Category: Housing Market

Timeshare Bill Proposed to Reduce Fraud

By Kevin Chiu A state bill proposed to reduce fraud in timeshare resales has made it through the Florida state senate and could be the first law enacted in the U.S. intended to eliminate one of the oldest lies in real estate. Florida’s Timeshare Resale Accountability Act, also known as SB 1408, sponsored by Senator… Continue reading Timeshare Bill Proposed to Reduce Fraud

Real Estate Sales Manager Indicted on Federal Bribery Charges

By Mike Colpitts The former real estate sales manager of a property management company and two fellow workers were indicted by a U.S. grand jury in connection with a housing repair scheme for the U.S. Department of Veterans Affairs. The 10-count indictment was returned by a federal grand jury in Rockford, Illinois against Ryan J.… Continue reading Real Estate Sales Manager Indicted on Federal Bribery Charges

FHA Cracks Down on Mortgage Lenders

By Kevin Chiu The Federal Housing Administration (FHA) will toughen its standards to approve mortgage lenders doing business with the government, and force more banks and mortgage companies to buy back defaulted mortgages in a major move to crack down on mortgage lenders. The federal government’s changes are part of an effort to improve mortgage… Continue reading FHA Cracks Down on Mortgage Lenders

Mortgage Rates Set New Record Low

By Kevin Chiu Troubled by high long term unemployment worries, financial markets set the stage for another drop in mortgage rates this week, sending rates to a new historic record low. The average 30-year fixed rate home mortgage dropped to 3.89%, down from 3.91% last week, according to Freddie Mac. Mortgage interest rates are at… Continue reading Mortgage Rates Set New Record Low

Refinancing Underwater Mortgage Program Proposed

By Mike Colpitts Following weeks of rumors and speculation, President Barack Obama said he would be sending Congress a proposal to provide refinancing for underwater homeowners that will save borrowers up to $3,000 a year during his State of the Union Speech last night. The announcement could not have come with better timing. Mortgage applications… Continue reading Refinancing Underwater Mortgage Program Proposed

Mortgage Rates Tick Lower

By Kevin Chiu Mortgage rates, already at their lowest levels on record, ticked a single basis point lower on the fixed rate 30-year mortgage, according to Freddie Mac. The weekly survey showed that the heavily watched mortgage average edged slightly lower to 3.88% to a new all-time record low. However, the shorter 15-year fixed rate… Continue reading Mortgage Rates Tick Lower

Where to Move, Get a Job & Buy a Home in 2012

By Mike Colpitts The hard hit economy is mending in some areas of the U.S., while other regions continue to suffer through the dregs of a housing market still in a downturn. But among all the places that are on the mend there are a handful of fairly solid cities where you might just want… Continue reading Where to Move, Get a Job & Buy a Home in 2012

Home Affordability Reaches 1971 Level

By Mike Colpitts Homes are more affordable to purchase than they have been since 1971 as a result of falling home prices, according to the U.S. Department of Housing and Urban Development (HUD). Despite record low mortgage rates, the downward trend in home values is sustained in the majority of the U.S. The best housing… Continue reading Home Affordability Reaches 1971 Level

Cash Buyers Pushing Home Prices Lower

By Mike Colpitts Cash buyers are putting undue downward pressure on home prices, and sending the values on homes much lower than would otherwise be developing, according to a survey by Campbell Inside Mortgage Finance. The firms Housing Pulse Tracking Survey is taken monthly. The December survey also showed that many of the purchasers are… Continue reading Cash Buyers Pushing Home Prices Lower