By Ryan Jackson A mortgage broker and two owners of three nursing homes have agreed to pay $5.325-million to resolve allegations in a mortgage refinancing scam to the federal government. In exchange for the financial penalty, federal prosecutors will not pursue criminal charges against the trio. The settlement is part of the federal government’s crackdown… Continue reading Trio Pays $5.3-Million in Refinancing Scam
Category: Housing Market
Extra U.S. Tax on Homes Likely
By Mike Colpitts A U.S. tax on the sale of high end homes is likely to go into effect at the beginning of 2013 unless lawmakers do the unlikely and approve new federal tax guidelines. Bush era capital gains tax cuts expire in January, raising the long term rate on profits made from real estate… Continue reading Extra U.S. Tax on Homes Likely
Double Digit Appreciation Threatens Recovery
By Mike Colpitts Double digit housing appreciation being experienced in some of what were the hardest hit U.S. housing markets threatens to de-stabilize prices, add to consumer doubts about the economy and threatens the housing recovery, according to an analysis of cities that have experienced wild appreciation over the past few months. Higher home values… Continue reading Double Digit Appreciation Threatens Recovery
Higher Home Values Forecast in 85 Cities
As the recovery of the U.S. housing market gains traction, higher home values are forecast to develop by the end of 2012 in 85 cities, according to Housing Predictor analysts. The upturn in home prices is especially evident in many of the hardest hit states. The growing trend of home price inflation is developing strongly… Continue reading Higher Home Values Forecast in 85 Cities
5 States Sustain Half of Foreclosures
By Ryan Jackson Nearly half of all foreclosures in the U.S. were in the five hardest hit states in the nation during June, with California, Florida and Michigan sustaining the highest number of failed mortgages, according to real estate research firm CoreLogic. Texas and Georgia also suffered major losses in terms of foreclosed properties. Combined,… Continue reading 5 States Sustain Half of Foreclosures
Formal Foreclosures Fall 21 Straight Months
By Mike Colpitts Formal foreclosures fell for the 21st straight month in July as repossessions on U.S. residential properties ran into additional snags. Lenders completed 53,654 foreclosures during the month, a 1% fall from June and a 21% drop from a year ago, according to RealtyTrac. Bank owned REO activity also fell on an annualized… Continue reading Formal Foreclosures Fall 21 Straight Months
U.S. Decision Adds 750,000 Foreclosures
By Kevin Chiu The decision of the Obama Administration’s chief housing czar to reject principal mortgage reductions to underwater homeowners at risk of foreclosure is another blow to the U.S. housing market, and will result in at least 750,000 additional foreclosures, according to a Housing Predictor analysis. The heated debate over forgiving mortgage principal is… Continue reading U.S. Decision Adds 750,000 Foreclosures
Mortgages Slip as Rates Jump
By Ryan Jackson As mortgage rates rose, the number of home loan applications slipped modestly last week after hitting a new 3-year high, according to the Mortgage Bankers Association. The average rate on a conforming 30-year fixed rate mortgage climbed to 3.76% on loans finalized by borrowers. The volume of applications saw a slip of… Continue reading Mortgages Slip as Rates Jump
Strong Majority Say Home Values Will Inflate
The U.S. housing market is in for a healthy recovery, according to a new survey. A strong majority of consumers polled say they expect home values in all U.S. cities to inflate. Sixty-one percent of those surveyed said that home prices will inflate, despite the economic issues that face the U.S. economy and the real… Continue reading Strong Majority Say Home Values Will Inflate
Olympic Foreclosure May Aid Others
By Mike Colpitts Olympic gold medal swimmer Ryan Lochte’s parents are facing foreclosure on their Florida home. But in this day an age of modern technology, some good may come out of it with a real estate website that is offering free help to other homeowners in the same situation. The website, Real Estate Investing… Continue reading Olympic Foreclosure May Aid Others