By Kevin Chiu Appraisers are taking heat for home sales not improving in many areas of the U.S. as new uniform guidelines for appraisals go into effect. The new federally mandated requirements ushered in through Dodd-Frank financial reform went into effect Thursday. Dodd-Frank reform in relationship to appraisals is intended to require lenders to be… Continue reading Low Appraisals Slow Home Sales
Category: Foreclosure
Bargain Hungry Home Investors Thin
By Kevin Chiu Like them or hate them the real estate market needs bargain hungry home investors to pick through foreclosures as scavengers to eventually clean-up the inventory. But the ranks of investors hunting for deals are thinning out as homes that need work become harder to re-sell. The distressed real estate market, high unemployment… Continue reading Bargain Hungry Home Investors Thin
Congresswoman Calls On Obama To Fight Bankers
California Democratic Congresswoman Maxine Waters is calling on President Barack Obama to use his speech before the joint session of Congress Thursday night to offer “bold” solutions on the jobs crisis and foreclosures. Waters says the president should call bankers into his office and demand they modify mortgages to “keep people in their homes.” The… Continue reading Congresswoman Calls On Obama To Fight Bankers
Hurricane Irene Flooding Leaves Homeowners Out of Luck
By Kevin Chiu As Hurricane Irene moved over the border into Canada, after having unleashed its mighty torrent on the Atlantic coast over a dozen states, flooding became its dominant issue as forecasters predicted. Torrential rains in more than a half a dozen states are expected to bring upwards of a million home insurance claims.… Continue reading Hurricane Irene Flooding Leaves Homeowners Out of Luck
Mortgage Rates Likely to Hit 4%
By Mike Colpitts The 30-year fixed rate mortgage is likely to drop to 4% as banks and mortgage lenders aggressively work to attract more business in the midst of the foreclosure crisis, which has resulted in the failures of many banks and jeopardized other lenders’ businesses, according to Housing Predictor analysts. The bench mark fixed… Continue reading Mortgage Rates Likely to Hit 4%
Mortgage Rate Deal of A Lifetime
By Mike Colpitts In a major effort to help its ailing real estate market, one state is offering lower-income residents a way to purchase homes through federally backed mortgages at mortgage rates below the lowest available elsewhere, and they’re also putting up down payments to make the home purchases. The mortgage rate is a deal… Continue reading Mortgage Rate Deal of A Lifetime
States Robo-Signing Negotiations Hit Halt
By Kevin Chiu Almost a year after the robo-signing scandal made headlines, shedding light on the magnitude of the foreclosure crisis for the U.S. economy, the 50 states Attorney Generals negotiations attempting to reach a settlement with banks have hit a halt. The stop in talks between bankers and the states top law enforcement prosecutors… Continue reading States Robo-Signing Negotiations Hit Halt
Mortgage Insurance Giant Shutdown
By Mike Colpitts Mortgage insurance giant PMI Group has been ordered to stop writing mortgage insurance policies by state regulators. Technically, PMI Inc’s two Arizona subsidiaries were placed under regulatory supervision by the Arizona Department of Insurance, where its main operations are headquartered. Then Fannie Mae announced it will no longer purchase home mortgages from… Continue reading Mortgage Insurance Giant Shutdown
Short Sales Rise to Aid Real Estate
By Kevin Chiu At least two of the U.S. largest commercial banks are increasing the volume of short sales in efforts to increase their profit margins even as more homes bloat the inventory of properties that aren’t producing profits for the lenders. The transition hasn’t been an easy one for lenders in these wild days… Continue reading Short Sales Rise to Aid Real Estate
Homeowners Flock to Fixed Rate Mortgages
As a result of the foreclosure crisis and risky lending practices consumers have witnessed over the last decade, homeowners are flocking to fixed rate mortgages in mass, according to Freddie Mac. Fixed rates accounted for 95% of refinancing based on the giant lenders’ new quarterly report for 2011. Fifty-five percent of borrowers who had an… Continue reading Homeowners Flock to Fixed Rate Mortgages