By Kevin Chiu Blamed for helping to blow-up the real estate market, the ranks of mortgage brokers have been cut to nearly a third and most hardcore brokers are currently doing little business as homeowners and others seeking mortgages defensively shy away from them in droves. At their peak mortgage brokers provided more than half… Continue reading Homeowners and Mortgage Brokers Lose Out
Category: Foreclosure
Home Sales Slow as Mortgage Rates Drop
By Cheryl Reams Even as mortgage rates drop home sales slow, according to data from top real estate industry research. The sale of homes tracked through the Mortgage Bankers Association weekly report showed a 27.1% drop in mortgage purchase applications over the past four weeks. The decrease was just 4% from last week, but indicates… Continue reading Home Sales Slow as Mortgage Rates Drop
Financial Reform Act to Save Millions From Foreclosure
By Mike Colpitts Millions of homeowners facing the risk of foreclosure may be helped under a special provision included in Congress Financial Reform Act. The plan is modeled after a Pennsylvania program that has aided more than 43,000 homeowners at risk of losing their homes. Congressman Chaka Fattah (D-PA) sponsored the measure as a way… Continue reading Financial Reform Act to Save Millions From Foreclosure
Gulf Coast Homes to Fall 30% From BP Oil Leak
By Kevin Chiu Homes along the immediate path of the Gulf Coast oil leak are forecast to decline at least 30% in value as a result of the environmental catastrophe produced by British Petroleum’s gushing oil well 42-miles off of Louisiana, according to a new forecast by Housing Predictor. The forecast is being issued after… Continue reading Gulf Coast Homes to Fall 30% From BP Oil Leak
Home Sales Higher On Tax Credit Incentive
By Cheryl Reams Home buyers motivated by expiring federal tax credits drove existing home sales 7.6% higher in April to a seasonally adjusted rate of 5.77 million units, topping analysts’ projections, according to the National Association of Realtors. The increase in sales of single family homes, condos and townhouses pushed the associations heavily watched annual… Continue reading Home Sales Higher On Tax Credit Incentive
Bank Foreclosures Set New High Record
Formal bank foreclosures of residential properties hit a new monthly high in April with more than 92,000 being taken back by lenders. The figure marks a new threshold in the foreclosure crisis, topping the previous month by just one percent, but represents a 45% increase in foreclosures over a year ago, according to Realty Trac.… Continue reading Bank Foreclosures Set New High Record
Record 19.2 Million U.S. Homes Vacant
A record 19.2 million U. S. homes are vacant, representing the highest number of residential properties that are vacant of all-time, according to the U.S. Census Bureau. The figure represents 14.5% of all the homes in America. The dismal figure was issued as part of the Census Bureau homeownership quarterly survey for the first quarter… Continue reading Record 19.2 Million U.S. Homes Vacant
Low Mortgage Rates Strengthen Home Market
By Kevin Chiu Mortgage interest rates remain near historic lows, despite rising .04% in the last week, according to the Mortgage Bankers Association, providing strength to the nations home market. Many banking analysts expected rates would rise when the Federal Reserve halted buying mortgage-backed securities to strengthen the economy. However, a sampling of ten major… Continue reading Low Mortgage Rates Strengthen Home Market
Former Goldman Sachs Banker May Save Millions from Foreclosure
A former Goldman Sachs banker has launched an innovative company that may save 5 to 7 million mortgage borrowers from foreclosure. The private company works to negotiate with under water homeowners in an effort to reduce the number of mortgage holders who willingly walk away from their upside down mortgages. Loan Value Group, a Limited… Continue reading Former Goldman Sachs Banker May Save Millions from Foreclosure
Real Estate Agent Rebates Commissions
A new online start-up is basing its marketing plan on rebating real estate agent commissions to buyers, and it’s planted the concept by launching the program in the Garden State. New Jersey home buyers can get up to $15,000 back as a rebate from real estate agents commissions. www.HomeBuyerRebate.org was started as the pilot program… Continue reading Real Estate Agent Rebates Commissions