Lenders kept mortgage interest rates steady for the fourth week in a row as disappointing news on the economy held bond rates under 3%. The average rate on the bench mark 30-year fixed rate loan was 4.51%, up a single basis point from last week. Signs for an improvement in the U.S. economy were mixed.… Continue reading Interest Rates Steady Four Straight Weeks
Category: Housing Market
Feds Extend Mortgage Rulemaking
By Mike Colpitts Five U.S. government agencies extended the time-frame to consider major changes to the nation’s mortgage financing system. The extension was announced one-day before time ran out for the government to consider changes offered by dozens of special-interest groups trying to sway Congress’ decision making on new Dodd-Frank financial reform rulemaking. The decision… Continue reading Feds Extend Mortgage Rulemaking
Home Prices Rising in Dakotas, Alaska, Texas
By Mike Colpitts In places where jobs are more plentiful and workers are in demand local economies are doing much better than the majority of the U.S. and many housing markets are beginning to even see home prices rise. North Dakota, which now produces the fourth largest amount of oil in the country, Alaska and… Continue reading Home Prices Rising in Dakotas, Alaska, Texas
HUD Launches Emergency Home Loans
By Mike Colpitts In a move that has been awaited more than a year, the Housing and Urban Development Department launched the Emergency Homeowners Loan Program to help unemployed homeowners at risk of foreclosure in 27 states. The program is slated to help only a small number of troubled homeowners during its life-span. The White… Continue reading HUD Launches Emergency Home Loans
Mortgages Fall as Interest Rates Climb
By Kevin Chiu Mortgage applications fell after interest rates moved higher for the week, according to the Mortgage Bankers Association. The climb in mortgage rates came with a drop in refinancing as homeowners looking to obtain new mortgages wait for lower rates. At the same time, Fannie Mae has revised its mortgage origination forecast for… Continue reading Mortgages Fall as Interest Rates Climb
Banker Sentenced to 30 Years in Federal Prison
By Mike Colpitts The former owner of one of the largest privately held U.S. mortgage lending companies and Colonial Bank was sentenced to 30 years in federal prison and ordered to forfeit $38.5 million for his part in a massive $2.9 billion fraud scheme that drove his bank and mortgage company into failure. Lee B.… Continue reading Banker Sentenced to 30 Years in Federal Prison
Rent Prices Jump on Housing
By Mike Colpitts Rental rates for homes and apartments are rising and it appears rent prices are accelerating, according to a survey by an online real estate search firm. The report, issued by HotPads.com reveals that rental listing prices have increased an average of nearly 7% in the last year. Listings on studio and 5-bedroom… Continue reading Rent Prices Jump on Housing
Foreclosure Victims Offered New Credit
By Mike Colpitts Former homeowners who have defaulted on their home mortgages and suffered through foreclosure are increasingly receiving offers of credit to obtain credit cards, auto loans and all sorts of other loans. However, the offers of new credit to the foreclosure victims come with a high price. The offers arrive in the mail… Continue reading Foreclosure Victims Offered New Credit
Courts May Decide Housing Market Future
By Mike Colpitts Hundreds of lawsuits winding their way through courtrooms in the U.S. could ultimately determine the future of the housing market in America. A major case involving the attempted foreclosure of a home in Utah could produce a court precedent on which other cases could stand. Courts are hearing cases over foreclosure challenges… Continue reading Courts May Decide Housing Market Future
Illegally Foreclosed Should Be Compensated
Homeowners caught up in the banks robo-signing scandal that have illegally been foreclosed should be compensated financially by the banks that foreclosed on their homes to settle differences, according to an over whelming majority of respondents in a new Housing Predictor opinion poll. The survey shows that despite the blame Americans place on some homeowners… Continue reading Illegally Foreclosed Should Be Compensated