Category: Housing Market

Buying a Home Again After Foreclosure

By Scott J. Clifford Real Estate Attorney Losing a house to foreclosure can create a feeling of home buying despondency, rooted in a belief that banks will easily say no to someone who has failed to successfully pay their mortgage payments. Yet if this were truly the case, the housing market would be even worse… Continue reading Buying a Home Again After Foreclosure

Mortgage Originations Pick-Up as Rates Level Off

By Mike Colpitts Mortgage originations picked-up last week as home purchases rose, according to the Mortgage Bankers Association. Purchase applications jumped 6.4% from the previous week. Homeowners shopping for refinancing also applied for lower rate mortgages in rising numbers. Refinances rose 4.4% as mortgage rates remained about the same compared to the prior week. The… Continue reading Mortgage Originations Pick-Up as Rates Level Off

Nevada Makes Illegal Foreclosures Felony

By Mike Colpitts Responding to homeowner complaints, Nevada has become the first state in the nation to make illegally repossessing a home a felony, and may send bankers to jail for doing such. The new law was enacted after tens of thousands of homeowners complained to lawmakers about their homes being foreclosed without proof of… Continue reading Nevada Makes Illegal Foreclosures Felony

Delegation Calls for Mortgage Servicer Reforms

By Kevin Chiu A delegation of Congressional members are calling on U.S. bank regulators to publicly release information regarding steps that are being taken by mortgage servicers to prevent illegal foreclosures. The move was launched after House Rep. Maxine Waters (D-Calif.) sent a letter signed by 15 members of the House to regulators making the… Continue reading Delegation Calls for Mortgage Servicer Reforms

Underwater Mortgage Holders Get Help

By Jeanne Roberts There is good news on the homefront for underwater homeowners whose mortgages amount to more than their home’s value, and it’s called the Home Affordable Refinance Program, or HARP. But questions are being raised regarding the real number of homeowners who will receive help through the program. Underwater mortgages occurred when rapidly… Continue reading Underwater Mortgage Holders Get Help

Growing Numbers Find Housing Unaffordable

Housing has become less affordable for many older adults who pay more than they can stand to for a place to live, according to a study by the Association of Retired Persons (AARP). The recession has taken a major toll on millions of Americans, especially older citizens. The study expands on findings determined in 2007… Continue reading Growing Numbers Find Housing Unaffordable

Defining U.S. Socialism Hurts With Freddie Mac and Fannie Mae

By Jeanne Roberts Freddie Mac and Fannie Mae are the U.S. two largest mortgage holders. Between them, they own 75% of all the home loans issued in the nation. Thanks to the bursting of the housing bubble and the resulting fallout, the American taxpayer – under the umbrella of the U.S. government, also owns 80%… Continue reading Defining U.S. Socialism Hurts With Freddie Mac and Fannie Mae

First Time Homeownership Slips

By Mike Colpitts Despite first time home purchases increasing due to record low mortgage rates and lower home prices, the actual rate of first time homeownership is slipping for the largest homebuyer age group, according to a survey released by a real estate research firm. The latest trends report from CoreLogic shows homeownership rates for… Continue reading First Time Homeownership Slips

Underwater Refinancing Program Closer

By Mike Colpitts A federal program intended to help underwater homeowners should assist more than 1-million U.S. mortgage borrowers refinance their homes, according to an analysis of the Home Affordable Refinance Program expanded by the Obama administration Monday. The program’s expansion is being developed by the Federal Housing Finance Agency with mortgage lenders and the… Continue reading Underwater Refinancing Program Closer