By Mike Colpitts Short sales in which lenders cooperate with homeowners to sell at a price lower than what is owed on a properties mortgage is costing the lending industry an estimated $375 million in additional losses in 2011, according to a study by a leading real estate research firm. The rate of fraudulent short-sale… Continue reading Extra Short Sale Losses to Exceed $375 Million
Category: Mortgage
Homeowners Lose Get Out Of Jail Free Card
By Mary Swensen Homeowners were once thought to receive a “get out of jail free card” if they were accused of a crime and jailed. Those who owned a home were able to use a bail bonds company to secure bail to free themselves while they put together their defense. That doesn’t seem to be… Continue reading Homeowners Lose Get Out Of Jail Free Card
Refinancing Soars On Lower Mortgage Rates
By Kevin Chiu A five week drop in mortgage interest rates grabbed the attention of homeowners who are refinancing at the highest level since last December as refinances soared 13.2% for the week, according to the Mortgage Bankers Association. Mortgage applications for refinancing and new home loans combined rose 7.8% as the spring home buying… Continue reading Refinancing Soars On Lower Mortgage Rates
Interest Rates Fall Four Straight Weeks
By Mike Colpitts Mortgage interest rates fell for the fourth straight week to the lowest level of the year as an over supply of homes on the market pressure lenders’ to keep rates low to draw more buyers back into the market. The rate on a 30-year fixed rate mortgage had a fall of 0.08… Continue reading Interest Rates Fall Four Straight Weeks
Government Finds Foreclosure Oversight Needed
By Mike Colpitts Nearly three years after problems arose plaguing the U.S. in the foreclosure crisis, government regulators have found that federal agencies oversight of foreclosures has been limited, fragmented and needs to be corrected, according to the agency charged with investigating U.S. banks. In what has become the largest financial swindle in American history,… Continue reading Government Finds Foreclosure Oversight Needed
New Home Sales May Have Hit Bottom
By Kevin Chiu The housing market has some good news to celebrate after the Commerce Department reported a new home sales increase of 11.1% in March, which may represent a bottom for the new home sales market. The rise in sales reached an adjusted rate of 300,000 homes, but still remains below the 700,000 annual… Continue reading New Home Sales May Have Hit Bottom
Freddie Mac Buys Fewer Mortgages
By Mike Colpitts Already on a path to reduce the number of mortgages it buys, Freddie Mac purchased fewer loans in March, reducing its share of the mortgage market as calls to eliminate the government sponsored lender increased in Congress. The number of mortgages Freddie Mac bought in March dropped 4.7% for the month to… Continue reading Freddie Mac Buys Fewer Mortgages
Mortgage Interest Rates Tumble
By Karen Hanson Mortgage interest rates tumbled for the week as home buyers turned out in greater numbers as a result of warmer spring time weather in much of the U.S. The rate on a 30-year fixed rate mortgage fell to 4.80%, a tumble of 0.11 for the week after four straight weeks of rate… Continue reading Mortgage Interest Rates Tumble
More Lose Money Investing in Real Estate
Despite conventional wisdom being that real estate is one of the safest investments that can be made, slightly more people have lost money investing in real estate than have cashed out a profit, according to a new Housing Predictor poll. The online survey found that 37% of respondents have lost money as a result of… Continue reading More Lose Money Investing in Real Estate
Almost Half Are Distress Sales
By Mike Colpitts Nearly half of all U.S. home sales are now either foreclosures or bank-assisted short sales, according to the Campbell Inside Mortgage Finance survey taken monthly. Distress sales composed 48.6% of sales in March. The survey polls more than 3,000 real estate agents and brokers monthly. The latest poll also found that buyer… Continue reading Almost Half Are Distress Sales