By Mike Colpitts The White House is considering additional measures to slow the foreclosure crisis and aid homeowners, including a proposal that would allow underwater homeowners to refinance mortgages, despite a lack of equity in their homes. As many as two million underwater homeowners could be helped under the proposal, which was first offered by… Continue reading White House Considers Underwater Refinancing Relief
Category: Banks
Mortgage Rates Sudden Jump
By Kevin Chiu Economic volatility and banking concerns over mortgage lending led to a sudden jump in mortgage rates as fixed rate loans moved especially higher for the week. The jump in rates may also be attributed to increasing Treasury bond yields, which bottomed out under just 2% last week. Adjustable rate mortgages also experienced… Continue reading Mortgage Rates Sudden Jump
Mortgage Rates Likely to Hit 4%
By Mike Colpitts The 30-year fixed rate mortgage is likely to drop to 4% as banks and mortgage lenders aggressively work to attract more business in the midst of the foreclosure crisis, which has resulted in the failures of many banks and jeopardized other lenders’ businesses, according to Housing Predictor analysts. The bench mark fixed… Continue reading Mortgage Rates Likely to Hit 4%
Home Sales Fall to 15 Year Low
Home purchase mortgage applications fell to a 15-year low as applications for new loans tumbled this last week, despite the drop in mortgage rates to all time record lows, according to the Mortgage Bankers Association. The bankers’ combined mortgage index dropped 2.4% from the previous week. Refinancing surprisingly fell 1.7% on a seasonally adjusted basis.… Continue reading Home Sales Fall to 15 Year Low
U.S. Government Files Lawsuits Against 17 Banks
By Mike Colpitts The U.S. government has taken major actions against banks and mortgage companies in the fallout of the real estate crash seeking more than $105-billion in damages from mortgage lenders. The federal agency started by the Obama administration to right the wrongs of the real estate and financial crises, the Federal Housing Finance… Continue reading U.S. Government Files Lawsuits Against 17 Banks
States Robo-Signing Negotiations Hit Halt
By Kevin Chiu Almost a year after the robo-signing scandal made headlines, shedding light on the magnitude of the foreclosure crisis for the U.S. economy, the 50 states Attorney Generals negotiations attempting to reach a settlement with banks have hit a halt. The stop in talks between bankers and the states top law enforcement prosecutors… Continue reading States Robo-Signing Negotiations Hit Halt
Short Sales Rise to Aid Real Estate
By Kevin Chiu At least two of the U.S. largest commercial banks are increasing the volume of short sales in efforts to increase their profit margins even as more homes bloat the inventory of properties that aren’t producing profits for the lenders. The transition hasn’t been an easy one for lenders in these wild days… Continue reading Short Sales Rise to Aid Real Estate
Market May Lead Home Prices in Recovery
By Mike Colpitts Home and condominium prices soared higher for the first time in more than five years in Miami as existing sales in the metropolitan region rose at a rapid pace in July, according to the Miami Association of Realtors. The spike in average home prices may signal a major turn around for the… Continue reading Market May Lead Home Prices in Recovery
Mortgage Delinquencies Rise as Foreclosures Drop
By Mike Colpitts Mortgage delinquencies increased during the second quarter of the year, but formal foreclosures saw a drop as a result of banking legal issues, problems related to the robo-signing scandal and other troubles, according to the Mortgage Bankers Association. Default rates on mortgages covering one-to-four unit residential properties rose to 8.44% on outstanding… Continue reading Mortgage Delinquencies Rise as Foreclosures Drop
Home Sales Decline to Year Low
By Kevin Chiu Home sales declined for the third time in four months in July, falling to a new low for the year, indicating that what most real estate analysts have been saying for months is coming true—that the housing market is in for a long protracted recovery. Existing home sales fell 3.5% for the… Continue reading Home Sales Decline to Year Low