By Mike Colpitts Home and condo prices have gotten so low in many areas of the country that foreign nationals are buying up property like it’s an old Blue Light sale at K-Mart. American real estate seems like its on sale at bargain basement prices. But whether the spike in foreigners buying property materializes into… Continue reading Foreigners Buying Up US Property
Category: Economic Crisis
Partnership May be Mortgage Market Solution
By Diana Swan Former Treasury Secretary Paul Volcker, now a special adviser to President Barrack Obama, says the mortgage industry is dysfunctional and is “a creature of the government” and “that it is the biggest single element missing from financial regulatory reform.” A partnership between mortgage lenders and homeowners at risk of foreclosure could hold… Continue reading Partnership May be Mortgage Market Solution
Mortgage Applications Drop as Interest Rates Decline
Applications to refinance mortgages declined for the fourth straight week, according to the Mortgage Bankers Association. Mortgage applications on new home purchases also fell slightly, despite an increase in government purchase applications. The share of refinancing composed the majority of applications, 80.7% as mortgage rates decreased to 4.38% on 30 year fixed rate mortgage on… Continue reading Mortgage Applications Drop as Interest Rates Decline
Fannie Mae Will Pay Closing Costs
By Mike Colpitts Plagued by a record number of foreclosures, one of the nation’s giant mortgage lenders is offering to pay closing costs for home buyers in an effort to speed up home sales and get them off the troubled mortgage lender’s books. Fearing political fallout, the government lender won’t help millions of Americans losing… Continue reading Fannie Mae Will Pay Closing Costs
Mortgage Default Rate Drops
By Kevin Chiu Homeowners behind on their mortgage payments have dropped more than 5% in the last year, according to Lender Processing Services, which tracks mortgages for home lenders. The figure marks an improvement for homeowners suffering through the throws of a weak economy and high unemployment. But while the housing market is troubled nationally,… Continue reading Mortgage Default Rate Drops
Fewer Think Housing is Safe Investment
More Americans think it’s a better idea to put money into a savings or money market account than to buy a home, according to a government backed opinion poll. The finding was determined as part of Fannie Mae’s latest national housing survey, which also found the exact opposite of what a Housing Predictor poll recently… Continue reading Fewer Think Housing is Safe Investment
4 Ways to Buy Without Much Cash
So you figure it’s time to pinch pennies and put as much cash into buying an investment home as possible. With homes and condos selling for less than half of what they were a few years back, now just might be the time to invest. But taking advantage of current market conditions might be harder… Continue reading 4 Ways to Buy Without Much Cash
Mortgage Rates Tick Higher
By Mike Colpitts For the second week in a row mortgage rates climbed higher as bank foreclosures hit a new milestone, according to Freddie Mac. The average interest rate for a 30 year fixed rate mortgage ticked higher by two-one-hundredths of a percent to 4.37% for the week. The rise in rates may signal an… Continue reading Mortgage Rates Tick Higher
Unemployment Triggers Foreclosure Rise
Bankers foreclosed on 95,364 residential properties in August, the highest monthly total since Realty Trac has been following foreclosures, and about 2% higher than the previous peak of 93,777 bank repossessions in May 2010 as growing unemployment triggered the increase. August formal foreclosures were up 25% from year ago levels, the ninth straight month where… Continue reading Unemployment Triggers Foreclosure Rise
Freddie Mac Launches Owner Occupant Buyer Program
Freddie Mac, one of the nation’s troubled mortgage giants is expanding its program for owner occupants to buy a home before investors. The program is set to launch Friday, giving buyers preferential treatment over investors. The program “supports Freddie Mac’s mission to stabilize communities and foster affordable home ownership opportunities by giving home buyers 15… Continue reading Freddie Mac Launches Owner Occupant Buyer Program