By Kevin Chiu Protestors staged a massive demonstration and sit-in at Bank of America’s Boston headquarters Friday evening to protest the unfair lending practices the nation’s largest bank has used against homeowners. Dozens of families facing foreclosure were among the estimated 3,000 people carrying banners, banging drums and confronting the lender for its role in… Continue reading Thousands Protest Against Bank of America
Category: 2011 Housing Market
Jumbo Mortgage Cut Makes Little Impact
By Kevin Chiu Reduced loan limits on jumbo mortgages cut Saturday had little immediate affect on home purchases or mortgage financing, and little real impact is expected by many lenders. Jumbo mortgages are being offered by lenders, despite the loss in government purchases. The Federal Housing Administration (FHA) cut mortgage limits on loans it purchases… Continue reading Jumbo Mortgage Cut Makes Little Impact
Local Banks May Hold Recovery Key
By Mike Colpitts The banks that didn’t get the U.S. into the financial crisis may be the avenue to help the housing market, according to the National Association of Realtors president. Local community banks may hold the key to the nation’s future for home mortgage lending. “Buyers may be able to find more favorable credit… Continue reading Local Banks May Hold Recovery Key
U.S. Expects Riots to Develop From Economic Downturn
A large majority of those surveyed expect the economic downturn to result in riots in the U.S. as factions so desperate for better times vent their anger in violence, according to a Housing Predictor poll that was just completed. High unemployment has sent an estimated 45-million Americans to the job line, and millions of others… Continue reading U.S. Expects Riots to Develop From Economic Downturn
Tax Free Real Estate Purchases Climb
By Mike Colpitts Boosted by lower real estate prices and growing volatility in financial markets, investors are increasing their purchases of tax free real estate investments. Investors are moving away from investing in equities in the stock market and other financials in growing numbers due to a chorus of concerns, including insider trading, automatic machine… Continue reading Tax Free Real Estate Purchases Climb
Baby Boomers Caught in Real Estate Bust
By Kevin Chiu Baby boomers searching for a new home are going through increasing difficulty finding the right home for what they can afford, and many are finding they don’t have the equity they thought they had in order to move into another home in the first place. Some 77-million Americans are classified as baby… Continue reading Baby Boomers Caught in Real Estate Bust
GMAC Rewards Underwater Homeowners
By Mike Colpitts As one of the U.S. most troubled mortgage lenders, GMAC Mortgage, once ranked as one of the top producing mortgage companies in the nation is offering troubled underwater homeowners cash bonuses in exchange for making mortgage payments on time. The program will be offered to a pilot group of military veterans to… Continue reading GMAC Rewards Underwater Homeowners
Builders Warn Against Home Sales to Banks
By Mike Colpitts Financial giants like Goldman Sachs, Bank of America, JP Morgan Chase and private hedge funds should be prevented from purchasing the glut of foreclosed homes held by Freddie Mac, Fannie Mae and the FHA, the National Association of Homebuilders warns. Testifying before the Senate Subcommittee on Housing, Transportation and Community Development, NAHB… Continue reading Builders Warn Against Home Sales to Banks
Home Sales Slide to 50 Year Low
By Kevin Chiu Hammered by lagging consumer confidence and a tough mortgage lending environment, home sales slid to a 50 year low this summer as the U.S. economy faces the harshest unemployment picture since the Great Depression. Buyers bought fewer new homes from March through August, typically the hottest part of the year for home… Continue reading Home Sales Slide to 50 Year Low
Real Estate Commissions Back to Full 6%
By Kevin Chiu Anyone selling a home these days is some what lucky unless it’s a discounted foreclosure, but it often takes a lot more than luck for real estate agents to sell homes. That’s why commissions on selling homes are moving back up, and may even rise further as more consumers realize the value… Continue reading Real Estate Commissions Back to Full 6%