By Scott J. Clifford Real Estate Attorney Losing a house to foreclosure can create a feeling of home buying despondency, rooted in a belief that banks will easily say no to someone who has failed to successfully pay their mortgage payments. Yet if this were truly the case, the housing market would be even worse… Continue reading Buying a Home Again After Foreclosure
Category: Credit
New Mortgage Credit Risk Analysis In Development
By Mike Colpitts Two of the nation’s largest financial firms have teamed up to produce a new credit risk analysis scoring product to determine whether mortgage applicants qualify for home loans. A division of CoreLogic, Credco and FICO – the leading provider of analytics and decision management technology for the financial industry signed an agreement… Continue reading New Mortgage Credit Risk Analysis In Development
Housing Growth Would Aid Economic Recovery
By Mike Colpitts The inventory of new homes for sale is at record low levels in the U.S. constrained by tight credit market conditions preventing new home builders from starting projects, according to the National Association of Homebuilders. Rigid mortgage qualifying standards create anemic lending levels to boost the housing market. The residential real estate… Continue reading Housing Growth Would Aid Economic Recovery
Trouble Qualifing for Low Mortgage Rates
By Jeanne Roberts Home prices are way, way down from their peak just a few years ago. So are interest rates. It’s easy to find 15-year mortgage rates below 3.5% and 30-year fixed rate mortgages just above 4%. Which leaves some would-be refinancers (and buyers) wondering why they can’t get the loan or house of… Continue reading Trouble Qualifing for Low Mortgage Rates
Group Urges $15,000 Home Buyer Tax Credit
By Mike Colpitts A national consumer advocate’s group is urging the U.S. Congress to adopt a large home buyers federal tax credit in an effort to re-energize home sales and stabilize residential housing markets. America’s Watchdog Homeowners Consumers Center is urging Congress to offer a $15,000 federal “tax credit to anyone who is qualified to… Continue reading Group Urges $15,000 Home Buyer Tax Credit
Home Sales Decline to Year Low
By Kevin Chiu Home sales declined for the third time in four months in July, falling to a new low for the year, indicating that what most real estate analysts have been saying for months is coming true—that the housing market is in for a long protracted recovery. Existing home sales fell 3.5% for the… Continue reading Home Sales Decline to Year Low
Credit Downgrade May Trigger Inflation, Slow Home Sales
By Mike Colpitts As the U.S. economy sputters in over-drive to recover from the worst economic crisis since at least the Great Depression, Standard and Poor’s downgrade of the economy is likely to re-set mortgage interest rates on millions of adjustable rate mortgages, send the costs of doing business higher and slow home sales, weakening… Continue reading Credit Downgrade May Trigger Inflation, Slow Home Sales
S&P Credit Downgrade May Restore Confidence
By Mike Colpitts Mortgage interest rates had little immediate change as a result of Standard & Poor’s credit agency downgrading the U.S. economy for the first time in the nation’s history since the announcement was made after banks and financial markets were closed Friday. S&P announced the credit downgrade from AAA to AA+ Friday evening.… Continue reading S&P Credit Downgrade May Restore Confidence
Undermining the Credit Rating Agencies For the Public Good
By Mike Colpitts They blew it! Standard and Poor’s, Fitch and Moody’s all blew the calls on the financial crisis and real estate crash. So what does it really matter now that S&P downgraded the U.S. economy for the public good? It’s their history MAN! S&P has been around for more than 150 years, and… Continue reading Undermining the Credit Rating Agencies For the Public Good
Equifax Survey Shows Credit Improvement
By Kevin Chiu Mortgages made to applicants for home purchases and refinancing were down 4% in July from a year ago as weaknesses in job growth and auto sales took a toll on the economy, according to Equifax Credit Forecast Company. But defaults dropped sharply and other areas of credit extended to consumers, including home… Continue reading Equifax Survey Shows Credit Improvement