Category: Housing Market

Troubled by growing unemployment and decaying consumer confidence, foreclosures were higher in the first half of the year over 2009, despite a decline in filings over the last six months, according to the Realty Trac mid-year report. Some 1,654,634 residential properties were filed against during the first half of the year. However, foreclosure notices, including… Continue reading Growing Unemployment Drives Foreclosures Higher

By Mike Colpitts Growing consumer unrest over the economy, real unemployment reaching levels that have not been seen since the Great Depression and falling home sales has triggered a housing market in the majority of the U.S. that is in a free-fall. Purchase applications for home mortgages fell to the lowest level since 1996, and… Continue reading Housing Market in Free-Fall

By Mike Colpitts It’s not like a nice cold double dip ice cream cone on a hot summer day, but it does give many homeowners a chill. The so-called double dip in housing activity is confirmed as markets stall across the nation on fears of growing economic anxiety. The surge in home sales produced by… Continue reading Housing Double Dip Confirmed

By Kevin Chiu In an effort to recover some of the billions of dollars in mortgage losses Fannie Mae and Freddie Mac have sustained, the Federal Housing Finance Agency (FHFA) has opened an inquiry into mortgage fraud in the real estate crash. The inquiry was announced almost two full years after the agency was established.… Continue reading Feds Move to Recoup Losses in Mortgage Fraud

By Lois A. Vitt, Ph.D. Buying a new home, remodeling, or investing in a second home is all about cost and affordability, right? Absolutely yes and no! But aren’t “price,” “monthly carry,” and “tax consequences” the key deciding factors in any housing transactions? Of course they are, and no, not as often as you may… Continue reading Money Factor in Housing Decisions

In a move hailed as a last gasp for the subprime mortgage business, Wells Fargo Bank has announced it is leaving the subprime business. The decision made Wells the last big conventional bank to exit subprime following the demise of Countrywide and Washington Mutual in the lending industry. The two former mortgage titans were acquired… Continue reading Wells Fargo Exits Subprime Business

By Mike Colpitts Mortgage rates on a conventional 30-year fixed loan dropped one-one-hundredth of one percent lower for the week on average to a new historic low, according to Freddie Mac. The 4.57% average prompted a wide increase in home refinancing. “With mortgage rates falling to historic lows, refinance activity has been strong over the… Continue reading Mortgage Rates Drop to New Low

By Joan Trombetti Americans might be on a tighter budget these days, but they are living large when it comes to their homes. A U.S. home is bigger with more bathrooms and bedrooms, according to the Housing and Urban Development (HUD) annual American Housing Survey. Not only are Americans living large, the survey also revealed… Continue reading On a Budget but Living Large

By Jeanne Roberts The Federal Trade Commission (FTC), which mission is to protect American consumers from “unfair and deceptive acts or practices”, cautions that finding a home repair contractor may require a lot of legwork, but a diligent investigation will pay off in the end. Not only is your home likely your largest and most… Continue reading Finding a Reputable Home Contractor