A majority of those polled say that U.S. policy makers in Washington, D.C. should stop trying to implement programs to aid the troubled housing market, and let free market forces work things out alone. Apparently the majority believe that somehow a miracle will heal the real estate market plagued by years of Wall Street, bank… Continue reading Majority Believe in Free Market Miracle
Category: 2011 Housing Market
The Truth Behind Reverse Mortgages
By Kim Olson We’ve all seen the advertisements on reverse mortgages: “Get money now, pay all of your bills, stay in your home as long as you want to, and never make another mortgage payment!” That sounds good, doesn’t it? However, although these can be good for older homeowners, they may have drawbacks that will… Continue reading The Truth Behind Reverse Mortgages
Refinances Lead Mortgage Rise as Rates Drop
Pushed by higher interest rates over the last month, mortgage applications saw a rise from a week ago as home purchases and refinancing shot upward. Refinances led the increase in volume by 17.8%, while purchase money applications rose a seasonally adjusted 5.1%, according to the Mortgage Bankers Association. The combined market composite index for mortgages… Continue reading Refinances Lead Mortgage Rise as Rates Drop
Home Sales Rose Third Straight Month
By Mike Colpitts Home sales rose for the third straight month as lower home prices and near record low mortgage rates drove more buyers back into the market, according to the National Association of Realtors. Existing sales of single family homes, townhouses, condominiums and co-ops tracked by the association increased 2.7% to a seasonally adjusted… Continue reading Home Sales Rose Third Straight Month
Mortgage Rate Drops to Magic 5%
By Mike Colpitts Mortgage rates moved in the right direction for home buyers this week as rates showed a drop in all categories, breaking a month long increase in rates, according to Freddie Mac. A 30-year fixed rate mortgage declined to 5.0%, a slim 0.05 decrease from last week, which represents a magic number for… Continue reading Mortgage Rate Drops to Magic 5%
Regulator Confirms Banks Broke Laws in Robo-Signing
By Kevin Chiu Banking regulators are in the process of determining how mortgage servicing companies and banks will suffer for breaking laws in the foreclosure robo-signing scandal, according to the head of the U.S. Office of the Comptroller of Currency. The charges have been a financial and public relations catastrophe for banks and mortgage companies… Continue reading Regulator Confirms Banks Broke Laws in Robo-Signing
Advantages to Hosting Big Sports, World’s Fair Size Events
By Mike Colpitts Major sporting events and other big attractions that gain media attention like the World’s Fair and the Olympics pay-off big dividends for cities that host the venues. Big events also boost communitie’s real estate markets. European cities are competing for major entertainment and sporting events to expedite real estate development and investment… Continue reading Advantages to Hosting Big Sports, World’s Fair Size Events
Homeowners Overpaying Property Taxes
By Mike Colpitts Home values have dropped so much that the majority of U.S. homeowners are overpaying on property taxes, according to a leading consumer protection group. “We’re telling people to get an appraisal, an independent appraisal to find out what their property is really worth to see if they’re overpaying,” said Tom Martin, president… Continue reading Homeowners Overpaying Property Taxes
Mortgage Rates Scare Off Home Buyers
By Kevin Chiu Higher mortgage rates coupled with a weak economy and uncertainty over the troubled housing market scared off home buyers from taking action, according to the Mortgage Bankers Association as applications for mortgages took a major plunge. Mortgage loan volume dropped 9.5% for the week as refinances took the largest dip since July… Continue reading Mortgage Rates Scare Off Home Buyers
Fixed Mortgage Rates Hold at Record Lows
By Mike Colpitts Fixed mortgage rates remained at all-time record lows for the third straight week, while the 5-year adjustable rate loan dropped below last weeks averages, according to Freddie Mac. The 30-year fixed rate mortgage averaged 3.87% to match its all-time low. The shorter term 15-year fixed rate mortgage, which many consumers are purchasing… Continue reading Fixed Mortgage Rates Hold at Record Lows