BP Oil Spill Strikes Florida with Snow Ball Effect

By Mike Colpitts Wallowing in pain from the financial crisis, its real estate markets bruised and battered Florida’s panhandle beaches are being struck by the gushing oil spill from the Louisiana BP oil well. Call it “the Snow Ball Effect” of this mighty economic, environmental and real estate catastrophe. It’s a snow ball of extremes,… Continue reading BP Oil Spill Strikes Florida with Snow Ball Effect

Mortgage Rates Barely Budge

By Cheryl Reams Mortgage rates on a conventional 30-year loan barely budged from last week, rising a slim one-hundredth of one percent to 4.79% on average, according to Freddie Mac. Applications for home loans also slowed. The 30-year fixed rate mortgage is the barometer of mortgage rates, remaining at or near its lowest level for… Continue reading Mortgage Rates Barely Budge

Home Market Stabilization Gains Momentum

By Kevin Chiu Housing sales rose in April as the federal tax credit expired, and pending home sales increased for four straight months, indicating that momentum is building in the housing market setting up a pattern of stabilization. Aided by lower home prices, the momentum of sales is expected to slow and then rise over… Continue reading Home Market Stabilization Gains Momentum

Default Mortgages Ease to 7.3 Million

By Kevin Chiu Mortgages in default and foreclosed homes account for just over 7.3-million homes, according to Lender Processing Services, the nation’s largest provider of mortgage servicing data. The widespread volume of distressed properties indicates that by any measure a full recovery in the housing market is not possible for more than a year. Homes… Continue reading Default Mortgages Ease to 7.3 Million

Down on the Gulf of Mexico Tensions Run High with BP Oil

By Mike Colpitts Editor Down on the Gulf of Mexico tensions and anger run high. I know full well what the BP oil gusher is all about. I live here. The gushing oil well a mile under sea spews oil at a rate that officials can’t even accurately estimate. Is it 3-million gallons a day?… Continue reading Down on the Gulf of Mexico Tensions Run High with BP Oil

Housing Aid to Homeowners by Fall

By Mike Colpitts Facing the roughest real estate crisis in more than a half century, housing agencies in 10 states expect to begin handing out housing aid to homeowners at risk of foreclosure by fall from the federal government. The $2.1-billion Hardest Hit Fund is targeting homeowners in 10 states most severely affected by the… Continue reading Housing Aid to Homeowners by Fall

Homeowners and Mortgage Brokers Lose Out

By Kevin Chiu Blamed for helping to blow-up the real estate market, the ranks of mortgage brokers have been cut to nearly a third and most hardcore brokers are currently doing little business as homeowners and others seeking mortgages defensively shy away from them in droves. At their peak mortgage brokers provided more than half… Continue reading Homeowners and Mortgage Brokers Lose Out

Home Sales Slow as Mortgage Rates Drop

By Cheryl Reams Even as mortgage rates drop home sales slow, according to data from top real estate industry research. The sale of homes tracked through the Mortgage Bankers Association weekly report showed a 27.1% drop in mortgage purchase applications over the past four weeks. The decrease was just 4% from last week, but indicates… Continue reading Home Sales Slow as Mortgage Rates Drop

Financial Reform Act to Save Millions From Foreclosure

By Mike Colpitts Millions of homeowners facing the risk of foreclosure may be helped under a special provision included in Congress Financial Reform Act. The plan is modeled after a Pennsylvania program that has aided more than 43,000 homeowners at risk of losing their homes. Congressman Chaka Fattah (D-PA) sponsored the measure as a way… Continue reading Financial Reform Act to Save Millions From Foreclosure