Florida under Siege by BP Oil Spill

By Mike Colpitts Resting on star power and little government regulation of the oil industry over the last two decades, the BP oil spill is likely to provide a one-two-punch to Florida’s ailing economy, pulling real estate prices down further, decimating their already bargain rate prices. Florida is under siege. The greatest environmental disaster in… Continue reading Florida under Siege by BP Oil Spill

Banks Won’t Help Fannie Mae and Freddie Mac

By Mike Colpitts Fixing the nation’s giant mortgage lenders, troubled Fannie Mae and Freddie Mac, might take an act of Congress, but one of the mortgage industry’s chief lobbying groups says private banks won’t help the housing market. “A private model would be unable to attract the depth and breadth of capital needed to fund… Continue reading Banks Won’t Help Fannie Mae and Freddie Mac

Mortgage Fraud Crackdown Charges Record 1200 Perpetrators

By Mike Colpitts The U.S. Justice Department has charged more than 1,200 perpetrators with mortgage fraud in a major nationwide crackdown involving more than $2.3-billion in losses, stemming from the real estate collapse leading to the foreclosure crisis. The sweep represents the largest crackdown yet by law enforcement against perpetrators of white collar crime in… Continue reading Mortgage Fraud Crackdown Charges Record 1200 Perpetrators

Mortgage Rates and Home Buyers Decline

By Cheryl Reams Mortgage rates declined seven-one-hundredths of one percent this week to hover near the record low at an average of 4.72% on a 30 year fixed rate mortgage, while the number of home buyers applying for mortgages also dropped. It is unlikely rates will get lower any time soon. The number of homeowners… Continue reading Mortgage Rates and Home Buyers Decline

BP Oil Spill Devastation Grows in Gulf of Mexico, Relocations Expected

By Kevin Chiu and Mike Colpitts Destin, Florida – The devastation that the BP oil spill is producing to the Gulf of Mexico is at least the size of all five Great Lakes as America’s greatest environmental disaster. It is likely to force hundreds of thousands of residents to relocate their homes to other areas… Continue reading BP Oil Spill Devastation Grows in Gulf of Mexico, Relocations Expected

Gulf Coast Homes to Fall 30% From BP Oil Leak

By Kevin Chiu Homes along the immediate path of the Gulf Coast oil leak are forecast to decline at least 30% in value as a result of the environmental catastrophe produced by British Petroleum’s gushing oil well 42-miles off of Louisiana, according to a new forecast by Housing Predictor. The forecast is being issued after… Continue reading Gulf Coast Homes to Fall 30% From BP Oil Leak

California Burning Through Housing Inventory

Re-invigorated by a special $10,000 state tax credit, the California home market has been experiencing a rebound and a drop in housing inventory on the market. More than half of all homes sold by real estate agents in the last year have received multiple offers. Historically, when California begins a rebound in home sales the… Continue reading California Burning Through Housing Inventory

Record 19.2 Million U.S. Homes Vacant

A record 19.2 million U. S. homes are vacant, representing the highest number of residential properties that are vacant of all-time, according to the U.S. Census Bureau. The figure represents 14.5% of all the homes in America. The dismal figure was issued as part of the Census Bureau homeownership quarterly survey for the first quarter… Continue reading Record 19.2 Million U.S. Homes Vacant