Demonstrating that markets make erratic movements even in the midst of a decline, pending home sales rose slightly in July over June, according to the National Association of Realtors, while mortgage rates continued their downward slide. A 30-year fixed rate mortgage declined to 4.32% down .04% from a week ago, according to Freddie Mac. Pending… Continue reading Pending Home Sales Rise as Mortgage Rates Fall
Category: Financing
Federal Reserve Issues New Mortgage Rules
The Federal Reserve has announced new rules in an effort to protect consumers from abusive mortgage lending practices, which led to the real estate collapse. The regulations are part of the new financial reform legislation mandated by Congress. The new rules apply to mortgage originators, brokers and companies, including banks and mortgage firms employing them.… Continue reading Federal Reserve Issues New Mortgage Rules
Moral Issue or Misery Loves Company in Housing
Whether it’s a moral issue to debate or people really enjoy company in their own misery is hard to tell. But a new Housing Predictor opinion poll found that a large majority feel mortgage holders who are foreclosed should be held responsible for their debts. The poll may be the most telling indication yet of… Continue reading Moral Issue or Misery Loves Company in Housing
Home Resale Fees ‘Tax’ May Die
A proposal that would ban the nation’s mortgage giants from lending on homes that have an underlying 1% resale fee may be writing a federal death warrant for the highly controversial practice. Home resale fees have been outlawed by legislatures in 18 states. The fees are likened to an additional tax charged every time a… Continue reading Home Resale Fees ‘Tax’ May Die
Forecast: Time to Invest in Housing
The timing is right to invest in housing markets in the majority of the country, according to a new Housing Predictor analysis. For years we’ve wanted to issue this forecast, and the time has finally arrived. Markets in the majority of the country have seen home prices fall to levels that haven’t been seen for… Continue reading Forecast: Time to Invest in Housing
Interest Rates Set Amazing Record Low
Fixed rate mortgages for a 30-year loan dropped to an amazing record low rate of 4.44% for the week, according to the weekly Freddie Mac survey nationally. The rate on a 5-year adjustable rate mortgage also fell to a new low as bankers slashed rates hoping to stimulate the housing market. The rate on a… Continue reading Interest Rates Set Amazing Record Low
Hardest Hit Fund Throws Life Line, Expands to 17 States
By Kevin Chiu Homeowners struggling with unemployment and underemployment as a result of the economic crisis are being thrown a life line by two new foreclosure prevention programs. The White House announced the deployment of the programs as part of its Hardest Hit Fund rescue relief plan to stem the record rate of foreclosures. The… Continue reading Hardest Hit Fund Throws Life Line, Expands to 17 States
Foreclosure Crisis Aided by Company
By Mike Colpitts A New Jersey company has introduced a real estate investment program that’s helping to solve America’s foreclosure crisis, selling low priced older homes to investors that net as much as 16% in profit a month. First Fidelity Homes of Teaneck, New Jersey purchases homes from banks and mortgage companies in bulk, and… Continue reading Foreclosure Crisis Aided by Company
Mortgage Applications Barely Budge on Low Rates
Applications for home mortgages and refinancing barely budged for the week, growing just four-tenths of one percent, according to the Mortgage Bankers Association, despite the lowest mortgage rates in the surveys history. Refinances grew at the highest rate, but home purchase applications were marginal. The refinance index rose just 0.6% from last week and the… Continue reading Mortgage Applications Barely Budge on Low Rates
Home Flipping Gets Profitable
By Kevin Chiu Fueled by record low mortgage rates and lower home prices, flipping homes is enjoying a resurgence from California to Maine, despite the worst housing downturn in more than a half century. Buying, renovating and then quickly reselling homes had its hey-day during the real estate boom, but many flippers are now reporting… Continue reading Home Flipping Gets Profitable