Category: News

Mortgage Modifications and Moratoriums Slow Foreclosures

By Mike Colpitts Pushed by bank moratoriums and improving mortgage modifications, notices of foreclosure declined modestly in October, but equaled almost the exact number reported a year earlier, according to RealtyTrac. Initial filings were made against 332,172 U.S. residential properties, a 4% drop from the prior month. Full foreclosures (REOs) declined month-over month in 33… Continue reading Mortgage Modifications and Moratoriums Slow Foreclosures

Mortgage Rates Hit New Record Low

Mortgage rates fell to a new record low for the week, hitting 4.17% on a fixed 30-year mortgage, according to Freddie Mac. The FHA says it’s the lowest rate on record since 1951. Rates dropped as a result of the Fed announcing that it will purchase $600 billion in U.S. treasuries in a second round… Continue reading Mortgage Rates Hit New Record Low

Purchase and Refinance Loan Applications Rise

Pushed by near record low mortgage rates, applications for home purchases and refinances made a solid rise for the week, indicating more home buying activity than many analysts thought was developing, according to the Mortgage Bankers Association. The composite index, a combination of both refinancing and home mortgage applications rose 5.4% for the week. Purchase… Continue reading Purchase and Refinance Loan Applications Rise

Bank Lending Projected to Improve

By Kevin Chiu Bank lending should improve in commercial real estate in the next year, positioning U.S. investment property to deliver attractive returns once again, according to a leading independent non-profit real estate and education organization. Stephen Blank, Urban Land Institute’s fellow for real estate finance says that mortgage financing should finally begin to show… Continue reading Bank Lending Projected to Improve

First Housing Markets Likely to Recover

By Mike Colpitts When it comes to housing markets that are the most likely to recover first, the key ingredient above any other is jobs. Unemployment has been the highest it has been for two years in decades and the political football surrounding employment is the most heated topic today. Despite higher profits for employers,… Continue reading First Housing Markets Likely to Recover

Homeownership Falls to Decades Low

By Kevin Chiu Homeownership has fallen to 66.9%, the lowest level on record in more than a decade, according to the U.S. Census Bureau as a result of rising foreclosures and mortgage holders walking away from loans they can no longer afford. The same annual study found that there were 1.9-million vacant homes listed for… Continue reading Homeownership Falls to Decades Low

Poll Shows Home Prices to Rise

Home prices are expected to rise in the next one to four years by a large majority of Americans, according to a new Housing Predictor survey. The opinion poll found that nearly two out of three respondents feel that housing prices will start to go up within one to four years. The online poll shows… Continue reading Poll Shows Home Prices to Rise

Many of 18.8 Million Vacant Homes May be Bulldozed

There were 18.8 million vacant U.S. homes at the end of the third quarter, according to the U.S. Census Bureau. But the only way to slash their ranks effectively may be to bulldoze millions of homes that make up blighted neighborhoods. Entire districts of homes, including more than 10,000 in one neighborhood in Detroit, Michigan… Continue reading Many of 18.8 Million Vacant Homes May be Bulldozed

Mortgage Applications Show Promise with Low Rates

Applications for new mortgages rose for the second consecutive week as applications for new home purchases and refinances moved higher on near record low rates, according to the Mortgage Bankers Association. Purchase applications grew by 3.9% for the week ending Oct. 22, while refinancing rose a more modest 3% over the previous week. The improvement… Continue reading Mortgage Applications Show Promise with Low Rates