By Mike Colpitts The federal government response has been painstakingly slow to the foreclosure epidemic. But one city councilman is proposing a pilot program that could give mortgage holders of distressed homes a chance to stay in their residences amid the worst economic downturn in a generation. The program, already approved by the Los Angeles… Continue reading Pilot Program Could Help Home Foreclosures
Category: Banks
Pop Goes the Housing Market
By John Hines Economist Bankers won’t tell you, but bankers are almost always motivated home sellers. They don’t become bankers to be landlords. The U.S. mortgage market is worth $10-billion in profits each year, and the people who peddle money like a pharmacist dispenses pills can make a lot more money making loans. The direction… Continue reading Pop Goes the Housing Market
American Casino Getting Rave Reviews
By Mike Colpitts American home buyers didn’t have a clue they were buying mortgages from bankers and mortgage companies that were like mad gamblers at the crap table during the real estate boom. As the tables turn with tens of thousands of homeowners filing lawsuits against bankers for defrauding them, the first motion picture to… Continue reading American Casino Getting Rave Reviews
Banks Wage Financial War
By John Hines Economist Bankers and mortgage companies are waging a financial war against the epidemic of foreclosures. Bankers have slowed down the foreclosure process in efforts to keep their losses in check and paint the face of an improving economy on banks’ balance sheets in an effort to show the real estate market is… Continue reading Banks Wage Financial War
Foreclosures Set New Records
Foreclosures reached the highest level on record in June as foreclosure filings rose for the fourth month in a row, according to the latest RealtyTrac foreclosure report. Notices of default, auction sale notices and bank repossessions were reported on more than 1.5-million properties in the first half of the year. Some 1,528,364 properties received notices… Continue reading Foreclosures Set New Records
Housing Market Conditions Improving
Housing Market Conditions Improving Housing indicators are showing that markets are making slow strides towards improving conditions. Boosted by the first time buyers’ $8,000 federal tax credit and other incentives, home sales are up in many of the hardest hit urban markets, including Los Angeles, Las Vegas and Phoenix. Additionally, government insured mortgage applications hit… Continue reading Housing Market Conditions Improving
Money Trail of Housing Bust Leads to Congress
By Mike Colpitts The repeal of the law that produced the current housing depression was made by Congress in 1999, and it took just eight years before it would nearly destroy the U.S. economy. At the peak of the real estate bubble lobbyists gave more than $350-million to members of Congress. Lawmakers passed laws that… Continue reading Money Trail of Housing Bust Leads to Congress
Graveyards of the Housing Bust are Zombie Developments
Graveyards of the Housing Bust By Mike Colpitts They are littered from coast to coast and do not discriminate. Zombie subdivisions and housing developments are scattered across the nation like nothing since the Great Depression. They are the wreckage of failed developments and urban sprawl gone mad during the real estate boom, left to rot… Continue reading Graveyards of the Housing Bust are Zombie Developments
Forecasting the Bottom of the Housing Market
As the U.S. government attempts to repair the broken capitalistic system and come up with a full housing rescue plan, hopes rise that the troubled market will recover from the worst economic housing depression in history. The bottom of housing market price deflation is now forecast by Housing Predictor to develop in the final quarter… Continue reading Forecasting the Bottom of the Housing Market
Surge in Multiple Offers Sparks Markets
By John Hines Economist A surge in multiple offers to buy homes is sweeping the country and pumping up home sales. The Obama administration’s housing plan is beginning to make an impact from Fort Meyers Beach, Florida to the Great Lakes all the way across to hard hit California. In Sacramento, California where the housing… Continue reading Surge in Multiple Offers Sparks Markets