By Mike Colpitts Plagued by a record number of foreclosures, one of the nation’s giant mortgage lenders is offering to pay closing costs for home buyers in an effort to speed up home sales and get them off the troubled mortgage lender’s books. Fearing political fallout, the government lender won’t help millions of Americans losing… Continue reading Fannie Mae Will Pay Closing Costs
Category: Banks
Home Sales Soar Higher
By Mike Colpitts Home sales of existing properties soared in August to an annual rate of 4.13-million units, increasing 7.6% from July’s low numbers despite the expiration of the federal tax credit for home buyers, according to the National Association of Realtors. Sales, however, still remain 19% below last year’s levels. The upturn in home… Continue reading Home Sales Soar Higher
Fewer Think Housing is Safe Investment
More Americans think it’s a better idea to put money into a savings or money market account than to buy a home, according to a government backed opinion poll. The finding was determined as part of Fannie Mae’s latest national housing survey, which also found the exact opposite of what a Housing Predictor poll recently… Continue reading Fewer Think Housing is Safe Investment
4 Ways to Buy Without Much Cash
So you figure it’s time to pinch pennies and put as much cash into buying an investment home as possible. With homes and condos selling for less than half of what they were a few years back, now just might be the time to invest. But taking advantage of current market conditions might be harder… Continue reading 4 Ways to Buy Without Much Cash
Mortgage Rates Tick Higher
By Mike Colpitts For the second week in a row mortgage rates climbed higher as bank foreclosures hit a new milestone, according to Freddie Mac. The average interest rate for a 30 year fixed rate mortgage ticked higher by two-one-hundredths of a percent to 4.37% for the week. The rise in rates may signal an… Continue reading Mortgage Rates Tick Higher
Unemployment Triggers Foreclosure Rise
Bankers foreclosed on 95,364 residential properties in August, the highest monthly total since Realty Trac has been following foreclosures, and about 2% higher than the previous peak of 93,777 bank repossessions in May 2010 as growing unemployment triggered the increase. August formal foreclosures were up 25% from year ago levels, the ninth straight month where… Continue reading Unemployment Triggers Foreclosure Rise
Freddie Mac Launches Owner Occupant Buyer Program
Freddie Mac, one of the nation’s troubled mortgage giants is expanding its program for owner occupants to buy a home before investors. The program is set to launch Friday, giving buyers preferential treatment over investors. The program “supports Freddie Mac’s mission to stabilize communities and foster affordable home ownership opportunities by giving home buyers 15… Continue reading Freddie Mac Launches Owner Occupant Buyer Program
Disturbing Failures Five Years after Hurricane Katrina
By Kevin Chiu There is more federally assisted housing in New Orleans five years after Hurricane Katrina struck than before the storm, yet the population of the Greater New Orleans area has been cut in half, according to a new report. Some 38,000 households still have no place to call home. The New Orleans metropolitan… Continue reading Disturbing Failures Five Years after Hurricane Katrina
Refinances Cool Off Second Straight Week
Applications for refinancing and home purchases both cooled off last week, according to the Mortgage Bankers Association. It was the second straight week that applications to refinance mortgages have slowed down. Refinances declined 10.8% from the previous week after months of increasing demand for refinancing as homeowners took advantage of near record all-time low mortgage… Continue reading Refinances Cool Off Second Straight Week
Crisis Slams Condo Associations
By Mike Colpitts A tough economy is leading owners of condominiums to increasingly walk away from condos, leaving ownership maintenance costs to those left behind. The trouble is forcing condo associations to foreclosure on more owners even before lenders do as a result of lost revenues. The efforts are an attempt to recoup maintenance costs… Continue reading Crisis Slams Condo Associations