Home purchase mortgage applications fell to a 15-year low as applications for new loans tumbled this last week, despite the drop in mortgage rates to all time record lows, according to the Mortgage Bankers Association. The bankers’ combined mortgage index dropped 2.4% from the previous week. Refinancing surprisingly fell 1.7% on a seasonally adjusted basis.… Continue reading Home Sales Fall to 15 Year Low
Category: 2011 Housing Market
U.S. Government Files Lawsuits Against 17 Banks
By Mike Colpitts The U.S. government has taken major actions against banks and mortgage companies in the fallout of the real estate crash seeking more than $105-billion in damages from mortgage lenders. The federal agency started by the Obama administration to right the wrongs of the real estate and financial crises, the Federal Housing Finance… Continue reading U.S. Government Files Lawsuits Against 17 Banks
Super-Star Robert De Niro Sells Home
By Mike Colpitts Academy award winning super-star Robert De Niro, who has played a financial mobster in the movies perhaps more than any other actor is putting his Manhattan home up for sale after nearly four decades. The New York native didn’t make the decision to place his townhouse on the market lightly. De Niro… Continue reading Super-Star Robert De Niro Sells Home
States Robo-Signing Negotiations Hit Halt
By Kevin Chiu Almost a year after the robo-signing scandal made headlines, shedding light on the magnitude of the foreclosure crisis for the U.S. economy, the 50 states Attorney Generals negotiations attempting to reach a settlement with banks have hit a halt. The stop in talks between bankers and the states top law enforcement prosecutors… Continue reading States Robo-Signing Negotiations Hit Halt
Mortgage Insurance Giant Shutdown
By Mike Colpitts Mortgage insurance giant PMI Group has been ordered to stop writing mortgage insurance policies by state regulators. Technically, PMI Inc’s two Arizona subsidiaries were placed under regulatory supervision by the Arizona Department of Insurance, where its main operations are headquartered. Then Fannie Mae announced it will no longer purchase home mortgages from… Continue reading Mortgage Insurance Giant Shutdown
Lending Rises as Mortgage Rates Drop
Boosted by a surge in refinancing, lending applications rose for the week as mortgage rates hit a new low for the year, according to the Mortgage Bankers Association. The rate on a 30-year fixed mortgage dropped to an average 4.32% from 4.37% last week, setting a new low for 2011 on fully executed mortgage contracts.… Continue reading Lending Rises as Mortgage Rates Drop
Investors Buying Fewer Homes
Investor purchases of homes and other residential properties fell for the third month in a row in July, according to the Campbell Inside Mortgage Finance Housing Pulse Tracking Survey. The survey said investors accounted for just 19.6% of U.S. home purchases during the month, down from 23% in April. Despite higher sales of existing homes… Continue reading Investors Buying Fewer Homes
Mortgage Rates Near Record Lows
The 30-year fixed rate mortgage remained near its record low level, while the shorter fixed rate loan and adjustable rate mortgages fell for the week as mortgage rates remain exceptionally low, according to Freddie Mac’s weekly survey. The 5-year ARM also set a new all-time record low falling for eight straight weeks. The 5-year mortgage… Continue reading Mortgage Rates Near Record Lows
Short Sales Rise to Aid Real Estate
By Kevin Chiu At least two of the U.S. largest commercial banks are increasing the volume of short sales in efforts to increase their profit margins even as more homes bloat the inventory of properties that aren’t producing profits for the lenders. The transition hasn’t been an easy one for lenders in these wild days… Continue reading Short Sales Rise to Aid Real Estate
Homeowners Flock to Fixed Rate Mortgages
As a result of the foreclosure crisis and risky lending practices consumers have witnessed over the last decade, homeowners are flocking to fixed rate mortgages in mass, according to Freddie Mac. Fixed rates accounted for 95% of refinancing based on the giant lenders’ new quarterly report for 2011. Fifty-five percent of borrowers who had an… Continue reading Homeowners Flock to Fixed Rate Mortgages