The way people feel about their personal well being in relationship to money is taking a serious hit as the Wealth Effect leaves Americans feeling poorer, a new Housing Predictor survey has found. The impact of the real estate crash is hitting home as housing prices deflate in the majority of the country, and have… Continue reading Wealth Effect Impact Leaves U.S. Feeling Poorer
Category: 2011 Housing Market
Mortgage Rates Drop to New Record Low
By Mike Colpitts Mortgage rates hit a new record low as economic volatility on Wall Street pushed rates down to hit a new average of 4.15% on a 30-year fixed rate mortgage, according to Freddie Mac. The rate is lower than 4.17% last November, which ushered in a wave of home buying and refinancing activity.… Continue reading Mortgage Rates Drop to New Record Low
Paris Hilton Plunges Back Into Family Business
By Mike Colpitts Socialite Paris Hilton landed in Manila, Philippines Sunday night on a tour to promote a new real estate resort development as the star-heir to the Hilton hotel fortune plunges back into the family business. The night clubbing socialite, who pulls in as much as $100,000 for turning out at cocktail gatherings has… Continue reading Paris Hilton Plunges Back Into Family Business
Miley Cyrus Buys $3.9 Million Mansion
Entertainer Miley Cyrus, the Disney Hannah Montana teenage star has purchased a Southern California mansion for $3.9-million. The home, which covers 1.15 acres of land in the affluent Studio City suburb of Los Angeles features a spacious indoor gym, a huge walk-in kitchen, an outdoor pool overlooking the LA basin and roams 5,173 square feet,… Continue reading Miley Cyrus Buys $3.9 Million Mansion
Court Orders Mortgage Operation Shut Down
By Mike Colpitts A New York judge has ordered the shutdown of a company that promised to help homeowners at risk of foreclosure obtain mortgage modifications. The temporary injunction was ordered by Nassau County Judge John Galasso after a year long legal campaign against the company across the U.S., which collected millions of dollars in… Continue reading Court Orders Mortgage Operation Shut Down
Treasuries Trigger Lower Mortgage Rates
By Mike Colpitts U.S. Treasury bonds unexpectedly hit their lowest level in more than two years Monday as financial markets reacted to the S&P downgrade of U.S. credit. The drop in Treasury rates, hitting 2.32% on the benchmark 10-year note in late afternoon trading was a reversal from what financial analysts had expected, sending mortgage… Continue reading Treasuries Trigger Lower Mortgage Rates
Mortgage Fraud Strike Force Busts 27
By Mike Colpitts Twenty-seven South Florida residents were indicted on charges related to a series of mortgage fraud schemes after being arrested by the U.S. Mortgage Fraud Strike Force. The busts produced by the special task force now account for more than 500 arrests since it was started four years ago involving more than $620-million… Continue reading Mortgage Fraud Strike Force Busts 27
Credit Downgrade May Trigger Inflation, Slow Home Sales
By Mike Colpitts As the U.S. economy sputters in over-drive to recover from the worst economic crisis since at least the Great Depression, Standard and Poor’s downgrade of the economy is likely to re-set mortgage interest rates on millions of adjustable rate mortgages, send the costs of doing business higher and slow home sales, weakening… Continue reading Credit Downgrade May Trigger Inflation, Slow Home Sales
Mortgage Modification Scam Nets $3 Million
By Mike Colpitts Four men have been charged in a mortgage modification scam in which they guaranteed modifications to thousands of homeowners through the federal Home Affordable Modification Program (HAMP) and allegedly collected illegal fees up front, amounting to more than $3-million. The four promised homeowners they would be able to stay in their homes.… Continue reading Mortgage Modification Scam Nets $3 Million
Higher Mortgage Rates Likely on Credit Downgrades
By Kevin Chiu The two U.S. giant credit rating agencies, Standard and Poor’s and Moody’s are likely to downgrade the nation’s credit rating from AAA to double A as a result of the government’s financial boondoggle. Should that occur, the impact is going to be massive for mortgage interest rates and other loans. Home mortgage… Continue reading Higher Mortgage Rates Likely on Credit Downgrades