Category: Mortgage

Foreclosure Crisis Forecast Cut

By Kevin Chiu The foreclosure crisis has produced a ripple effect across the U.S. economy, triggering downward pressure on home prices and the national economy. But for the first time in its history, Housing Predictor is lowering its foreclosure forecast. As the first real estate research firm to forecast the crisis, indications are strong enough… Continue reading Foreclosure Crisis Forecast Cut

Short Sale Housing Plan in Jeopardy

A new program added to the arsenal of plans by the White House to help homeowners at risk of foreclosure may be in jeopardy even before it gets off the ground. The short sale plan, implemented this week lacks enforcement powers to require bankers to cooperate and sell homes at a loss. “There’s not enough… Continue reading Short Sale Housing Plan in Jeopardy

Freddie Mac and Fannie Mae to Eliminate Investors

By Kevin Chiu The real estate crash has sent the nation’s two troubled mortgage giants back into the home selling business. Freddie Mac and Fannie Mae will auction off hundreds of foreclosed homes to start with in a program designed to eliminate bargain hungry investors. The program is expected to expand to offer thousands of… Continue reading Freddie Mac and Fannie Mae to Eliminate Investors

Washington Woman Wins Ugly Contest

A small town Washington state woman has won the first prize in the ugliest room contest sponsored by a website that is putting a whole new face on ugly homes in America. They’re trying their hardest to find the ugliest rooms in the nation, and there doesn’t seem to be any shortage of contestants in… Continue reading Washington Woman Wins Ugly Contest

More than 4.5-Million Homes Refinanced

Home owners in jeopardy of losing their homes or who had mortgages that were unaffordable account for the highest number refinancing as more than 4.5-million mortgage holders carried out refinances over the last five months. The number marks the highest number of mortgage borrowers to get a new mortgage on their property since the foreclosure… Continue reading More than 4.5-Million Homes Refinanced

Mortgage Modifications Surge Higher

By Kevin Chiu Despite rising home foreclosures, mortgage modifications are increasing as a result of government efforts to aid the housing market as some banks demonstrate more willingness to work with mortgage borrowers, a Housing Predictor study has found. More than 2.4-million mortgage modifications have been extended to give homeowners a second chance of staying… Continue reading Mortgage Modifications Surge Higher

Under Water Mortgage Borrowers Rescue on the Way

By Mike Colpitts In a new effort by the Obama administration millions of under-water home mortgage borrowers may be helped. The FHA program will provide refinancing on homes at least 10% under their worth, and could establish a new cornerstone in White House efforts to stem the growing foreclosure epidemic. The program demonstrates a major… Continue reading Under Water Mortgage Borrowers Rescue on the Way

Home Sales Decline Slightly

Sales of existing homes fell slightly in February for the third month in a row, according to the National Association of Realtors. The drop was only 0.6 percent nationally to a seasonally adjusted rate of 5.02-million units. The decline in home sales demonstrates the slowdown in the housing market persists, despite government programs to re-ignite… Continue reading Home Sales Decline Slightly

Mortgage Modifications Improve

Mortgage modifications have resulted in more than one million mortgage borrowers receiving a median savings of $500 a month, according to the Treasury Department. The improvement represents a 36% savings in mortgage costs to home borrowers. The temporary modifications are part of the government’s Home Affordable Modification Program (HAMP), which has been troubled by a… Continue reading Mortgage Modifications Improve