By Kevin Chiu Stung by huge losses, banks are calling loans on businesses and home mortgages in efforts to protect their businesses and keep regulators at bay. A total of 157 banks failed last year, and were taken over by the FDIC, the most since the U.S. Savings and Loan Crisis ended in 1992. Homeowners… Continue reading Stung by Losses Banks Call Loans
Category: Banks
Markets Forecast to Rise with Housing Inflation
In a turning point that demonstrates U.S. housing markets are making a recovery, Housing Predictor is forecasting that local markets in seventeen states will experience housing inflation in 2011. The states are dominated by the Mid-west and most Northern regions that were less affected by harmful new mortgage lending products during the real estate bubble,… Continue reading Markets Forecast to Rise with Housing Inflation
Mortgage Volume Slows as Applications Decline
By Mike Colpitts Refinancing applications fell to the lowest level in more than a year and mortgage applications for new purchases also declined for the week, demonstrating mixed signals for the housing market, according to the Mortgage Bankers Association. The composite index, a measure of loan application volume showed a decline of 12.9% on a… Continue reading Mortgage Volume Slows as Applications Decline
Efforts Grow Against Bad Bank Behavior
By Kevin Chiu Billions of dollars in damages are being sought against bank executives through lawsuits as foreclosure fraud class actions pile up against major banks. The lawsuits are besieging an industry that racked up record profits as a result of bad bank behavior in what amounts to the U.S. largest series of alleged fraud… Continue reading Efforts Grow Against Bad Bank Behavior
Mortgage Rates Dip Slightly
By Mike Colpitts Mortgage rates declined to an average of 4.81% for the week with 0.7 point down from 4.83% a week ago, according to Freddie Mac. The dip represents the first decline in more than a month after rates hit their record low in late October. The 30-year fixed rate mortgage is expected to… Continue reading Mortgage Rates Dip Slightly
Pent Up Real Estate Demand Waits
By Kevin Chiu Pent up demand among consumers waiting on the sidelines to buy a home is something that real estate analysts aren’t counting on much these days as consumer confidence over the U.S. economy wanes. The housing sector of the real estate market was artificially sent to new heights by a concoction of mixtures… Continue reading Pent Up Real Estate Demand Waits
Robo-Signing Auditors Named
By Kevin Chiu Federal regulators have named the independent auditors who will conduct reviews of foreclosure files on as many as 4.5 million homes as a result of consumer complaints over illegal robo-signing tactics. The audit is expected to take more than a year, according to the U.S. Office of Comptroller of Currency. Tens of… Continue reading Robo-Signing Auditors Named
Cyber Monday New Home Sale
By Kevin Chiu In an effort to improve sales and increase interest, an Ohio new home builder is taking a new route to keep up with changing times and sell homes at huge discounts on the Internet. The sale will feature a limited number of new homes at developments in two states and be conducted… Continue reading Cyber Monday New Home Sale
Don’t Burn Down Your House on Thanksgiving
Deep fried turkey fires will cause more than $15 million in property damage to homes and other dwellings from deep fryers that get wildly out of control across the U.S. this Thanksgiving, according to the National Fire Protection Association. The fires, ignited by deep fried turkey cookers of hot oil that quickly get out of… Continue reading Don’t Burn Down Your House on Thanksgiving
Poll: Prices Won’t Go As High Again
Home prices are doomed, according to nearly 2 out of 3 people surveyed for the latest Housing Predictor poll. Some 60% said that housing prices won’t ever reach as high as they did during the boom or not at least “in my lifetime.” The survey is disappointing news for homeowners who are anxious to see… Continue reading Poll: Prices Won’t Go As High Again