By Kevin Chiu Homeownership has fallen to 66.9%, the lowest level on record in more than a decade, according to the U.S. Census Bureau as a result of rising foreclosures and mortgage holders walking away from loans they can no longer afford. The same annual study found that there were 1.9-million vacant homes listed for… Continue reading Homeownership Falls to Decades Low
Category: Financing
Poll Shows Home Prices to Rise
Home prices are expected to rise in the next one to four years by a large majority of Americans, according to a new Housing Predictor survey. The opinion poll found that nearly two out of three respondents feel that housing prices will start to go up within one to four years. The online poll shows… Continue reading Poll Shows Home Prices to Rise
Giant Mortgage Lenders to Get $363-Billion in Bailouts
By Mike Colpitts As much as $363-billion in mortgage-backed security purchases may be required to bailout troubled Freddie Mac and Fannie Mae, the government sponsored mortgage giants from growing debt due to the foreclosure crisis, according to a government report made public today. The projection was made by the Federal Housing Finance Agency, the government… Continue reading Giant Mortgage Lenders to Get $363-Billion in Bailouts
Mortgage Rates on Way Up
Mortgage rates rose slightly for the first time in five weeks, increasing to an average of 4.21% on a 30-year fixed rate mortgage, according to Freddie Mac. The rise represents a small .02 increase from last week for borrowers paying 0.8% in discount points. However, the increase was up from 4.19% last week, which was… Continue reading Mortgage Rates on Way Up
Cash is King in Real Estate
By Mike Colpitts Low home prices coupled with a tight economy have produced a rare set of events to trigger the highest number of cash home sales that many real estate agents remember in decades. In San Francisco, agents estimate that “around 15%” of all sales are paid in cash, while “more than 32%” are… Continue reading Cash is King in Real Estate
Foreclosure Moratorium Triggers Mortgage Application Drop
Demonstrating that the four mortgage lenders foreclosure moratoriums count, applications for home mortgages dropped 10.5% last week, according to the Mortgage Bankers Association. Applications for refinances dove 11.2%, while purchase money applications for new home mortgages were down 6.7%. The expiration of the federal home buyer tax credit coupled with the foreclosure freeze put in… Continue reading Foreclosure Moratorium Triggers Mortgage Application Drop
Weighing the Foreclosure Freeze
Opinion By Matthew Zifrony, Attorney at Law It’s sad that so many struggling homeowners are losing their homes due to foreclosure. Finding a way to keep them in their homes seems like the right thing to do. But is a freeze on all foreclosures the solution? On the human side, struggling families could use a… Continue reading Weighing the Foreclosure Freeze
Biggest Bank Makes Bold Move, Resumes Foreclosures
By Kevin Chiu The nation’s biggest bank resumed foreclosures in nearly two dozen states today, despite on-going legal battles over how it handled hundreds of thousands of foreclosures in courts where judges rule on homeowners losing their properties. Band of America has at least $106-billion in mortgages in foreclosure, according to SNL Financial, an unprecedented… Continue reading Biggest Bank Makes Bold Move, Resumes Foreclosures
Emergency Meeting Called in Foreclosure Crisis
By Mike Colpitts Florida’s attorney general is calling for an emergency meeting with mortgage lenders, saying the state’s economy could be devastated by the foreclosure mess. Ohio Attorney General Richard Cordray got the top prosecutors ball rolling for all 50 states, filing a lawsuit against GMAC Mortgage. He’s seeking $25,000 for each improper affidavit that’s… Continue reading Emergency Meeting Called in Foreclosure Crisis
Countrywide CEO Settles with SEC
By Kevin Chiu It was a rags to riches story befitting a movie. Angelo Mozilo, the Southern Californian sun tanned befallen Countrywide Financial CEO finally settled with the Securities and Exchange Commission agreeing to pay $67.5-million in fines on charges related to fraud and insider trading just days before he was to go on trial… Continue reading Countrywide CEO Settles with SEC