By Mike Colpitts The U.S. government has selected the firms it’s going to sell the first bulk inventory of its foreclosure homes to at wholesale prices. The Federal Housing Finance Agency (FHFA) quietly announced that the winning bidders of its real estate owned (REO) pilot program had been chosen the day before the Independence Day… Continue reading Feds Pick Firms for Wholesale Home Sell Off
Category: Housing Market
Home Sales Extend 11 Month Growth Rate
By Mike Colpitts Despite a decline in existing home sales in May, the actual number of residential sales increased for 11 straight months compared to a year earlier. The dynamic adds fuel to the U.S. housing market recovery as consumers hoping to make home purchases during the summer take advantage of near record low mortgage… Continue reading Home Sales Extend 11 Month Growth Rate
Bear Stearns Finally Settles with Shareholders
By Mike Colpitts Failed Wall Street investment bank Bear Stearns has settled its massive class action lawsuit with stock shareholders for pennies on the dollar four years after the bank failed in a major disgrace at the height of the financial crisis on Wall Street. The settlement has received preliminary approval in U.S. District Court,… Continue reading Bear Stearns Finally Settles with Shareholders
Mortgages Slow on Refinance Pause
By Mike Colpitts Led by a slowdown in refinancing, mortgage applications slowed last week, despite near record low interest rates as consumers pulled back from trying to obtain cheaper loan payments. Refinancing slowed by 8.0% from the previous week, according to the Mortgage Bankers Association. The refinance share of mortgage activity also fell to 79%… Continue reading Mortgages Slow on Refinance Pause
Mortgage Rates Jump After Hitting Record Lows
By Ryan Jackson For the first time in more than two months, mortgage rates jumped higher as lenders reversed course, setting the average rate for a fixed 30-year mortgage at 3.71%, according to Freddie Mac. The shift could signal a change in rates to come. The rate on the 15-year fixed also saw a jump… Continue reading Mortgage Rates Jump After Hitting Record Lows
US Government Moves to Prevent Mortgage Fraud
By Mike Colpitts In an unprecedented move, the agency charged with overseeing the nation’s giant mortgage lenders is taking steps to halt mortgage fraud by the lenders it deals with. The action, by the Federal Housing Finance Agency, is the first of its kind since the financial crisis threw the U.S. economy into chaos. The… Continue reading US Government Moves to Prevent Mortgage Fraud
Hardest Hit States Foreclosures Slow
By Ryan Jackson Three of hardest hit states in the U.S. housing downturn have seen foreclosures drop by more than 25% providing a major sign of improvement for the nation’s housing market. Formal foreclosures in Nevada, Arizona and Michigan have been reduced at the highest level since the housing crisis started more than five years… Continue reading Hardest Hit States Foreclosures Slow
Home Prices Rise 2 Consecutive Months
By Ryan Jackson U.S. home prices showed two consecutive months of increases in March and April for the first time since the summer of 2010 when the market benefitted from the federal tax credit for home buyers, according to CoreLogic. The firm’s Home Price Index rose 1.1 % year over year in April for the… Continue reading Home Prices Rise 2 Consecutive Months
Four Million US Homes Risk Hurricane Damage
By Mike Colpitts As homeowners move to coastal areas in unprecedented numbers, more than 4 million are at risk of suffering storm damage from hurricanes, a new all-time record high, according to an industry research report. This years CoreLogic report indicates that slightly more than 4 million homes along the Atlantic and Gulf Coast regions… Continue reading Four Million US Homes Risk Hurricane Damage
New Home Sales Jump
By Mike Colpitts Single family new homes sales rose 7.6% in May to a seasonally adjusted rate of 369,000 units, according to the U.S. Census Bureau. The data reflects the first jump in actual new home sales in three months after disappointing spring home sales soured home builders. The Northeast and South posted a solid… Continue reading New Home Sales Jump