By Kevin Chiu Bet you didn’t realize that the mortgage tax deduction is in real jeopardy as a result of Congress pushing through their last minute agreement on the budget? It’s been a quiet little secret in Washington, D.C. real estate circles because elected officials have taken so much heat on the subject. Some think… Continue reading Real Estate Mortgage Tax Deduction in Jeopardy
Category: Mortgage
Home Sales Decline to Year Low
By Kevin Chiu Home sales declined for the third time in four months in July, falling to a new low for the year, indicating that what most real estate analysts have been saying for months is coming true—that the housing market is in for a long protracted recovery. Existing home sales fell 3.5% for the… Continue reading Home Sales Decline to Year Low
Mortgage Rates Drop to New Record Low
By Mike Colpitts Mortgage rates hit a new record low as economic volatility on Wall Street pushed rates down to hit a new average of 4.15% on a 30-year fixed rate mortgage, according to Freddie Mac. The rate is lower than 4.17% last November, which ushered in a wave of home buying and refinancing activity.… Continue reading Mortgage Rates Drop to New Record Low
Court Orders Mortgage Operation Shut Down
By Mike Colpitts A New York judge has ordered the shutdown of a company that promised to help homeowners at risk of foreclosure obtain mortgage modifications. The temporary injunction was ordered by Nassau County Judge John Galasso after a year long legal campaign against the company across the U.S., which collected millions of dollars in… Continue reading Court Orders Mortgage Operation Shut Down
Treasuries Trigger Lower Mortgage Rates
By Mike Colpitts U.S. Treasury bonds unexpectedly hit their lowest level in more than two years Monday as financial markets reacted to the S&P downgrade of U.S. credit. The drop in Treasury rates, hitting 2.32% on the benchmark 10-year note in late afternoon trading was a reversal from what financial analysts had expected, sending mortgage… Continue reading Treasuries Trigger Lower Mortgage Rates
Mortgage Fraud Strike Force Busts 27
By Mike Colpitts Twenty-seven South Florida residents were indicted on charges related to a series of mortgage fraud schemes after being arrested by the U.S. Mortgage Fraud Strike Force. The busts produced by the special task force now account for more than 500 arrests since it was started four years ago involving more than $620-million… Continue reading Mortgage Fraud Strike Force Busts 27
Credit Downgrade May Trigger Inflation, Slow Home Sales
By Mike Colpitts As the U.S. economy sputters in over-drive to recover from the worst economic crisis since at least the Great Depression, Standard and Poor’s downgrade of the economy is likely to re-set mortgage interest rates on millions of adjustable rate mortgages, send the costs of doing business higher and slow home sales, weakening… Continue reading Credit Downgrade May Trigger Inflation, Slow Home Sales
Higher Mortgage Rates Likely on Credit Downgrades
By Kevin Chiu The two U.S. giant credit rating agencies, Standard and Poor’s and Moody’s are likely to downgrade the nation’s credit rating from AAA to double A as a result of the government’s financial boondoggle. Should that occur, the impact is going to be massive for mortgage interest rates and other loans. Home mortgage… Continue reading Higher Mortgage Rates Likely on Credit Downgrades
MERS Order May Provide Greater Transparency
By Mike Colpitts An order from the nation’s electronic registration company that halts banks and mortgage servicing companies from foreclosing on homes in MERS name may result in greater transparency for homeowners in foreclosure and could actually be of help to consumers. “I think it’s a good step in the right direction,” said National Consumer… Continue reading MERS Order May Provide Greater Transparency
Mortgage Rates Drop to New Lows
By Kevin Chiu Mortgage rates hit new lows this week as U.S. Treasury bonds reached an all-time record low Wednesday after several days of declines. The rate on the benchmark 10-year Treasury hit 2.08%, a drop from 2.98% after Standard and Poor’s downgraded the U.S. credit standing late last week. The drop in interest rates… Continue reading Mortgage Rates Drop to New Lows