The Glass-Steagall Act that was enacted at the height of the Great Depression to halt “improper banking activity” should be re-adopted to halt the possibility of another financial crisis, according to a new Housing Predictor survey. Respondents to the online opinion poll overwhelmingly support the act’s re-implementation. During the Great Depression when half of all… Continue reading Glass-Steagall Should Be Re-Adopted, Survey Overwhelmingly Shows
Category: Mortgage
Mortgage Interest Rates & Applications Drop
By Kevin Chiu Weak economic data and disappointing news on jobs led a drop in mortgage interest rates as the yield on heavily monitored 10-year Treasury bonds slid below 3%. It was the seventh week in a row that mortgage rates saw a drop along with applications for home loans. The Feds quantitative easing program… Continue reading Mortgage Interest Rates & Applications Drop
Record Low Mortgage Rates 8 Straight Weeks
By Mike Colpitts For eight straight weeks, mortgage rates have hit new record lows as uncertainty over the Eurozone combined with concerns over the U.S. economy unsettles financial markets. The Freddie Mac average for a 30-year fixed rate loan reached 3.67% last week. However, government officials in Spain asked for $100 billion to bail-out the… Continue reading Record Low Mortgage Rates 8 Straight Weeks
Bums No More, Mortgage Defaulters Good Risks
By Kevin Chiu Homeowners who default on their mortgages and still make good on their other debts like credit cards and car payments aren’t risky consumers to lend to and are bums no longer, according to a new study. The survey was conducted by TransUnion, one of the U.S. largest credit reporting agencies. Among other… Continue reading Bums No More, Mortgage Defaulters Good Risks
Negative Home Equity Strengthens
By Mike Colpitts Homes in negative equity or with mortgages that are higher than the property’s current market value declined in the first quarter of 2011, according to a leading real estate research firm. Residential properties were down slightly from 11.1 million homes or more than 23% of properties in the prior quarter. The drop… Continue reading Negative Home Equity Strengthens
Fix Housing to Fix U.S. Economy
By Mike Colpitts There’s an old economic theory in real estate: “The housing market is nine months to a year and a half in front of the rest of the country’s economy.” It’s as simple, bottom-line and easy as that. Fix the housing market to fix the U.S. economy. The stock market gets the daily… Continue reading Fix Housing to Fix U.S. Economy
Mortgage Interest Rates Drop Six Straight Weeks
By Mike Colpitts Driven by slower economic activity and sluggish home sales, mortgage interest rates dropped for six straight weeks as the fixed rate 30-year loan fell a slim one-hundredth of one-percent to an average rate of 4.60%, according to Freddie Mac. The rate on the 15-year mortgage also saw a drop. Slower economic activity,… Continue reading Mortgage Interest Rates Drop Six Straight Weeks
Congress Breaks Down on Mortgage Reform
By Kevin Chiu Only weeks into efforts to gather input on changes to rewrite regulations affecting home mortgages, Congress is signaling that it’s already caving in to special interests lobbying against such reforms. An unprecedented alliance of organizations from the real estate industry, new home builders, mortgage companies, banks, civil rights groups and other lobbyists… Continue reading Congress Breaks Down on Mortgage Reform
Housing Downturn Reaches Year Five
By Mike Colpitts The downturn in the U.S. residential housing market is approaching five years, which arrives in just one week with the start of June. Housing markets in California and Florida were the fist to feel the impact of the slowdown that resulted from a combination of Wall Street shenanigans and bankers creative financing… Continue reading Housing Downturn Reaches Year Five
Americans Still Favor Homeownership
By Mike Colpitts In a major effort to tilt the scales of Congress in their favor, the National Association of Homebuilders commissioned a study to show Americans are still wildly in favor of homeownership, despite the inherent risks it poses. Results of the survey, which polled 2,000 voters found that three out of four still… Continue reading Americans Still Favor Homeownership