California Democratic Congresswoman Maxine Waters is calling on President Barack Obama to use his speech before the joint session of Congress Thursday night to offer “bold” solutions on the jobs crisis and foreclosures. Waters says the president should call bankers into his office and demand they modify mortgages to “keep people in their homes.” The… Continue reading Congresswoman Calls On Obama To Fight Bankers
Category: 2011 Housing Market
Some Rising Prices Don’t Make a Recovery
By Mike Colpitts Rising home and condominium prices in isolated markets scattered across the U.S. rarely develop into a sudden real estate recovery, but demonstrate the differences of local housing markets. For the first time in years the average prices of homes and condos in Miami moved higher in July, showing that even in downtrodden… Continue reading Some Rising Prices Don’t Make a Recovery
Home Builder Sentenced to 22 Years in Prison
By Mike Colpitts A home builder has been sentenced to serve 22 years in federal prison for his part in a conspiracy to defraud bankers out of millions of dollars in mortgages and commit tax fraud and money laundering against the IRS. The sentenced was imposed against Ohio home builder Thomas E. Parenteau of Hilliard,… Continue reading Home Builder Sentenced to 22 Years in Prison
White House Considers Underwater Refinancing Relief
By Mike Colpitts The White House is considering additional measures to slow the foreclosure crisis and aid homeowners, including a proposal that would allow underwater homeowners to refinance mortgages, despite a lack of equity in their homes. As many as two million underwater homeowners could be helped under the proposal, which was first offered by… Continue reading White House Considers Underwater Refinancing Relief
Mortgage Rates Sudden Jump
By Kevin Chiu Economic volatility and banking concerns over mortgage lending led to a sudden jump in mortgage rates as fixed rate loans moved especially higher for the week. The jump in rates may also be attributed to increasing Treasury bond yields, which bottomed out under just 2% last week. Adjustable rate mortgages also experienced… Continue reading Mortgage Rates Sudden Jump
Hurricane Irene Flooding Leaves Homeowners Out of Luck
By Kevin Chiu As Hurricane Irene moved over the border into Canada, after having unleashed its mighty torrent on the Atlantic coast over a dozen states, flooding became its dominant issue as forecasters predicted. Torrential rains in more than a half a dozen states are expected to bring upwards of a million home insurance claims.… Continue reading Hurricane Irene Flooding Leaves Homeowners Out of Luck
Mortgage Rates Likely to Hit 4%
By Mike Colpitts The 30-year fixed rate mortgage is likely to drop to 4% as banks and mortgage lenders aggressively work to attract more business in the midst of the foreclosure crisis, which has resulted in the failures of many banks and jeopardized other lenders’ businesses, according to Housing Predictor analysts. The bench mark fixed… Continue reading Mortgage Rates Likely to Hit 4%
Mortgage Rate Deal of A Lifetime
By Mike Colpitts In a major effort to help its ailing real estate market, one state is offering lower-income residents a way to purchase homes through federally backed mortgages at mortgage rates below the lowest available elsewhere, and they’re also putting up down payments to make the home purchases. The mortgage rate is a deal… Continue reading Mortgage Rate Deal of A Lifetime
Refinances Drop Two Straight Weeks
By Kevin Chiu Homeowners applying to refinance mortgages dropped for the second week in a row, despite interest rates falling to the lowest level of the year, according to the Mortgage Bankers Association. The drop, however, in refinancing applications was buffered by a slight increase in new home purchases. The seasonally adjusted purchase index rose… Continue reading Refinances Drop Two Straight Weeks
Hurricane Irene May Hit $35 Billion in Damages
By Mike Colpitts The economic damages caused by Hurricane Irene as it barrels in on the Atlantic coastline forecast to make landfall in North Carolina could hit as high as $35 billion, according to insurance estimates made prior to the storm even making landfall. However, as scientific modelers race to come up with a dollar… Continue reading Hurricane Irene May Hit $35 Billion in Damages