Category: Mortgage

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

Buying Ugly Houses

“We Buy Ugly Houses” has become the slogan of a franchise company that buys homes in distress. For more than 20 years Home Vestors has been getting homeowners out of trouble on their homes, buying more than 40,000 houses through its network of franchises. But the company best known for its’ television advertising campaigns reaching… Continue reading Buying Ugly Houses

Millions of Homeowners Could Receive Housing Aid

By Mike Colpitts Struggling to keep their housing rescue efforts alive, a senior Obama administration official admitted the administration has more work to do to help the growing number of homeowners at risk of foreclosure before a gathering of state housing finance agency officials in Washington. Michael Barr, the Treasury’s assistant secretary of financial institutions… Continue reading Millions of Homeowners Could Receive Housing Aid

Signs of Improvement

By Kevin Chiu The second home-vacation market, long slowed by the housing crash is showing signs of improvement amid growing buyer interest. It appears a rebound of sorts is developing in many vacation markets. The real first sign of improvement in the second home market developed in Miami, where bargain hunters are picking up some… Continue reading Signs of Improvement

Tax Credit Losing Momentum

By Kevin Chiu First time home buyers are being credited $12.5 billion in government tax credits, according to the Treasury Department. But the federal tax credit with the expansion of the program to move-up home buyers is losing momentum, a Housing Predictor analysis shows. A boom to first time home buyers and real estate agents… Continue reading Tax Credit Losing Momentum

5 More States Get $600-Million in Housing Relief

Bowing to political pressure and rising foreclosures, the Obama administration is allocating $600-million more in mortgage rescue relief efforts to five additional states. The program provides funding for Ohio, North Carolina, South Carolina, Rhode Island and Oregon. The administration’s move comes just five weeks after allocating aid to the five worst affected states in the… Continue reading 5 More States Get $600-Million in Housing Relief