California Democratic Congresswoman Maxine Waters is calling on President Barack Obama to use his speech before the joint session of Congress Thursday night to offer “bold” solutions on the jobs crisis and foreclosures. Waters says the president should call bankers into his office and demand they modify mortgages to “keep people in their homes.” The… Continue reading Congresswoman Calls On Obama To Fight Bankers
Category: California
California housing market
Some Rising Prices Don’t Make a Recovery
By Mike Colpitts Rising home and condominium prices in isolated markets scattered across the U.S. rarely develop into a sudden real estate recovery, but demonstrate the differences of local housing markets. For the first time in years the average prices of homes and condos in Miami moved higher in July, showing that even in downtrodden… Continue reading Some Rising Prices Don’t Make a Recovery
White House Considers Underwater Refinancing Relief
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
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
Miley Cyrus Buys $3.9 Million Mansion
Entertainer Miley Cyrus, the Disney Hannah Montana teenage star has purchased a Southern California mansion for $3.9-million. The home, which covers 1.15 acres of land in the affluent Studio City suburb of Los Angeles features a spacious indoor gym, a huge walk-in kitchen, an outdoor pool overlooking the LA basin and roams 5,173 square feet,… Continue reading Miley Cyrus Buys $3.9 Million Mansion
Donald Trump’s Best Friend Lists $10 Million Estate
Billionaire gambling magnate Phillip Ruffin, who is Donald Trump’s best friend is putting his 8,000 square foot Palos Verdes, California estate on the market to sell after owning the home only five years. Ruffin sold the New Frontier Hotel and Casino to the owners of New York’s Plaza hotel for $1.2 billion in the midst… Continue reading Donald Trump’s Best Friend Lists $10 Million Estate
Frustrated Homeowners Wait to Sell
By Mike Colpitts Frustrated and angry over the state of the U.S. economy, Wall Street and bankers homeowners in just about every community in the nation are wondering whether they will be able to wait out the housing market to sell their homes. They are caught in the web of a housing mess run amuck.… Continue reading Frustrated Homeowners Wait to Sell
Housing Recovery Delayed as Foreclosures Stall
By Kevin Chiu As many as 1-million homes that should have been foreclosed in 2011 will be delayed until 2012 stalling a housing recovery in the U.S. as lenders work through problems with foreclosure procedures, lawsuits and other legal problems, according to RealtyTrac. The foreclosure tracking firm reported that a total of 1,170,402 residential properties… Continue reading Housing Recovery Delayed as Foreclosures Stall
Mortgage Rates to Skyrocket on Economic Budget Failure
By Mike Colpitts Failures by Congress and President Barack Obama to reach a deal on the U.S. economic budget is likely to trigger a massive hike to skyrocket mortgage interest rates, sending rates up at least 1 to 2½% within just a few short days following an impasse. The sudden rise in rates would essentially… Continue reading Mortgage Rates to Skyrocket on Economic Budget Failure
Underwater Homeowners Refinancing Bill Gains Momentum
By Mike Colpitts Millions of underwater homeowners could be helped under a bill that is gaining momentum in the U.S. Senate. The bill, authored by California Senator Barbara Boxer, would remove barriers that have halted millions of upside down homeowners from refinancing their homes. “The Helping Responsible Homeowners Act” would order government backed mortgage giants… Continue reading Underwater Homeowners Refinancing Bill Gains Momentum