Category: Housing Market

Mortgage Interest Rates Drop Six Straight Weeks

By Mike Colpitts Driven by slower economic activity and sluggish home sales, mortgage interest rates dropped for six straight weeks as the fixed rate 30-year loan fell a slim one-hundredth of one-percent to an average rate of 4.60%, according to Freddie Mac. The rate on the 15-year mortgage also saw a drop. Slower economic activity,… Continue reading Mortgage Interest Rates Drop Six Straight Weeks

Congress Breaks Down on Mortgage Reform

By Kevin Chiu Only weeks into efforts to gather input on changes to rewrite regulations affecting home mortgages, Congress is signaling that it’s already caving in to special interests lobbying against such reforms. An unprecedented alliance of organizations from the real estate industry, new home builders, mortgage companies, banks, civil rights groups and other lobbyists… Continue reading Congress Breaks Down on Mortgage Reform

Housing Foreclosure Crisis Five More Years

By Mike Colpitts The foreclosure crisis, already the harshest to hit U.S. homeowners in history is projected to drag on another five years, and will include more than a total of 15-million mortgage holders, according to a new Housing Predictor forecast. More than 7-million homes have been foreclosed since the crisis started as a result… Continue reading Housing Foreclosure Crisis Five More Years

Hurricane Storm Surge Poses $300 Billion in Home Losses

By Mike Colpitts Hurricane driven storm property damage in ten major urban areas along the Atlantic and U.S. Gulf coastlines would exceed $300-billion in home losses, according to an assessment by a real estate research firm. It’s the second annual assessment by Core Logic, developed to enhance understanding of the heightened risk storm surge damage… Continue reading Hurricane Storm Surge Poses $300 Billion in Home Losses

Housing Downturn Reaches Year Five

By Mike Colpitts The downturn in the U.S. residential housing market is approaching five years, which arrives in just one week with the start of June. Housing markets in California and Florida were the fist to feel the impact of the slowdown that resulted from a combination of Wall Street shenanigans and bankers creative financing… Continue reading Housing Downturn Reaches Year Five

New Home Building Starts Recovery

By Mike Colpitts Despite new home builder sentiment in the industry being exceptionally low, new home construction is in the early stages of recovery. The latest National Association of Home Builders confidence index was 16 in May. A reading under 50 indicates poor sentiment. However, new home developments are showing signs of life scattered throughout… Continue reading New Home Building Starts Recovery

Rigid Land Use Spiked Home Prices

By Mike Colpitts Rigid land use restrictions contributed to the housing bubble burst and still play a major role driving home values lower, according to a new study conducted by a Washington, D.C. think tank. “The majority of losses in the housing crash were overwhelmingly concentrated in metropolitan areas with restrictive land development regulations,” said… Continue reading Rigid Land Use Spiked Home Prices

New Normal Favors Renting

By Mike Colpitts The new normal in real estate favors a larger number of renters and an increase in landlords just trying to get buy, according to the National Multi Housing Council’s mid-year apartment strategy conference. Former U.S. Congressional Budget Director Doug Holtz-Eakin said it’s inconceivable the government would stop subsidizing real estate, despite Republican… Continue reading New Normal Favors Renting

Real Estate Agent Falls from Grace

By Kevin Chiu His model like good looks and Southern California sun tan are near trademark, but millionaire real estate agent John McMonigle has fallen from grace, losing his fortune and amassing $50 million in debts. The luxury home salesman appeared in bankruptcy court depressed after selling personal assets, including his Newport Beach condominium and… Continue reading Real Estate Agent Falls from Grace