity loan can lead to foreclosure

The deceptions, predatory lending scams and outright frauds are going on in the home equity industry. Stripping. Flipping. Packing. They go by many names.

Borrowers need to tread carefully when they look to tap their greatest asset for cash. Though lines of credit and home equity loans can be helpful to improve people's finances, but the bad ones can easily lead to foreclosure. And with hundreds of companies accessing people's mailboxes, answering machines and even front doorsteps with solicitations every day, uneducated homeowners may find themselves the next vulture's victim.