By Kevin Chiu Anyone selling a home these days is some what lucky unless it’s a discounted foreclosure, but it often takes a lot more than luck for real estate agents to sell homes. That’s why commissions on selling homes are moving back up, and may even rise further as more consumers realize the value… Continue reading Real Estate Commissions Back to Full 6%
Category: Foreclosure
Mortgage Defaults Edge Up in August
Mortgage defaults were filed for the first time against the largest number of homeowners in more than four years in August as foreclosures surged higher for the month, according to RealtyTrac. Foreclosure auctions and formal lender repossessions were filed against 228,098 homes during the month. The figure represented a 7% surge in lender takeovers for… Continue reading Mortgage Defaults Edge Up in August
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 Rates Massive Record Drop
By Mike Colpitts Mortgage rates dropped to the lowest rate in U.S. recorded history this week on the heels of the Federal Reserve announcement that the Fed will buy additional mortgage-backed securities. The massive drop in rates rocketed the average 30-year fixed rate mortgage to 4.01%, and the shorter term fixed rate loan to another… Continue reading Mortgage Rates Massive Record Drop
Likely Failure in Robo-Signing Talks
By Mike Colpitts Talks between State Attorney Generals in Washington, D.C. and representatives of the Obama administration have yet to provide a settlement for the robo-signing scandal, and many of President Barack Obama’s critics expect that any agreement with bankers will be a sellout of mammoth proportions. Negotiations between the U.S. Justice Department and the… Continue reading Likely Failure in Robo-Signing Talks
Bank Regulators to Review 4.5 Million Mortgages
By Mike Colpitts U.S. banking regulators will review as many as 4.5 million mortgages to determine the gravity of foreclosure fraud at 14 bank servicing companies. The investigation will determine how many homeowners were damaged in the robo-signing scandal, according to Acting Comptroller of the Currency John Walsh. Walsh made the announcement during a speech… Continue reading Bank Regulators to Review 4.5 Million Mortgages
Mortgage Delinquencies Drop
By Kevin Chiu The number of homeowners behind on their mortgages has dropped as a result of a higher number of mortgage modifications, according to one of the nation’s largest providers of mortgage data. The drop in mortgage delinquencies is a positive sign for the housing market, despite an uphill battle banks and mortgage companies… Continue reading Mortgage Delinquencies Drop
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
Home Buying Affordability Hovers at Best Level
By Mike Colpitts Home buying affordability hovered near its best level in more than 20 years in the second quarter of the year, according to the National Association of Home Builders-Wells Fargo housing index. The measure indicates that 72.6% of new and existing homes sold during the quarter were affordable for families earning the national… Continue reading Home Buying Affordability Hovers at Best Level
Mortgage Modifications Near 5 Million
Banks and mortgage servicers not associated with the government’s Making Home Affordable program have made more than 4 million mortgage modifications to home mortgage borrowers, according to the private agency organizing the efforts. There were about 56,000 modifications made in July through organizations associated with the group, the latest month available, Hope Now representatives say.… Continue reading Mortgage Modifications Near 5 Million