Despite stabilization developing in many U.S. housing markets, a large majority of respondents to a new survey say they would not consider purchasing a second home or vacation property. Some 60% of respondents to the new Housing Predictor survey said they would not take the leap of faith to purchase a second home even though… Continue reading Majority Won’t Purchase Vacation Homes
Category: Housing Market
Mortgage Rates Fall to New Record
By Ryan Jackson Driven by falling U.S. Treasuries, mortgage rates fell to their lowest level in U.S. history for the third week in a row as worries over the economy trouble financial markets. The 30-year fixed rate mortgage dropped to average 3.49%, according to Freddie Mac. Rates have been on a one-way move downward since… Continue reading Mortgage Rates Fall to New Record
15 Year Mortgages Gain Broad Appeal
By Mike Colpitts Fixed 15-year mortgages, once thought to be the impossible for most homeowners to afford, are gaining ground in the current economy at never before seen levels. Homeowners refinancing homes and new home purchases are increasingly opting for the loans. The mortgages cut the number of years it takes to pay off a… Continue reading 15 Year Mortgages Gain Broad Appeal
Rents Rise to Menace Market
Home and apartment rents are rising in the majority of the U.S. and are expected to sustain higher increases over coming months to menace the housing market, according to a survey of residential property managers. The new TransUnion survey found that both large and small property managers are faring better than they were a year… Continue reading Rents Rise to Menace Market
Homeowners Bill of Rights to Become Law
By Mike Colpitts California lawmakers have passed a groundbreaking series of foreclosure relief bills that proponents hope will spur similar legislation for homeowners across the U.S. The bills are the first of their kind in the nation, and California Governor Jerry Brown says he will sign the Homeowners Bill of Rights into law. The legislation… Continue reading Homeowners Bill of Rights to Become Law
Underwater Homeowners Gain Home Equity
By Mike Colpitts Underwater homeowners, already upside down in the current economy more than ever before are seeing their fortunes turn around, with new data showing a gain in home equity. The upturn in homeowner equity comes as a result of growing home price inflation in some cities and slower equity losses in others. Some… Continue reading Underwater Homeowners Gain Home Equity
Effort to Increase Mortgage Lending Launched
By Mike Colpitts A new product designed to increase mortgage lending and aid bankers in their risk taking decisions is being launched by real estate research firm CoreLogic in conjunction with FICO. The credit scoring product evaluates traditional credit data from consumer credit files and adds a new series of dimensions to more accurately reflect… Continue reading Effort to Increase Mortgage Lending Launched
US Treasuries Send Mortgage Rates Lower
By Mike Colpitts All-time record low mortgage rates have become old news lately, but rates on conventional mortgages and most adjustable loans hit new record territory again this week as U.S. Treasuries fell. The 30-year fixed rate home loan reached an average of 3.56%, down from 3.62% just a week ago. The 15-year fixed rate… Continue reading US Treasuries Send Mortgage Rates Lower
Tight Housing Inventory Slows Recovery
By Mike Colpitts A tight inventory of homes restricted by new bank foreclosure procedures and underwater homeowners unable to sell homes slows the U.S. housing market from making a swift recovery. The limited supply of existing homes listed for sale is producing multiple offers in some cities, and sluggish sales in others. Housing inventory has… Continue reading Tight Housing Inventory Slows Recovery
Household Energy Costs Jump 3% Yearly
By Mike Colpitts Household energy costs are jumping almost 3% a year in the U.S. to average $2,024 annually, according to the U.S. Energy Department. The amount it costs to heat and cool a home has been rising steadily since at least 2005, a new study by the department’s information administration shows. Energy expenses are… Continue reading Household Energy Costs Jump 3% Yearly