Category: Housing Market

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 nation’s 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

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