Category: California

California housing market

U.S. May Dump Homeowner Aid

By Mike Colpitts Little government aid is available to homeowners struggling to hold on to their homes caught in the grip of economic hardship, according to a leading attorney who is spearheading legal action against seven of the nation’s largest banks in the foreclosure crisis. Attorney Philip Kramer, whose firm Kramer-Kaslow of Calabasas, California has… Continue reading U.S. May Dump Homeowner Aid

Home Sales Rise as Housing Recovery Gains Momentum

By Mike Colpitts Driven by declining home prices and low mortgage rates, home sales rose for the sixth time in the past eight months in March as the housing market makes inroads toward gaining momentum in its recovery. Sales of existing homes increased 3.7% to a seasonally adjusted annual rate of 5.1-million in March, but… Continue reading Home Sales Rise as Housing Recovery Gains Momentum

Hardest Hit Housing Cities Pain Grows

By Mike Colpitts The gambling capital of the U.S., Las Vegas posted the nation’s highest foreclosure rate among metropolitan areas with populations of more than 200,000 in July, but housing foreclosures are spiking in the majority of other top 20 hardest hit housing cities. The gap is shrinking between the gambling mecca and major cities… Continue reading Hardest Hit Housing Cities Pain Grows

Seven Major U.S. Banks Sued in Homeowners Fraud

By Mike Colpitts A veteran real estate attorney is suing seven major U.S. banks in what may be a precedent setting case for allegedly defrauding hundreds of thousands of homeowners. Calabasas, California attorney Philip Kramer, who has been practicing real estate law more than 25 years, is citing laws and procedures that banks were previously… Continue reading Seven Major U.S. Banks Sued in Homeowners Fraud

Foreclosure Backlog Rises as Federal Aid Fails

By Mike Colpitts The foreclosure inventory of homes has grown to more than 30 times the volume of foreclosed homes that sell each month in the U.S. as federal efforts to stem the crisis fails, indicating that the flood of foreclosures will trouble the housing market for years to come, according to Lender Processing Services,… Continue reading Foreclosure Backlog Rises as Federal Aid Fails

Housing Watch Index Shows Improving Trends

By Kevin Chiu Starting today Housing Predictor debuts a new real estate index. Housing markets that make the new “Watch List” are being monitored closely for changing economic conditions in the near future as a result of at least two improving economic trends. Some of the markets on the list have already been forecast to… Continue reading Housing Watch Index Shows Improving Trends

Real Estate at Pennies on the Dollar

By Kevin Chiu California real estate investor Simon Volkov says stick it to the bank, and buy real estate at pennies on the dollar purchasing single family homes at wholesale prices. Volkov is a foreclosure and tax property note specialist, who urges investors to take advantage of the distress in the current marketplace to ring… Continue reading Real Estate at Pennies on the Dollar

Mortgage Fraud Led By California, Florida, Arizona and Nevada

By Mike Colpitts Mortgage fraud is blamed for trillions of dollars in failed loans in the U.S., especially in California, Florida, Nevada and Arizona, where incidents have been the highest and foreclosures make up the largest volume of troubled homeowners, according to federal authorities. But state and federal law enforcement agencies are encountering major problems… Continue reading Mortgage Fraud Led By California, Florida, Arizona and Nevada

California Realtor President Requests Aid in Short Sales

By Kevin Chiu Short sales were hardly ever heard of before the real estate collapse, but these days bank assisted short sales, in which lenders take less than what is owed on a mortgage are failing on at least 40% of those attempted, according to a Realtors organization. In a letter published in seven California… Continue reading California Realtor President Requests Aid in Short Sales