Category: Loans

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

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

Short Sales Overtaking Foreclosures

By Mike Colpitts Bank assisted short sales or homes that sell at less than what is owed on a mortgage are overtaking foreclosed homes lenders put on the market. The development doesn’t come as a surprise to those involved in the real estate industry. Rather, they expected the transition as part of the U.S. housing… Continue reading Short Sales Overtaking Foreclosures

Shadow Inventory Declines, But Still Looms

By Mike Colpitts The shadow inventory or the number of homes that lurk uncounted by banks and other mortgage lenders in the abyss of the troubled housing market is shrinking as banks offer more troubled homeowners, including landlords short sales for the first time since the U.S. housing crisis started. Estimates of the shadow inventory,… Continue reading Shadow Inventory Declines, But Still Looms

Mortgage Rates Fall to Record Lows Five Weeks Straight

By Mike Colpitts U.S. Treasury bonds hitting their lowest levels in all-time history sent mortgage rates to record all-time lows again this week. The 30-year fixed rate mortgage dropped to an average of 3.75% in the Freddie Mac survey. It was the fifth straight week that mortgage rates hit new record all-time lows. The rate… Continue reading Mortgage Rates Fall to Record Lows Five Weeks Straight

Mortgage Rates Make Incredible Drop

By Mike Colpitts Despite yields being paid to investors on U.S. Treasury bonds rising, mortgage rates dropped for the eighth straight week to another historic all-time low. The rate on a fixed 30-year mortgage fell to an incredible average of 3.67%, down from last week when it averaged 3.75%, according to Freddie Mac. The 30-year… Continue reading Mortgage Rates Make Incredible Drop

Owner Financing Grows in Popularity

By Mike Colpitts Faced with a tight mortgage market, owner financing is growing in popularity as more homeowners market their homes to benefit new owners. But misconceptions over the easy availability of homes financed by their current owners keep many wannabe buyers from making home purchases. U.S. banks offer mortgages under tightly regulated criteria to… Continue reading Owner Financing Grows in Popularity

Lenders Should be Forced to Cut Mortgages, Poll Shows

For the second time, respondents to a Housing Predictor poll say that banks and other mortgage lenders should be forced to reduce mortgage principal and cut loan payments for underwater homeowners. Respondents to the online poll were in favor of principal reductions by a resounding 60% of those polled. The remaining 40% said bankers should… Continue reading Lenders Should be Forced to Cut Mortgages, Poll Shows

Home Sales Jump in April

By Mike Colpitts Existing home sales jumped for the first time in three months in April, rising 3.4% to a seasonally adjusted rate of 4.62 million units, and are 10% higher than a year ago, according to the National Association of Realtors. Home prices also showed some improvement. However, homes listed on the market for… Continue reading Home Sales Jump in April