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
Category: Housing Market
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
Federal Investigation Sought Over Freddie Mac and Fannie Mae
By Mike Colpitts Life long consumer crusader Ralph Nader is requesting a federal investigation to determine whether U.S. officials made misleading statements related to the financial health of failed Freddie Mac and Fannie Mae, the governments two mortgage giants, which have been bailed-out by tax payers at a cost topping $150-billion so far. The political… Continue reading Federal Investigation Sought Over Freddie Mac and Fannie Mae
Quick Fix for the Housing Market
By Bobbi Nicolai Far too many Americans are being held hostage by banks, and their agents, collecting on student loans. If the U.S. government were to forgive student loans, all of those funds would be released back into the economy. People who are barely making ends meet would have hundreds of dollars more available each… Continue reading Quick Fix for the Housing Market