The brewing storm over the robo signing of foreclosure documents and the resulting halt of foreclosures by four big mortgage lenders could spell another disaster for the housing market. America lured people to a gold rush in properties at the height of its real estate boom and then the banks sold-off mortgages. Now hundreds of… Continue reading Fourth Lender Halts Foreclosures in Robo Signing Storm
Category: Banks
Mortgage Rates Hit New Low Record
By Kevin Chiu Mortgage rates hit a new record low averaging just 4.27% on a 30-year fixed rate loan, according to Freddie Mac. The rate dropped .05 from last week to reach the new mark with an average 0.8 point. The 15-year fixed rate also averaged a new record low at 3.72%, down .03 from… Continue reading Mortgage Rates Hit New Low Record
Foreigners Buying Up US Property
By Mike Colpitts Home and condo prices have gotten so low in many areas of the country that foreign nationals are buying up property like it’s an old Blue Light sale at K-Mart. American real estate seems like its on sale at bargain basement prices. But whether the spike in foreigners buying property materializes into… Continue reading Foreigners Buying Up US Property
Partnership May be Mortgage Market Solution
By Diana Swan Former Treasury Secretary Paul Volcker, now a special adviser to President Barrack Obama, says the mortgage industry is dysfunctional and is “a creature of the government” and “that it is the biggest single element missing from financial regulatory reform.” A partnership between mortgage lenders and homeowners at risk of foreclosure could hold… Continue reading Partnership May be Mortgage Market Solution
Fannie Mae Will Pay Closing Costs
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
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