By Mike Colpitts Hoping to slash the record volume of foreclosures in its inventory, Fannie Mae, one of the nation’s two mortgage giants is offering to pay buyers’ closing costs on foreclosed homes and accepting down payments of as little as 3%. Purchasers will receive up to 3.5% in closing costs assistance. The inventive was… Continue reading Fannie Mae Pays Closing Costs
Category: Housing Market
Mortgage Bond Values Double
By Chris Choi The collapse of the housing market resulted in mass foreclosures, the bailout of banks, companies going bankrupt and the stock market hitting rock bottom. The financial crisis of 2008 was caused by a series of issues, but none more directly than the rise of mortgage bonds traded by investors, who relied on… Continue reading Mortgage Bond Values Double
Mortgage Proposals Set Back Homeownership
By Lois A. Vitt, Ph.D. New mortgage finance rules in the planning stages by the federal government will set homeownership back nearly forty years, and down a track that many Americans won’t understand. The efforts are intended to set-up a framework for permanent down payment minimums of 20%, higher interest rates and mandatory income ratios… Continue reading Mortgage Proposals Set Back Homeownership
Bed Bug Beagles Canvas New York City
By Mike Colpitts Bed bug beagles, certified to detect bed bugs infesting homes, apartments and hotel rooms in New York City are searching out the pesky bugs known for biting their victims while they sleep between the sheets at night. Bed Bug Super Dogs is an independent certified bed bug detection service for the real… Continue reading Bed Bug Beagles Canvas New York City
Mortgage Interest Rates Budge Higher
By Kevin Chiu Mortgage interest rates budged slightly higher for the fourth week in a row, inching up just one basis point on a 30-year fixed rate loan and by an identical amount on the seldom purchased 15-year fixed rate mortgage. Interest rates were little changed after an encouraging jobs report. The U.S. economy added… Continue reading Mortgage Interest Rates Budge Higher
Actor Nicolas Cage Sells Estate at $9.5 Million Loss
By Kevin Chiu Movie actor Nicolas Cage sold his Middletown, Rhode Island estate at a loss of $9.5-million as the Oscar winning star of more than a dozen major box office hits suffers massive losses in the real estate collapse. Cage purchased the 27-acre estate for $15.7-million at the height of the real estate bubble… Continue reading Actor Nicolas Cage Sells Estate at $9.5 Million Loss
Refinances Tumble Sharply
By Kevin Chiu Mortgage applications for home refinances dropped sharply as homeowners waited out another tumble in mortgage interest rates, according to the Mortgage Bankers Association. Refinances had a drop of 10.1% from the previous week as homeowners held back from applying at the steepest level in nearly a year. Applications on new mortgage financing… Continue reading Refinances Tumble Sharply
Housing Recovery Clouded in Oil Prices
By Kevin Chiu The jump in oil prices and the likelihood for further financial belt-tightening suggest less economic momentum developing than previously believed in the U.S. in 2011 delaying a full-fledged housing recovery, according to an economic outlook released by Fannie Mae. Economic growth for the year was lowered to 3.5% — a down grade… Continue reading Housing Recovery Clouded in Oil Prices
Real Estate Investors Picking Up Deals
By Kim Olson The real estate industry is in a slump especially when it comes to homeowners who are trying to sell their own homes, but beginning this year the investment sector of the housing market showed a major upturn with 19% of residential purchases being made by investors, according to the National Association of… Continue reading Real Estate Investors Picking Up Deals
Mortgage Applications Rise Slightly
Mortgage applications for refinances and home purchases rose slightly for the week as the up and down spiral of the real estate recovery demonstrated its bumpy ride, according to the Mortgage Bankers Association. The leading index of mortgage applications in the U.S. moved a minor 2.7% higher during the week. The rise in applications came… Continue reading Mortgage Applications Rise Slightly