By Mike Colpitts Higher bond yields paid on U.S. Treasuries pushed mortgage rates higher for the week along with reports on increased hiring by employers. The fixed 30-year mortgage saw a jump to 3.92%, a four basis point nudge up over last week, according to Freddie Mac. Rates on shorter term fixed mortgages and adjustable… Continue reading Mortgage Rates Jump on Higher Treasuries
Category: 2012 Housing Market
New Program Targets Underwater Homeowners
By Mike Colpitts A new program designed to identify underwater homeowners who may qualify to refinance mortgages has been put into operation by one of the nations largest real estate technology firms. The program targets homeowners who are more likely to walk away from their underwater mortgages. CoreLogic, which evaluates hundreds of segments of the… Continue reading New Program Targets Underwater Homeowners
Proposals to Halt Foreclosure Abuse
By Mike Colpitts Six proposals calling for greater transparency by banks dealing with homeowners at risk of foreclosure are being proposed in a package of bills that make up the Homeowner Bill of Rights in California. The landmark legislation is the largest effort yet in any state to aid millions of homeowners abused by lenders.… Continue reading Proposals to Halt Foreclosure Abuse
Larger Number of Homeowners Will Walk from Mortgages
Five years into the housing downturn, a larger number of homeowners with mortgages say they will walk away from their homes if their property values continue to drop, according to a new Housing Predictor opinion poll. Almost half or 47% said they would walk away from their mortgages, while almost an equal number or 53%… Continue reading Larger Number of Homeowners Will Walk from Mortgages
February Warmth Chills Home Sales
By Mike Colpitts Sales of existing homes fell in February, slightly less than 1% from the previous month, despite unseasonably warmer weather in most of the U.S. but maintained a stronger pace of sales over a year ago, according to the National Association of Realtors. Home sales tabulated by the organization, include single family homes,… Continue reading February Warmth Chills Home Sales
Chinese Copper Pipe New Toxic Scare
By Mike Colpitts Imported Chinese copper pipe already blamed for leaks in hundreds of new homes, may not even be manufactured from copper and could pose serious toxic health risks, according to a U.S. consumer watchdog group. “We are confident the defective Chinese copper plumbing pipe disaster is going to affect hundreds of thousands of… Continue reading Chinese Copper Pipe New Toxic Scare
Positive Growth Ripple Effect Moves to Housing
By Riekie Karstens A U.S. government report confirmed that initial claims for unemployment benefits decreased to the lowest level since 2009, sending a ripple effect of positive growth to housing. The jobless rate fell to 8.3% from 8.5% the prior month. Senior economist at PNC Financial Services Group, Gus Faucher, said the data is further… Continue reading Positive Growth Ripple Effect Moves to Housing
Real Estate Recovery Springs to Life
The spring home selling season is just getting started, but signs are growing that the season is already getting off to a faster start. Barclays Capital group upgraded four new homebuilder stocks, including hard hit KB Home and Pulte Group from hold to buy. Foot traffic at new homebuilder subdivisions is much higher than since… Continue reading Real Estate Recovery Springs to Life
Refinances Dive, Despite Low Mortgage Rates
Home refinances took their sharpest dive since last July as homeowners hoping to refinance current mortgages dried-up, despite near record low mortgage rates, according to the Mortgage Bankers Association. The drop-off in mortgage applications for refinancing decreased 9.3% from the previous week, indicating that an Obama administration program offered through Freddie Mac and Fannie Mae… Continue reading Refinances Dive, Despite Low Mortgage Rates
Cash Home Sales Climb to More Than One-Third
By Mike Colpitts All cash home purchases climbed to make up more than one in three sales in the final quarter of the year, according to the Campbell Inside Mortgage Finance Housing Pulse survey. At the same time, foreclosures declined slightly. The Campbell survey polls more than 2,500 active real estate agents monthly. Homeowners looking… Continue reading Cash Home Sales Climb to More Than One-Third