Category: Housing Market

Mortgage Rates Jump Quiets Market

By Kevin Chiu A jump in mortgage rates quieted home mortgage applications as consumers came to grips with a slower housing market this week, according to the Mortgage Bankers Association. Refinancing and applications for new home financing were down. Refinance applications dropped a whopping 16.6% from a week earlier, and consumers applied for fewer new… Continue reading Mortgage Rates Jump Quiets Market

Government Loans Rise on Low Mortgage Rates

By Mike Colpitts Refinances slowed but applications for government-backed mortgages jumped this past week after gaining the largest number of new mortgages in months, according to the Mortgage Bankers Association. The survey accounts for 75% of all U.S. mortgage applications applied for during the week. Mortgage applications fell a combined 4.3% from a week ago… Continue reading Government Loans Rise on Low Mortgage Rates

Home Prices Decline Year Over Year

By Kevin Chiu Home prices declined an average of 4.4% on a year-over-year basis in the U.S. through August, despite a slight increase in home values over summer months as a result of higher home sales, and record low mortgage rates, according to real estate research firm CoreLogic. The decline in home values echoes Housing… Continue reading Home Prices Decline Year Over Year

Housing Growth Would Aid Economic Recovery

By Mike Colpitts The inventory of new homes for sale is at record low levels in the U.S. constrained by tight credit market conditions preventing new home builders from starting projects, according to the National Association of Homebuilders. Rigid mortgage qualifying standards create anemic lending levels to boost the housing market. The residential real estate… Continue reading Housing Growth Would Aid Economic Recovery

Robo-Signing Settlement Stalls

By Kevin Chiu The CEO of one of the U.S. biggest banks charged with illegal foreclosure practices leading to the robo-signing scandal says mortgage servicers and state attorney generals are stalled in negotiation talks to reach a settlement. JP Morgan Chase chief executive officer Jamie Dimon says that negotiations are held up over an agreement… Continue reading Robo-Signing Settlement Stalls

Homeownership Drops by Largest Amount Since Great Depression

By Jeanne Roberts It’s probably no surprise that the number of individuals owning homes has experienced its biggest drop since the Great Depression, an epoch usually defined as the decade between 1929 and 1939. The figures are from the U.S. Census Bureau, and show that the rate of homeownership fell to 65.1% in April 2010,… Continue reading Homeownership Drops by Largest Amount Since Great Depression

Thousands Protest Against Bank of America

By Kevin Chiu Protestors staged a massive demonstration and sit-in at Bank of America’s Boston headquarters Friday evening to protest the unfair lending practices the nation’s largest bank has used against homeowners. Dozens of families facing foreclosure were among the estimated 3,000 people carrying banners, banging drums and confronting the lender for its role in… Continue reading Thousands Protest Against Bank of America

Jumbo Mortgage Cut Makes Little Impact

By Kevin Chiu Reduced loan limits on jumbo mortgages cut Saturday had little immediate affect on home purchases or mortgage financing, and little real impact is expected by many lenders. Jumbo mortgages are being offered by lenders, despite the loss in government purchases. The Federal Housing Administration (FHA) cut mortgage limits on loans it purchases… Continue reading Jumbo Mortgage Cut Makes Little Impact