By Mike Colpitts Resting on star power and little government regulation of the oil industry over the last two decades, the BP oil spill is likely to provide a one-two-punch to Florida’s ailing economy, pulling real estate prices down further, decimating their already bargain rate prices. Florida is under siege. The greatest environmental disaster in… Continue reading Florida under Siege by BP Oil Spill
Category: Housing Market
Emergency Housing Foreclosure Aid Gains Approval
By Mike Colpitts State Housing Finance Agencies in five of the states hit hardest by the foreclosure crisis have been approved to start using $1.5 billion in emergency housing foreclosure prevention aid under plans approved by the Obama administration. The “Hardest Hit Fund” targets California, Florida, Arizona, Michigan and Nevada. The funding supports measures to… Continue reading Emergency Housing Foreclosure Aid Gains Approval
Tenants Major Rights in Foreclosure Cases
The current foreclosure crisis has had a far-reaching impact on individuals and businesses in the U. S. not just on those home and business owners who fell dangerously behind on their mortgage payments taking their property to foreclosure. Tenants who faithfully paid their rent each month have been evicted from their homes because their landlords… Continue reading Tenants Major Rights in Foreclosure Cases
SEC Busts Wall Street Firm in Real Estate Collapse
Under new leadership the Security and Exchange Commission (SEC) charged a Wall Street firm and three affiliated companies with fraudulently managing investments tied to the real estate collapse. The investments were marketed as a way to raise income to insure home mortgages in the risky days before the U.S. economy nearly collapsed. The asset manager… Continue reading SEC Busts Wall Street Firm in Real Estate Collapse
Home Sales Fall Amid Growing Fears
By Kevin Chiu Existing home sales fell a slight 2.2% in May, but sales remain at a higher level than a year ago alleviating some fears about the housing market, according to the National Association of Realtors. The monthly report also showed a fall in the number of homes listed for sale, signaling an improving… Continue reading Home Sales Fall Amid Growing Fears
Hard Sell in Obama Housing Scorecard Debut
The White House is coming out with a hard sell to put its best face on the housing market in efforts to improve market conditions and win back voters, introducing a monthly scoreboard on the nation’s housing market. From the start, the program seems to be more like it’s out of the Roosevelt Great Depression… Continue reading Hard Sell in Obama Housing Scorecard Debut
Flooded Counties Outsource Foreclosure Sales
By Kevin Chiu As the foreclosure crisis hits its peak, counties across the country are flooded with default filings. Many can’t keep up with the record volume as county recorder offices drown in the massive onslaught. Especially hard hit counties are taking foreclosure sales off the courthouse steps, outsourcing them to auction services online. Some… Continue reading Flooded Counties Outsource Foreclosure Sales
Banks Won’t Help Fannie Mae and Freddie Mac
By Mike Colpitts Fixing the nation’s giant mortgage lenders, troubled Fannie Mae and Freddie Mac, might take an act of Congress, but one of the mortgage industry’s chief lobbying groups says private banks won’t help the housing market. “A private model would be unable to attract the depth and breadth of capital needed to fund… Continue reading Banks Won’t Help Fannie Mae and Freddie Mac
Opinion Poll: Drop Mortgage Rates to Aid Housing Markets
Opinion Poll: Drop Mortgage Rates to Aid Housing Markets Slightly more than 3 out of 4 surveyed say lower mortgage interest rates would help the battered housing market, according to the latest Housing Predictor opinion poll. The online survey found the huge majority of those polled feel even lower interest rates would aid in the… Continue reading Opinion Poll: Drop Mortgage Rates to Aid Housing Markets
Housing Recovery Likely as Home Sales Rise
Applications to purchase home mortgages increased for the week marking the first rise in home sales since the federal government’s tax credit expired, indicating that a housing recovery is possible nationally as sales improve, according to the Mortgage Bankers Association. Refinancing also shot up. The Market Composite Index, a measure of mortgage loan application volume,… Continue reading Housing Recovery Likely as Home Sales Rise