By Kevin Chiu Despite the housing markets problems, the federal government is raising mortgage insurance premiums on home loans. It’s all part of ongoing efforts to strengthen the Federal Housing Administration’s (FHA) reserves. The increase will cover only FHA insured mortgages, raising premiums by a quarter of a point on 30-year and 15-year mortgages. One… Continue reading Mortgage Insurance Premiums Increase
Category: 2011 Housing Market
Paradise Dream Job Awaits
Paradise is a place that most of us just dream about, but it’s very much on one 30-year-olds mind these days. Josh Garcia is one of just ten finalists competing for a dream job to search for paradise and win a house as part of the prize. The transplanted Californian now living in New York… Continue reading Paradise Dream Job Awaits
Housing Plan Missing in Action
By Mike Colpitts Like a solider standing alone in the battle field, the Obama administration’s housing finance reform proposal offers the U.S. a way of riding itself of the most troubled mortgage giants, Freddie Mac and Fannie Mae in the real estate collapse. But it stops short of offering any concrete long term solutions with… Continue reading Housing Plan Missing in Action
Cash Buyers are King
By Mike Colpitts Pent up buyer demand and much lower housing prices are driving a frenzy of sorts in some home markets as cash buyers turn out in droves to buy up properties on the cheap. Cash is once again king in the real estate market. When markets take a downturn cash buyers snap up… Continue reading Cash Buyers are King
Freddie Mac and Fannie Mae Reduced in Housing Plan
By Mike Colpitts The role of the nation’s two mortgage giants, Freddie Mac and Fannie Mae will be reduced under the long awaited housing finance reform plan proposed by the Obama administration. The proposal will also slash the amount of government-backed mortgages that are guaranteed and is intended to more widely open the market to… Continue reading Freddie Mac and Fannie Mae Reduced in Housing Plan
Freddie Mac Says Mortgage Rates Surge
By Kevin Chiu Mortgage rates surged to the highest level in more than a year this week as banks and mortgage companies adjusted the cost of loans because of higher rates in the bond market. The rate on a conventional 30-year fixed rate mortgage rose to 5.05% with an average 0.7 point paid at closing,… Continue reading Freddie Mac Says Mortgage Rates Surge
Foreclosures Decline with Robo-Signing Troubles
By Mike Colpitts Foreclosures rose by only a slim margin in January, but declined 17% over year ago figures as banks and mortgage servicing companies temporarily halted foreclosures in 26 states in the robo-signing scandal, according to RealtyTrac. Foreclosure filings were posted against 261,333 residential properties during the month, a slim 1% increase over December.… Continue reading Foreclosures Decline with Robo-Signing Troubles
Huge Mortgage Rates Jump
By Kevin Chiu Mortgage rates jumped higher to the highest level in ten months as applications for home mortgages tumbled, demonstrating further weakness in the housing market as many home buyers remained on the sidelines, according to the Mortgage Bankers weekly survey. The rate on a fully executed 30-year fixed rate mortgage increased to 5.13%,… Continue reading Huge Mortgage Rates Jump
Americans Move at Lowest Rate since World War II
By Mike Colpitts Saddled with a weak economy and sluggish housing market Americans moved across state lines at the lowest rate since World War II in 2010, according to the Brookings Institution. Only 1.4% moved to a new state during the year. Demographer William Frey said “tepid gains in employment and the rise in home… Continue reading Americans Move at Lowest Rate since World War II
Revolt Grows as More Homeowners Stop Paying Mortgages
By Mike Colpitts Millions of homeowners are living in their homes without paying mortgages as more mortgage holders revolt against banks and mortgage servicing companies in America’s growing foreclosure crisis. Some mortgage borrowers are trying to work with banks and mortgage companies. Others have tired over the hassles it takes to work with lenders to… Continue reading Revolt Grows as More Homeowners Stop Paying Mortgages