By Mike Colpitts Two title officers associated with Lender Processing Services have been indicted by a Nevada county grand jury on charges related to illegal robo-signings, according to the Office of the Nevada Attorney General. The two LPS employees, Gary Trafford and Gerri Sheppard, were indicted on 606 counts. The charges relate to allegations of… Continue reading Title Officers Charged in Robo-Signing Felonies
Category: 2011 Housing Market
Mortgage Rates Dive as Applications Soar
By Mike Colpitts Mortgage applications soared as mortgage rates dropped to the lowest level on fully executed home loans in weeks, according to the Mortgage Bankers Association. It was the second straight week rates had seen a drop to drive an increase in loan applications. Bankers reported an increase of 10.3% in application volume from… Continue reading Mortgage Rates Dive as Applications Soar
Energy Proposal Could Save Homeowners Money
By Jeanne Roberts In the modern world, mortgage appraisers calculate the value of residential real estate based on its age, location, square footage, general appearance, amenities, and tax burden. Many also include an amorphous “fudge value” to take into consideration intangibles like a superb school district, or the hazard-limiting value of being at the end… Continue reading Energy Proposal Could Save Homeowners Money
Banks Should Be Forced to Modify Mortgages
Americans believe banks have ripped all of us off big, judging by the results of the latest Housing Predictor poll. An over-whelming majority of those surveyed say banks should be forced to modify mortgages to help the U.S. economy, a new poll found. An astounding 83% said the same banks that got us into the… Continue reading Banks Should Be Forced to Modify Mortgages
Mortgage Rates Drop to Near Record Low
By Mike Colpitts Mortgage rates dropped to their second lowest rate on record as worries over European debt concerns sent Treasury bonds lower this week. The rate on the average 30-year fixed rate mortgage hit 4.00% with 0.7 point, according to Freddie Mac. It was the lowest rate on the 30-year fixed mortgage since reaching… Continue reading Mortgage Rates Drop to Near Record Low
REITs Benefit Biggest From Low Interest Rates
By Mike Colpitts Real Estate Investment Trusts (REITs) are benefitting from the Federal Reserve’s low interest rate policy more than any other single sector of the U.S. economy, and their profit windfalls are being returned to investors. Once thought to have seen their day, REITs are still benefitting from the Fed’s low interest rates stand,… Continue reading REITs Benefit Biggest From Low Interest Rates
Americans Unload Homes, Debt at Unprecedented Level
By Kevin Chiu Americans are unloading debt levels at unprecedented rates as they reduce mortgage rates through refinancing, pay down credit cards, loans on cars and in millions of cases let homes go back to banks and mortgage companies at unprecedented levels. The inventory of homes in the foreclosure pipeline not yet formally counted as… Continue reading Americans Unload Homes, Debt at Unprecedented Level
Real Estate Investment May Turn Stable
By Mike Colpitts Real estate investments have taken a financial beating the past five years, but could evolve into a more stable investment, despite poor macroeconomic conditions in the U.S., according to a private real estate investment equity firm. Investors with access to large amounts of cash, who are able to avoid debt, are likely… Continue reading Real Estate Investment May Turn Stable
States Investigate Banks Criminal Acts in Foreclosure Crisis
By Mike Colpitts New York’s Attorney General was one of the first to pull out of the 50 state negotiations with big Wall Street banks in the robo-signing scandal, and now the same state’s Attorney General is investigating criminal acts by the same firms tied to the foreclosure crisis. “This was a man made crisis,”… Continue reading States Investigate Banks Criminal Acts in Foreclosure Crisis
Mortgages On Home Purchases Jump as Rates Decline
By Mike Colpitts Pushed by lower mortgage rates, home purchase applications jumped as consumers came out in greater numbers to take advantage of near record low mortgage rates. Seasonally adjusted purchases rose 1.8% from a week ago, according to the Mortgage Bankers Association. The refinance index, however, showed a slight two-tenths of a percent decline… Continue reading Mortgages On Home Purchases Jump as Rates Decline