By Kevin Chiu Baby boomers searching for a new home are going through increasing difficulty finding the right home for what they can afford, and many are finding they don’t have the equity they thought they had in order to move into another home in the first place. Some 77-million Americans are classified as baby… Continue reading Baby Boomers Caught in Real Estate Bust
Category: Economic Crisis
Occupy Wall Street Protests Catch On
By Mike Colpitts In the midst of the toughest economy since at least the Great Depression, most Americans are just trying to hang on – pay their bills, the mortgage, hold on to their jobs or find new employment. The Occupy Wall Street movement that started outside of the New York Stock Exchange on Wall… Continue reading Occupy Wall Street Protests Catch On
Mortgage Originations Surge on Record Low Rates
By Mike Colpitts Driven by the lowest interest rates in U.S. history, mortgage originations soared for the third straight week as loan buyers moved to take advantage of lower mortgage rates. Loan applications jumped 9.3% last week, according to the Mortgage Bankers Association. Refinances saw the largest surge in mortgage applications, rising 11.2% for the… Continue reading Mortgage Originations Surge on Record Low Rates
Hurricane Irene Magnifies Financial Pain
By Kevin Chiu Cities and counties dealing with clean-up costs of Hurricane Irene are facing increasing financial pain as they recover from the monster storm, which affected more than a dozen states along the eastern seaboard. Irene may cost insurers as much as $4.5 billion in damages in the U.S., according to Risk Management Solutions,… Continue reading Hurricane Irene Magnifies Financial Pain
Jobs Proposal Boosts Home Prices
By Mike Colpitts The Obama administration’s proposal of jobs and spending initiatives would supply much needed aid to the real estate industry, and give the housing market a shot in the arm towards recovery eventually boosting home prices, an analysis of the program has found. Consumers and businesses are concerned about the U.S. economy, which… Continue reading Jobs Proposal Boosts Home Prices
Legal Housing Thievery Starts Now
By Kevin Chiu Private equity funds, hedge funds and giant banks like Goldman Sachs, JP Morgan Chase, AIG and investment firm Blackstone may soon be buying up foreclosures for pennies on the dollar if a proposal is approved by the government. It would be a major case of legal housing thievery for all Americans to… Continue reading Legal Housing Thievery Starts Now
Mortgage Rates Hit New Record Lows
By Mike Colpitts Mortgage rates fell to new record lows as growing concerns over the U.S. unemployment rate and lower Treasury bond yields drove rates lower, according to Freddie Mac. Rates on all sorts of mortgages, including fixed and adjustables reached record levels. The benchmark 30-year fixed rate loan hit an average of 4.12%, down… Continue reading Mortgage Rates Hit New Record Lows
Fannie Mae Says Economy On Edge
After more than two years of recovering, the U.S. economy is flirting with another downturn, according to Fannie Mae economists. The recovery’s “fragility makes it vulnerable to any additional shocks that might cause the economy to slip back into recession,” Fannie Mae’s economics and mortgage group says. “The weakening economic backdrop, a persistently high unemployment… Continue reading Fannie Mae Says Economy On Edge
Low Economic Confidence Hinders Housing Recovery
Exceptionally high volatility in financial markets has led Americans to doubt a recovery in the housing market is possible, at least for the time being, according to a new Housing Predictor opinion poll. Low confidence may be a sign of the times. The just completed poll found that 72% of respondents feel that a recovery… Continue reading Low Economic Confidence Hinders Housing Recovery
Refinancing Program to Aid Underwater Homeowners
By Mike Colpitts The U.S. government’s giant mortgage lenders will soon expand refinancing to underwater homeowners on their mortgages in efforts to reduce the growing number of homes being foreclosed, and aid the nation’s hurting economy. Freddie Mac and Fannie Mae will “remove barriers that exist in the current refinancing program” allowing more homeowners to… Continue reading Refinancing Program to Aid Underwater Homeowners