By Mike Colpitts Desperate times cause people to do desperate things. We encountered one of these unfortunate souls on our trip last week to New York City, Marina Berkovich is an insurance agent in Brooklyn, who owns the apartment we rented. She said business has been lousy with the ailing real estate market. Marina was nice enough… Continue reading Desperation in New York City
Category: Housing Market
Open Letter to U.S. Congress
America is at a cross roads. The U.S. economy has suffered major damages as a result of the nation’s mortgage crisis. Housing prices have fallen in the majority of local markets from coast to coast at unprecedented speed. Financial markets have sustained huge swings in erratic fashion. The nation is in turmoil. As you consider… Continue reading Open Letter to U.S. Congress
New World of Mortgage Lending
By Cathy Salustri Three years ago it seemed anyone could get 100% financing on a half-million dollar home and lenders had a mortgage product for every situation. Today the lending pendulum has swung the other way and lenders are getting back to basics with more conventional mortgages. Lenders say they’re protecting their interests and keeping… Continue reading New World of Mortgage Lending
Reality Behind Fannie and Freddie Bailout
By Mike Colpitts Editor The reality behind the Fannie Mae and Freddie Mac bailout will amount not only to the largest single economic cost in U.S. history on the home front, but it will mark a monumental struggle for Congress to clean up the worst political financial mess in history at a cost to tax… Continue reading Reality Behind Fannie and Freddie Bailout
Rent to Own Options on the Rise
Finding homes that can be rented with an option to buy are under going a re-birth as the nation’s real estate markets realize an extended slump in the majority of housing markets. The Rent-to-Own purchase is making a big come back. Gone are the days of booming real estate markets experiencing double digit inflation. Gone… Continue reading Rent to Own Options on the Rise
Economic Depression Not Forecast for U.S.
The U.S. economy will not suffer from an overall economic depression as a result of the real estate depression, according to a new forecast by Housing Predictor. The majority of the nation’s housing markets are under going deflation as a result of the credit crisis, but analysts now expect the housing depression to begin showing… Continue reading Economic Depression Not Forecast for U.S.
Foreclosure Auctions Failing to Attract Buyers
Lackluster turnouts at courthouse foreclosure auctions are becoming common place from the court house steps of Los Angles scattered across the country to New York City, according to attorneys who attend the auctions to bid on properties for mortgage lenders. The poor turnouts represent a major shift in the way foreclosures are being bought and… Continue reading Foreclosure Auctions Failing to Attract Buyers
The Sky Isn’t Falling
By Cathy Salustri It seems as though every other headline in the newspaper talks about people losing their homes and every time you turn on the TV newscasters are talking about foreclosures. Yesterday’s mortgage brokers work at Starbucks and Home Depot today. Some real estate agents are waiting tables or looking for other work. The… Continue reading The Sky Isn’t Falling
How to Get a FHA Loan
Pre-Approval Benefits You’ve heard about FHA loans and you are interested, but how do you get them? Once you know that this is the type of loan for you, you’ll need to go through the pre-approval process. This process is similar to that of a conventional loan (a non FHA insured loan.) The process is… Continue reading How to Get a FHA Loan
Giant Failures Await
Inside the offices of Countrywide Mortgage the signs illuminated their offices reading, “Fast and Easy Loans.” The notices beckoned any mortgage applicant to ask just what these loans were all about. The so-called Fast and Easy Loans offered by Countrywide and dozens of other mortgage lenders and banks throughout the country, which often gained chuckles… Continue reading Giant Failures Await