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
Category: Housing Market
Research Firms Agree Home Prices Are Rising
By Mike Colpitts In a major positive sign for the U.S. housing market, the two largest real estate research firms tracking the market agree that average home prices have increased for the first time since the real estate collapse more than five years ago. California based CoreLogic and Florida based Lender Processing Services say home… Continue reading Research Firms Agree Home Prices Are Rising
Mortgage Rates Resume Drop
By Mike Colpitts After rising last week, mortgage rates dropped again to near a new low average hitting 3.66% on the 30-year fixed rate loan, a five basis point decline from a week ago, according to Freddie Mac. The 15-year loan also fell. The shorter term mortgage and the 30-year loan have been at or… Continue reading Mortgage Rates Resume Drop
Another Small Step for Housing as Mortgage Rates Fall
By Mike Colpitts The U.S. housing market is taking one small step forward at a time. Little by little it is improving. The Mortgage Bankers Association report added to the chorus of reports indicating the small steps forward with its mortgage applications survey today, which showed a small increase in applications for mortgages last week.… Continue reading Another Small Step for Housing as Mortgage Rates Fall
Refinancing Hits New Record High
By Mike Colpitts Led by record low FHA mortgage rates, refinancing surged last week to a new all-time record high on government backed loans as consumers poured into lenders offices to take advantage of lower rates. The Mortgage Bankers refinance index rose just one percent from the prior week, but made up 81% of U.S.… Continue reading Refinancing Hits New Record High
SEC Halts $100 Million Real Estate Ponzi Scheme
By Ryan Jackson The Securities and Exchange Commission has charged a Utah man with operating a real estate Ponzi scheme that bilked investors out of $100 million throughout the U.S. and shut down the private hard money lending company. Wayne L. Palmer, 57, and his company, National Note of Utah in West Jordan have been… Continue reading SEC Halts $100 Million Real Estate Ponzi Scheme
Mortgage Company CFO Sentenced to 5 Years
By Ryan Jackson The former chief financial officer of one of the nation’s largest mortgage companies, Taylor, Bean and Whitaker, was sentenced to five years in federal prison for his role in a $2.9 billion fraud scheme that led to the failure of the company, and cost hundreds of investors millions of dollars. Delton de… Continue reading Mortgage Company CFO Sentenced to 5 Years
Half of US Homes Underwater
A newly released survey shows that more than half of all U.S. homes with a mortgage are underwater or owe more on their homes than the current value of their property. The study is the strongest indicator yet that efforts made by the Obama administration are doing little to aid U.S. homeowners in the worst… Continue reading Half of US Homes Underwater
Home Builders Confidence Reaches 5 Year High
By Ryan Jackson Home builder confidence rose to the highest point in nearly five years in June as builder sentiment grew with an increase in walk-in traffic. The National Association of Home Builders Index reached 32, hitting its highest level since the housing downturn started in May of 2007. The components measuring sales expectations in… Continue reading Home Builders Confidence Reaches 5 Year High
Miami Heat Forward Puts Home Up for Auction
By Ryan Jackson Showing that timing is everything, Miami Heat forward Mike Miller, who is battling with his team in the east coast conference series against the Boston Celtics to get into the NBA finals, is putting his Miami mansion up for auction. Miller, whose team lost to the Celtics last night, which makes The… Continue reading Miami Heat Forward Puts Home Up for Auction