By Mike Colpitts Court ordered moratoriums halting foreclosures produced a 34% drop in the number of homes entering the foreclosure process in 2011, according to foreclosure tracker RealtyTrac. The slowdown in activity came as lenders reviewed foreclosures in the pipeline after bank servicing employees admitted to making illegal forgeries on what is likely to be… Continue reading Foreclosure Activity Drops 34% in 2011
Category: Banks
Riskiest Real Estate Bet in 2012
By Kevin Chiu Vacation destination housing markets like Honolulu, posh Hilton Head, South Carolina or beautiful Miami Beach have challenges of their own, and they may be the real estate industry’s riskiest bet in 2012. Each hold traditional housing markets with year-round residents, but the condominium and vacation homes that are sought by vacationers and… Continue reading Riskiest Real Estate Bet in 2012
Real Estate Recovery Hard to Fathom
By Kevin Chiu Sometimes it’s hard to fathom. But there isn’t going to be a full-fledged recovery from this real estate crash for many years to come. For some reason a lot of people want to believe that things will somehow mercifully get better—and get better fast – like over night. Some areas of the… Continue reading Real Estate Recovery Hard to Fathom
Bankers Expect Growing Mortgage Delinquencies
By Mike Colpitts Bankers expect delinquencies on mortgages and most consumer loans to rise as the housing market remains troubled, according to a survey conducted for FICO. Nearly half of the bankers polled by the Professional Risk Managers International Association or 47% said they expect mortgage delinquencies to increase, while only 13% expect defaults to… Continue reading Bankers Expect Growing Mortgage Delinquencies
Divided Over Forcing Banks to Increase Mortgages
Americans are divided over whether the Obama administration should issue an executive order forcing banks to make more home mortgages and loans to business to help the U.S. economy recover from the worst hit since the Great Depression, according to a new Housing Predictor poll. The online survey was taken over the last month, and… Continue reading Divided Over Forcing Banks to Increase Mortgages
Mortgages Jump Despite Year End Fall Off
Bolstered by a jump in refinances and record low mortgage rates as a result of the Obama administration’s new refinancing program for homeowners, mortgage applications rose 39% in 2011, despite a fall-off in applications during the last two weeks. Applications for new home mortgages combined with refinances dropped 3.7% for the last two weeks of… Continue reading Mortgages Jump Despite Year End Fall Off
Mortgage Refinances Double on Lower Rates in New Program
By Mike Colpitts Homeowners taking advantage of the new government backed refinancing initiative triggered a huge jump in refinancing applications as mortgage holders attempt to take advantage of near record low mortgage rates. The jump in refinances accounted for nearly double the volume of applications at some lenders. The Mortgage Bankers Association refinance index increased… Continue reading Mortgage Refinances Double on Lower Rates in New Program
Owner Financing Breaks Into Fashion
By Mike Colpitts Owner financing is making a comeback in the housing market as homeowners look for ways to sell their homes in the sluggish economy. Selling a home with an owner carrying the mortgage was hardly heard of during the housing boom, but it’s returned out of necessity as more owners explore alternative ways… Continue reading Owner Financing Breaks Into Fashion
Mortgage Pace Slows Before Boom
By Mike Colpitts Despite the second lowest mortgage rates on record, refinances slowed to the slowest pace in weeks as consumers waited for new guidelines for home refinancing to be announced. Applications for refinancing slipped, driving home loan originations 10% lower, according to the Mortgage Bankers Association but are projected to boom this week. The… Continue reading Mortgage Pace Slows Before Boom
Survey Reveals Banks Should Cut Mortgages
Homeowners in desperate need of help should have their mortgages cut by banks and mortgage lenders in an effort to aid the U.S. economy, and slow the rate of foreclosures. That’s the finding from a new Housing Predictor survey, which found that a large majority feel that the same banks that got the U.S. into… Continue reading Survey Reveals Banks Should Cut Mortgages