By Mike Colpitts Bank assisted short sales of homes surged in the second quarter of the year as buyers snapped up discount priced properties at some of the lowest mortgage rates in decades. The surge in home purchases from pre-foreclosures account for an eighth of all residential sales, but represent less than a quarter of… Continue reading Home Short Sales Surge
Category: Mortgage
Mortgage Modifications Near 5 Million
Banks and mortgage servicers not associated with the government’s Making Home Affordable program have made more than 4 million mortgage modifications to home mortgage borrowers, according to the private agency organizing the efforts. There were about 56,000 modifications made in July through organizations associated with the group, the latest month available, Hope Now representatives say.… Continue reading Mortgage Modifications Near 5 Million
Homeowners Stuck With High Mortgage Rates
The over-whelming majority of homeowners with underwater mortgages are stuck with high interest rate loans and are unable to refinance their mortgages, according to real estate research firm CoreLogic. Some 10.9 million home mortgages were in negative equity in the second quarter of the year, and another 2.4 million were close or within 5% of… Continue reading Homeowners Stuck With High Mortgage Rates
Home Builder Sentenced to 22 Years in Prison
By Mike Colpitts A home builder has been sentenced to serve 22 years in federal prison for his part in a conspiracy to defraud bankers out of millions of dollars in mortgages and commit tax fraud and money laundering against the IRS. The sentenced was imposed against Ohio home builder Thomas E. Parenteau of Hilliard,… Continue reading Home Builder Sentenced to 22 Years in Prison
Mortgage Rates Sudden Jump
By Kevin Chiu Economic volatility and banking concerns over mortgage lending led to a sudden jump in mortgage rates as fixed rate loans moved especially higher for the week. The jump in rates may also be attributed to increasing Treasury bond yields, which bottomed out under just 2% last week. Adjustable rate mortgages also experienced… Continue reading Mortgage Rates Sudden Jump
Mortgage Rates Likely to Hit 4%
By Mike Colpitts The 30-year fixed rate mortgage is likely to drop to 4% as banks and mortgage lenders aggressively work to attract more business in the midst of the foreclosure crisis, which has resulted in the failures of many banks and jeopardized other lenders’ businesses, according to Housing Predictor analysts. The bench mark fixed… Continue reading Mortgage Rates Likely to Hit 4%
Mortgage Rate Deal of A Lifetime
By Mike Colpitts In a major effort to help its ailing real estate market, one state is offering lower-income residents a way to purchase homes through federally backed mortgages at mortgage rates below the lowest available elsewhere, and they’re also putting up down payments to make the home purchases. The mortgage rate is a deal… Continue reading Mortgage Rate Deal of A Lifetime
Refinances Drop Two Straight Weeks
By Kevin Chiu Homeowners applying to refinance mortgages dropped for the second week in a row, despite interest rates falling to the lowest level of the year, according to the Mortgage Bankers Association. The drop, however, in refinancing applications was buffered by a slight increase in new home purchases. The seasonally adjusted purchase index rose… Continue reading Refinances Drop Two Straight Weeks
Home Sales Fall to 15 Year Low
Home purchase mortgage applications fell to a 15-year low as applications for new loans tumbled this last week, despite the drop in mortgage rates to all time record lows, according to the Mortgage Bankers Association. The bankers’ combined mortgage index dropped 2.4% from the previous week. Refinancing surprisingly fell 1.7% on a seasonally adjusted basis.… Continue reading Home Sales Fall to 15 Year Low
U.S. Government Files Lawsuits Against 17 Banks
By Mike Colpitts The U.S. government has taken major actions against banks and mortgage companies in the fallout of the real estate crash seeking more than $105-billion in damages from mortgage lenders. The federal agency started by the Obama administration to right the wrongs of the real estate and financial crises, the Federal Housing Finance… Continue reading U.S. Government Files Lawsuits Against 17 Banks