By Mike Colpitts Record low Treasury bond yields have driven mortgage rates to new record lows in rate offers set by banks and other mortgage lenders early Tuesday, according to a review of rates. Treasury prices fell in early morning trading in New York as investors focused on today’s 10-year note sale. The drop in… Continue reading Treasuries Drive Mortgage Rates to New Lows
Category: 2011 Housing Market
Guilty Pleas in Real Estate Ponzi Scheme
An attorney and real estate investor have pled guilty to defrauding dozens of investors out of $52 million in a major real estate Ponzi scheme. Federal prosecutors say the scheme was called the British Lending Program, and involved 67-year-old Derek Smith of Oxfordshire, England and Leawood, Kansas attorney James S. Brown, 66. The two pled… Continue reading Guilty Pleas in Real Estate Ponzi Scheme
Jobs Proposal Boosts Home Prices
By Mike Colpitts The Obama administration’s proposal of jobs and spending initiatives would supply much needed aid to the real estate industry, and give the housing market a shot in the arm towards recovery eventually boosting home prices, an analysis of the program has found. Consumers and businesses are concerned about the U.S. economy, which… Continue reading Jobs Proposal Boosts Home Prices
Brad Pitt Puts Malibu Mansion Up For Sale
Superstar Brad Pitt has listed his spacious California beach house for sale, and judging from its location the two time Academy Award nominee shouldn’t have much of a problem selling the massive estate even in the current market, as many Hollywood stars make this part of the Southern California coastline their second home. The huge… Continue reading Brad Pitt Puts Malibu Mansion Up For Sale
Real Estate Insurance Debuts Against Falling Prices
By Mike Colpitts An insurance policy that protects homeowners against loss in their home’s value debuts in one of the hardest hit real estate states this week as a hedge against falling prices. The first home insurance policies are being written in Ohio for owner occupied homeowners as Home Value Insurance Company launches its program,… Continue reading Real Estate Insurance Debuts Against Falling Prices
Americans Feel Home Prices Won’t Improve
A new opinion poll shows that Americans feel home prices won’t improve enough in the next five years to pull millions of underwater homeowners out from being upside down on their home mortgages. The just complete poll found that 2 out of 3 surveyed or 66% don’t expect home prices to improve within five years… Continue reading Americans Feel Home Prices Won’t Improve
Mortgage Delinquencies Drop
By Kevin Chiu The number of homeowners behind on their mortgages has dropped as a result of a higher number of mortgage modifications, according to one of the nation’s largest providers of mortgage data. The drop in mortgage delinquencies is a positive sign for the housing market, despite an uphill battle banks and mortgage companies… Continue reading Mortgage Delinquencies Drop
Legal Housing Thievery Starts Now
By Kevin Chiu Private equity funds, hedge funds and giant banks like Goldman Sachs, JP Morgan Chase, AIG and investment firm Blackstone may soon be buying up foreclosures for pennies on the dollar if a proposal is approved by the government. It would be a major case of legal housing thievery for all Americans to… Continue reading Legal Housing Thievery Starts Now
Mortgage Rates Hit New Record Lows
By Mike Colpitts Mortgage rates fell to new record lows as growing concerns over the U.S. unemployment rate and lower Treasury bond yields drove rates lower, according to Freddie Mac. Rates on all sorts of mortgages, including fixed and adjustables reached record levels. The benchmark 30-year fixed rate loan hit an average of 4.12%, down… Continue reading Mortgage Rates Hit New Record Lows
Renters Ripoff Landlords in $6 Million Mortgage Scam
By Mike Colpitts In a rare turnaround of sorts, seven people have been arrested for allegedly posing as homeowners of the homes they were renting and applying to take out nearly $6-million in home equity mortgages. The seven were arrested in Southern California by sheriff’s investigators after a major investigation, including the FBI led to… Continue reading Renters Ripoff Landlords in $6 Million Mortgage Scam