By Mike Colpitts Editor A clear and present danger is challenging the U.S. and it’s not the stuff that politicians in Washington, D.C. drudge up to drive fear emotionally charging the masses to sway public opinion. It’s the reality of our times — 7 million foreclosures that have already been formally repossessed by the banks,… Continue reading Foreclosures Pose Clear and Present Danger
Category: Foreclosure
Hawaii Passes U.S. Toughest Foreclosure Law
By Kevin Chiu Hawaii lawmakers followed hard hit Nevada to become only the second state in the nation to approve one of the toughest foreclosure consumer aid laws in the U.S., passing the bill as the legislature closed its latest session. Senate Bill 651 is touted as a windfall for consumers, requiring mortgage lenders to… Continue reading Hawaii Passes U.S. Toughest Foreclosure Law
U.S. Home Sales Rise as Prices Fall
By Mike Colpitts Home sales rose during the first quarter of the year in 49 states as home prices fell in most areas of the U.S. from a year ago, according to the National Association of Realtors. The median price of a home fell in 118 of 153 metropolitan statistical areas the organization tracks. Existing… Continue reading U.S. Home Sales Rise as Prices Fall
Interest Rates Fall Four Straight Weeks
By Mike Colpitts Mortgage interest rates fell for the fourth straight week to the lowest level of the year as an over supply of homes on the market pressure lenders’ to keep rates low to draw more buyers back into the market. The rate on a 30-year fixed rate mortgage had a fall of 0.08… Continue reading Interest Rates Fall Four Straight Weeks
Government Finds Foreclosure Oversight Needed
By Mike Colpitts Nearly three years after problems arose plaguing the U.S. in the foreclosure crisis, government regulators have found that federal agencies oversight of foreclosures has been limited, fragmented and needs to be corrected, according to the agency charged with investigating U.S. banks. In what has become the largest financial swindle in American history,… Continue reading Government Finds Foreclosure Oversight Needed
Florida Market #1 in Housing Recovery
By Mike Colpitts An economic development program is driving one Florida County to a recovery in housing long before the rest of the U.S. Lee County, which is home to Fort Myers, has the second highest foreclosure rating in the nation right behind Las Vegas, Nevada on a per-capita basis. But Lee County, which has… Continue reading Florida Market #1 in Housing Recovery
Survey Shows Mixed Results on Handling Foreclosures
Respondents to a new Housing Predictor survey seem as divided as Congress on how to handle the growing foreclosure crisis. However, the largest percentage or 41% of those who took the survey said that the U.S. government should just let homeowners in default on mortgages get foreclosed. The mixed outcome comes as the foreclosure crisis… Continue reading Survey Shows Mixed Results on Handling Foreclosures
Almost Half Are Distress Sales
By Mike Colpitts Nearly half of all U.S. home sales are now either foreclosures or bank-assisted short sales, according to the Campbell Inside Mortgage Finance survey taken monthly. Distress sales composed 48.6% of sales in March. The survey polls more than 3,000 real estate agents and brokers monthly. The latest poll also found that buyer… Continue reading Almost Half Are Distress Sales
Law Would Waive Taxes
By Mike Colpitts A new proposal made by a Florida member of the U.S. House of Representatives would waive federal income taxes on retirement plans if the proceeds were used to buy a home that was foreclosed. The bill, offered by Representative Bill Posey (R-FL), a Realtor has made the resolution as part of the… Continue reading Law Would Waive Taxes
U.S. May Dump Homeowner Aid
By Mike Colpitts Little government aid is available to homeowners struggling to hold on to their homes caught in the grip of economic hardship, according to a leading attorney who is spearheading legal action against seven of the nation’s largest banks in the foreclosure crisis. Attorney Philip Kramer, whose firm Kramer-Kaslow of Calabasas, California has… Continue reading U.S. May Dump Homeowner Aid