Category: Financing

New Urbanism, the revitalization of existing downtowns offering a variety of conveniences and amenities is on the rise. New lifestyle communities provide comfort, luxury, and safety for residents combined with the convenience of nearby shopping, dining and entertainment. Benefits of New Urbanism include leaving a smaller carbon footprint on the environment. People that live downturn… Continue reading New Urbanism Living on the Rise

By Mike Colpitts Fixed rate mortgage interest rates remained unchanged for the first time in months this week at record low levels with a conventional 30-year mortgage at 4.57% on average, according to Fannie Mae. Mortgage rates are at the lowest level they have been at in 50 years, supporting mortgage affordability for home buyers… Continue reading Mortgage Rates Stay Unchanged

Troubled by growing unemployment and decaying consumer confidence, foreclosures were higher in the first half of the year over 2009, despite a decline in filings over the last six months, according to the Realty Trac mid-year report. Some 1,654,634 residential properties were filed against during the first half of the year. However, foreclosure notices, including… Continue reading Growing Unemployment Drives Foreclosures Higher

By Mike Colpitts Growing consumer unrest over the economy, real unemployment reaching levels that have not been seen since the Great Depression and falling home sales has triggered a housing market in the majority of the U.S. that is in a free-fall. Purchase applications for home mortgages fell to the lowest level since 1996, and… Continue reading Housing Market in Free-Fall

By Mike Colpitts It’s not like a nice cold double dip ice cream cone on a hot summer day, but it does give many homeowners a chill. The so-called double dip in housing activity is confirmed as markets stall across the nation on fears of growing economic anxiety. The surge in home sales produced by… Continue reading Housing Double Dip Confirmed

By Kevin Chiu In an effort to recover some of the billions of dollars in mortgage losses Fannie Mae and Freddie Mac have sustained, the Federal Housing Finance Agency (FHFA) has opened an inquiry into mortgage fraud in the real estate crash. The inquiry was announced almost two full years after the agency was established.… Continue reading Feds Move to Recoup Losses in Mortgage Fraud

By Lois A. Vitt, Ph.D. Buying a new home, remodeling, or investing in a second home is all about cost and affordability, right? Absolutely yes and no! But aren’t “price,” “monthly carry,” and “tax consequences” the key deciding factors in any housing transactions? Of course they are, and no, not as often as you may… Continue reading Money Factor in Housing Decisions

In a move hailed as a last gasp for the subprime mortgage business, Wells Fargo Bank has announced it is leaving the subprime business. The decision made Wells the last big conventional bank to exit subprime following the demise of Countrywide and Washington Mutual in the lending industry. The two former mortgage titans were acquired… Continue reading Wells Fargo Exits Subprime Business

By Mike Colpitts Mortgage rates on a conventional 30-year fixed loan dropped one-one-hundredth of one percent lower for the week on average to a new historic low, according to Freddie Mac. The 4.57% average prompted a wide increase in home refinancing. “With mortgage rates falling to historic lows, refinance activity has been strong over the… Continue reading Mortgage Rates Drop to New Low