By Mike Colpitts Mortgage rates dropped to their second lowest rate on record as worries over European debt concerns sent Treasury bonds lower this week. The rate on the average 30-year fixed rate mortgage hit 4.00% with 0.7 point, according to Freddie Mac. It was the lowest rate on the 30-year fixed mortgage since reaching… Continue reading Mortgage Rates Drop to Near Record Low
Category: Housing Market
REITs Benefit Biggest From Low Interest Rates
By Mike Colpitts Real Estate Investment Trusts (REITs) are benefitting from the Federal Reserve’s low interest rate policy more than any other single sector of the U.S. economy, and their profit windfalls are being returned to investors. Once thought to have seen their day, REITs are still benefitting from the Fed’s low interest rates stand,… Continue reading REITs Benefit Biggest From Low Interest Rates
Lawmaker Urges Halt of Home Demolitions
By Mike Colpitts An Ohio lawmaker is pushing fellow members of Congress to pass a proposal aimed at revitalizing neighborhoods hit by the foreclosure crisis instead of demolishing the homes as planned. U.S. Senator Sherrod Brown (D-OH) is urging fellow members of Congress to pass Project Rebuild as a record number of foreclosed and abandoned… Continue reading Lawmaker Urges Halt of Home Demolitions
Americans Unload Homes, Debt at Unprecedented Level
By Kevin Chiu Americans are unloading debt levels at unprecedented rates as they reduce mortgage rates through refinancing, pay down credit cards, loans on cars and in millions of cases let homes go back to banks and mortgage companies at unprecedented levels. The inventory of homes in the foreclosure pipeline not yet formally counted as… Continue reading Americans Unload Homes, Debt at Unprecedented Level
Real Estate Investment May Turn Stable
By Mike Colpitts Real estate investments have taken a financial beating the past five years, but could evolve into a more stable investment, despite poor macroeconomic conditions in the U.S., according to a private real estate investment equity firm. Investors with access to large amounts of cash, who are able to avoid debt, are likely… Continue reading Real Estate Investment May Turn Stable
States Investigate Banks Criminal Acts in Foreclosure Crisis
By Mike Colpitts New York’s Attorney General was one of the first to pull out of the 50 state negotiations with big Wall Street banks in the robo-signing scandal, and now the same state’s Attorney General is investigating criminal acts by the same firms tied to the foreclosure crisis. “This was a man made crisis,”… Continue reading States Investigate Banks Criminal Acts in Foreclosure Crisis
Mortgages On Home Purchases Jump as Rates Decline
By Mike Colpitts Pushed by lower mortgage rates, home purchase applications jumped as consumers came out in greater numbers to take advantage of near record low mortgage rates. Seasonally adjusted purchases rose 1.8% from a week ago, according to the Mortgage Bankers Association. The refinance index, however, showed a slight two-tenths of a percent decline… Continue reading Mortgages On Home Purchases Jump as Rates Decline
Mortgage Rates Dip a Little
By Kevin Chiu Mortgage rates dropped a single basis point to remain near their all-time record lows, with mixed consumer confidence and housing data, according to Freddie Mac. The average rate on the fixed 30-year loan was 4.10%, which is close to their 60-year low. The rate on the shorter fixed 15-year mortgage stayed the same… Continue reading Mortgage Rates Dip a Little
California Expands Hardest Hit Homeowner Aid
By Kevin Chiu As one of the Hardest Hit states in the U.S. in the housing crash, California is expanding its $2 billion program to help homeowners avoid foreclosure. But this increase will be dedicated to helping only second home or vacation homeowners. The proceeds, originally established by the California Housing Finance Agency from proceeds… Continue reading California Expands Hardest Hit Homeowner Aid
Home Prices to Decline Another 3.9%
By Kevin Chiu Despite near record low mortgage rates, home prices in the over-whelming majority of the U.S. will decline during 2012 as a tough employment market and weak economy hamper the nation’s housing market, pushing home prices lower by an average of 3.9%, according to a new Housing Predictor forecast. A handful of economic… Continue reading Home Prices to Decline Another 3.9%