Category: Housing Market

Foreclosures Drop, Despite Turmoil

By Mike Colpitts Foreclosure filings dropped 2% in May as banks and mortgage servicing companies experienced turmoil as a result of legal problems dealing with foreclosures. Filings fell a third from a year ago. Formal foreclosure auctions, the last step in the painful foreclosure process, however, were scheduled against 89,251 U.S. residential properties during the… Continue reading Foreclosures Drop, Despite Turmoil

Spring Home Sales Decline

By Mike Colpitts Hindered by financing problems and weak consumer confidence, existing home sales declined in May, falling 3.8% to a seasonally adjusted annual rate of 4.81 million units, and are more than 15% behind last year’s pace, according to the National Association of Realtors. The slowdown in sales comes at a time when growing… Continue reading Spring Home Sales Decline

Mortgage Interest Rates Suddenly Jump

By Kevin Chiu Pushed by weakening economic data, mortgage interest rates, already near historic lows, jumped slightly for the week to 4.50% on a 30-year fixed rate mortgage, according to Freddie Mac. The jump of only 0.01 came after rates dropped for eight straight weeks. But rates declined slightly on other loans for the week.… Continue reading Mortgage Interest Rates Suddenly Jump

Mortgage Rates Drop with Applications

By Ryan Rodriguez Mortgage applications dropped for the second week in a row even as interest rates fell, demonstrating economic turbulence persists in the housing market and the greater  U.S. economy, according to the Mortgage Bankers Association. However, the drop in application activity was by only a slim margin. The mortgage market composite index dropped 0.4%… Continue reading Mortgage Rates Drop with Applications

Glass-Steagall Should Be Re-Adopted, Survey Overwhelmingly Shows

The Glass-Steagall Act that was enacted at the height of the Great Depression to halt “improper banking activity” should be re-adopted to halt the possibility of another financial crisis, according to a new Housing Predictor survey. Respondents to the online opinion poll overwhelmingly support the act’s re-implementation. During the Great Depression when half of all… Continue reading Glass-Steagall Should Be Re-Adopted, Survey Overwhelmingly Shows

ACLU Says Foreclosure ‘Rocket Docket’ Unconstitutional

By Mike Colpitts The American Civil Liberties Union says that Florida’s ‘rocket docket’ designed to speed up the foreclosure process to benefit bankers’ is unconstitutional, and will challenge the system to the fullest extent of the law in court. The U.S. 20th Judicial Circuit operates the system, which covers foreclosures in five Southern Florida counties,… Continue reading ACLU Says Foreclosure ‘Rocket Docket’ Unconstitutional

Mortgage Interest Rates & Applications Drop

By Kevin Chiu Weak economic data and disappointing news on jobs led a drop in mortgage interest rates as the yield on heavily monitored 10-year Treasury bonds slid below 3%. It was the seventh week in a row that mortgage rates saw a drop along with applications for home loans. The Feds quantitative easing program… Continue reading Mortgage Interest Rates & Applications Drop

New Home Builder Giving Away Vacations

By Mike Colpitts In a move to drive up new home sales, the nation’s largest publicly traded luxury homebuilder is giving away vacations to attract buyers. Toll Brothers will pay up to $4,000 in airfare and vacation accommodations to visit one of its four new home communities in Florida. The “Fly and Buy” program was… Continue reading New Home Builder Giving Away Vacations

Freddie Mac, Fannie Mae Bailout Reaches $317 Billion

By Mike Colpitts The cost of bailing out giant mortgage lenders Freddie Mac and Fannie Mae is actually $317 billion so far, according to the Congressional Budget Office, more than double what the Obama administration has claimed. Before the mortgage giants are cleaned-up it’s likely the government will spend at least $1-trillion on foreclosed mortgages,… Continue reading Freddie Mac, Fannie Mae Bailout Reaches $317 Billion