Category: Housing Market

Victims of a Reverse Mortgage

By Sandy Jolley In Her Own Words This story is about my parents, Patricia and Richard Hickerson who were sold a reverse mortgage that was not needed or appropriate for their circumstances. It’s a tragic story of deceit, fraud and purposefully targeting vulnerable seniors to deprive them of their property, retirement, dignity and quality of… Continue reading Victims of a Reverse Mortgage

Donald Trump Runs for President

By Mike Colpitts The political winds that got the U.S. into the financial mess may actually have a chance to change. Donald Trump has all but announced he’s running for president. The real estate mogul is starting to work the TV talk show circuit in preparation for a June announcement that he will compete against… Continue reading Donald Trump Runs for President

Record Low Mortgage Rates Remain Steady

By Mike Colpitts Hitting their all-time record lows for three straight weeks, mortgage rates remain steadily low as lenders keep rates at their lowest levels in  U.S.  history. The majority of Americans expect rates to see no change over the next year, according to Fannie Mae. The average rate on a fixed 30-year mortgage was… Continue reading Record Low Mortgage Rates Remain Steady

Majority Believe in Free Market Miracle

A majority of those polled say that U.S. policy makers in Washington, D.C. should stop trying to implement programs to aid the troubled housing market, and let free market forces work things out alone. Apparently the majority believe that somehow a miracle will heal the real estate market plagued by years of Wall Street, bank… Continue reading Majority Believe in Free Market Miracle

The Truth Behind Reverse Mortgages

By Kim Olson We’ve all seen the advertisements on reverse mortgages: “Get money now, pay all of your bills, stay in your home as long as you want to, and never make another mortgage payment!” That sounds good, doesn’t it? However, although these can be good for older homeowners, they may have drawbacks that will… Continue reading The Truth Behind Reverse Mortgages

Refinances Lead Mortgage Rise as Rates Drop

Pushed by higher interest rates over the last month, mortgage applications saw a rise from a week ago as home purchases and refinancing shot upward. Refinances led the increase in volume by 17.8%, while purchase money applications rose a seasonally adjusted 5.1%, according to the Mortgage Bankers Association. The combined market composite index for mortgages… Continue reading Refinances Lead Mortgage Rise as Rates Drop

Home Sales Rose Third Straight Month

By Mike Colpitts Home sales rose for the third straight month as lower home prices and near record low mortgage rates drove more buyers back into the market, according to the National Association of Realtors. Existing sales of single family homes, townhouses, condominiums and co-ops tracked by the association increased 2.7% to a seasonally adjusted… Continue reading Home Sales Rose Third Straight Month

Mortgage Rate Drops to Magic 5%

By Mike Colpitts Mortgage rates moved in the right direction for home buyers this week as rates showed a drop in all categories, breaking a month long increase in rates, according to Freddie Mac. A 30-year fixed rate mortgage declined to 5.0%, a slim 0.05 decrease from last week, which represents a magic number for… Continue reading Mortgage Rate Drops to Magic 5%

Regulator Confirms Banks Broke Laws in Robo-Signing

By Kevin Chiu Banking regulators are in the process of determining how mortgage servicing companies and banks will suffer for breaking laws in the foreclosure robo-signing scandal, according to the head of the U.S. Office of the Comptroller of Currency. The charges have been a financial and public relations catastrophe for banks and mortgage companies… Continue reading Regulator Confirms Banks Broke Laws in Robo-Signing