By Mike Colpitts Higher bond yields paid on U.S. Treasuries pushed mortgage rates higher for the week along with reports on increased hiring by employers. The fixed 30-year mortgage saw a jump to 3.92%, a four basis point nudge up over last week, according to Freddie Mac. Rates on shorter term fixed mortgages and adjustable… Continue reading Mortgage Rates Jump on Higher Treasuries
Category: Housing Market
High Priced Home Sales Soar
By Mike Colpitts High end home sales on the San Francisco peninsula driven by the soon to be released Facebook IPO and soaring prices of Google stock aren’t the only place in the U.S. that is seeing luxury home sales above at least $1 million soar. “It’s like someone flipped the switch,” said Santa Barbara,… Continue reading High Priced Home Sales Soar
Skin in The Game Real Estate Crossroads
By Anwar Elgonemy Skin in the Game is a new book about the bloody real estate cross roads where real estate and high-finance meet. The book is not a traditional textbook about real estate finance, nor is it one of the numerous post-mortem publications that have covered the intricacies of the subprime mortgage crisis. As… Continue reading Skin in The Game Real Estate Crossroads
5 Reasons to be Preapproved for a Mortgage
By Ryan Jackson Real estate agents push their clients to get prequalified for a home loan all the time and in today’s tough economy and tight credit market if you are seriously considering the purchase of a home you should follow your agent’s advice, since getting preapproved for a home mortgage can save you lots… Continue reading 5 Reasons to be Preapproved for a Mortgage
Mortgage Executives to Plead Not Guilty
By Mike Colpitts Three top executives formerly with the second largest U.S. mortgage company charged by the SEC with hiding their company’s deteriorating financial condition from investors as the firm was failing will plead not guilty to federal charges, according to an attorney for one of the accused executives. The SEC charged Thornburg Mortgage Inc.… Continue reading Mortgage Executives to Plead Not Guilty
New Program Targets Underwater Homeowners
By Mike Colpitts A new program designed to identify underwater homeowners who may qualify to refinance mortgages has been put into operation by one of the nations largest real estate technology firms. The program targets homeowners who are more likely to walk away from their underwater mortgages. CoreLogic, which evaluates hundreds of segments of the… Continue reading New Program Targets Underwater Homeowners
Proposals to Halt Foreclosure Abuse
By Mike Colpitts Six proposals calling for greater transparency by banks dealing with homeowners at risk of foreclosure are being proposed in a package of bills that make up the Homeowner Bill of Rights in California. The landmark legislation is the largest effort yet in any state to aid millions of homeowners abused by lenders.… Continue reading Proposals to Halt Foreclosure Abuse
Mortgage Rates Drop Under 4.00%
By Mike Colpitts The 30-year fixed rate mortgage dropped to 3.99% or just below the 4.00% barrier this week, according to Freddie Mac. The dip in average mortgage rates from 4.08% last week came on mixed economic news, with reports on consumer confidence over the U.S. economy and the housing market showing weaker results. The… Continue reading Mortgage Rates Drop Under 4.00%
Larger Number of Homeowners Will Walk from Mortgages
Five years into the housing downturn, a larger number of homeowners with mortgages say they will walk away from their homes if their property values continue to drop, according to a new Housing Predictor opinion poll. Almost half or 47% said they would walk away from their mortgages, while almost an equal number or 53%… Continue reading Larger Number of Homeowners Will Walk from Mortgages
February Warmth Chills Home Sales
By Mike Colpitts Sales of existing homes fell in February, slightly less than 1% from the previous month, despite unseasonably warmer weather in most of the U.S. but maintained a stronger pace of sales over a year ago, according to the National Association of Realtors. Home sales tabulated by the organization, include single family homes,… Continue reading February Warmth Chills Home Sales