By Mike Colpitts Sales of existing homes and national median prices jumped in July to reach a seasonally adjusted annual rate of 4.47 million housing units after declining in June, according to the National Association of Realtors. Record low mortgage rates, which bottomed out in July and lower housing prices coupled with pent up demand… Continue reading Home Sales & Prices Jump
Category: California
California housing market
Mexican Drug Money Fuels Cash Purchases
By Mike Colpitts Mexican drug cartels have slowly moved money out of banks and other hiding places and into U.S. real estate investments. Federal investigators are hunting for people investing billions of dollars of drug money in the U.S. real estate market, including huge sums of cash in Florida, Texas and California. Cash purchases fuel… Continue reading Mexican Drug Money Fuels Cash Purchases
Effort to Block Bulk Wholesale Home Sales Launched
By Mike Colpitts An effort to block the bulk wholesale home sales of foreclosed property held by Freddie Mac and Fannie Mae to investors at cheaply discounted prices is being launched by an unlikely member of Congress, a Californian Republican. Rep. Gary Miller, a 14-year GOP incumbent in a battle to retain his House seat… Continue reading Effort to Block Bulk Wholesale Home Sales Launched
Recovery Heads to Higher Home Prices
By Ryan Jackson The U.S. housing recovery is moving into higher priced home markets as technology and newer industries pave the way for the nation’s future economic growth. The trend also demonstrates how some major cities that were once heavily populated are unlikely to recover much at all. The real estate crash has left huge… Continue reading Recovery Heads to Higher Home Prices
Olympics Trigger Huge Boom, But Little in Home Values
By Ryan Jackson Six cities that hosted the Olympics in the last quarter century have experienced huge construction booms with new projects needed to house the games, but the majority found little appreciation in home values or other property inflation following the games. In fact, three of six Olympic cities, including Los Angeles and Atlanta… Continue reading Olympics Trigger Huge Boom, But Little in Home Values
MERS Role Upheld in Foreclosures
By Mike Colpitts MERS, the electronic mortgage giant transfer company at the center of the robo-signing scandal, received better news from the California Supreme Court of Appeals. The court rejected mortgage borrower claims challenging the firm’s role as beneficiary in foreclosures. The decision, written by Justice Paul Haerle of the First Appellate District, agreed with… Continue reading MERS Role Upheld in Foreclosures
Higher Prices May Produce Trouble Bubble
By Ryan Jackson Higher home prices being paid in some U.S. cities could lead to troublesome isolated bubbles, according to new research. Strong demand for homes in three of the nation’s hardest hit states are pushing up housing prices more quickly than might be sustainable. Driven by record low mortgage rates, sales are improving at… Continue reading Higher Prices May Produce Trouble Bubble
Homeowners Bill of Rights to Become Law
By Mike Colpitts California lawmakers have passed a groundbreaking series of foreclosure relief bills that proponents hope will spur similar legislation for homeowners across the U.S. The bills are the first of their kind in the nation, and California Governor Jerry Brown says he will sign the Homeowners Bill of Rights into law. The legislation… Continue reading Homeowners Bill of Rights to Become Law
5 Best Beach Vacation Home Bargain Cities
The surf meets the sand in the heat of summer. Whether this is the year to buy that beach vacation home or not is another thing. If you’reconsidering the plunge, these are the best 5 beach home bargain cities to buy a foreclosure home or condo. Foreclosure News Report ranked U.S. metro areas across the… Continue reading 5 Best Beach Vacation Home Bargain Cities
Foreign Real Estate Buyers Drive Recovery
By Mike Colpitts Cash flush foreign real estate buyers are driving the U.S. housing market into a recovery, producing $82.5 billion in sales in the last year alone. International residential sales are gaining momentum and are divided between recent U.S. immigrants and non-resident foreigners who are buying a piece of America at deep discounts. Low… Continue reading Foreign Real Estate Buyers Drive Recovery