Applications to refinance mortgages declined for the fourth straight week, according to the Mortgage Bankers Association. Mortgage applications on new home purchases also fell slightly, despite an increase in government purchase applications. The share of refinancing composed the majority of applications, 80.7% as mortgage rates decreased to 4.38% on 30 year fixed rate mortgage on… Continue reading Mortgage Applications Drop as Interest Rates Decline
Category: Housing Market
TV Real Estate Guru Makes Investors Rich
The collapse in the housing market has created a new way of thinking among real estate investors. Money is no longer just being made by investors. It’s being shared among a new breed of entrepreneurs coached by the man whose book and motto is “Think a little different.” “I do everything I need to do… Continue reading TV Real Estate Guru Makes Investors Rich
Illegal Foreclosures Charged in Investigation
Members of Congress are fed up with bankers and Fannie Mae and they’re letting them know it. In a letter signed by three Democrats, including the leader of the banking over-sight committee chairman Barney Frank, lawmakers complained to Fannie Mae for retaining lawyers who run “foreclosure mills” that are being investigated for illegally foreclosing on… Continue reading Illegal Foreclosures Charged in Investigation
Poll Respondents Expect More Housing Price Deflation
As fears over the financial crisis rise just weeks before mid-term U.S. elections, three out of 4 respondents surveyed feel that the housing market will decline in value as much as nearly half from its current levels, according to the latest Housing Predictor opinion poll. The finding clearly shows that Americans are extremely concerned about… Continue reading Poll Respondents Expect More Housing Price Deflation
Initiative Would Keep Real Estate Tax Free
Only 13 states are without a tax on real estate sales and transfers. In these troubled economic times two of the remaining states have consumer driven campaigns to keep it that way, Missouri and Montana. An initiative outlawing such fees will appear on ballots in both states later this year. Consumers usually vote against tax… Continue reading Initiative Would Keep Real Estate Tax Free
Fannie Mae Will Pay Closing Costs
By Mike Colpitts Plagued by a record number of foreclosures, one of the nation’s giant mortgage lenders is offering to pay closing costs for home buyers in an effort to speed up home sales and get them off the troubled mortgage lender’s books. Fearing political fallout, the government lender won’t help millions of Americans losing… Continue reading Fannie Mae Will Pay Closing Costs
Low Rate Mortgages Unchanged
Mortgage rates remained mostly unchanged for the week, especially on a 30-year fixed rate loan, which averaged 4.37% nationally, the same as last week, according to Freddie Mac. It was the first time in months that rates remained unchanged. The rate on a 15-year fixed rate mortgage also remained unchanged for the week at 3.82%.… Continue reading Low Rate Mortgages Unchanged
Home Sales Soar Higher
By Mike Colpitts Home sales of existing properties soared in August to an annual rate of 4.13-million units, increasing 7.6% from July’s low numbers despite the expiration of the federal tax credit for home buyers, according to the National Association of Realtors. Sales, however, still remain 19% below last year’s levels. The upturn in home… Continue reading Home Sales Soar Higher
Price Slashed on Hearst Mansion
By Kevin Chiu The one time Beverly Hills mansion of late newspaper magnate William Randolph Hearst has been re-listed to sell at a steeply reduced price of $95-million. The price was slashed from $165-million the owners were asking just a few years back. The nine bedroom fifteen bathroom estate where Hearst and actress Marion Davies… Continue reading Price Slashed on Hearst Mansion
Refinances and New Home Mortgages Stall
By Mike Colpitts Demonstrating there is a tipping point for home sales to decline, applications for refinancing and home mortgages declined for the third straight week, according to the Mortgage Bankers Association. The four week moving average also showed a decline, indicating that home sales are stalling further after the expiration of the federal buyer… Continue reading Refinances and New Home Mortgages Stall