By Kevin Chiu Driven by lobbyists, the U.S. government spent more on housing related grants and tax expenditures than energy, transportation and non-profit organizations combined in 2009 despite the collapse of the real estate market, according to a study conducted by the Pew charitable trust research project. The federal government spent about $244 billion on… Continue reading Feds Spend More on Housing
Category: Housing Market
Mortgage Rates, Loan Applications Fall
Mortgage purchase applications, driven by a sharp decline in applications for FHA loans fell for the week as home buyers reversed the trend of applying for mortgages in greater numbers. Mortgage rates also dropped slightly. The fall off in applications was driven by an increase in higher FHA premiums that went into effect after months… Continue reading Mortgage Rates, Loan Applications Fall
Chinese Drywall Second Housing Crisis
By Kevin Chiu A second housing crisis is slowly working its way through 20 states as more victims fall ill from poisonous fumes emitting from their very residences. From the Gulf Coast of Louisiana, where workers are replacing toxic Chinese drywall in new homes built for victims of Hurricane Katrina across the country it’s being… Continue reading Chinese Drywall Second Housing Crisis
Mortgage Interest Rates Move Higher, Despite Job Gains
By Mike Colpitts Despite improving news on the U.S. job market, mortgage interest rates moved higher for the fourth straight week as home buyers became increasingly reluctant to make a move, according to Freddie Mac. The improvement in job gains is having little impact on the housing market. The rate on a 30-year fixed rate… Continue reading Mortgage Interest Rates Move Higher, Despite Job Gains
Miami Condo Sales Skyrocket
By Mike Colpitts The hardest hit real estate market in the U.S. is making a resounding recovery as existing condominium sales in Miami surge 85% in the month of March, according to the Miami Association of Realtors. Condo sales topped 1,500 units. The increase is attributed to lower priced units and near record low mortgage… Continue reading Miami Condo Sales Skyrocket
Home Sales Rise as Housing Recovery Gains Momentum
By Mike Colpitts Driven by declining home prices and low mortgage rates, home sales rose for the sixth time in the past eight months in March as the housing market makes inroads toward gaining momentum in its recovery. Sales of existing homes increased 3.7% to a seasonally adjusted annual rate of 5.1-million in March, but… Continue reading Home Sales Rise as Housing Recovery Gains Momentum
Foreclosure Crisis Triggers S&P Credit Downgrade
By Kevin Chiu Standard and Poor’s long term credit downgrade of the U.S. economy is directly impacted by the foreclosure crisis, which has cost tax payers $148-billion to bail-out Freddie Mac and Fannie Mae so far. But S&P analysts expect “extraordinary official assistance to large players in the U.S. financial sector” to be made to… Continue reading Foreclosure Crisis Triggers S&P Credit Downgrade
Why New Homes Aren’t Selling
By Kevin Chiu There’s no understating that over the last few years the housing market has shifted away from sellers, and is much better for buyers. There are several different factors why housing markets change, but unfortunately the financial crisis driven by mortgages gone mad is the largest reason why new homes aren’t selling strongly.… Continue reading Why New Homes Aren’t Selling
Hard Money Lending at Record Clip
By Mike Colpitts Despite home prices continuing to decline in much of the U.S., hard money lenders are funding home mortgages at the highest rate on record as nervous homeowners attempt to hold on to their homes. Banks and conventional mortgage lenders are rejecting refinances and new home purchases at alarming rates. Source Capital Funding,… Continue reading Hard Money Lending at Record Clip
Feds Slam 14 Banks in Robo Signing
By Kevin Chiu The federal government has announced formal enforcement sanctions against 14 banking organizations addressing a serious “pattern of misconduct and negligence” in the robo signing scandal. The deficiencies, announced jointly by the Federal Reserve, Comptroller of the Currency and the Office of Thrift Supervision requires banks and mortgage servicing companies to make corrections… Continue reading Feds Slam 14 Banks in Robo Signing