By Mike Colpitts The world financial system is in a chain reaction collapse and if drastic changes aren’t implemented, the structure of the world’s economy will be changed forever, according to economist Lyndon LaRouche, who ran for U.S. President eight times, more than any other candidate for the nation’s highest office. “I said that in… Continue reading Chain Reaction Slams World Housing Markets
Category: Housing Market
Foreclosures Drop to 3 Year Low
By Mike Colpitts Driven by bank moratoriums on foreclosures triggered by lenders’ mistakes, foreclosure activity dropped to a three year low in February as mortgage servicing companies slowly resumed their repossession procedures. In the 26 states that have judicial foreclosure processes, where lenders temporarily called-off foreclosures as a result of faulty legal paperwork, default notices… Continue reading Foreclosures Drop to 3 Year Low
Back Slapping Has Little Housing Market Impact
The self congratulatory back slapping the Obama administration is giving itself for efforts made in the nation’s housing market crisis is making little impact on the market, and nobody else is crediting the administration. The government’s data shows progress on the real estate market overhang and shows home sales are rising, but little help when… Continue reading Back Slapping Has Little Housing Market Impact
Home Purchases Stall as Refinancing Grows
Applications for new home mortgages dropped as shopping for homes came to a stall last week, according to the Mortgage Bankers Association. However, refinancing increased to the highest level since last year. The seasonally adjusted purchase index fell 4% from the previous week, while refinances rose 0.9% to hit the best threshold since December. The… Continue reading Home Purchases Stall as Refinancing Grows
Best Bargain Real Estate Cities
By Mike Colpitts The best U.S. cities to find a bargain in real estate are made up of some of the hardest hit communities in the nation’s housing market downturn. Housing Predictor analysts scoured the nation in efforts to find the best bargains in housing, and set up a rigid set of requirements to meet.… Continue reading Best Bargain Real Estate Cities
Half of Homeowners Qualify for New Mortgage
By Mike Colpitts Only about half of all homeowners would qualify to buy a new mortgage under current more restrictive mortgage lending guidelines. In the U.S. 54% of homeowners with a mortgage would qualify to put 20% down from the sale of their present home, according to Core Logic, which researches the mortgage industry. The… Continue reading Half of Homeowners Qualify for New Mortgage
New U.S. Mortgage System Lost in Wasteland
By Mike Colpitts The new home builders association released a proposal to redesign the U.S. housing finance system, which would eventually wipe-out Freddie Mac and Fannie Mae, the nation’s giant mortgage lenders. The National Association of Home Builders proposal is similar to others that have been offered by industry groups lost in a wasteland for… Continue reading New U.S. Mortgage System Lost in Wasteland
Law Firm Settles in Robo Signing Scheme
By Kevin Chiu A Florida law firm is the first in the U.S. to agree to pay a settlement in the rapidly expanding robo signing scheme for reportedly mishandling foreclosures. The law offices of Fort Lauderdale based Marshall C. Watson, which handled one of the largest volumes of foreclosures for Freddie Mac until the government… Continue reading Law Firm Settles in Robo Signing Scheme
Wall Street Bankers Should Be Prosecuted, Survey Shows
In an over-whelming show of support Americans want those responsible for sending the U.S. economy into a massive downturn prosecuted by federal authorities, according to a new opinion poll. The finding was determined through the latest Housing Predictor poll, which surveyed visitors over Wall Street bankers actions related to the near freeze of the U.S.… Continue reading Wall Street Bankers Should Be Prosecuted, Survey Shows
Mortgage Rates Jump Higher Amid Unrest
By Kevin Chiu Pressured by unrest in the Middle East and fallout over disasters in Japan, mortgage rates jumped higher during the week as lenders became increasingly concerned about world finance markets, according to Freddie Mac. The average rate on a fixed 30-year mortgage had a jump of .05 basis points to an average of… Continue reading Mortgage Rates Jump Higher Amid Unrest