By Mike Colpitts Homeowners are fed-up and they are protesting by the way they are paying their bills. A growing volume of homeowners are paying credit card bills before making payments on their mortgages, according to a new study by Trans Union credit reporting agency. It’s a trend that has been widely reported over the… Continue reading Homeowners Protest Paying Credit Cards Before Mortgages
Category: Mortgage
Home Purchases Move Higher
By Kevin Chiu New home purchases moved higher for the week as indicated by an increase in mortgage applications, while refinances dropped, according to the Mortgage Bankers Association. The seasonally adjusted purchase index had a 6.7% rise to its highest level of the year as warmer spring time weather made it more comfortable for home… Continue reading Home Purchases Move Higher
Shadow Inventory Falls 200,000 Homes
By Mike Colpitts The inventory of U.S. homes that have not yet been foreclosed but are in financial jeopardy recognized as the shadow inventory has declined by 200,000, according to real estate research firm Core Logic. The current residential shadow inventory is 1.8-million units, which represents a nine months supply of inventory at present sales… Continue reading Shadow Inventory Falls 200,000 Homes
Questions to Ask on Refinancing a Mortgage
If you are thinking about refinancing your existing mortgage, you may be wondering what refinancing questions to ask your mortgage lender. While there are a number of questions to ask when refinancing, there are a few points you will want to be perfectly clear on before committing to a refinance. Knowing what to ask when… Continue reading Questions to Ask on Refinancing a Mortgage
Home Price Direction Fact and Fiction
By Kim Olson Home prices have been moving in one direction in most areas of the U.S. and that isn’t comforting homeowners. It’s a fact that most areas of the nation are seeing more home sales but only because prices have come down so much because of foreclosures, and other bank-assisted sales. What can prospective… Continue reading Home Price Direction Fact and Fiction
Mortgage Fraud Led By California, Florida, Arizona and Nevada
By Mike Colpitts Mortgage fraud is blamed for trillions of dollars in failed loans in the U.S., especially in California, Florida, Nevada and Arizona, where incidents have been the highest and foreclosures make up the largest volume of troubled homeowners, according to federal authorities. But state and federal law enforcement agencies are encountering major problems… Continue reading Mortgage Fraud Led By California, Florida, Arizona and Nevada
Bankers Oppose Mortgage Retention Proposal
By Kevin Chiu Six federal agencies are proposing a rule that would require banks and mortgage companies to retain at least 5% of the mortgages they make, and not sell them to the investment market to hedge against credit risk. But the proposal is being opposed by the banking industry as part of the Dodd-Frank… Continue reading Bankers Oppose Mortgage Retention Proposal
Mortgage Rates Drop to Record Low
By Kevin Chiu Mortgage interest rates dropped to the lowest levels since last November on signs that the U.S. economy is weakening further, and is likely to move into another official government defined recession. The housing market in many states throughout the country is already dealing with an economic depression, and has been for more… Continue reading Mortgage Rates Drop to Record Low
California Realtor President Requests Aid in Short Sales
By Kevin Chiu Short sales were hardly ever heard of before the real estate collapse, but these days bank assisted short sales, in which lenders take less than what is owed on a mortgage are failing on at least 40% of those attempted, according to a Realtors organization. In a letter published in seven California… Continue reading California Realtor President Requests Aid in Short Sales
Freddie Mac Expands Mortgage Lending
By Kevin Chiu In an effort to stimulate more mortgage lending, Freddie Mac has extended its eight year agreement with independent banks, giving more than 5,000 lenders more access to funds to generate additional home loans. The program is targeted at independent community banks, which are facing more restrictive lending guidelines as a result of… Continue reading Freddie Mac Expands Mortgage Lending