By Mike Colpitts More than 1.5 million U.S. homeowners over the age of 50 lost their homes to foreclosure as a result of banks and Wall Street developing the mortgage crisis, according to a study by the American Association of Retired Persons (AARP). The study surveyed mortgage loan data for 2007 through 2011. The study… Continue reading 1.5 Million Over 50 Lost Homes to Foreclosure
Category: Housing Market
Mortgage Delinquencies Improve 20%
By Mike Colpitts Mortgage delinquencies have improved more than 20% since the height of the U.S. housing market downturn almost two years ago, according to data obtained from Lender Processing Services. Loan delinquencies declined to 7.14% in July, a drop from a record 9.37% of mortgages in October 2009 at the height of the collapse.… Continue reading Mortgage Delinquencies Improve 20%
Mexican Drug Money Fuels Cash Purchases
By Mike Colpitts Mexican drug cartels have slowly moved money out of banks and other hiding places and into U.S. real estate investments. Federal investigators are hunting for people investing billions of dollars of drug money in the U.S. real estate market, including huge sums of cash in Florida, Texas and California. Cash purchases fuel… Continue reading Mexican Drug Money Fuels Cash Purchases
Effort to Block Bulk Wholesale Home Sales Launched
By Mike Colpitts An effort to block the bulk wholesale home sales of foreclosed property held by Freddie Mac and Fannie Mae to investors at cheaply discounted prices is being launched by an unlikely member of Congress, a Californian Republican. Rep. Gary Miller, a 14-year GOP incumbent in a battle to retain his House seat… Continue reading Effort to Block Bulk Wholesale Home Sales Launched
Proposal to Speed up Home Sales Made
A proposal that would require banks to inform secondary lenders that a short sale is being attempted by homeowners has been made to speed up the process, which homeowners have been complaining about for years. The proposal, introduced in Congress by House Rep. Jerry McNerney (D-CA) would require second mortgage holders and lenders with lines… Continue reading Proposal to Speed up Home Sales Made
Mortgage Activity Hits 3 Year High
By Mike Colpitts The lowest mortgage rates in history pushed refinancing to a three year high as consumers cashed in on lower loan payments, according to the Mortgage Bankers Association survey, which accounts for 75% of all U.S. home loan activity. The bankers’ market composite index, however, rose just 0.9% as purchase money mortgages increased… Continue reading Mortgage Activity Hits 3 Year High
Home Price Appreciation Jumps 2.5% for Year
By Mike Colpitts For the fourth straight month home values have increased in appreciation across the U.S., according to real estate research firm CoreLogic. Prices increased 2.5% in June compared to a year ago in the 100 largest metro areas the company tracks. On a month-over-month basis, including foreclosure and short sales, home price appreciation… Continue reading Home Price Appreciation Jumps 2.5% for Year
Phelps Tanks $450,000 in Real Estate Loss
Olympic swimming superstar Michael Phelps may have won more medals than any other athlete in Olympic history, but he’s a mere mortal when it comes to real estate, suffering a $450,000 loss on his Baltimore, Maryland area home. The 22-medal all-time Olympic champion purchased the 4,080 square foot Fells Point condominium in 2007 for nearly… Continue reading Phelps Tanks $450,000 in Real Estate Loss
Recovery Heads to Higher Home Prices
By Ryan Jackson The U.S. housing recovery is moving into higher priced home markets as technology and newer industries pave the way for the nation’s future economic growth. The trend also demonstrates how some major cities that were once heavily populated are unlikely to recover much at all. The real estate crash has left huge… Continue reading Recovery Heads to Higher Home Prices
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