By Kevin Chiu The National Commission on Fiscal Responsibility and Reform has stirred the proverbial hornets nest with its proposal to limit the homeowners’ federal mortgage interest deduction. But in real terms limiting or elimination of mortgage interest from federal taxes has little chance of happening. It’s a no-brainer. The commission, created by President Barack… Continue reading Threat of Mortgage Interest Deduction Loss
Category: 2010 Housing Market
Financial Company Makes Time Magazine List
A financial company started by a former Wall Street banker has found itself on Time magazine’s list for being one of the best 50 inventions in 2010. Loan Value Group announced that its Responsible Homeowner Rewards program has been named fifth on the list of companies, and the only financial firm on the magazine’s annual… Continue reading Financial Company Makes Time Magazine List
Homeowner Associations Halt Holiday Decorations
By Ryan Poliakoff It’s that time of year again, when we drag out the lights and tinsel to show just how much we appreciate the holidays. But for 60-million Americans who live in shared homeowner associations, arguments about religious decorations can make the season a lot less festive. Homeowner associations or shared ownership community documents… Continue reading Homeowner Associations Halt Holiday Decorations
Man Appointed to Fix Housing Mess
By Mike Colpitts The man appointed to fix the nation’s housing mess has been the North Carolina commissioner of banks since 2002. Joseph A. Smith, Jr., 61, will have to be confirmed by the full Senate before he takes over as director of the Federal Housing Finance Agency after being appointed to the position by… Continue reading Man Appointed to Fix Housing Mess
Miami Home Sales Rebound
By Kevin Chiu Propelled by lower home prices and record low mortgage rates home sales climbed 21% in the third quarter of the year in Miami, indicating that the market is finally in a rebound from its long downturn, according to the Miami Association of Realtors. The increase marks nine straight quarters of rising sales… Continue reading Miami Home Sales Rebound
Bank of America Drowning in Countrywide Debt
By Kevin Chiu The purchase of Countrywide Financial may be getting to be one of the worst banking acquisitions in U.S. history for Bank of America. Since the nation’s biggest bank bought troubled Countrywide in the throes of the financial crisis in 2008 the bank’s home loan department has lost $8.5-billion and counting in bad… Continue reading Bank of America Drowning in Countrywide Debt
Mortgage Modifications and Moratoriums Slow Foreclosures
By Mike Colpitts Pushed by bank moratoriums and improving mortgage modifications, notices of foreclosure declined modestly in October, but equaled almost the exact number reported a year earlier, according to RealtyTrac. Initial filings were made against 332,172 U.S. residential properties, a 4% drop from the prior month. Full foreclosures (REOs) declined month-over month in 33… Continue reading Mortgage Modifications and Moratoriums Slow Foreclosures
Mortgage Rates Hit New Record Low
Mortgage rates fell to a new record low for the week, hitting 4.17% on a fixed 30-year mortgage, according to Freddie Mac. The FHA says it’s the lowest rate on record since 1951. Rates dropped as a result of the Fed announcing that it will purchase $600 billion in U.S. treasuries in a second round… Continue reading Mortgage Rates Hit New Record Low
Purchase and Refinance Loan Applications Rise
Pushed by near record low mortgage rates, applications for home purchases and refinances made a solid rise for the week, indicating more home buying activity than many analysts thought was developing, according to the Mortgage Bankers Association. The composite index, a combination of both refinancing and home mortgage applications rose 5.4% for the week. Purchase… Continue reading Purchase and Refinance Loan Applications Rise
Bank Lending Projected to Improve
By Kevin Chiu Bank lending should improve in commercial real estate in the next year, positioning U.S. investment property to deliver attractive returns once again, according to a leading independent non-profit real estate and education organization. Stephen Blank, Urban Land Institute’s fellow for real estate finance says that mortgage financing should finally begin to show… Continue reading Bank Lending Projected to Improve