Category: Housing Market

Banks Should Slash Mortgage Principal

Banks and mortgage lenders should slash the balance on mortgages owed by all homeowners in light of the housing crisis blamed heavily on U.S. bankers, according to a new Housing Predictor opinion poll. The just released survey found that 69% of respondents to the online poll said lenders should reduce mortgage principal for all home… Continue reading Banks Should Slash Mortgage Principal

Chinese Copper Pipe New Toxic Scare

By Mike Colpitts Imported Chinese copper pipe already blamed for leaks in hundreds of new homes, may not even be manufactured from copper and could pose serious toxic health risks, according to a U.S. consumer watchdog group. “We are confident the defective Chinese copper plumbing pipe disaster is going to affect hundreds of thousands of… Continue reading Chinese Copper Pipe New Toxic Scare

Positive Growth Ripple Effect Moves to Housing

By Riekie Karstens A U.S. government report confirmed that initial claims for unemployment benefits decreased to the lowest level since 2009, sending a ripple effect of positive growth to housing. The jobless rate fell to 8.3% from 8.5% the prior month. Senior economist at PNC Financial Services Group, Gus Faucher, said the data is further… Continue reading Positive Growth Ripple Effect Moves to Housing

Real Estate Recovery Springs to Life

The spring home selling season is just getting started, but signs are growing that the season is already getting off to a faster start. Barclays Capital group upgraded four new homebuilder stocks, including hard hit KB Home and Pulte Group from hold to buy. Foot traffic at new homebuilder subdivisions is much higher than since… Continue reading Real Estate Recovery Springs to Life

Refinances Dive, Despite Low Mortgage Rates

Home refinances took their sharpest dive since last July as homeowners hoping to refinance current mortgages dried-up, despite near record low mortgage rates, according to the Mortgage Bankers Association. The drop-off in mortgage applications for refinancing decreased 9.3% from the previous week, indicating that an Obama administration program offered through Freddie Mac and Fannie Mae… Continue reading Refinances Dive, Despite Low Mortgage Rates

Petition to Halt Strategic Defaults Launches

By Ryan Jackson A Florida loan officer angered by bank representatives telling homeowners to default on their underwater mortgages in efforts to be granted bank assisted short sales has started a petition drive to halt the massive movement. Pam Marron, a loan officer in Tampa, Florida for 27 years has posted the petition online at… Continue reading Petition to Halt Strategic Defaults Launches

Cash Home Sales Climb to More Than One-Third

By Mike Colpitts All cash home purchases climbed to make up more than one in three sales in the final quarter of the year, according to the Campbell Inside Mortgage Finance Housing Pulse survey. At the same time, foreclosures declined slightly. The Campbell survey polls more than 2,500 active real estate agents monthly. Homeowners looking… Continue reading Cash Home Sales Climb to More Than One-Third

Foreclosures Drop But on Pace to Hit Record

By Mike Colpitts Foreclosure filings dropped a slim 2% in February, but are still on pace to hit a new record volume for 2012, despite an increase in short sales by lenders on homes in default of their mortgages, according to RealtyTrac. February foreclosure activity in the 26 states with judicial foreclosures rose 2% from… Continue reading Foreclosures Drop But on Pace to Hit Record