By Mike Colpitts Record all-time low mortgage rates are getting homeowners to refinance mortgages with the heaviest volume of applicants in more than two years taking refinances back into fashion. Refinancing surged for the first time in three weeks last week, 6.3% on a seasonally adjusted basis, according to the Mortgage Bankers Association. The return… Continue reading Heavy Volume Pushes Refinances
Category: 2011 Housing Market
Hurricane Irene Magnifies Financial Pain
By Kevin Chiu Cities and counties dealing with clean-up costs of Hurricane Irene are facing increasing financial pain as they recover from the monster storm, which affected more than a dozen states along the eastern seaboard. Irene may cost insurers as much as $4.5 billion in damages in the U.S., according to Risk Management Solutions,… Continue reading Hurricane Irene Magnifies Financial Pain
Housing Starts Surge in California
By Mike Colpitts Anchored by a jump in multi-family building permits, new housing starts soared in California during August, despite a decline in starts elsewhere in the U.S. Housing starts during the month nationally totaled just 571,000 units, the fewest since record keeping has been monitored during 1970. Permits were pulled on 4,695 housing units… Continue reading Housing Starts Surge in California
Mortgage Fraud Declines
By Mike Colpitts Mortgage fraud loan originations are estimated to decline nearly 40% in 2011 from $12-billion in damages to the U.S. economy last year, according to real estate research firm CoreLogic. Fraud experts predict that residential mortgage fraud will total $7.4-billion this year. CoreLogic attributes the year over year drop primarily to lower mortgage… Continue reading Mortgage Fraud Declines
Bank Regulators to Review 4.5 Million Mortgages
By Mike Colpitts U.S. banking regulators will review as many as 4.5 million mortgages to determine the gravity of foreclosure fraud at 14 bank servicing companies. The investigation will determine how many homeowners were damaged in the robo-signing scandal, according to Acting Comptroller of the Currency John Walsh. Walsh made the announcement during a speech… Continue reading Bank Regulators to Review 4.5 Million Mortgages
Mortgage Rates Drop on Federal Reserve Announcement
By Mike Colpitts Just minutes after the Federal Reserve announced its new monetary policy, dubbed “Operation Twist” mortgage rates dropped. Rates were being set lower and lower by banks and mortgage lenders throughout the afternoon and evening hours Wednesday. For homeowners looking for a refinance and perspective home buyers the policy move came as tremendous… Continue reading Mortgage Rates Drop on Federal Reserve Announcement
Real Estate Developer, County Commissioner Pled Guilty
By Mike Colpitts A Houston real estate developer and Texas county commissioner pled guilty in federal court for their parts in a bribery scandal that influenced the county commission in a land scheme allegedly for more than a decade. Houston developer Michael Surface admitted that he intended to influence former Harris County Commissioner Jerry Eversole… Continue reading Real Estate Developer, County Commissioner Pled Guilty
Record Low Mortgage Rates Trigger Investors Jump in Real Estate
By Mike Colpitts Real estate investors are ditching other investment assets to buy homes and properties in rising numbers. Record low all-time mortgage rates combined with the lowest housing affordability rate in more than 20 years make it time to buy real estate for many investors. But if you’re counting on getting a loan to… Continue reading Record Low Mortgage Rates Trigger Investors Jump in Real Estate
Trouble Qualifing for Low Mortgage Rates
By Jeanne Roberts Home prices are way, way down from their peak just a few years ago. So are interest rates. It’s easy to find 15-year mortgage rates below 3.5% and 30-year fixed rate mortgages just above 4%. Which leaves some would-be refinancers (and buyers) wondering why they can’t get the loan or house of… Continue reading Trouble Qualifing for Low Mortgage Rates
Larger Mortgage Down Payments Dumped
By Kevin Chiu Larger down payments proposed on new home mortgages are quietly being dumped by lawmakers months after a coalition of organizations voiced opposition to the change. The proposal was made in Congress as an answer to the mortgage mess, but a bipartisan group of almost 290 Senators and members of the House of… Continue reading Larger Mortgage Down Payments Dumped