By Mike Colpitts Demonstrating the U.S. largest five banks are following rules agreed to in their $25 billion settlement with 49 state attorney generals, foreclosures saw a drop for two straight months in March as lenders increased efforts with home mortgage holders, according to RealtyTrac. The drop in foreclosure activity showed there were 198,853 filings… Continue reading Foreclosures Drop Two Straight Months
Category: Housing Market
Mortgage Rates Fall Three Straight Weeks
By Mike Colpitts Shaken by troubled financial markets and weaker than expected employment growth, mortgage rates fell for the third straight week, with the 15-year fixed rate mortgage hitting a new all-time record low, according to Freddie Mac. The 30-year fixed rate mortgage averaged slightly above its record low, reaching 3.88% with an average 0.7… Continue reading Mortgage Rates Fall Three Straight Weeks
Home Values Rising in Hard Hit Markets
By Mike Colpitts A tighter inventory of homes listed on the market for sale are sending home values rising in some of the most unlikely U.S. housing markets, according to real estate research firm CoreLogic. Three states which cities have experienced some of the steepest deflation in home values in the nation are witnessing appreciation.… Continue reading Home Values Rising in Hard Hit Markets
Mortgage Rates Fall Three Straight Weeks
By Mike Colpitts Shaken by troubled financial markets and weaker than expected employment growth, mortgage rates fell for the third straight week, with the 15-year fixed rate mortgage hitting a new all-time record low, according to Freddie Mac. The 30-year fixed rate mortgage averaged slightly above its record low, reaching 3.88% with an average 0.7… Continue reading Mortgage Rates Fall Three Straight Weeks
Mortgage Slowdown Resumes Despite Low Rates
By Kevin Chiu Led by a slowdown in mortgage refinancing activity, mortgage applications slowed for the sixth time in seven weeks this past week to keep the housing market at a snails pace, according to the Mortgage Bankers Association. The disappointing news came after an increase in mortgage applications the prior week. The slowdown was… Continue reading Mortgage Slowdown Resumes Despite Low Rates
Housing Starts Unexpectedly Slide
By Mike Colpitts Despite record warm weather making it attractive for new home builders, housing starts saw an unexpected slide in March, but new home building permits rose to the highest level in three and a half years, according to the Commerce Department. The drop in new home construction caught economists off guard as starts… Continue reading Housing Starts Unexpectedly Slide
New Home Sales Dip
By Mike Colpitts New home sales saw a dip for the fourth month in a row in March as many home buyers remained on the sidelines, according to the Commerce Department. Sales slipped 7.1% to a seasonally adjusted 328,000 unit annual rate. However, government figures for February show home sales were revised to a higher… Continue reading New Home Sales Dip
Short Sales Double Leap
By Ryan Jackson Bank assisted short sales or mortgage holders who are approved to sell their homes for less than what is owed on a mortgage leaped to double the number of short sales approved in 2009 last year. There were 227,570 short sales approved in 2011 accounting for a 12% increase from the previous… Continue reading Short Sales Double Leap
Homeowners Cash Pay Offs Gain Momentum
By Ryan Jackson In a move to improve bank balance sheets and increase their profits, banks are offering cash incentives to homeowners in default on their mortgages to entice them to make short sales on their homes. The effort is gaining momentum with an onslaught of banks and private mortgage companies as bankers offer as… Continue reading Homeowners Cash Pay Offs Gain Momentum
Court Orders $4 Million Mortgage Scam Fine
By Ryan Jackson A federal judge has ordered the ring-leader of a group and six defendants accused of defrauding homeowners to pay nearly $4-million for running a mortgage modification scam that promised to provide homeowners at risk of losing their homes foreclosure relief. The order was issued in U.S. District Court in the Central District… Continue reading Court Orders $4 Million Mortgage Scam Fine