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
Category: Economic Crisis
States Investigate Banks Criminal Acts in Foreclosure Crisis
By Mike Colpitts New York’s Attorney General was one of the first to pull out of the 50 state negotiations with big Wall Street banks in the robo-signing scandal, and now the same state’s Attorney General is investigating criminal acts by the same firms tied to the foreclosure crisis. “This was a man made crisis,”… Continue reading States Investigate Banks Criminal Acts in Foreclosure Crisis
California Expands Hardest Hit Homeowner Aid
By Kevin Chiu As one of the Hardest Hit states in the U.S. in the housing crash, California is expanding its $2 billion program to help homeowners avoid foreclosure. But this increase will be dedicated to helping only second home or vacation homeowners. The proceeds, originally established by the California Housing Finance Agency from proceeds… Continue reading California Expands Hardest Hit Homeowner Aid
Growing Numbers Find Housing Unaffordable
Housing has become less affordable for many older adults who pay more than they can stand to for a place to live, according to a study by the Association of Retired Persons (AARP). The recession has taken a major toll on millions of Americans, especially older citizens. The study expands on findings determined in 2007… Continue reading Growing Numbers Find Housing Unaffordable
HARP Hopeless Re-election Ploy
By Lance Roberts Economist It’s campaign time and the Obama administration is in full GGG (Government Goodie Giveaway) mode as President Barack Obama travels from sea to shining sea seeking to regain support of the disgruntled masses. With the jobs program a failure due to inaction from Congress, and the fact that the plan was… Continue reading HARP Hopeless Re-election Ploy
Home Prices Decline Year Over Year
By Kevin Chiu Home prices declined an average of 4.4% on a year-over-year basis in the U.S. through August, despite a slight increase in home values over summer months as a result of higher home sales, and record low mortgage rates, according to real estate research firm CoreLogic. The decline in home values echoes Housing… Continue reading Home Prices Decline Year Over Year
Robo-Signing Settlement Stalls
By Kevin Chiu The CEO of one of the U.S. biggest banks charged with illegal foreclosure practices leading to the robo-signing scandal says mortgage servicers and state attorney generals are stalled in negotiation talks to reach a settlement. JP Morgan Chase chief executive officer Jamie Dimon says that negotiations are held up over an agreement… Continue reading Robo-Signing Settlement Stalls
Homeownership Drops by Largest Amount Since Great Depression
By Jeanne Roberts It’s probably no surprise that the number of individuals owning homes has experienced its biggest drop since the Great Depression, an epoch usually defined as the decade between 1929 and 1939. The figures are from the U.S. Census Bureau, and show that the rate of homeownership fell to 65.1% in April 2010,… Continue reading Homeownership Drops by Largest Amount Since Great Depression
Thousands Protest Against Bank of America
By Kevin Chiu Protestors staged a massive demonstration and sit-in at Bank of America’s Boston headquarters Friday evening to protest the unfair lending practices the nation’s largest bank has used against homeowners. Dozens of families facing foreclosure were among the estimated 3,000 people carrying banners, banging drums and confronting the lender for its role in… Continue reading Thousands Protest Against Bank of America
Jumbo Mortgage Cut Makes Little Impact
By Kevin Chiu Reduced loan limits on jumbo mortgages cut Saturday had little immediate affect on home purchases or mortgage financing, and little real impact is expected by many lenders. Jumbo mortgages are being offered by lenders, despite the loss in government purchases. The Federal Housing Administration (FHA) cut mortgage limits on loans it purchases… Continue reading Jumbo Mortgage Cut Makes Little Impact