By Keisha Joseph In order to accelerate foreclosure sales the FHA has eliminated a temporary waiver of their anti-flipping rule. The extension will last until the end of this year, allowing home buyers to obtain FHA-insured loans to purchase foreclosed properties. The length of time the homeowner has held title is no longer a factor.… Continue reading Anti-Flipping Rule Eliminated
Category: Housing Market
Interest Rate Rise Projected
By Mike Colpitts Call it what you want — Denial, manipulation, propaganda, fraud or a defect in the way we think. But the housing market doesn’t always just go up, up and away as we’ve all seen in the past several years. Sometimes it has incredibly destructive economic forces that cause it to crash. A… Continue reading Interest Rate Rise Projected
Mortgage Rates Drop Three Straight Weeks
Mortgage rates showed a drop for the third week in a row averaging just 4.87% on a 30-year fixed rate loan, according to Freddie Mac. The average dropped to the lowest level in more than a month as lenders slashed rates to get borrowers back into the market, down from an average of 4.95% last… Continue reading Mortgage Rates Drop Three Straight Weeks
Paying Homeowners Money to Stay Works
By Mike Colpitts A former Wall Street banker, who started a company to save homeowners with mortgages from foreclosure has enrolled just short of 10,000 borrowers in its RH Reward program that is paying cash rewards to hurting homeowners. The plan works with banks and other financial institutions, including hedge funds to work with upside… Continue reading Paying Homeowners Money to Stay Works
Wealth Effect Impact Enormous on U.S.
By Kevin Chiu The impact of the now near fatal “Wealth Effect” on the US is enormous with weakening consumer confidence over the economy. Just in case you hadn’t heard of it before, the Wealth Effect is the way people feel about their personal financial condition as a result of equity in their home or… Continue reading Wealth Effect Impact Enormous on U.S.
Underwater Homeowners Numbers Surge
By Mike Colpitts The number of homeowners underwater on mortgages reached 11.1 million during the final quarter of 2011, representing 22.8% of U.S. residential properties, according to real estate data firm CoreLogic. The increase marks a surge of 400,000 mortgage holders who are upside down on mortgages from the previous quarter. Declining home values in… Continue reading Underwater Homeowners Numbers Surge
Steps to Find the Best Real Estate Agent in Today’s Market
By Kim Olson Finding “just the right home for you” can be daunting, especially if you’re moving to an area that you’re not familiar with. Fortunately, a good real estate agent can really make the process much easier. Follow these steps to find the best real estate agent in today’s troubled market, and your search… Continue reading Steps to Find the Best Real Estate Agent in Today’s Market
Mortgages Drop, Despite Decline in Rates
Applications for home mortgages dropped 6.5% for the week, despite a decline in mortgage interest rates, according to the Mortgage Bankers Association. The drop came as a result of fewer homeowners and potential new home buyers applied for mortgages as the U.S. economy deals with a series of challenges, including long term concerns over higher… Continue reading Mortgages Drop, Despite Decline in Rates
Maine Robo-Signing Cases Thrown Out
By Kevin Chiu A federal judge in Maine has thrown out two of three charges against GMAC Mortgage in a highly publicized robo-signing foreclosure lawsuit that could set a precedent for similar actions. U.S. District Judge Brock Hornby dismissed claims from homeowners seeking financial damages from GMAC for improper foreclosures as a result of foreclosure… Continue reading Maine Robo-Signing Cases Thrown Out
Mortgage Rates Drop Amid Middle-East Turmoil
By Kevin Chiu Mortgage rates dropped for the second week in a row as violence breaking out in the Middle–East troubled financial markets, according to Freddie Mac. Rates on fixed rate loans and adjustable mortgages all fell below last weeks levels. The interest rate on a 30-year fixed rate mortgage averaged 4.95% with 0.6 point… Continue reading Mortgage Rates Drop Amid Middle-East Turmoil