Category: Economic Crisis

Real Estate Recovery Hard to Fathom

By Kevin Chiu Sometimes it’s hard to fathom. But there isn’t going to be a full-fledged recovery from this real estate crash for many years to come. For some reason a lot of people want to believe that things will somehow mercifully get better—and get better fast – like over night. Some areas of the… Continue reading Real Estate Recovery Hard to Fathom

Mortgage Rates Set New Record Low

By Mike Colpitts Mortgage rates set a new record low hitting an average of 3.91% on a fixed 30-year loan, according to Freddie Mac. Rates on the shorter term 15-year fixed mortgage remained at the same record level as last week. Rates on the benchmark 30-year mortgage have been at or below 4.00% for eight… Continue reading Mortgage Rates Set New Record Low

Shadow Inventory Slides to 2009 Levels

By Mike Colpitts The inventory of homes not yet foreclosed but regarded as unsellable as they are held back from the market known as the shadow inventory has dropped to January 2009 levels, according to real estate data firm CoreLogic. California, Florida and Illinois, where foreclosures are at some of the highest levels in the… Continue reading Shadow Inventory Slides to 2009 Levels

Index Shows Housing Prices Decline

By Mike Colpitts Housing prices declined an average of 3.9% through the end of October on a year over year basis, according to the CoreLogic housing price index. The index shows that home values have dropped for three straight months, and are especially hard hit in five states. Nevada has led the nation in foreclosures… Continue reading Index Shows Housing Prices Decline

Mortgage Rates Budge Higher

By Kevin Chiu Mortgage rates budged higher this week as on-going worries over the European debt crisis sent Treasury bond yields reeling, but had real little impact on interest rates. The fixed 30-year mortgage rose a slim two basis point to 4.00%, but remains near its record all-time low, according to Freddie Mac. The 15-year… Continue reading Mortgage Rates Budge Higher

Mortgage Rates Drop as Adjustables Hit New Lows

By Kevin Chiu Mortgage rates dropped on popular fixed rate loans and hit a new low on adjustable rate mortgages, according to Freddie Mac. The drop in rates sent the 30-year fixed rate average at or below 4% for the fourth straight week. The loan averaged 3.98%, slipping two basis points from last week, according… Continue reading Mortgage Rates Drop as Adjustables Hit New Lows

Short Sales Projected to Skyrocket

By Mike Colpitts Bank assisted short sales or the lender approved selling of homes at less than what is owed on a mortgage, are projected to skyrocket in 2012 as banks and mortgage lenders come to grips with the mess the U.S. housing market has been in for five years. Short sales are forecast to… Continue reading Short Sales Projected to Skyrocket

Lawmaker Urges Halt of Home Demolitions

By Mike Colpitts An Ohio lawmaker is pushing fellow members of Congress to pass a proposal aimed at revitalizing neighborhoods hit by the foreclosure crisis instead of demolishing the homes as planned. U.S. Senator Sherrod Brown (D-OH) is urging fellow members of Congress to pass Project Rebuild as a record number of foreclosed and abandoned… Continue reading Lawmaker Urges Halt of Home Demolitions

Real Estate Investment May Turn Stable

By Mike Colpitts Real estate investments have taken a financial beating the past five years, but could evolve into a more stable investment, despite poor macroeconomic conditions in the U.S., according to a private real estate investment equity firm. Investors with access to large amounts of cash, who are able to avoid debt, are likely… Continue reading Real Estate Investment May Turn Stable